EX-12 2 c57306exv12.htm EX-12 exv12
Exhibit 12
MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES(1)(2)
(Dollars in millions)
                                                 
    Six Months                      
    Ended                      
    Feb. 28,             Year Ended Aug. 31,        
    2010     2009     2008     2007     2006     2005  
EARNINGS:
                                                
Income from Continuing Operations Before Income Taxes
   $ 1,195     $ 2,967     $ 2,926     $ 1,328     $ 1,018     $ 283  
 
                                                
Add:
                                                
Fixed charges
     111       178       162       174       160       137  
Dividends from affiliated companies
     —       —       —       —       —       —  
Equity affiliate (income) expense — net
     (18 )     (24 )     (2 )     34       31       31  
Amortization of capitalized interest
     6       13       16       15       15       15  
Less:
                                                
Capitalized interest
     (13 )     (34 )     (22 )     (14 )     (9 )     (6 )
 
                                    
Earnings available for fixed charges
   $ 1,281     $ 3,100     $ 3,080     $ 1,537     $ 1,215     $ 460  
 
                                    
 
                                                
FIXED CHARGES:
                                                
Interest expense(3)
   $ 80     $ 107     $ 110     $ 136     $ 133     $ 116  
Capitalized interest
     13       34       22       14       9       6  
Portion of rents representative of interest factor
     18       37       30       24       18       15  
 
                                    
Total Fixed Charges
   $ 111     $ 178     $ 162     $ 174     $ 160     $ 137  
 
                                    
 
                                                
Ratio of Earnings to Fixed Charges
     11.54       17.42       19.01       8.83       7.59       3.36  
 
                                    
 
(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 has 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.