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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2003 2002 2001 2000 1999
Earnings:
Net proceeds before income taxes from continuing operations 109,663 84,224 94,620 86,604 63,352
Fixed charges, excluding capitalized interest, see below 3,326 3,742 4,920 5,199 5,264
Amortization of capitalized interest 94 94 94 94 94
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Net Proceeds 113,083 88,060 99,634 91,897 68,710
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Fixed Charges:
Interest Expense 3,326 3,742 4,920 5,199 5,264
Interest factor included in rentals (1) 0 0 0 0 0
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Fixed charges, excluding capitalized interest 3,326 3,742 4,920 5,199 5,264
Interest capitalized 207 9 0 0 0
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Fixed Charges 3,533 3,751 4,920 5,199 5,264
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Ratio of net proceeds to fixed charges 32.01 23.48 20.25 17.68 13.05
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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.
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