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

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Table of Contents As a result of the acquisition of Farmacias Ahumada S.A., Management determined some accounting errors to its consolidated financial statements in accordance with MFRS B-1. The retrospective effect was Ps,114,239 (pesos). Therefore in accordance with MFRS B-1 (Accounting changes and error corrections), the financial statements has been restated at December 31, 2009 and 2010 respectively. The error accounting changes to the consolidated financial statements affecting retrospective to Farmacias Ahumada S,A and subsidiaries at December 31,2010 was as follows: Previously reported amounts Error corrections Restated amounts Other receivable (1) 585,729 (17,165) 568,564 Property, furniture and equipment, net (2) 2,327,395 (12,788) 2,314,607 Income taxes and employee profit sharing (3) 290,200 (6,678) 283,522 Suppliers (4) 3,056,018 5,474 3,061,492 Other accruals (5) 247,910 53,175 301,085 Employee benefits (6) 59,098 18,959 78,057 Retained earnings (7) 167,654 (114,239) 53,415 The error accounting changes consolidated financial statements effect retrospective to Farmacias Ahumada S,A and subsidiaries at October 3,2010 (Pro-form) was as follows: Previously reported amounts Error corrections Restated amounts Other receivable (1) 583,785 (17,165) 566,620 Property, furniture and equipment, net (2) 2,374,094 (12,788) 2,361,306 Income taxes and employee profit sharing (3) 282,423 (6,678) 275,745 Suppliers (4) 3,660,555 5,474 3,666,029 Other accruals (5) 366,769 53,175 419,944 Employee benefits (6) 58,781 18,959 77,740 Retained earnings (7) 269,133 (114,239) 154,894 F-18
Table of Contents The errors accounting changes consolidated financial statements effect retrospective to Farmacias Ahumada S,A and subsidiaries at December 31,2009 was as follows: Previously reported amounts Error corrections Restated amounts Other receivable (1) 312,366 (15,432) 296,934 Property, furniture and equipment, net (2) 2,523,591 (7,639) 2,515,952 Suppliers (4) 4,046,801 2,303 4,049,104 Other accruals (5) 79,716 43,536 123,252 Employee benefits (6) 70,303 18,959 89,262 Retained earnings (7) 325,023 (87,869) 237,154 The errors accounting changes consolidated financial statements effect retrospective to Farmacias Ahumada S,A and subsidiaries at October 3,2009 (Pro-form) was as follows: Previously reported amounts Error corrections Restated amounts Other receivable (1) 281,510 (15,432) 266,078 Property, furniture and equipment, net (2) 2,553,779 (7,639) 2,546,140 Suppliers (4) 3,289,976 2,303 3,292,279 Other accruals (5) 832,416 43,536 788,880 Employee benefits (6) 108,221 18,959 89,262 Retained earnings (7) 264,733 (87,869) 176,864 (1) Due to changes at December 2008 on tax law, FASA will not recover the taxes paid on dividend from its subsidiaries in Mexico. (2) Farmacias Ahumada S,A recognized leasehold improvements as assets, In accordance with MFRS C-6 the company shouldn´t recognize these leasehold improvements as assets, because such improvements were expenses. (3) The Mexican subsidiary recognized income taxes related with the error calculate Employee Benefits. (4) Farmacias Benavides S,A,B de C,V Mexican subsidiary deduct from account payable the return goods amounts which were not accepted by the supplier (5) In accordance to MFRS C-9, the provisions should be recognize when present, legal or assumed obligations are unavoidable and will require the disbursement of economic resources or can be reasonably estimated, The company register at December 31, 2009 and 2008 other Accruals as following (i) register of employee indemnizations; (ii) Expenses for completions fine coming from Peru subsidiary, In accordance with MFRS the adjustment does accomplish with the standards, (6) Farmacias Ahumada S,A, recognized an error on the estimation in employee benefits related with benefits retirement pensions, (7) All accounting error was recognized in Retained Earnings. F-19
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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
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Tax and legal contingencies We are
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FRS C-4. “Inventories” (FRS C-4
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Table of Contents As of the transit
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Table of Contents Name and Date of
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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 and 138: Table of Contents Grupo Casa Saba,
Page 139 and 140: 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: Table of Contents 3. Significant ac
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
Page 189 and 190: Table of Contents At December 31, 2
Page 191 and 192: Table of Contents 23. Reconciliatio
Page 193 and 194: Table of Contents 24. Supplementary
Page 195 and 196: Table of Contents g) Quantitative a
Page 197 and 198: 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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