Exhibit 12
Calculation of Ratio of Earnings to Fixed Charges
Archer Daniels Midland Company
Expressed in Thousands
Year Ended June 30 | Six Months Ended December 31 | Year Ended December 31 | ||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2012 | 2013 | |||||||||||||||
Earnings | ||||||||||||||||||||
Earnings Before Income Taxes | $2,499,557 | $ | 2,585,099 | $ | 3,015,311 | $1,764,898 | $ | 997,275 | $ | 2,023,341 | ||||||||||
Less: Equity in Earnings of | ||||||||||||||||||||
Unconsolidated Affiliates, Net of | ||||||||||||||||||||
Dividends | 55,367 | (326,232) | (396,755) | (243,121) | (200,833) | (285,263) | ||||||||||||||
Less: Capitalized Interest | ||||||||||||||||||||
Included in Interest Expense Below | (94,532) | (75,060) | (7,211) | (20,869) | (11,548) | (16,434) | ||||||||||||||
Less: Noncontrolling Interest | (3,751) | 10,996 | 17,573 | (18,387) | (2,184) | (11,868) | ||||||||||||||
Total Earnings | 2,456,641 | 2,194,803 | 2,628,918 | 1,482,521 | 782,710 | 1,709,776 | ||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest Expenses: | ||||||||||||||||||||
Consolidated Interest Expense | 469,059 | 421,461 | 482,298 | 441,765 | 212,527 | 412,810 | ||||||||||||||
Capitalized Interest | 94,532 | 75,060 | 7,211 | 20,869 | 11,548 | 16,434 | ||||||||||||||
Total Interest Expense | 563,591 | 496,521 | 489,509 | 462,634 | 224,075 | 429,244 | ||||||||||||||
Amortization of Debt Discount(1) | 3,832 | 3,805 | 4,282 | |||||||||||||||||
One Third of Rental Expenses | 72,289 | 80,682 | 83,764 | 69,648 | 35,295 | 66,311 | ||||||||||||||
Total Fixed Charges | 639,712 | 581,008 | 577,555 | 532,282 | 259,370 | 495,555 | ||||||||||||||
Earnings Available for Fixed Charges | $3,096,353 | $ | 2,775,811 | $ | 3,206,473 | $2,014,803 | $1,042,080 | $ | 2,205,331 | |||||||||||
Ratio of Earnings to Fixed Charges | 4.84 | 4.78 | 5.55 | 3.79 | 4.02 | 4.45 |
(1) Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.