EX-12 4 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):
 

 
 
 
Nine Months
Ended September 30
  
 
Year Ended December 31
 
2006
20051/
 
20051/
20041/
20031/
20021/
20011/
Earnings
                
Consolidated pretax income
$2,172.1
$1,966.7
  
$2,057.4
$2,812.1
$2,643.9
$2,473.2
$2,266.7
Dividends received from equity investees
247.1
210.0
  
210.0
179.0
169.2
46.7
25.8
Net interest capitalized
7.7
6.2
  
8.3
7.7
3.3
10.8
1.0
Fixed charges
375.1
379.1
  
502.3
471.1
442.6
406.8
402.8
Adjusted earnings
$2,802.0
$2,562.0
  
$2,778.0
$3,469.9
$3,259.0
$2,937.5
$2,696.3
 
 
 
  
 
 
 
 
 
Fixed Charges
 
 
  
 
 
 
 
 
Interest expense
$339.1
$343.2
  
$454.5
$426.9
$401.5
$368.7
$361.2
Interest portion of rent expense 2/
32.0
31.8
  
42.5
38.9
36.3
34.1
37.9
Amortization of deferred debt issuance costs
4.0
4.1
  
5.3
5.3
4.8
4.0
3.7
Total fixed charges
$375.1
$379.1
  
$502.3
$471.1
$442.6
$406.8
$402.8
Ratio
7.5X
6.8X
  
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.