EX-12 9 ex12.htm ex12.htm

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):


 
2007
2006
2005
2004
2003
Earnings
          
Consolidated pretax income
$2,422.7
$2,276.9
$2,057.4
$2,812.1
$2,643.9
Dividends received from equity investees
413.3
247.0
210.1
179.0
169.2
Net interest capitalized
10.7
10.8
8.3
7.7
3.3
Fixed charges
530.3
498.5
502.3
471.1
442.6
Adjusted earnings
$3,377.0
$3,033.2
$2,778.1
$3,469.9
$3,259.0
           
Fixed Charges
          
Interest expense
$484.4
$451.3
$454.5
$426.9
$401.5
Interest portion of rent expense 1/
40.3
41.9
42.5
38.9
36.3
Amortization of deferred debt issuance
costs
5.6
5.3
5.3
5.3
4.8
Total fixed charges
$530.3
$498.5
$502.3
$471.1
$442.6
           
Ratio of Earnings to Fixed Charges
6.4X
6.1X
5.5X
7.4X
7.4X



1/
Calculated as one-third of total rents paid.