Investments

As of August 31, 2012, we owned 74.5% of NCRA. During fiscal 2012, we entered into an agreement to purchase the remaining shares of NCRA from Growmark Inc. (Growmark) and MFA Oil Company (MFA) in separate closings to be held annually through fiscal 2016. Pursuant to this agreement, we made the first payments during the first quarter of fiscal 2013 to Growmark and MFA in the amounts of $48.0 million and $18.0 million, respectively; increasing our ownership to 79.2%. The present value of the remaining payments is included as mandatorily redeemable noncontrolling interest on our Consolidated Balances Sheets.

In the third quarter of fiscal 2012, we completed the acquisition of Solbar for $128.7 million.

We have a 24% ownership in Horizon Milling, LLC and Horizon Milling G.P., flour milling joint ventures with Cargill, Incorporated (Cargill), which are included in Corporate and Other. On March 4, 2013, we entered into a definitive agreement with Cargill and ConAgra Foods, Inc. to form Ardent Mills, a joint venture combining the North American flour milling operations of the three parent companies, including the Horizon Milling, LLC and Horizon Milling G.P. assets, with CHS holding a 12% interest. Upon closing, Ardent Mills is expected to be financed with funds from third-party borrowings, which would not require credit support from the owners. The borrowings are anticipated to be no less than $600 million with proceeds distributed to each owner in proportion to the ownership interests, adjusted for any deviations in specified working capital target amounts. The transaction is expected to close in our fiscal 2014, subject to financing and certain other customary closing conditions. In connection with the closing, the parties will also enter into various ancillary and non-compete agreements, including, among other things, an agreement for CHS to supply Ardent Mills with certain wheat and durum products.

We have a 50% interest in Ventura Foods, LLC (Ventura Foods), a joint venture which produces and distributes primarily vegetable oil-based products, and is included in Corporate and Other. We account for Ventura Foods as an equity method investment, and as of May 31, 2013, our carrying value of Ventura Foods exceeded our share of their equity by $12.9 million, which represents equity method goodwill. The following provides summarized unaudited financial information for Ventura Foods balance sheets as of May 31, 2013, August 31, 2012 and May 31, 2012, and statements of operations for the three and nine months ended May 31, 2013 and May 31, 2012:



	May 31, 2013		August 31, 2012		May 31, 2012
Current assets	$	559,235	$	574,925	$	591,536
Non-current assets	499,414		459,070		458,969
Current liabilities	246,357		197,251		223,666
Non-current liabilities	232,695		277,760		285,868



	For the Three Months Ended May 31,				For the Nine Months Ended May 31,
	2013		2012		2013		2012
Net sales	$	655,162	$	644,379	$	1,895,008	$	1,909,292
Gross profit	71,195		57,582		193,666		173,333
Net earnings	32,092		24,995		74,289		62,307
Earnings attributable to CHS Inc.	16,046		12,498		37,145		31,154