EX-12 3 c56914exv12.htm EX-12 exv12
     Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
Archer Daniels Midland Company
Expressed in Thousands
                                                 
    2005     2006     2007     2008     2009     Q2 FY10  
Earnings
                                               
Earnings Before Income Taxes
  $ 1,516,375     $ 1,855,250     $ 3,143,971     $ 2,594,399     $ 2,499,557     $ 1,500,986  
Less: Equity Earnings of Less than 50% Owned Unconsolidated Affiliates
    (90,415 )     (66,592 )     (193,258 )     (284,316 )     55,367       (207,242 )
Less: Capitalized Interest Included in Interest Expense Below
    (10,868 )     (10,942 )     (23,558 )     (52,110 )     (94,532 )     (52,942 )
Less: Minority Interest
                    (3,126 )     (6,103 )     (3,751 )     4,512  
 
                                   
Total Earnings
    1,415,092       1,777,716       2,924,029       2,251,870       2,456,641       1,245,314  
 
                                               
Fixed Charges
                                               
Interest Expenses:
                                               
Consolidated Interest Expense
    326,579       365,180       447,310       512,922       469,059       203,240  
Capitalized Interest
    10,868       10,942       23,558       52,110       94,532       52,942  
 
                                   
Total Interest Expense
    337,447       376,122       470,868       565,032       563,591       256,182  
 
                                               
Amortization of Debt Discount and Expense
    1,029       1,149       1,793       3,250       3,832       1,931  
One Third of Rental Expenses
    38,787       42,876       55,187       67,106       72,289       40,118  
 
                                   
Total Fixed Charges
    377,263       420,147       527,848       635,388       639,712       298,231  
 
                                   
Earnings Available for Fixed Charges
  $ 1,792,355     $ 2,197,863     $ 3,451,877     $ 2,887,258     $ 3,096,353     $ 1,543,545  
 
                                   
Ratio of Earnings to Fixed Charges
    4.75  x     5.23  x     6.54  x     4.54  x     4.84  x     5.18  x