EX-12 2 d460602dex12.htm EX-12 EX-12

Exhibit 12

MONSANTO COMPANY

COMPUTATION OF EARNINGS TO FIXED CHARGES(1)(2)

(Dollars in millions)

 

     Three Months
Ended Nov. 30,
2012		     2012     2011     Year Ended Aug. 31,
2010		     2009     2008  

EARNINGS:

             

Income from Continuing Operations Before Income Taxes

    $ 464      $ 2,988      $ 2,374      $ 1,490      $ 2,918      $ 2,926   

Add:

             

Fixed charges

      69        257        234        227        178        162   

Dividends from affiliated companies

      —        —        —        —        —        —   

Equity affiliate expense (income) - net

      1        (10 )      (21 )      (16 )      (17 )      (2 ) 

Amortization of capitalized interest

      4        15        15        14        13        16   

Less:

             

Capitalized interest

      (5 )      (21 )      (22 )      (25 )      (34 )      (22 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges

    $ 533      $ 3,229      $ 2,580      $ 1,690      $ 3,058      $ 3,080   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES:

             

Interest expense(3)

    $ 53      $ 191      $ 172      $ 167      $ 107      $ 110   

Capitalized interest

      5        21        22        25        34        22   

Portion of rents representative of interest factor

      11        45        40        35        37        30   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 69      $ 257      $ 234      $ 227      $ 178      $ 162   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      7.72        12.56        11.03        7.44        17.18        19.01   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

Monsanto has not paid any preference security dividends and, therefore, has not included the ratio of combined fixed charges and preference security dividends to earnings for the relevant periods.

 

(2)

The operating results of the Dairy business have been conformed to discontinued operations presentation for all relevant fiscal years presented.

 

(3)

Includes amortization of deferred debt issuance costs and the interest component of the income tax provision.