EX-12 4 d410012dex12.htm EX-12 d410012dex12


Exhibit 12
MONSANTO COMPANY
 
Ratio of Earnings to Fixed Charges(1)(2)
 
Year Ended Aug. 31,
(Dollars in millions except for percentages)
 
2013
 
2012
 
2011
 
2010
 
2009
EARNINGS:
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
 
$
3,429

 
$
2,988

 
$
2,374

 
$
1,490

 
$
2,918

Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
246

 
257

 
234

 
227

 
178

Equity affiliate income — net
 
(15
)
 
(10
)
 
(21
)
 
(16
)
 
(17
)
Amortization of capitalized interest
 
16

 
15

 
15

 
14

 
13

Less:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(23
)
 
(21
)
 
(22
)
 
(25
)
 
(34
)
Earnings available for fixed charges
 
$
3,653

 
$
3,229

 
$
2,580

 
$
1,690

 
$
3,058

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Interest expense(3)
 
$
176

 
$
191

 
$
172

 
$
167

 
$
107

Capitalized interest
 
23

 
21

 
22

 
25

 
34

Portion of rents representative of interest factor
 
47

 
45

 
40

 
35

 
37

Total Fixed Charges
 
$
246

 
$
257

 
$
234

 
$
227

 
$
178

Ratio of Earnings to Fixed Charges
 
14.85

 
12.56

 
11.03

 
7.44

 
17.18

(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.

Debt to Capital Ratio(1)
 
Year Ended Aug. 31,
(amounts in millions except for percentages)
 
2013
 
2012
 
2011
 
2010
 
2009
Short-Term Debt
 
$
51

 
$
36

 
$
678

 
$
241

 
$
79

Long-Term Debt
 
2,061

 
2,038

 
1,543

 
1,862

 
1,724

Total Debt
 
2,112

 
2,074

 
2,221

 
2,103

 
1,803

Total Monsanto Company Shareowners’ Equity
 
12,559

 
11,833

 
11,545

 
10,069

 
10,039

Debt-to-Capital Ratio
 
14
%
 
15
%
 
16
%
 
17
%
 
15
%
(1)
Debt-to-capital ratio is the sum of short-term and long-term debt, divided by the sum of short-term and long-term debt and shareowners’ equity.

Current Ratio(1)
 
Year Ended Aug. 31,
(amounts in millions except for ratios)
 
2013
 
2012
 
2011
 
2010
 
2009
Total Current Assets
 
$
10,077

 
$
9,658

 
$
8,809

 
$
7,050

 
$
7,783

Total Current Liabilities
 
4,336

 
4,221

 
4,729

 
3,556

 
3,727

Current Ratio
 
2.32

 
2.29

 
1.86

 
1.98

 
2.09

(1)
Current ratio represents total current assets divided by total current liabilities.