EX-12. 11 a04-7990_1ex12d.htm EX-12.

Exhibit 12

 

CONAGRA FOODS, INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in millions)

 

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes and cumulative effect of changes in accounting

 

$

1,151.3

 

$

1,222.6

 

$

1,222.6

 

$

1,078.2

 

$

542.7

 

Equity method investment earnings

 

43.5

 

37.1

 

27.7

 

21.1

 

18.6

 

 

 

1,107.8

 

1,185.5

 

1,194.9

 

1,057.1

 

524.1

 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

399.0

 

417.4

 

540.3

 

597.8

 

479.5

 

Distributed income of equity investees

 

24.4

 

16.7

 

16.4

 

18.6

 

10.6

 

Capitalized interest

 

(4.4

)

(3.9

)

(6.0

)

(5.1

)

(5.1

)

Preferred distributions of subsidiary

 

(3.5

)

(8.8

)

(25.1

)

(42.4

)

(43.0

)

Earnings available for fixed charges (a)

 

$

1,523.3

 

$

1,606.9

 

$

1,720.5

 

$

1,626.0

 

$

966.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

324.5

 

$

328.4

 

$

417.2

 

$

455.6

 

$

327.7

 

Capitalized interest

 

4.4

 

3.9

 

6.0

 

5.1

 

5.1

 

Interest in cost of goods sold

 

13.4

 

15.3

 

20.8

 

35.0

 

32.0

 

Preferred distributions of subsidiary

 

3.5

 

8.8

 

25.1

 

42.4

 

43.0

 

One third of rental expense (1)

 

53.2

 

61.0

 

71.2

 

59.7

 

71.7

 

Total fixed charges (b)

 

$

399.0

 

$

417.4

 

$

540.3

 

$

597.8

 

$

479.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a/b)

 

3.8

 

3.8

 

3.2

 

2.7

 

2.0

 

 

(1)  Considered to be representative of interest factor in rental expense.

 

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