Monsanto 10-Q 2007 Q2 Quarterly report

MONSANTO COMPANY SECOND QUARTER 2007 FORM 10-Q

Exhibit 12

MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES⁽¹⁾
(Dollars in millions)

	Six Months												Eight Months
	Ended												Ended
	Feb. 28,			Year Ended Aug. 31,									Aug. 31,			Year Ended Dec. 31,
	2007			2006			2005			2004			2003			2002			2001
EARNINGS:
Income (Loss) from Continuing Operations Before Income Taxes, MI and Cumulative Effect of Accounting Change	$	915		$	1,055		$	279		$	403		$	(19	)	$	235		$	488
Add:
Fixed charges		82			161			136			112			71			105			147
Dividends from affiliated companies		—			—			—			—			—			1			1
Equity affiliate expense — net		21			31			31			36			26			43			41
Amortization of capitalized interest		7			15			15			10			8			10			11
Less:
Capitalized interest		(6	)		(9	)		(6	)		(7	)		(4	)		(8	)		(30	)
Earnings available for fixed charges	$	1,019		$	1,253		$	455		$	554		$	82		$	386		$	658
FIXED CHARGES:
Interest expense(2)	$	67		$	134		$	115		$	91		$	57		$	81		$	99
Capitalized interest		6			9			6			7			4			8			30
Portion of rents representative of interest factor		9			18			15			14			10			16			18
Total Fixed Charges	$	82		$	161		$	136		$	112		$	71		$	105		$	147
Ratio of Earnings to Fixed Charges		12.43			7.78			3.35			4.95			1.15			3.68			4.48

⁽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⁾Includes amortization of deferred debt issuance costs.