Exhibit 12
Anheuser-Busch Companies, Inc. and Subsidiaries
Consolidated Ratio of Earnings to Fixed Charges
The following table sets forth the company’s ratio of earnings to fixed charges, on a consolidated basis for the periods indicated (in millions):
Nine Months | |||||||||||||||||||||||||||||||
Ended September 30 | Year Ended December 31, | ||||||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||
Consolidated pretax income | $ | 2,280.5 | $ | 2,264.6 | $ | 2,422.7 | $ | 2,276.9 | $ | 2,057.4 | $ | 2,812.1 | $ | 2,643.9 | |||||||||||||||||
Dividends received from equity investees | 432.5 | 413.3 | 413.3 | 247.0 | 210.1 | 179.0 | 169.2 | ||||||||||||||||||||||||
Net interest capitalized | 8.4 | 9.0 | 10.7 | 10.8 | 8.3 | 7.7 | 3.3 | ||||||||||||||||||||||||
Fixed charges | 403.6 | 394.0 | 530.3 | 498.5 | 502.3 | 471.1 | 442.6 | ||||||||||||||||||||||||
Adjusted earnings | $ | 3,125.0 | $ | 3,080.9 | $ | 3,377.0 | $ | 3,033.2 | $ | 2,778.1 | $ | 3,469.9 | $ | 3,259.0 | |||||||||||||||||
Fixed Charges | |||||||||||||||||||||||||||||||
Interest expense | $ | 366.7 | $ | 359.0 | $ | 484.4 | $ | 451.3 | $ | 454.5 | $ | 426.9 | $ | 401.5 | |||||||||||||||||
Interest portion of rent expense1/ | 32.4 | 30.8 | 40.3 | 41.9 | 42.5 | 38.9 | 36.3 | ||||||||||||||||||||||||
Amortization of deferred debt issuance costs | 4.5 | 4.2 | 5.6 | 5.3 | 5.3 | 5.3 | 4.8 | ||||||||||||||||||||||||
Total fixed charges | $ | 403.6 | $ | 394.0 | $ | 530.3 | $ | 498.5 | $ | 502.3 | $ | 471.1 | $ | 442.6 | |||||||||||||||||
Ratio | 7.7 | X | 7.8 | X | 6.4 | X | 6.1 | X | 5.5 | X | 7.4 | X | 7.4 | X | |||||||||||||||||
1/ | The interest portion of rent expense is calculated as one-third of total rents paid. |