Exhibit 12
MONSANTO COMPANY
| Ratio of Earnings to Fixed Charges(1)(2) | Year Ended Aug. 31, | |||||||||||||||||||
| (Dollars in millions except for percentages) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
EARNINGS: | ||||||||||||||||||||
| Income from Continuing Operations Before Income Taxes | $ | 1,494 | $ | 2,967 | $ | 2,926 | $ | 1,328 | $ | 1,018 | ||||||||||
| Add: | ||||||||||||||||||||
| Fixed charges | 227 | 178 | 162 | 174 | 160 | |||||||||||||||
| Dividends from affiliated companies | — | — | — | — | — | |||||||||||||||
| Equity affiliate (income) expense — net | (16 | ) | (24 | ) | (2 | ) | 34 | 31 | ||||||||||||
| Amortization of capitalized interest | 14 | 13 | 16 | 15 | 15 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Capitalized interest | (25 | ) | (34 | ) | (22 | ) | (14 | ) | (9 | ) | ||||||||||
| Earnings available for fixed charges | $ | 1,694 | $ | 3,100 | $ | 3,080 | $ | 1,537 | $ | 1,215 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense(3) | $ | 167 | $ | 107 | $ | 110 | $ | 136 | $ | 133 | ||||||||||
| Capitalized interest | 25 | 34 | 22 | 14 | 9 | |||||||||||||||
| Portion of rents representative of interest factor | 35 | 37 | 30 | 24 | 18 | |||||||||||||||
| Total Fixed Charges | $ | 227 | $ | 178 | $ | 162 | $ | 174 | $ | 160 | ||||||||||
| Ratio of Earnings to Fixed Charges | 7.46 | 17.42 | 19.01 | 8.83 | 7.59 | |||||||||||||||
| (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 have 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. |
| Debt to Capital Ratio(1) | Year Ended Aug. 31, | |||||||||||||||||||
| (amounts in millions except for percentages) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
| Short-Term Debt | $ | 241 | $ | 79 | $ | 24 | $ | 270 | $ | 28 | ||||||||||
| Long-Term Debt | 1,862 | 1,724 | 1,792 | 1,150 | 1,639 | |||||||||||||||
| Total Debt | 2,103 | 1,803 | 1,816 | 1,420 | 1,667 | |||||||||||||||
| Total Monsanto Company Shareowners’ Equity | 10,099 | 10,056 | 9,374 | 7,503 | 6,525 | |||||||||||||||
| Debt-to-Capital Ratio | 17% | 15% | 16% | 16% | 20% | |||||||||||||||
| (1) | Debt-to-capital ratio is the sum of short-term and long-term debt, divided by the sum of short-term and long-term debt and shareowners’ equity. |
| Current Ratio(1) | Year Ended Aug. 31, | |||||||||||||||||||
| (amounts in millions except for ratios) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
| Total Current Assets | $ | 7,122 | $ | 7,883 | $ | 7,609 | $ | 5,084 | $ | 5,461 | ||||||||||
| Total Current Liabilities | 3,541 | 3,756 | 4,439 | 3,075 | 2,279 | |||||||||||||||
| Current Ratio | 2.01 | 2.10 | 1.71 | 1.65 | 2.40 | |||||||||||||||
| (1) | Current ratio represents total current assets divided by total current liabilities. |