EXHIBIT 12
MINN DAK FARMERS COOPERATIVE
COMPUTATION OF RATIO OF NET PROCEEDS TO FIXED CHARGES
(IN THOUSANDS)
Year Ended August 31,
-------------------------------------------------------------
1998 1997 1996 1995 1994
Earnings:
Net proceeds before income taxes
from continuing operations 72,084 74,239 56,872 75,422 33,643
Fixed charges, excluding capitalized
interest, see below 5,372 4,316 2,898 2,973 1,557
Amortization of capitalized interest 92 55 18 18 18
--------- --------- --------- --------- ---------
Net Proceeds 77,548 78,610 59,788 78,413 35,218
========= ========= ========= ========= =========
Fixed Charges:
Interest Expense 5,372 4,316 2,898 2,973 1,557
Interest factor included in rentals(1) -- -- -- -- --
--------- --------- --------- --------- ---------
Fixed charges, excluding capitalized
interest 5,372 4,316 2,898 2,973 1,557
Interest capitalized 199 954 669 -- --
--------- --------- --------- --------- ---------
Fixed charges 5,571 5,270 3,567 2,973 1,557
========= ========= ========= ========= =========
Ratio of net proceeds to fixed charges 13.92 14.92 16.76 26.38 22.62
========= ========= ========= ========= =========
(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.