EX-12 3 ex12.txt EXHIBIT 12 Anheuser-Busch Companies, Inc. and Subsidiaries Consolidated Ratio of Earnings to Fixed Charges The following table sets forth the company's ratio of earnings to fixed charges, on a consolidated basis for the periods indicated (in millions):
------------------------------------------------------------------------------------------------------------------------------- Nine Months Ended Sept. 30, Year Ended December 31, ------------------------------------------------------------------------------------- 2005 2004 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------- Earnings -------- Consolidated pretax income \$2,023.6 \$2,629.0 \$2,999.4 \$2,824.3 \$2,623.6 \$2,377.6 \$2,179.9 Dividends received from equity investees 210.0 179.0 179.0 169.2 46.7 25.8 23.9 Net interest capitalized 6.2 4.9 7.7 3.3 10.8 1.0 (5.6) Fixed charges 379.1 348.1 471.1 442.6 406.8 402.8 385.1 ------------------------------------------------------------------------------------- Adjusted earnings \$2,618.9 \$3,161.0 \$3,657.2 \$3,439.4 \$3,087.9 \$2,807.2 \$2,583.3 ===================================================================================== Fixed Charges ------------- Interest expense \$343.2 \$314.8 \$426.9 \$401.5 \$368.7 \$361.2 \$348.2 Interest portion of rent expense (1) 31.8 29.3 38.9 36.3 34.1 37.9 33.2 Amortization of deferred debt issuance costs 4.1 4.0 5.3 4.8 4.0 3.7 3.7 ------------------------------------------------------------------------------------- Total fixed charges \$379.1 \$348.1 \$471.1 \$442.6 \$406.8 \$402.8 \$385.1 ===================================================================================== Ratio of Earnings to Fixed Charges 6.9X 9.1X 7.8X 7.8X 7.6X 7.0X 6.7X ------------------------------------------===================================================================================== (1) The interest portion of rent expense is calculated as one-third of total rents paid.