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

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Table of Contents ii) At December 31, 2011, 2010, 2009, the amounts for income taxes included in the income statements are summarized as follows: 2011 2010 2009 Current income taxes: Mexican operations: Income tax Ps. 500,838 Ps. 281,633 Ps. 323,911 IETU 9,037 13,517 19,826 Foreign operations 234,812 91,202 Ps. 744,687 Ps. 386,352 Ps. 343,737 Deferred income taxes: Mexican operations Ps. (282,474) Ps. (202,755) Ps. (131,840) Foreign operations (149,779) (135,342) (432,253) Ps. (338,097) Ps. (131,840) Income tax expense, net Ps. 312,434 Ps. 48,255 Ps. 211,897 At December 31, 2011, 2010 and 2009, IETU due in the amount of Ps. 9,037 and Ps. 13,517, and PS. 19,826, respectively, applies to tax on earnings paid individually by certain subsidiaries, as well as by the Company. Moreover, in those years, the amount of deferred employee profit sharing applied to income amounted to Ps. 156, Ps. 1,317 and Ps. 254, respectively. The change in consolidated deferred income taxes during 2011, 2010 and 2009 were as follows: 2011 2010 2009 Deferred income tax charged to the income statement Ps. (432,253) Ps. (338,097) Ps. (131,840) Deferred income tax charged to the stockholders’ equity 59,111 76,760 208,960 Total Ps. (373,142) Ps. (261,337) Ps. 77,120 iii) Effective tax rate The differences between book and tax bases of assets and liabilities and the different tax rates and laws that apply to the Mexican and foreign subsidiaries that comprise the Group, among other things, generate differences between the statutory tax rate applicable in Mexico and the effective tax rate presented in the consolidated statements of income, as follows: 2011 2010 2009 % % % Mexican consolidated statutory tax rate (30.0) (30.0) (28.0) Other non-taxable income (a) 0.1 0.4 5.1 Expenses and other non-deductible items 6.8 (2.6) (12.3) Difference between book and tax inflation (21.5) 1.4 (9.5) Other accounting benefits non taxable 2.5 18.2 5.7 Consolidated effective tax rate (42.1) (12.6) (39) (a) This line item includes the effect of the different income tax rates in the countries where the Group operates. F-42
Table of Contents 15. Foreign currency position: At December 31, 2011 and 2010, assets and liabilities denominated in foreign currencies, translated into reporting currency, were as follows: At December 31, 2011 and 2010, the exchange rates used in the process of translation to the reporting currency, published by the Banco de Mexico, are as follows: 16. Other expenses, net At December 31, 2011, 2010 and 2009, the other expenses, net were as follows: 17. Stockholders’ equity: a) Capital structure 2011 2010 Assets: Current assets Ps. 5,990,354 Ps. 2,170,446 Long-term assets 6,173,373 1,776,258 12,163,727 3,946,704 Liabilities: Current liabilities 6,801,507 6,239,096 Long-term liabilities 3,304,024 3,177,522 10,105,531 9,416,618 Lending (borrowing) position Ps. 2,058,196 Ps. (5,469,914) 2011 2010 Currency Balance sheet date Report issuance date Balance sheet date Report issuance date U.S. dollar Ps. 13.98 Ps. 13.21 Ps. 12.38 Ps. 11.53 Brazilean real Ps. 7.47 Ps. 7.00 Ps. 7.45 Ps. 7.32 Chilean peso Ps.. 0.03 Ps. 0.02 Ps. 0.03 Ps. 0.02 2011 2010 2009 Deferred employee profit sharing Ps. 2,597 Ps. 3,620 Ps. 1,761 (Gain) loss on sale of property and equipment (26,634) 28,174 14,938 Impairment losses 134,882 210,000 Others 21,555 65,337 (90,392) Ps. 132,400 Ps. 97,131 Ps. 136,307 At December 31, 2011 and 2010, paid-in capital stock was as follows: Number of Par value Shares 2011 2010 Fixed capital shares without retirement rights 265,149,080 Ps. 167,730 Ps. 167,730 Variable capital shares 270,280 173 173 Historical capital stock 265,419,360 Ps. 67,903 Ps. 167,903 Restated capital stock Ps. 1,123,764 Ps. 1,123,764 At December 31, 2011 and 2010, capital stock comprised of Series Sole common shares, fully subscribed for and paid, with no par value shown. Variable capital stock has no limits. Effective January 1, 2008, stockholders’ equity is restated during the high inflationary periods, as explained in Note 3 e) above. Through December 31, 2007, the last date on which the Group operated in an inflationary economic environment, stockholders’ equity was restated as discussed in that Note. F-43
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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
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Table of Contents Forfeiture of Sha
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Table of Contents We are organized
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Table of Contents Ownership by non-
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Table of Contents ● Gain on sales
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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 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: Table of Contents 13. Other payable
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
Page 199 and 200: Table of Contents Page Representati
Page 201 and 202: CREDIT AGREEMENT (THIS “AGREEMENT
Page 203 and 204: (k) To the best of its knowledge, F
Page 205 and 206: (aa) Any and all funds used by it t
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Page 209 and 210: “Drawdown” shall mean each draw
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Page 213 and 214: “Share Pledge Agreement” shall
Page 215 and 216: (g) The Lenders shall credit the am
Page 217 and 218: (e) If the Borrower defaults with a
Page 219 and 220: (iii) concurrently with the deliver
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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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