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

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Table of Contents 5. Other accounts receivable: 2011 2010 Other receivables Ps. 979,326 534,738 Related parties 680,396 48,949 Value added tax recoverable 90,227 158,520 Income tax recoverable 224,716 218,686 Other taxes recoverable 506,922 426,133 Ps. 2,481,587 Ps. 1,387,026 The balance of other receivables is comprised of loans to personnel. 6. Inventories: 2011 2010 Pharmaceutical products Ps. 7,792,105 Ps. 7,577,875 Beauty care products 675,911 608,551 Books and magazines 267,867 227,646 Electric appliances 4,031 4,034 Groceries 12,886 25,661 Other 18,403 24,873 8,771,203 8,468,640 Estimate for reserve of inventory (66,224) (67,199) 8,704,979 8,401,441 Merchandise-in-transit 124,760 Ps. 8,704,979 Ps. 8,526,201 Merchandise-in-transit represents pharmaceutical products for which title and risk of loss has been transferred to the Group. 7. Other current assets: 2011 2010 Prepaid expenses Ps. 35,737 91,011 Derivative financial instruments 5,666 4,388 Assets available-for-sale 29,341 29,341 Other assets 141,313 42,573 Ps. 212,057 167,313 Available-for-sale assets are presented at their estimated realizable value and are comprised of real property received in payment of accounts receivable. F-32
Table of Contents 8. Derivative financial instruments: Cash flow hedges The Company agreed upon these transactions in different months of the year to look for a future US dollar purchase price on different dates, and to be able to meet its U.S. dollardenominated commitments. Forwards have a different agreed upon price on each date of maturity. The assumed risk is depreciation of the U.S. dollar in connection with the Mexican peso below the agreed upon prices, given the long profile in U.S. dollars that the Company has. At December 31, 2011 and 2010, the characteristics and fair value of derivative financial instruments were as follows: 2011 Asset/(liability) Effect on income (loss) Contract Contract value Due date Buy/sell position Name Amount Realized Unrealized Ps. 343,367 Forward 2012 Buy Current assets Ps. 4,241 Ps. 2,934 Opciones 334,211 2012 Buy Current assets 1,425 1,425 Forward 330,869 2012 Buy Current liabilities (2,833) (2,833) Opciones 334,211 2012 Sell Current liabilities (1,425) (1,425) Forward 1,394,594 2012 Buy Long-term other liabilities (309) (309) The current liability and the short-term asset in the amount of Ps. 4,258 and Ps. 5,666 are included in the consolidated balance sheet in the line items “Other payables and accrued liabilities” and “Other current assets”, respectively. 2010 Asset/(liability) Effect on income (loss) Contract Contract value Due date Buy/sell position Name Amount Realized Unrealized Forward Ps. 114,816 2011 Buy Current assets Ps. 1,176 Ps. (1,065) Ps. 597 Forward 318,567 2011 Sell Current assets 3,212 3,006 Forward 395,204 2011 Buy Current liabilities (12,709) (2,092) (6,414) Swap 897,954 2011 Buy Long-term assets (30,876) Swap 894,254 2011 Sell Long-term other liabilities (225) (21,474) (32,116) The current liability and the long-term asset in the amount of Ps. 12,709 and Ps. 30,876 are included in the consolidated balance sheet in the line items “Other payables and accrued liabilities” and “Other assets, net”, respectively. The Company manages the credit risk of its derivative financial instruments which are traded on recognized markets and with high creditworthy and reputable counterparties. The Company recognizes a hedge provision that applies to the difference between the “spot price” value and the fair value of the cash flow hedging instruments, which are determined as highly effective hedges, in accordance with Mexican FRS. At December 31, 2011 and 2010, the amount of the hedge provision was immaterial. 9. Property and equipment: 2011 2010 Buildings Ps. 1,307,801 Ps. 1,283,590 Machinery and equipment 2,050,507 2,045,917 Transportation equipment 226,436 236,223 Office equipment 240,945 186,824 Computer equipment 1,753,991 1,469,059 Leasehold improvements 2,291,842 2,260,601 7,871,522 7,482,214 Less- accumulated depreciation and amortization (4,947,885) (4,389,330) 2,923,637 3,092,884 Land 482,686 437,781 Construction in progress 532 3,886 Ps. 3,406,855 Ps. 3,534,551 F-33
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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
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Table of Contents The Chairman of t
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Table of Contents All related party
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Table of Contents Significant Chang
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Table of Contents The table below s
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Table of Contents ● ● ● ● a
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Table of Contents ● ● ● ●
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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 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: Table of Contents Foreign currency
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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Page 201 and 202: CREDIT AGREEMENT (THIS “AGREEMENT
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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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