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

Table of Contents
Financial covenants
The Company must comply with the following financial ratios on a consolidated basis:
a) Net debt to UAFIDA (*):
● A ratio that does not exceed 5.5 to 1, as of the date of the Amending Agreement within 24 months subsequent to the drawdown date.
● A ratio that does not exceed 2.5 to 1, as of the date that occurs 24 months subsequent to the drawdown date.
b) UAFIDA to gross financial expenses:
● A ratio that is not lower than 2.0 to 1, as of the date of the Amending Agreement within 24 months subsequent to the drawdown date.
● A ratio that is not lower than 3.0 to 1, as of the date that occurs 24 months subsequent to the drawdown date.
c) Minimum stockholders’ equity of Ps. 7,082,848. For 2011, the amount of the allowance for doubtful accounts will be aggregated.
d) Capital investment that does not exceed 29 percent of the UAFIDA.
e) Maintain the following percentages of the “target balance of the reserve” in the “reserve of the debt service” in available funds: (a) 15 percent effective September 30, 2011; (b)
45 percent effective December 31, 2011; (c) 75 percent effective March 31, 2012; and (d) an amount equal to the target balance of the reserve effective July 1, 2012.
At December 31, 2011, the main financial ratios were as follows:
Financial ratios Required Calculated Status
Net debt ratio to UAFIDA
Equal or lower
than 5.50
4.14 Performs
UAFIDA ratio to gross financial
expenses
Equal or higher
than 2.0
2.26 Performs
Minimum stockholders’ equity
Equal or higher
than Ps. 7,082,848
Ps. 7,458,527
Performs
Capital investments
Equal or lower
than Ps. 2,127,000
Ps. 123,968
Performs
(*) UAFIDA means operating income before (a) taxes on earnings, interest expenses, and extraordinary or unusual items; and (b) depreciation and amortization expenses
determined in accordance with Mexican FRS.
F-38