Quarterly Earnings Report ~~Octubre~~Febrero 2826, ~~2014~~2015 ~~3Q14~~4Q14 Distribution Sales to Institutional Clients Declined while Chile and Mexico Demonstrated Improved Performance Financial Highlights: (All figures are expressed in ~~millions~~million of Mexican pesos. Comparisons are made with the same period of ~~2011~~2013, unless otherwise stated. Figures may vary slightly due to rounding). o The ~~Groups~~Group s net sales for the fourth quarter reached $1,~~168~~413.0968 million pesos o The Gross income for the period was $~~556~~231.835 million; and the gross margin for the quarter was 4716.6737%. o Operating expenses reached $~~1,185~~583.906 million pesos, ~~and~~which ~~represented~~represents ~~101~~41.5224% ofo ~~the~~Fourth ~~Companys total sales. Second~~ quarter EBITDA was $-~~605~~327.546 million, or -5123.8416% of total sales Ono ~~Agust~~The 11Group ~~the~~keeps ~~sale~~exploring offinancial ~~stake~~alternatives infor ~~Farmarcias~~its ~~Ahumada~~financial recovery, ~~S.A.~~including ~~(FASA)~~the tosale ~~Alliance~~and ~~Boots~~later ~~Chile,~~lease anof ~~Alliance~~its ~~Boots~~distribution ~~Chile,~~centers. ~~BMbb~~o ~~subdiary,~~As ~~was~~part ~~successfully~~of ~~completed.~~the Upfinancial torecovery ~~september 30 2014~~pursuing, the ~~group~~Group ssigned ~~net~~payment ~~debt~~agreements ~~has been fully paid~~ with ~~the~~some ~~earning~~laboratories ~~received~~in ~~for~~late ~~our Famarcias Ahumada and subsidiaries division sale~~December. Mexico City, Mexico, ~~September~~February 3026, ~~2014~~2015. Grupo Casa Saba (SAB) (“Saba”, “GCS”, “the Company” or “the Group”), ~~one~~distributor of ~~the leading Mexican distributors of~~ pharmaceutical products as well as health, beauty aids and consumer goods ~~and publication, and one of the most important pharmacy chains~~ in ~~Latin America~~Mexico, announces its consolidated financial and operating results for the ~~second~~fourth quarter of 2014. QUARTERLY EARNINGS The Farmacias Ahumada division and its subsidiaries, with presence in Mexico and Chile, was sold to Alliance Boots Chile SpA, an Alliance Boots subsidiary GmbH, in August 2014 for approximately $8,100 million pesos in effort to settle the bank liabilities and try to consolidate the distribution segment in Mexico. Referring to Mexico`s distribution segment, in the third quarter of 2014 the competition in the commercialization of the pharm, health, beauty and consumer goods has been growing in the past years due to a mayor number of participants in the markets that we operate. Our operating strategy emphasizes on improving levels of logistics efficiency, controlling costs and expenses, as well as offering competitive prices to generate positive results. Likewise, we remain focused on improving the availability of the products that our clients demand to continue improving our attention and service. NET SALES Net sales for the quarter totaled $1,~~168~~413.0968 million, showing a decrease of 8985.0225% compared to $109,~~635~~581.0597 million in ~~3Q2013~~4Q2013. ~~Vs the $1,168.09 million in 3Q2014.~~ SALES BY DIVISON DISTRIBUTION DIVISION PHARMA, HEALTH, BEAUTY AND CONSUMER GOODS Sales for the fourth quarter from our Pharma, Health, Beauty and Consumer ~~for~~Goods ~~the~~division ~~third~~totaled ~~quarter of 2014 totalized~~ $1,~~137~~354.80 million, showing a decrease of 67.18% ~~Compared~~in comparison with the same quarter ~~last~~form the prior year, ~~there~~as ~~was~~ a ~~decrease~~consequence of ~~89.19%~~the ~~mainly~~distribution ~~due~~division ~~to the~~ disincorporation ~~process~~as ofwell as the ~~distribution~~ division ~~and~~cash ~~its~~flow ~~liquidity~~ problems. InWith ~~addition to~~ the ~~above,~~sale ~~sales~~of ~~were~~the ~~negatively~~Pharma ~~impact~~division ~~due to lower economic growth~~ in the ~~country~~previous ~~during~~quarter, ~~the~~this ~~3rd~~division ~~quarter~~s ofpercentage ~~2014.~~in ~~Participation~~terms of ~~total division~~ sales ~~decreased~~went from 9843.9209% in ~~the~~4Q2013 ~~3T2013~~ to 9795.3483% in the ~~3T2014~~4Q2014. GOVERNMENTPHARMA Quarterly sales in our Government Pharma division ~~totalized~~totaled $3155.88 million. ~~This~~The division ~~registered~~showed a ~~72.95%~~sales decrease inof ~~sales~~74.40%, compared to the ~~third~~fourth quarter of 2013, ~~product~~due ofto aour ~~deferral~~distribution ondivision ~~the~~cash ~~date~~flow ~~of tenders~~problems. In terms of total sales, this division ~~passed~~s percentage went from 12.0840% in ~~2Q2013~~4Q2013 to 24.6617% in the ~~3Q2014~~4Q2014. RETAIL PHARMACY ~~The~~In ~~Pharmacy~~the ~~division~~third ~~was~~quarter ~~sold~~of tothe ayear, ~~third~~the ~~party~~Pharmacy indivision ~~this~~was ~~quarter~~sold; ~~therefore~~in consequence, there were no sales into report during the ~~third~~fourth quarter of 2014. ~~During~~Sales for the ~~third~~fourth quarter of 2013, ~~sales~~ from our ~~Retail~~ Pharmacy, ~~division~~sold ~~reached~~in the previous quarter, totalized $5,~~540~~223.532 million. This ~~divisions~~division s percentage of the ~~Groups~~Group s overall ~~sales~~reached ~~rose to 52~~54.~~66%~~51in in the ~~3Q2013~~4Q2013. As a result, the sales mix upfor tothe ~~September~~fourth ~~30th~~quarter of 2014 was: as follows Division % of Sales Retail Pharmacy 0.00% Total Distribution 100% Pharma, Health & Beauty 9895.9283% Government Pharma 14.0817% TOTAL 100.0% GROSS INCOME During the ~~third~~fourth quarter of 2014, gross income reached $~~556~~231.835 million pesos, amount 7087.787% lower than the gross income reached in the ~~third~~fourth quarter of 2013. This was mainly due to the FASA disincorporation and the sales decrease of the distribution division. OPERATING EXPENSES Operating expenses in the ~~third~~fourth quarter of 2014 resulted in $~~1,185~~583.906 million pesos. This represents a decrease of $~~606~~1,314.866 million pesos, or 3369.8528%, compared to the same period of the previous year. ~~The~~This decrease was ~~primarily~~mainly due to the FASA ~~sale and~~ disincorporation, partially offset by ~~the~~an increase of our reserve for uncollectible accounts. As a percentage of total sales, operating expenses accounted ~~for 101~~41.5224% in the ~~third~~fourth quarter of 2014 versus a 1619.8681% for the same period of 2013. OPERATING INCOME(Loss) Quarterly operating income for ~~3Q2014~~the 4Q2014 was $-~~629~~351.171 million pesos, an amount ~~695~~361.3772% lower than the $~~105~~10.701 million reported induring ~~3Q2013~~the 4Q2013. This was the result of the effects of the factors previously mentioned. Operating income margin for the ~~3Q2014~~4Q2014 was -5324.988%, versus 10.10% in ~~3Q2013.~~the 4Q2013 OPERATING INCOME PLUS DEPRECIATION AND AMORTIZATION (EBITDA) EBITDA for ~~3Q2014~~4Q2014 was $-~~605~~327.546 million, a lower amount compared to the $~~200~~116.503 million reported in the ~~third~~fourth quarter of 2013. EBITDA margin for the ~~third~~fourth quarter of 2014 was -5123.8416%. EBITDA margin for the second quarter of 2014 was 0.07%. COMPREHENSIVE COST OF FINANCING (CCF) The ~~Groups~~Group s CCF reached $87139.126 million in ~~3Q2014~~4Q2014, 55156.7523% ~~lower~~higher than the CCF reported during ~~3Q2013~~4Q2013. This ~~decrease~~increase was primarily due to the decline and subsequent liquidation of the bank debt that we had and due to the cancelation of the amortized cost valuation from the previous debt. This decrease was primarily due to lower bank debt. NET DEBT ~~Net~~At ~~debt~~the at end of ~~3T14~~the ~~has~~fourth ~~been~~quarter ~~totally~~of ~~paid~~2014, ~~with~~ the ~~funds~~only ofbank ~~the~~credit ~~FASA~~agreement ~~sale~~that we had totalized $200 million and was acquired in December. OTHER EXPENSES (INCOME) During the ~~third~~fourth quarter of the year, other income totaled $~~-1,807~~221.0880 million pesos. This was mainly due to the FASA sale ~~earnings~~and to the sale of diverse goods such as fixed assets, wastes, etc. It is important to mention that the results listed in this line item are derived from activities outside of the companys normal business operations and, as a result, they are not necessarily recurrent. TAX PROVISIONS Tax losses are expected because no provisions were made for this concept. NET INCOME (LOSS) In the ~~third~~fourth quarter of 2014, GCS recorded a net income of $ ~~1,090~~13.9199 million, with a variation of $ ~~1,207~~322.5139 million compared to the net loss in the same period last year. ~~This variation is mainly due to the earnings for the FASA sale, decreased by the creation of reserves for doubtful accounts and sales decrease in the distribution segment.~~ Analysis Coverage: Through the Bolsa Mexicana de Valores program, Independent Analyst, Grupo Casa Saba counts with the coverage of Morningstar. The 265.4 million shares issued by Grupo Casa Saba are listed on the Mexican Stock Exchange under the symbol “SAB”. Grupo Casa Saba was founded in 1892 and is one of the leading distributors of pharmaceutical products, beauty, personal care and consumer goods, general merchandise, publications and other goods in Mexico. With more than 115 years of experience, the Company distributes to the majority of pharmacies, chains, self service and convenience stores, as well as other specialized national chains. With the acquisition of FASA in October of 2010 the company now has retail pharmacy outlets located in Mexico, Chile and Brazil. As a precautionary note to investors, except for the historic information contained herein, certain topics discussed in this document constitute forward looking statements. Such topics imply risks and uncertainties, including the economic conditions in Mexico and those countries in which Grupo Casa Saba operates, directly or indirectly, including the United States of America, Brazil and Chile, as well as variations in the value of the Mexican peso as compared with the currencies of the previously mentioned countries. Contacts: GRUPO CASA SABA IR Communications: Raymundo Barreiro Arpón Jesús Martínez Rojas

GRUPO CASA SABA, S.A.B. DE C.V.
Figures are expressed in thousands of Mexican pesos as of september 2014
	jan-sept		Jan-sept		Variation		jul-sept		jul-sept		Variation
Income Statement	2013	% of sales	2014	% of sales	$	%	2013	% of sales	2014	% of sales	$	%
NET SALES	3242,~~495~~077,~~149~~122	100.00%	1718,~~113~~627,~~389~~076	100.00%	~~(15~~23,~~381~~550,~~759)~~046	(4755.3497%)	109,~~635~~581,~~046~~973	100.00%	1,~~168~~413,~~087~~686	100.00%	(98,~~466~~168,~~959)~~287	(8985.0225%)
COST OF SALES	2634,~~875~~550,~~998~~222	82.7111%	1314,~~403~~586,~~982~~315	78.3273%	~~(13~~19,~~472~~963,~~016)~~907	(5057.1378%)	87,~~736~~674,~~715~~224	8280.1509%	~~611~~1,~~315~~182,333	5283.3363%	(86,~~125~~491,~~399)~~891	(9384.0059%)
Gross Profit	57,~~619~~526,~~150~~899	17.2989%	3,~~709~~940,~~407~~761	21.6827%	(13,~~909~~586,~~743)~~139	(~~33.49~~47,64%)	1,~~898~~907,~~331~~749	171.8591%	~~556~~231,~~771~~353	4716.6737%	(1,~~341~~676,~~560)~~395	(7087.6787%)
OPERATING EXPENSES
Sales Expenses	~~553~~882,~~741~~132	12.7010%	1,~~117~~511,~~731~~139	68.5316%	~~556~~629,~~991~~262	~~101~~71.8533%	~~176~~328,~~572~~391	13.6643%	~~835~~393,~~512~~663	7127.5385%	~~658~~65,~~940~~272	~~373~~19.1888%
Administrative Expenses	46,~~536~~105,~~046~~386	1314.9651%	3,~~305~~495,~~834~~224	1918.3287%	(12,~~230~~610,~~212)~~132	(27.12%)	1,616,095	15.20%	350,349	29.99%	(1,265,747)	(78.32%)
Operating Expenses	56,~~089~~987,~~787~~518	1516.6661%	45,~~423~~006,~~566~~648	2527.8502%	(~~666~~1,~~222~~980,869)	(1342.0975%)	1,~~792~~569,~~667~~340	16.8638%	1189,~~185,860~~420	~~101~~13.5240%	(~~606~~1,~~807)~~379,919	(3387.8593%)
Operating Income	~~529~~539,~~363~~382	1.6328%	~~(714~~1,~~158~~065,888)	(45.1775%)	(111,~~243~~605,~~521~~269)	(~~234~~297.9161%)	~~105~~10,~~664~~019	0.9910%	(~~629~~351,~~089~~729)	(5324.8688%)	~~(734~~361,~~756)~~748	(~~695~~3610.3777%)
COMPREHENSIVE COST OF FINANCING
Interest Paid	~~691~~908,~~739~~342	2.1316%	~~449~~457,~~053~~093	2.6247%	(~~242~~451,~~686~~249)	(3549.0868%)	~~222~~216,~~183~~603	2.0926%	~~102~~8,~~758~~040	80.8057%	(~~119~~208,~~425~~563)	(5396.7529%)
Interest (Earned)	~~(102~~48,~~241)~~890	(0.3112%)	~~(65~~198,~~545)~~311	(01.3807%)	36149,~~696~~421	(35305.8963%)	~~(38~~53,~~300)~~351	(0.3656%)	~~(37~~132,~~458)~~766	(39.2139%)	~~842~~186,117	(2348.2085%)
Exchange Loss (Gain)	(3355,~~286~~560)	(0.1013%)	(439,~~874)~~415	(0.1521%)	816,~~413~~145	(2529.2706%)	1222,~~899~~273	(0.1223%)	2114,~~756~~541	1.8603%	87,~~877~~733	6834.8272%
Monetary Position (gain)	-	0.00%	-	(0.00%)	-	0.00%	-	0.00%	-	0.00%	-	0.00%
Comprehensive Cost of Financing	~~556~~803,~~511~~893	1.7191%	~~358~~219,~~635~~368	21.1018%	~~(197~~584,~~577)~~525	(3572.5271%)	~~196~~247,~~782~~681	02.8558%	87(139,~~076~~267)	7(9.4585%)	(~~109~~386,~~906~~948)	(55156.7523%)
OTHER EXPENSES (INCOME), net	9697,~~066~~555	0.3023%	(1,~~731~~953,~~705~~514)	(10.1254%)	(12,~~827~~051,~~771~~068)	(~~1902~~2102.6248%)	321,~~280~~489	0.3002%	(1221,~~807,087~~809)	(~~154~~15.7069%)	(1386,~~839,367~~948)	(~~5698~~156.1723%)
NET INCOME BEFORE TAXES	(~~122~~362,~~914~~065)	(0.3886%)	~~658~~668,~~912~~259	3.8561%	~~781~~1,~~826~~030,324	(~~636~~284.0857%)	(~~123~~231,~~398~~151)	(~~1.16~~250%)	19,~~090,923~~347	930.3966%	1248,~~214,321~~498	(~~984~~103.0791%)
PROVISIONS FOR:
Income Tax	78145,~~156~~203	0.2435%	7571,~~983~~354	0.4439%	(273,~~173)~~849	(250.7886%)	(467,~~597)~~047	(0.0470%)	13(4,629)	0.0033%	471,~~610~~676	(~~100~~106.2990%)
Asset Tax	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%
Deferred Income Tax	(2220,~~301~~100)	(0.0705%)	(128)	(0.00%)	2219,~~173~~972	(99.4233%)	(2,201)	(0.02%)		(0.00%)	2,201	(100%)	~~23,701~~	~~(117.92%)~~
Profit sharing due	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%
Deferred Profit sharing due	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%
Total taxes	55125,~~855~~103	0.1730%	7571,~~855~~226	0.4438%	2053,~~000~~877	35(43.8107%)	(669,~~799)~~248	(0.0672%)	13(4,629)	0.0033%	678,~~812~~877	(~~100~~106.1968%)
Net Income Before Extraordinary Items	(~~178~~487,~~768~~168)	(01.5516%)	~~583~~597,~~057~~033	(3.4122%)	~~761~~1,~~826~~084,201	(~~426~~222.1555%)	(~~116~~308,~~599~~399)	(13.1022%)	113,~~090,910~~976	930.3999%	1322,~~207,509~~375	(~~1035~~104.6153%)
Extraordinary Items (Income)	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%	-	0.00%
Net Income	(~~178~~487,~~768~~168)	(01.5516%)	~~583~~597,~~057~~033	(3.4122%)	~~761~~1,~~826~~084,201	(~~426~~222.1555%)	(~~116~~308,~~599~~399)	(13.1022%)	113,~~090,910~~976	930.3999%	1322,~~207,509~~375	(~~1035~~104.6153%)
Depreciation and Amortization	~~261~~367,~~821~~840	0.8187%	~~205~~230,~~931~~181	1.2024%	~~(55~~137,~~889)~~659	(2137.3542%)	94106,~~855~~020	01.8911%	2324,~~554~~250	21.0272%	~~(71~~81,~~300)~~770	(7577,.1713%)
Operating Income plus Depreciation and Amortization	~~791~~907,~~184~~222	2.4316%	(~~508~~835,~~227~~707)	(24.9751%)	(1,~~299~~742,~~411)~~929	(~~164~~192.2412%)	~~200~~116,~~519~~038	1.8921%	(~~605~~327,~~585~~480)	(5123.8416%)	~~(806~~433,~~053)~~518	~~401~~(382.9822%)
Net Income corresponding to Minority Interest	69,~~219~~146	-	~~(1,970)~~-	(0.01021%)	(812,~~189)~~256	(~~131~~134.6800%)	12,~~547~~927	-	~~1,067~~-	0.0908%	~~(479)~~4,067	(30138.9793%)

	QUARTER CURRENT YEAR	CLOSE PRIOR YEAR
	AMOUNT	AMOUNT
TOTAL ASSETS	75,~~887~~981,~~673~~324	28,513,587
CURRENT ASSETS	53,~~629~~857,~~279~~170	17,435,810
CASH AND CASH EQUIVALENTS	~~398~~145,~~649~~955	1,135,536
CLIENTS (NET)	1,~~929~~080,~~343~~975	6,664,165
CLIENTS	32,~~795~~588,~~007~~300	8,257,575
ALLOWANCE FOR DOUBTFUL ACCOUNTS	-~~1865~~1,~~664~~507,325	-1,593,410
OTHER ACCOUNTS RECEIVABLES (NET)	1,~~929~~938,~~409~~800	2,404,310
INVENTORIES	1683,~~361,661~~218	7,219,119
OTHER CURRENT ASSETS	108,~~217~~222	12,680
LONG TERM		33,052
INVESTMENTS IN SHARES OF SUBSIDIARIES AND
ASSOCIATED COMPANIES		33,052
PROPERTY MACHINARY AND EQUIPMENT NET	1,~~797~~747,~~381~~405	3,115,617
PROPERTY	1,~~586~~536,~~054~~742	2,249,221
MACHINERY AND EQUIPMENT	~~478~~488,~~520~~292	2,644,048
OTHER EQUIPMENT	~~465~~466,~~343~~171	1,764,214
ACCUMULATED DEPRECIATION	-~~732~~743,~~536~~800	-3,554,540
CONSTRUCTION IN PROGRESS		12,674
INTANGIBLE ASSETS (NET)	~~193~~195,~~809~~955	6,567,239
GOODWILL	156,263	2,462,132
BRANDS		2,677,690
RIGHTS AND LICENSING	2729,~~425~~863	1,412,252
OTHER INTANGIBLE ASSETS	109,~~121~~829	15,165
OTHER NON CURRENT ASSETS	~~267~~180,~~204~~794	1,361,869
ADVANCE PAYMENTS	~~111~~26,~~392~~238	28,623
DEFERRED CHARGES (NET)
OTHERS	~~155~~154,~~812~~556	1,333,246
TOTAL LIABILITIES	65,~~490~~182,~~482~~494	23,928,776
CURRENT LIABILITIES	53,~~857~~754,~~145~~604	15,837,330
BANK CREDITS	200,00	1,683,123
SUPPLIERS	53,~~653~~414,~~816~~091	13,411,416
TAXES PAYABLE	~~203~~140,~~329~~513	742,791
OTHER CURRENT LIABILITIES	~~843~~1,~~758~~645,836	1,123,201
EMPLOYEE BENEFITS	~~317~~337,~~437~~338	280,710
OTHER CURRENT LIABILITIES	~~526~~1,~~321~~308,498	842,491
NON CURRENT LIABILITIES		7,373,937
BANK CREDITS		7,373,937
OTHER LIABILITIES	-~~210~~217,~~421~~946	-405,692
SHAREHOLDERS' EQUITY	1798,~~397,191~~830	4,548,811
CONTRIBUTED CAPITAL	2,593,872	2,593,972
CAPITAL STOCK PAID (NOMINAL)	767,902	767,902
CAPITAL STOCK PAID UPDATE	956,093	956,093
PREMIUM ON STOCK SOLD	869,877	869,877
CAPITAL INCREASE (DECREASE)	-1,~~196~~795,~~681~~042	1,990,939
ACCUMULATED PROFIT AND LEGAL RESERVE	-23,~~841~~454,~~938~~275	1,415,907
RESERVE FOR STOCK REPURCHASE	1,062,200	1,062,200
PROFIT	~~583~~597,~~057~~033	-487,168

Filing Compare · GRUPO CASA SABA, S.A.B. DE C.V.