FORM 20-F Grupo Casa Saba, S.A.B. de C.V.

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Table of Contents Grupo Casa Saba, S.A.B. de C.V. and Subsidiaries Consolidated statements of income (Amounts stated in thousands of Mexican pesos (Ps.) and thousands of U.S. dollars ($)) FOR THE YEARS ENDED DECEMBER 31, Notes 2011 2010 (Restated) 2009 Convenience translation 2011 Net sales (3.v) Ps. 46,568,226 Ps. 33,840,754 Ps. 29,791,657 $ 3,331,370 Cost of sales 37,794,007 29,312,963 26,565,802 2,703,685 Gross profit 8,774,219 4,527,791 3,225,855 627,685 Operating expenses: Selling 1,336,641 1,242,468 937,907 95,620 Administrative 5,871,111 2,610,671 1,397,223 420,004 7,207,752 3,853,139 2,335,130 515,624 Operating income 1,566,467 674,652 890,725 112,061 Other expenses, net (1b) 132,400 97,131 136,307 9,472 Comprenensive gain or loss on financing, net: (3.s) Interest income (57,031) (199,394) (5,076) (4,080) Interest expense 1,028,559 493,028 264,479 73,580 Exchange loss (gain), net 68,532 (31,394) 2,840 4,903 1,040,060 262,240 262,243 74,403 Equity in income of associates (3.c) (6,162) (2,900) (441) Income before tax on earnings 400,169 318,181 492,175 28,627 Provisions for income tax (3.r and 14) 312,434 48,255 211,897 22,351 Income before discontinued operations 87,735 269,926 280,278 6,276 Discontinued operations 10,750 (144) 769 Consolidated net income Ps. 76,985 Ps. 270,070 Ps. 280,278 Ps. 5,507 Controlling interest net income Ps. 72,639 Ps. 276,934 Ps. 280,278 $ 5,196 Noncontrolling interest net income 4,346 (6,864) 311 Consolidated net income Ps. 76,985 Ps. 270,070 Ps. 280,278 $ 5,507 Net earnings per share of continuing operations (3.u) Ps. 0.331 Ps. 1.017 Ps. 1.056 Net earnings per share of discontinued operations (3.u) Ps. 0.041 Ps. (0.000) Weighted average shares outstanding (in thousands) 265,419 265,419 265,419 The accompanying notes are an integral part of these consolidated financial statements F-8
Table of Contents Grupo Casa Saba, S.A.B. de C.V. and Subsidiaries Consolidated statements of changes in stockholders' equity for the years ended December 31, 2011, 2010 and 2009 (Amounts stated in thousands of Mexican pesos (Ps.) and thousands of U.S. dollars ($)) Historical Capital stock Restatement Premium on stock sold Reserve for share repurchases Retained earnings Accumulated translation effect Total controlling interest Noncontrolling interest Total Stockholders' equity Balances as of January 1, 2009 Ps. 167,903 Ps. 955,861 Ps. 869,878 Ps. 1,062,201 Ps. 3,481,122 Ps. 72,796 Ps. 6,609,761 Ps. Ps. 6,609,761 Dividends paid (Note 16.c) (170,000) (170,000) (170,000) New financial reporting standard adopted FRS 18 (Note 3.r) (133,619) (133,619) (133,619) Effect of translation of foreign subsidiaries (3.f) 64,789 64,789 64,789 Net income 280,278 280,278 280,278 Comprehensive income (Note 3.t) 146,659 64,789 211,448 211,448 Balances as of December 31, 2009 167,903 955,861 869,878 1,062,201 3,457,781 137,585 6,651,209 6,651,209 Effect of translation of foreign subsidiaries (3.f) 3,310 3,310 3,310 Net income 276,934 276,934 (6,864) 270,070 Comprehensive income (Note 3.t) 276,934 3,310 280,244 (6,864) 273,380 Changes in noncontrolling interest 158,259 158,259 Balances as of December 31, 2010 167,903 955,861 869,878 1,062,201 3,734,715 140,895 6,931,453 151,395 7,082,848 Effect of translation of foreign subsidiaries (3.f) (52,066) (52,066) (52,066) Net income 72,639 72,639 4,346 76,985 Comprehensive income (Note 3.t) 72,639 (52,066) 20,573 4,346 24,919 Balances as of December 31, 2011 Ps. 167,903 Ps. 955,861 Ps. 869,878 Ps. 1,062,201 Ps. 3,807,354 Ps. 88,829 Ps. 6,952,026 Ps. 155,741 Ps. 7,107,767 The accompanying notes are an integral part of these consolidated financial statements F-9
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UNITED STATES SECURITIES AND EXCHAN
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TABLE OF CONTENTS PART I Item 1. Id
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Table of Contents We caution you th
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Table of Contents Year ended Decemb
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Table of Contents To the extent tha
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Table of Contents We Provide Remote
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Table of Contents We Are a Holding
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Table of Contents Today, the market
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Table of Contents Any future deprec
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Table of Contents Risk Factors Rela
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Table of Contents In August 2009, A
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Table of Contents In April of 2008,
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Table of Contents The Acquisition h
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Table of Contents On September 19,
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Table of Contents On September 19,
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Table of Contents At our annual gen
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Table of Contents We distribute the
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Table of Contents In our stores, we
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Table of Contents Prior to 2008, th
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Table of Contents In 2011, we conti
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Table of Contents To better serve s
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Table of Contents ● Mexsana talcu
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Table of Contents Payments and Coll
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Table of Contents Information Techn
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Table of Contents In addition to th
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Table of Contents (3) In Mexico, ph
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Table of Contents (4) To calculate
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Table of Contents We also offer our
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Table of Contents The devaluation o
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Table of Contents (****) Associates
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Table of Contents In January 2009 w
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Table of Contents In our Retail Pha
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Table of Contents Inflation and Int
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Table of Contents With the acquisit
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Table of Contents Results of Operat
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Table of Contents Net Income. The G
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Table of Contents On March 25, 2010
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Table of Contents Grupo Casa Saba i
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Table of Contents In the event that
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Table of Contents Grupo Casa Saba h
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Table of Contents Prior to the noti
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Property and equipment Our balance
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Labor obligations Our labor liabili
Page 87 and 88: Tax and legal contingencies We are
Page 89 and 90: FRS C-4. “Inventories” (FRS C-4
Page 91 and 92: Table of Contents As of the transit
Page 93 and 94: Table of Contents Name and Date of
Page 95 and 96: Table of Contents Employee Profit S
Page 97 and 98: Table of Contents The Chairman of t
Page 99 and 100: Table of Contents All related party
Page 101 and 102: Table of Contents Significant Chang
Page 103 and 104: Table of Contents The table below s
Page 105 and 106: Table of Contents ● ● ● ● a
Page 107 and 108: Table of Contents ● ● ● ●
Page 109 and 110: Table of Contents Directors Under t
Page 111 and 112: Table of Contents Forfeiture of Sha
Page 113 and 114: Table of Contents We are organized
Page 115 and 116: Table of Contents Ownership by non-
Page 117 and 118: Table of Contents ● Gain on sales
Page 119 and 120: Table of Contents We anticipate tha
Page 121 and 122: Table of Contents As a foreign priv
Page 123 and 124: Table of Contents Item 12. Item 12A
Page 125 and 126: Table of Contents During the review
Page 127 and 128: Table of Contents Since we are Mexi
Page 129 and 130: Table of Contents PART III Item 17.
Page 131 and 132: Table of Contents INDEX TO CONSOLID
Page 133 and 134: Table of Contents REPORT OF INDEPEN
Page 135 and 136: Table of Contents ATTESTATION REPOR
Page 137: Table of Contents Grupo Casa Saba,
Page 141 and 142: Table of Contents NOTES TO THE CONS
Page 143 and 144: Table of Contents a) Through an ass
Page 145 and 146: Table of Contents Proforma condense
Page 147 and 148: Table of Contents 3. Significant ac
Page 149 and 150: Table of Contents The errors accoun
Page 151 and 152: Table of Contents Investments in as
Page 153 and 154: Table of Contents Effective 2011, t
Page 155 and 156: Table of Contents The Company recog
Page 157 and 158: Table of Contents The Group has cre
Page 159 and 160: Table of Contents In addition, the
Page 161 and 162: Table of Contents Foreign currency
Page 163 and 164: Table of Contents 8. Derivative fin
Page 165 and 166: Table of Contents 10. Goodwill, int
Page 167 and 168: Table of Contents At December 31, 2
Page 169 and 170: Table of Contents On January 25 and
Page 171 and 172: Table of Contents 13. Other payable
Page 173 and 174: Table of Contents 15. Foreign curre
Page 175 and 176: Table of Contents On December 18, 2
Page 177 and 178: Table of Contents c) Tax loss carry
Page 179 and 180: Table of Contents All significant t
Page 181 and 182: Table of Contents On December 7, 20
Page 183 and 184: Table of Contents ● ● For real
Page 185 and 186: Table of Contents 22. Differences b
Page 187 and 188: Table of Contents ii) For Mexican F
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Table of Contents At December 31, 2
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Table of Contents 23. Reconciliatio
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Table of Contents 24. Supplementary
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Table of Contents g) Quantitative a
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Table of Contents ● In October 20
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Table of Contents Page Representati
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CREDIT AGREEMENT (THIS “AGREEMENT
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(k) To the best of its knowledge, F
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(aa) Any and all funds used by it t
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“Authorized Officer” shall mean
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“Drawdown” shall mean each draw
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“Interest Payment Date” has the
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“Share Pledge Agreement” shall
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(g) The Lenders shall credit the am
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(e) If the Borrower defaults with a
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(iii) concurrently with the deliver
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(j) Maintenance of Property. The Bo
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(ii) To the extent permitted by the
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(ii) date thereof; Liens imposed by
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ARTICLE THIRTEEN. Conditions Preced
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(xxii) neither the execution of the
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(i) Insolvency. (i) If the Borrower
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(b) If as a result of the amendment
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(B) The Chilean Collateral Agent. (
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(iii) Neither the Chilean Collatera
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(h) Effective Term. Unless revoked
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(c) effective. Absent written notic
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This Credit Agreement is executed i
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The Chilean Collateral Agent: HSBC
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(c) If the Central Bank of Mexico s
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Joint and Several Obligations. (a)
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(k) Material Adverse Effect. If the
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Exhibit 4.3 SUMMARY OF THE IRREVOCA
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(6) defend, at its own cost and exp
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(5) the balance remaining after the
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In addition, articles Three, Four a
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(j) deliver, within five (5) days f
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Governing Law and Jurisdiction. Thi
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Servicios Corporativos Doctorgen, S
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Exhibit 12.2 CERTIFICATION I, Juan
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FORM 20-F Grupo Casa Saba, S.A.B. de C.V.

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