EXHIBIT 12.1
CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
Years Ended August 31 | ||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 297,260 | $ | 256,703 | $ | 145,104 | $ | 147,873 | $ | 155,246 | ||||||||||
ADD: | ||||||||||||||||||||
Minority interests | 47,736 | 33,830 | 21,950 | 15,390 | 35,098 | |||||||||||||||
Fixed charges, as shown below | 81,048 | 70,370 | 66,305 | 57,813 | 77,267 | |||||||||||||||
Redemptions received from equity method investees | 74,231 | 65,158 | 35,939 | 37,689 | 30,104 | |||||||||||||||
Redemptions received from cooperatives and other investments | 4,152 | 9,481 | 8,467 | 6,310 | 1,672 | |||||||||||||||
SUBTRACT: | ||||||||||||||||||||
Equity in income of investees | (95,742 | ) | (79,022 | ) | (47,299 | ) | (58,133 | ) | (28,494 | ) | ||||||||||
Noncash patronage refunds | (3,060 | ) | (4,986 | ) | (1,795 | ) | (2,327 | ) | (3,896 | ) | ||||||||||
Interest capitalized | (6,836 | ) | (2,817 | ) | (3,905 | ) | (2,105 | ) | (1,244 | ) | ||||||||||
EARNINGS AS ADJUSTED | $ | 398,789 | $ | 348,717 | $ | 224,766 | $ | 202,510 | $ | 265,753 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest | $ | 64,875 | $ | 54,441 | $ | 52,580 | $ | 44,560 | $ | 62,680 | ||||||||||
Amortization of debt costs expensed or capitalized | 4,569 | 3,971 | 3,162 | 3,030 | 2,747 | |||||||||||||||
Appropriate portion (1/3) of rent expense | 11,604 | 11,958 | 10,563 | 10,223 | 11,840 | |||||||||||||||
TOTAL FIXED CHARGES | $ | 81,048 | $ | 70,370 | $ | 66,305 | $ | 57,813 | $ | 77,267 | ||||||||||
PREFERRED DIVIDEND FACTOR: | $ | 10,815 | $ | 9,339 | $ | 5,539 | $ | 276 | ||||||||||||
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | $ | 91,863 | $ | 79,709 | $ | 71,844 | $ | 58,089 | $ | 77,267 | ||||||||||
RATIO | 4.3 x | 4.4 x | 3.1 x | 3.5 x | 3.4 x |