EX-12 6 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

CONAGRA FOODS, INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in millions)

 

     2007     2006     2005     2004     2003  

Earnings:

           

Income from continuing operations before income taxes, equity method investment earnings (loss), and cumulative effect of changes in accounting

    $ 1,005.1     $ 944.9     $ 987.3     $ 785.6     $ 791.7  

Add/(deduct):

           

Fixed charges

      329.3       373.2       407.9       394.7       412.6  

Distributed income of equity investees

      13.0       21.8       24.5       24.4       16.7  

Capitalized interest

      (7.1 )     (5.0 )     (8.6 )     (4.4 )     (3.9 )

Preferred distributions of subsidiary

      —         —         —         (3.5 )     (8.8 )
                                        

Earnings available for fixed charges (a)

    $ 1,340.3     $ 1,334.9     $ 1,411.1     $ 1,196.8     $ 1,208.3  
                                        

Fixed Charges:

           

Interest expense

    $ 267.0     $ 307.3     $ 341.4     $ 337.9     $ 343.7  

Capitalized interest

      7.1       5.0       8.6       4.4       3.9  

Preferred distributions of subsidiary

      —         —         —         3.5       8.8  

One third of rental expense (1)

      55.2       60.9       57.9       48.9       56.2  
                                        

Total fixed charges (b)

    $ 329.3     $ 373.2     $ 407.9     $ 394.7     $ 412.6  
                                        

Ratio of earnings to fixed charges (a/b)

      4.1       3.6       3.5       3.0       2.9  

(1)

Considered to be representative of interest factor in rental expense.