EXHIBIT 12.1
CENEX HARVEST STATES COOPERATIVES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
THREE
MONTHS
NINE MONTHS ENDED YEARS ENDED ENDED YEARS ENDED
(DOLLARS IN THOUSANDS, EXCEPT RATIOS) MAY 31, AUGUST 31, AUGUST 31, MAY 31,
------------------ ------------------ ---------- ----------------------------
2001 2000 2000 1999 1998 1998 1997 1996
-------- -------- -------- -------- -------- -------- -------- --------
EARNINGS:
Income before income taxes and cumulative effect
of accounting change ........................... $119,209 $ 58,729 $ 91,268 $ 92,980 $ 18,831 $196,916 $171,181 $128,344
ADD:
Minority interests ................................ 25,517 4,487 24,546 10,017 3,252 6,880 7,984 (147)
Fixed charges, as shown below ..................... 61,496 54,442 75,085 56,221 15,963 47,532 47,951 59,521
Redemptions received from equity method
investees ...................................... 20,836 17,688 41,250 8,829 360 12,686 8,994 400
SUBTRACT:
Equity in income of investees ..................... (13,519) (21,238) (28,325) (22,363) 9,142 (8,381) (7,635) (6,216)
Interest capitalized .............................. (342) (1,244) (2,709) (1,733) (439) (1,838) (3,689) (2,050)
-------- -------- -------- -------- -------- -------- -------- --------
EARNINGS AS ADJUSTED ......................... $213,197 $112,864 $201,115 $143,951 $ 47,109 $253,795 $224,786 $179,852
======== ======== ======== ======== ======== ======== ======== ========
FIXED CHARGES:
Interest .......................................... $ 49,625 $ 44,251 $ 60,276 $ 44,171 $ 12,749 $ 36,459 $ 37,057 $ 48,501
Amortization of debt costs expensed or
capitalized .................................... 1,777 1,509 2,116 2,131 343 899 898 768
Interest within rent expense ...................... 10,094 8,682 12,693 9,919 2,871 10,174 9,996 10,252
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL FIXED CHARGES .......................... 61,496 54,442 75,085 56,221 15,963 47,532 47,951 59,521
-------- -------- -------- -------- -------- -------- -------- --------
PREFERRED DIVIDENDS ............................... -- -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS ................................ $ 61,496 $ 54,442 $ 75,085 $ 56,221 $ 15,963 $ 47,532 $ 47,951 $ 59,521
======== ======== ======== ======== ======== ======== ======== ========
RATIO ............................................. 3.5 2.1 2.7 2.6 3.0 5.3 4.7 3.0