EX-12 3 mon-ex12_20131130xq1.htm EX-12 MON-EX12_2013.11.30-Q1


Exhibit 12
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)(2) 
(Dollars in millions)
 
 
 
Three Months Ended Nov. 30,
 
Year Ended Aug. 31,
 
 
2013
 
2013
 
2012
 
2011
 
2010
 
2009
EARNINGS:
 
 
 
 
 
 
 
 
 
 
 
 
Income from Continuing Operations Before Income Taxes
 
$
516

 
$
3,429

 
$
2,988

 
$
2,374

 
$
1,490

 
$
2,918

Add:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
73

 
246

 
257

 
234

 
227

 
178

Equity affiliate income — net
 
3

 
(15
)
 
(10
)
 
(21
)
 
(16
)
 
(17
)
Amortization of capitalized interest
 
4

 
16

 
15

 
15

 
14

 
13

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(7
)
 
(23
)
 
(21
)
 
(22
)
 
(25
)
 
(34
)
Earnings available for fixed charges
 
$
589

 
$
3,653

 
$
3,229

 
$
2,580

 
$
1,690

 
$
3,058

FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense(3)
 
$
54

 
$
176

 
$
191

 
$
172

 
$
167

 
$
107

Capitalized interest
 
7

 
23

 
21

 
22

 
25

 
34

Portion of rents representative of interest factor
 
12

 
47

 
45

 
40

 
35

 
37

Total fixed charges
 
$
73

 
$
246

 
$
257

 
$
234

 
$
227

 
$
178

Ratio of Earnings to Fixed Charges
 
8.07

 
14.85

 
12.56

 
11.03

 
7.44

 
17.18

 
(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.