Exhibit 12
MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES(1)(2)
(Dollars in millions)
COMPUTATION OF EARNINGS TO FIXED CHARGES(1)(2)
(Dollars in millions)
| Three Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| Nov. 30, | Year Ended Aug. 31, | |||||||||||||||||||||||
| 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
| (Loss) Income from Continuing Operations Including Portion Attributable to Noncontrolling Interest | $ | (54 | ) | $ | 2,967 | $ | 2,926 | $ | 1,328 | $ | 1,018 | $ | 283 | |||||||||||
| Add: | ||||||||||||||||||||||||
| Fixed charges | 55 | 178 | 162 | 174 | 160 | 137 | ||||||||||||||||||
| Dividends from affiliated companies | — | — | — | — | — | — | ||||||||||||||||||
| Equity affiliate (income) expense — net | (14 | ) | (24 | ) | (2 | ) | 34 | 31 | 31 | |||||||||||||||
| Amortization of capitalized interest | 3 | 13 | 16 | 15 | 15 | 15 | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||
| Capitalized interest | (7 | ) | (34 | ) | (22 | ) | (14 | ) | (9 | ) | (6 | ) | ||||||||||||
| (Loss) Earnings available for fixed charges | $ | (17 | ) | $ | 3,100 | $ | 3,080 | $ | 1,537 | $ | 1,215 | $ | 460 | |||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense(3) | $ | 39 | $ | 107 | $ | 110 | $ | 136 | $ | 133 | $ | 116 | ||||||||||||
| Capitalized interest | 7 | 34 | 22 | 14 | 9 | 6 | ||||||||||||||||||
| Portion of rents representative of interest factor | 9 | 37 | 30 | 24 | 18 | 15 | ||||||||||||||||||
| Total Fixed Charges | $ | 55 | $ | 178 | $ | 162 | $ | 174 | $ | 160 | $ | 137 | ||||||||||||
| Ratio of Earnings to Fixed Charges | * | 17.42 | 19.01 | 8.83 | 7.59 | 3.36 | ||||||||||||||||||
| * | Earnings for the three months ended Nov. 30, 2009, were inadequate to cover fixed charges. The coverage deficiency was $72 million. | |
| (1) | Monsanto has not paid any preference security dividends and, therefore, has not included the ratio of combined fixed charges and preference security dividends to earnings for the relevant periods. | |
| (2) | The operating results of the Dairy business has been conformed to discontinued operations presentation for all relevant fiscal years presented. | |
| (3) | Includes amortization of deferred debt issuance costs and the interest component of the income tax provision. |