EX-12 2 mon-ex12_20130531xq3.htm EXHIBIT MON-EX12_2013.05.31-Q3


Exhibit 12
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)(2) 
(Dollars in millions)
 
 
 
Nine Months
Ended
May 31,
 
Year Ended Aug. 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
2008
EARNINGS:
 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
 
$
3,770

 
$
2,988

 
$
2,374

 
$
1,490

 
$
2,918

 
$
2,926

Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
174

 
257

 
234

 
227

 
178

 
162

Equity affiliate income — net
 
(20
)
 
(10
)
 
(21
)
 
(16
)
 
(17
)
 
(2
)
Amortization of capitalized interest
 
12

 
15

 
15

 
14

 
13

 
16

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(15
)
 
(21
)
 
(22
)
 
(25
)
 
(34
)
 
(22
)
Earnings available for fixed charges
 
$
3,921

 
$
3,229

 
$
2,580

 
$
1,690

 
$
3,058

 
$
3,080

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense(3)
 
$
126

 
$
191

 
$
172

 
$
167

 
$
107

 
$
110

Capitalized interest
 
15

 
21

 
22

 
25

 
34

 
22

Portion of rents representative of interest factor
 
33

 
45

 
40

 
35

 
37

 
30

Total fixed charges
 
$
174

 
$
257

 
$
234

 
$
227

 
$
178

 
$
162

Ratio of Earnings to Fixed Charges
 
22.53

 
12.56

 
11.03

 
7.44

 
17.18

 
19.01

 
(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 has 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.