EX-12 2 adm-ex12_2013930xq3.htm EXHIBIT 12 ADM-EX12_2013.9.30-Q3

Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges
Archer Daniels Midland Company
Expressed in Thousands


 
 
 
Six Months
 
Nine Months
 
Fiscal Years Ended
 
Ended
 
Ended
 
30-Jun
 
31-Dec
 
30-Sep
 
2008
 
2009
 
2010
 
2011
 
2012
 
2012
 
2013
Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Before Income Taxes
$
2,594,399

 
$
2,499,557

 
$
2,585,099

 
$
3,015,311

 
$
1,764,898

 
$
997,275

 
$
1,400,738

Less: Equity in Earnings of
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Affiliates, Net of
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends
(284,316)
 
55,367
 
(326,232)
 
(396,755)
 
(243,121)
 
(200,833)
 
(152,478)
Less: Capitalized Interest
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in Interest Expense Below
(52,110)
 
(94,532)
 
(75,060)
 
(7,211)
 
(20,869)
 
(11,548)
 
(12,118)
Less: Noncontrolling Interest
(6,103)
 
(3,751)
 
10,996
 
17,573
 
(18,387)
 
(2,184)
 
(8,960)
Total Earnings
2,251,870
 
2,456,641
 
2,194,803
 
2,628,918
 
1,482,521
 
782,710
 
1,227,182
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Interest Expense
512,922
 
469,059
 
421,461
 
482,298
 
441,765
 
212,290
 
317,589
Capitalized Interest
52,110
 
94,532
 
75,060
 
7,211
 
20,869
 
11,548
 
12,118
Total Interest Expense
565,032
 
563,591
 
496,521
 
489,509
 
462,634
 
223,838
 
329,707
   Amortization of Debt Discount(1)
3,250
 
3,832
 
3,805
 
4,282
 
 
 
 
 
 
One Third of Rental Expenses
67,106
 
72,289
 
80,682
 
83,764
 
69,648
 
35,295
 
27,693
Total Fixed Charges
635,388
 
639,712
 
581,008
 
577,555
 
532,282
 
259,133
 
357,400
Earnings Available for Fixed Charges
$
2,887,258

 
$
3,096,353

 
$
2,775,811

 
$
3,206,473

 
$
2,014,803

 
$
1,041,843

 
$
1,584,582

Ratio of Earnings to Fixed Charges
4.54
 
4.84
 
4.78
 
5.55
 
3.79
 
4.02
 
4.43


(1) Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.