EX-12 5 cenex012454_ex12-1.txt EXHIBIT 12.1 STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12.1 CENEX HARVEST STATES COOPERATIVES RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
THREE MONTHS NINE MONTHS ENDED YEARS ENDED ENDED YEARS ENDED (DOLLARS IN THOUSANDS, EXCEPT RATIOS) MAY 31, AUGUST 31, AUGUST 31, MAY 31, ------------------ ------------------ ---------- ---------------------------- 2001 2000 2000 1999 1998 1998 1997 1996 -------- -------- -------- -------- -------- -------- -------- -------- EARNINGS: Income before income taxes and cumulative effect of accounting change ........................... $119,209 $ 58,729 $ 91,268 $ 92,980 $ 18,831 $196,916 $171,181 $128,344 ADD: Minority interests ................................ 25,517 4,487 24,546 10,017 3,252 6,880 7,984 (147) Fixed charges, as shown below ..................... 61,496 54,442 75,085 56,221 15,963 47,532 47,951 59,521 Redemptions received from equity method investees ...................................... 20,836 17,688 41,250 8,829 360 12,686 8,994 400 SUBTRACT: Equity in income of investees ..................... (13,519) (21,238) (28,325) (22,363) 9,142 (8,381) (7,635) (6,216) Interest capitalized .............................. (342) (1,244) (2,709) (1,733) (439) (1,838) (3,689) (2,050) -------- -------- -------- -------- -------- -------- -------- -------- EARNINGS AS ADJUSTED ......................... $213,197 $112,864 $201,115 $143,951 $ 47,109 $253,795 $224,786 $179,852 ======== ======== ======== ======== ======== ======== ======== ======== FIXED CHARGES: Interest .......................................... $ 49,625 $ 44,251 $ 60,276 $ 44,171 $ 12,749 $ 36,459 $ 37,057 $ 48,501 Amortization of debt costs expensed or capitalized .................................... 1,777 1,509 2,116 2,131 343 899 898 768 Interest within rent expense ...................... 10,094 8,682 12,693 9,919 2,871 10,174 9,996 10,252 -------- -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES .......................... 61,496 54,442 75,085 56,221 15,963 47,532 47,951 59,521 -------- -------- -------- -------- -------- -------- -------- -------- PREFERRED DIVIDENDS ............................... -- -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ................................ $ 61,496 $ 54,442 $ 75,085 $ 56,221 $ 15,963 $ 47,532 $ 47,951 $ 59,521 ======== ======== ======== ======== ======== ======== ======== ======== RATIO ............................................. 3.5 2.1 2.7 2.6 3.0 5.3 4.7 3.0