EX-12 4 a03-1859_1ex12.htm EX-12

Exhibit 12

 

CONAGRA FOODS, INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in millions)

 

 

 

Fiscal Year Ended

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

Fixed Charges as Defined:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

327.9

 

$

439.1

 

$

476.4

 

$

350.5

 

$

368.0

 

Capitalized interest

 

3.5

 

5.4

 

4.7

 

5.1

 

6.9

 

Interest in cost of goods sold

 

15.3

 

20.8

 

35.0

 

31.4

 

20.0

 

Preferred distributions of subsidiary

 

8.8

 

25.1

 

42.4

 

43.0

 

41.4

 

One third of non-cancelable lease rent

 

39.0

 

44.0

 

30.6

 

32.9

 

39.2

 

Total fixed charges (A)

 

394.5

 

534.4

 

589.1

 

462.9

 

475.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as Defined:

 

 

 

 

 

 

 

 

 

 

 

Pretax income after elimination of undistributed earnings of equity method investees

 

$

1,255.0

 

$

1,169.9

 

$

1,112.4

 

$

652.1

 

$

592.0

 

Add fixed charges

 

394.5

 

534.4

 

589.1

 

462.9

 

475.5

 

Less capitalized interest

 

(3.5

)

(5.4

)

(4.7

)

(5.1

)

(6.9

)

Earnings and fixed charges (B)

 

$

1,646.0

 

$

1,698.9

 

$

1,696.8

 

$

1,109.9

 

$

1,060.6

 

Ratio of earnings to fixed charges (B/A)

 

4.2

 

3.2

 

2.9

 

2.4

 

2.2

 

 

 

31