EXHIBIT 12
LAND O'LAKES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Year Ended December 31,
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2004 2003 2002 2001 2000
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Earnings:
Earnings (loss) before income taxes and discontinued operations... $ 29,584 $107,619 $114,161 $ 56,652 $ 81,983
(Less) Add: Equity in (earnings) loss of affiliated
companies....................................................... (58,412) (57,249) (24,166) (45,258) 39,051
Add (Less): Minority interest in earnings (loss)
of subsidiaries................................................. 1,648 6,366 5,487 6,882 (1,445)
Add: Distributed income of equity investees....................... 47,846 37,356 26,407 3,048 1,477
Add: Fixed Charges (1)............................................ 105,529 17,220 14,804 11,585 10,570
Less: Capitalized interest........................................ (68) (8) (143) (126) (1,457)
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Earnings available to cover fixed charges................. $ 126,127 $111,304 $136,550 $ 32,783 $130,179
Ratio of earnings to fixed charges................................ 1.2x 1.9x 2.3x 1.3x 2.7x
(1) Fixed charges consist of the following:
Year Ended December 31,
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2004 2003 2002 2001 2000
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Interest expense, gross........................................... $ 88,356 $ 86,541 $ 82,011 $ 62,246 $ 58,733
Rentals (interest factor)......................................... 17,173 17,220 14,804 11,585 10,570
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Total fixed charges........................................... $ 105,529 $103,761 $ 96,815 $ 73,831 $ 69,303