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):
First Six Months Ended June 30 | Year Ended December 31 | ||||||
2006 | 20051/ | 20051/ | 20041/ | 20031/ | 20021/ | 20011/ | |
Earnings | |||||||
Consolidated pretax income | $1,379.6 | $1,342.4 | $2,057.4 | $2,812.1 | $2,643.9 | $2,473.2 | $2,266.7 |
Dividends received from equity investees | 240.0 | 210.0 | 210.0 | 179.0 | 169.2 | 46.7 | 25.8 |
Net interest capitalized | 5.1 | 3.4 | 8.3 | 7.7 | 3.3 | 10.8 | 1.0 |
Fixed charges | 253.8 | 253.6 | 502.3 | 471.1 | 442.6 | 406.8 | 402.8 |
Adjusted earnings | $1,878.5 | $1,809.4 | $2,778.0 | $3,469.9 | $3,259.0 | $2,937.5 | $2,696.3 |
Fixed Charges | |||||||
Interest expense | $230.3 | $230.7 | $454.5 | $426.9 | $401.5 | $368.7 | $361.2 |
Interest portion of rent expense 2/ | 20.8 | 20.3 | 42.5 | 38.9 | 36.3 | 34.1 | 37.9 |
Amortization of deferred debt issuance costs | 2.7 | 2.6 | 5.3 | 5.3 | 4.8 | 4.0 | 3.7 |
Total fixed charges | $253.8 | $253.6 | $502.3 | $471.1 | $442.6 | $406.8 | $402.8 |
Ratio | 7.4X | 7.1X | 5.5X | 7.4X | 7.4X | 7.2X | 6.7X |
1 Ratio adjusted for the adoption of FAS 123R in 2006.
2/ The interest portion of rent expense is calculated as one-third of total rents paid.