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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1999 1998 1997 1996 1995
Earnings:
Net proceeds before income taxes from continuing operations 63,352 72,084 74,239 56,872 75,422
Fixed charges, excluding capitalized interest, see below 5,264 5,372 4,316 2,898 2,973
Amortization of capitalized interest 94 92 55 18 18
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Net Proceeds 68,710 77,548 78,610 59,788 78,413
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Fixed Charges:
Interest Expense 5,264 5,372 4,316 2,898 2,973
Interest factor included in rentals (1) 0 0 0 0 0
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Fixed charges, excluding capitalized interest 5,264 5,372 4,316 2,898 2,973
Interest capitalized 0 199 954 669 0
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Fixed Charges 5,264 5,571 5,270 3,567 2,973
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Ratio of net proceeds to fixed charges 13.05 13.92 14.92 16.76 26.38
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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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