EX-12.1 3 cenex025933_ex12-1.txt STATEMENT OF COMPUTATION OF RATIOS Exhibit 12.1 CENEX HARVEST STATES COOPERATIVES RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
THREE MONTHS ENDED YEAR ENDED YEARS ENDED AUGUST 31, AUGUST 31, MAY 31, (IN THOUSANDS) 2002 2001 2000 1999 1998 1998 ------- ------- ------- ------- ------- ------- EARNINGS: Income before income taxes $ 144,838 $ 152,954 $ 91,268 $ 92,980 $ 18,831 $ 196,916 ADD: Minority interests 15,390 35,098 24,546 10,017 3,252 6,880 Fixed charges, as shown below 57,647 77,267 75,085 56,221 15,963 47,532 Redemptions received from equity method investees 37,689 30,104 41,250 8,829 360 12,686 Redemptions received from cooperatives and other investments 6,310 1,672 2,638 2,412 31 17,247 SUBTRACT: Equity in income of investees (58,133) (28,494) (28,325) (22,363) 9,142 (8,381) Noncash patronage refunds (2,327) (3,896) (6,825) (4,848) (9,305) (61,732) Interest capitalized (2,105) (1,244) (2,709) (1,733) (439) (1,838) ------------------------------------------------------------------------ EARNINGS AS ADJUSTED $ 199,309 $ 263,461 $ 196,928 $ 141,515 $ 37,835 $ 209,310 ======================================================================== FIXED CHARGES: Interest $ 44,560 $ 62,680 $ 60,275 $ 44,171 $ 12,749 $ 36,459 Amortization of debt costs expensed or capitalized 3,030 2,747 2,116 2,131 344 899 Appropriate portion (1/3) of rent expense 10,057 11,840 12,694 9,919 2,870 10,174 ------------------------------------------------------------------------ TOTAL FIXED CHARGES 57,647 77,267 75,085 56,221 15,963 47,532 ------------------------------------------------------------------------ ------------------------------------------------------------------------ PREFERRED DIVIDEND FACTOR: 276 -- -- -- -- -- ------------------------------------------------------------------------ COMBINED FIXED CHARGES AND PREFERRED ------------------------------------------------------------------------ STOCK DIVIDENDS $ 57,923 $ 77,267 $ 75,085 $ 56,221 $ 15,963 $ 47,532 ======================================================================== RATIO 3.4x 3.4x 2.6x 2.5x 2.4x 4.4x