EXHIBIT 12
LAND O'LAKES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
<Table>
<Caption>
Restated
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Year Ended December 31,
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2003 2002 2001 2000 1999
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Earnings:
Earnings (loss) before income taxes ................... $ 99,597 $ 92,570 $ 61,470 $ 83,140 $ 20,236
(Less) add Equity in (earnings) loss of affiliated
companies ........................................... (57,145) (22,675) (48,583) 35,566 (7,282)
Add (less) Minority interest in earnings (loss)
of subsidiaries ..................................... 6,366 5,487 6,882 (1,405) (140)
Add Distributed income of equity investees ............ 37,356 26,558 3,548 1,477 --
Add Fixed Charges (1) ................................. 105,737 99,109 75,847 72,284 60,531
Less Capitalized interest ............................. (8) (143) (126) (1,457) (1,735)
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Earnings available to cover fixed charges ..... $ 191,903 $ 200,906 $ 99,038 $ 189,605 $ 71,610
Ratio of earnings to fixed charges .................... 1.8x 2.0x 1.3x 2.6x 1.2x
</Table>
(1) Fixed charges consist of the following:
<Table>
<Caption>
Year Ended December 31,
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2003 2002 2001 2000 1999
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Interest expense, gross ............................... $ 88,517 $ 84,305 $ 64,262 $ 61,714 $ 51,631
Rentals (interest factor) ............................. 17,220 14,804 11,585 10,570 8,900
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Total fixed charges ............................... $ 105,737 $ 99,109 $ 75,847 $ 72,284 $ 60,531
</Table>