EX-12 5 ex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12
 
Anheuser-Busch Companies, Inc. and Subsidiaries

Consolidated 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):
 
     
 
First Quarter Ended
March 31,
 
Year Ended December 31,
 
 
2006
 
 
20051/
 
 
20051/
 
 
20041/
 
 
20031/
 
 
20021/
 
 
20011/
 
 
Earnings
 
              
 
Consolidated pretax income
 
 
$615.4
 
 
$625.3
 
 
$2,057.4
 
 
$2,812.1
 
 
$2,643.9
 
 
$2,473.2
 
 
$2,266.7
 
 
Dividends received from equity
investees
 
 
--
 
 
--
 
 
210.1
 
 
179.0
 
 
169.2
 
 
46.7
 
 
25.8
 
 
Net interest capitalized
 
 
3.0
 
 
1.7
 
 
8.3
 
 
7.7
 
 
3.3
 
 
10.8
 
 
1.0
 
 
Fixed charges
 
 
125.7
 
 
125.4
 
 
502.3
 
 
471.1
 
 
442.6
 
 
406.8
 
 
402.8
 
 
Adjusted earnings
 
 
$744.1
 
 
$752.4
 
 
$2,778.1
 
 
$3,469.9
 
 
$3,259.0
 
 
$2,937.5
 
 
$2,696.3
 
               
 
Fixed Charges
 
              
 
Interest expense
 
 
$115.1
 
 
$114.8
 
 
$454.5
 
 
$426.9
 
 
$401.5
 
 
$368.7
 
 
$361.2
 
 
Interest portion of rent expense 2/
 
 
9.3
 
 
9.2
 
 
42.5
 
 
38.9
 
 
36.3
 
 
34.1
 
 
37.9
 
 
Amortization of deferred debt
issuance costs
 
 
1.3
 
 
1.4
 
 
5.3
 
 
5.3
 
 
4.8
 
 
4.0
 
 
3.7
 
 
Total fixed charges
 
 
$125.7
 
 
$125.4
 
 
$502.3
 
 
$471.1
 
 
$442.6
 
 
$406.8
 
 
$402.8
 
 
Ratio
 
 
5.9X
 
 
6.0X
 
 
5.5X
 
 
7.4X
 
 
7.4X
 
 
7.2X
 
 
6.7X
 

 
1 Ratio adjusted for the adoption of FAS 123R in the first quarter 2006.
 
2/ The interest portion of rent expense is calculated as one-third of total rents paid.