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Grupo Casa Saba Announces 4Q08 Earnings Results
Date:2/27/2009

was $29.71 million, 42.50% higher than in the fourth quarter of 2007.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents at the end of the fourth quarter of 2008 was $524.21 million.

COMPREHENSIVE COST OF FINANCING

During the fourth quarter of 2008, GCS's comprehensive cost of financing (CCF) was $69.35 million, due primarily due to an increase in the amount of interest income paid.

The interest payments were related to the long-term credit that was obtained as a result of our most recent acquisition in Brazil, as well as the interest that was generated from the utilization of short-term credits for our operations in Mexico and Brazil.

OTHER EXPENSES (INCOME)

During the fourth quarter of 2008, the Company registered an income of $31.55 million in other expenses (income). The expenses (income) from this line item were derived from activities that are distinct from the company's everyday business operations.

TAX PROVISIONS

During the fourth quarter, tax provisions were $84.01 million. These provisions included $77.30 million for income tax and $6.7 million for deferred income tax.

NET INCOME

GCS's net income for the fourth quarter was $222.79 million, a decrease of 39.34% compared to the fourth quarter of 2007. This decrease was primarily due to a higher comprehensive cost of financing (CCF).

The net margin for the period was 2.85%, lower than the 5.08% net margin obtained during the fourth quarter of 2007.

WORKING CAPITAL

During the fourth quarter of 2008, our accounts receivable days were 61.9, compared to 56.5 days during the fourth quarter of 2007. In addition, our accounts payable days increased by 6.9 days compared to 4Q07, to reach 66.1 days. Finally, our inventory days were 67.4 days, 0.8 fewer days than in 4Q07.

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SOURCE Grupo Casa Saba
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