EX-12 9 c66258exv12.htm EX-12 exv12
Exhibit 12
MONSANTO COMPANY
                                         
Ratio of Earnings to Fixed Charges(1)(2)   Year Ended Aug. 31,  
(Dollars in millions except for percentages)   2011     2010     2009     2008     2007  
EARNINGS:
                                        
Income from Continuing Operations Before Income Taxes
   $ 2,374     $ 1,490     $ 2,918     $ 2,926     $ 1,328  
 
                                        
Add:
                                        
Fixed charges
     234       227       178       162       174  
Dividends from affiliated companies
     —       —       —       —       —  
Equity affiliate (income) expense — net
     (21 )     (16 )     (17 )     (2 )     34  
Amortization of capitalized interest
     15       14       13       16       15  
Less:
                                        
Capitalized interest
     (22 )     (25 )     (34 )     (22 )     (14 )
 
                              
Earnings available for fixed charges
   $ 2,580     $ 1,690     $ 3,058     $ 3,080     $ 1,537  
 
                              
 
                                        
FIXED CHARGES:
                                        
Interest expense(3)
   $ 172     $ 167     $ 107     $ 110     $ 136  
Capitalized interest
     22       25       34       22       14  
Portion of rents representative of interest factor
     40       35       37       30       24  
 
                              
Total Fixed Charges
   $ 234     $ 227     $ 178     $ 162     $ 174  
 
                              
 
                                        
Ratio of Earnings to Fixed Charges
     11.03       7.44       17.18       19.01       8.83  
 
                              
 
(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)   2011   2010   2009   2008   2007
 
Short-Term Debt
   $ 678     $ 241     $ 79     $ 24     $ 270  
Long-Term Debt
     1,543       1,862       1,724       1,792       1,150  
     
Total Debt
     2,221       2,103       1,803       1,816       1,420  
Total Monsanto Company Shareowners’ Equity
     11,545       10,069       10,039       9,374       7,503  
Debt-to-Capital Ratio
     16%       17%       15%       16%       16%  
 
(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)   2011   2010   2009   2008   2007
 
Total Current Assets
   $ 8,809     $ 7,050     $ 7,783     $ 7,609     $ 5,084  
Total Current Liabilities
     4,729       3,556       3,727       4,439       3,075  
Current Ratio
     1.86       1.98       2.09       1.71       1.65  
 
(1)   Current ratio represents total current assets divided by total current liabilities.