EXHIBIT 12
MINN DAK FARMERS COOPERATIVE
COMPUTATION OF RATIO OF NET PROCEEDS TO FIXED CHARGES
(IN THOUSANDS)
Year Ended August 31,
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2002 2001 2000 1999 1998
Earnings:
Net proceeds before income taxes from 84,224 94,620 86,604 63,352 72,084
continuing operations
Fixed charges, excluding capitalized 3,742 4,920 5,199 5,264 5,372
interest, see below
Amortization of capitalized interest 94 94 94 94 92
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Net Proceeds 88,060 99,634 91,897 68,720 77,548
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Fixed Charges:
Interest Expense 3,742 4,920 5,199 5,264 5,372
Interest factor included in rentals (1) 0 0 0 0 0
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Fixed charges, excluding capitalized
interest 3,742 4,920 5,199 5,264 5,372
Interest capitalized 9 0 0 0 199
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Fixed Charges 3,751 4,920 5,199 5,264 5,571
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Ratio of net proceeds to fixed charges 23.48 20.25 17.68 13.05 13.92
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(1) The company does lease certain items, such as office equipment. Due to
the proportionately small amounts involved, interest on such lease
payments has not been included in the total of the company's fixed
charges of the calculation of this ratio.