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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1997 1996 1995 1994 1993
Earnings:
Net proceeds before income taxes
from continuing operations 74,239 56,872 75,422 33,643 70,609
Fixed charges, excluding capitalized
interest, see below 4,316 2,898 2,973 1,557 1,588
Amortization of capitalized interest 55 18 18 18 18
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Net Proceeds 78,610 59,788 78,413 35,218 72,215
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Fixed Charges:
Interest Expense 4,316 2,898 2,973 1,557 1,588
Interest factor included in rentals (1) -- -- -- -- --
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Fixed charges, excluding capitalized
interest 4,316 2,898 2,973 1,557 1,588
Interest capitalized 954 669 -- -- --
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Fixed charges 5,270 3,567 2,973 1,557 1,588
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Ratio of net proceeds to fixed charges 14.92 16.76 26.38 22.62 45.48
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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.