Exhibit 12.1
CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
| Years Ended August 31, | ||||||||||||||||||||||
| (in thousands) | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||
EARNINGS: | ||||||||||||||||||||||
| Income before income taxes | $ | 221,332 | $ | 136,541 | $ | 144,838 | $ | 152,954 | $ | 91,268 | ||||||||||||
| ADD: | ||||||||||||||||||||||
| Minority interests | 33,830 | 21,950 | 15,390 | 35,098 | 24,547 | |||||||||||||||||
| Fixed charges, as shown below | 70,370 | 66,306 | 57,813 | 77,267 | 75,085 | |||||||||||||||||
| Redemptions received from equity method investees | 65,158 | 35,939 | 37,689 | 30,104 | 41,250 | |||||||||||||||||
| Redemptions received from cooperatives and other investments | 9,481 | 8,467 | 6,310 | 1,672 | 2,638 | |||||||||||||||||
| SUBTRACT: | ||||||||||||||||||||||
| Equity in income of investees | (79,022 | ) | (47,299 | ) | (58,133 | ) | (28,494 | ) | (28,325 | ) | ||||||||||||
| Noncash patronage refunds | (4,986 | ) | (1,795 | ) | (2,327 | ) | (3,896 | ) | (6,825 | ) | ||||||||||||
| Interest capitalized | (2,817 | ) | (3,905 | ) | (2,105 | ) | (1,244 | ) | (2,709 | ) | ||||||||||||
EARNINGS AS ADJUSTED | $ | 313,346 | $ | 216,204 | $ | 199,475 | $ | 263,461 | $ | 196,929 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||
| Interest | $ | 54,441 | $ | 52,580 | $ | 44,560 | $ | 62,680 | $ | 60,276 | ||||||||||||
| Amortization of debt costs expensed or capitalized | 3,971 | 3,162 | 3,030 | 2,747 | 2,116 | |||||||||||||||||
| Appropriate portion (1/3) of rent expense | 11,958 | 10,563 | 10,223 | 11,840 | 12,694 | |||||||||||||||||
TOTAL FIXED CHARGES | 70,370 | 66,305 | 57,813 | 77,267 | 75,086 | |||||||||||||||||
PREFERRED DIVIDEND FACTOR: | 9,339 | 5,539 | 276 | — | — | |||||||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 79,709 | $ | 71,844 | $ | 58,089 | $ | 77,267 | $ | 75,086 | ||||||||||||
RATIO | 3.9 | x | 3.0 | x | 3.4 | x | 3.4 | x | 2.6 | x | ||||||||||||