EX-12 10 ex12.htm Unassociated Document
Exhibit 12


ANHEUSER-BUSCH COMPANIES, INC.
 
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):


   
2006
  
2005
  
2004
  
2003
  
2002
  
                       
Earnings
                      
                       
Consolidated pretax income
  
$
2,276.9
  
$
2,057.4
  
$
2,812.1
  
$
2,643.9
  
$
2,473.2
  
                                 
Dividends received from equity investees
    
247.0
    
210.1
    
179.0
    
169.2
    
46.7
  
                                 
Net interest capitalized
    
10.8
    
8.3
    
7.7
    
3.3
    
10.8
  
                                 
Fixed charges
    
498.5
    
502.3
    
471.1
    
442.6
    
406.8
  
                                 
Adjusted earnings
  
$
3,033.2
  
$
2,778.1
  
$
3,469.9
  
$
3,259.0
  
$
2,937.5
  
                                 
                                 
Fixed Charges
                                
                                 
Interest expense
  
$
451.3
  
$
454.5
  
$
426.9
  
$
401.5
  
$
368.7
  
                                 
Interest portion of rent expense 1/
    
41.9
    
42.5
    
38.9
    
36.3
    
34.1
  
                                 
Amortization of deferred debt issuance costs
    
5.3
    
5.3
    
5.3
    
4.8
    
4.0
  
                                 
Total fixed charges
  
$
498.5
  
$
502.3
  
$
471.1
  
$
442.6
  
$
406.8
  
                                 
                                 
Ratio of Earnings to Fixed Charges
    
6.1X
    
5.5X
    
7.4X
    
7.4X
    
7.2X
  

 
1/ Calculated as one-third of total rents paid.