EX-12 2 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 Six Months
Ended June 30
 
 
Year Ended December 31
 
 
2006
 
 
20051/
 
 
20051/
 
 
20041/
 
 
20031/
 
 
20021/
 
 
20011/
 
 
Earnings
              
               
Consolidated pretax income
$1,379.6
$1,342.4
$2,057.4
$2,812.1
$2,643.9
$2,473.2
$2,266.7
 
 
 
 
 
 
 
 
Dividends received from equity investees
240.0
210.0
210.0
179.0
169.2
46.7
25.8
 
 
 
 
 
 
 
 
Net interest capitalized
5.1
3.4
8.3
7.7
3.3
10.8
1.0
 
 
 
 
 
 
 
 
Fixed charges
253.8
253.6
502.3
471.1
442.6
406.8
402.8
               
Adjusted earnings
$1,878.5
$1,809.4
$2,778.0
$3,469.9
$3,259.0
$2,937.5
$2,696.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$230.3
$230.7
$454.5
$426.9
$401.5
$368.7
$361.2
 
 
 
 
 
 
 
 
Interest portion of rent expense 2/
20.8
20.3
42.5
38.9
36.3
34.1
37.9
 
 
 
 
 
 
 
 
Amortization of deferred debt
issuance costs
2.7
2.6
5.3
5.3
4.8
4.0
3.7
 
 
 
 
 
 
 
 
Total fixed charges
$253.8
$253.6
$502.3
$471.1
$442.6
$406.8
$402.8
 
 
 
 
 
 
 
 
Ratio
7.4X
7.1X
5.5X
7.4X
7.4X
7.2X
6.7X

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