EX-12 6 exh12.txt EXHIBIT 12 ANHEUSER-BUSCH COMPANIES, INC. RATIO OF EARNINGS TO FIXED CHARGES The following table sets forth the Company's ratio of earnings to fixed charges, on a consolidated basis for the periods indicated ($ in millions).
2003 2002 2001 2000 1999 ---------------------------------------------------------------------- Earnings -------- Consolidated pretax income $2,824.3 $2,623.6 $2,377.6 $2,179.9 $2,007.6 Dividends received from equity investees 169.2 46.7 25.8 23.9 2.9 Net interest capitalized 3.3 10.8 1.0 (5.6) 9.8 Fixed charges 442.6 406.8 402.8 385.1 343.8 ---------------------------------------------------------------------- Adjusted earnings $3,439.4 $3,087.9 $2,807.2 $2,583.3 $2,364.1 ---------------------------------------------------------------------- Fixed Charges ------------- Interest expense $401.5 $368.7 $361.2 $348.2 $307.8 Interest portion of rent expense (1) 36.3 34.1 37.9 33.2 32.2 Amortization of deferred debt issuance costs 4.8 4.0 3.7 3.7 3.8 ---------------------------------------------------------------------- Total fixed charges $442.6 $406.8 $402.8 $385.1 $343.8 ---------------------------------------------------------------------- Ratio of Earnings to Fixed Charges 7.8 7.6 7.0 (2) 6.7 6.9 ====================================================================== (1) The interest portion of rent expense is calculated as one-third of total rents paid. (2) The ratio for 2001 includes the gain from the sale of SeaWorld Cleveland, which increased consolidated pretax income by $17.8 million. Excluding this one-time gain, the ratio would have been 6.9.