EXHIBIT 12
ANHEUSER-BUSCH COMPANIES, INC.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the Company's ratio of earnings to fixed
charges, on a consolidated basis for the periods indicated ($ in millions).
2003 2002 2001 2000 1999
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Earnings
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Consolidated pretax income $2,824.3 $2,623.6 $2,377.6 $2,179.9 $2,007.6
Dividends received from equity investees 169.2 46.7 25.8 23.9 2.9
Net interest capitalized 3.3 10.8 1.0 (5.6) 9.8
Fixed charges 442.6 406.8 402.8 385.1 343.8
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Adjusted earnings $3,439.4 $3,087.9 $2,807.2 $2,583.3 $2,364.1
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Fixed Charges
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Interest expense $401.5 $368.7 $361.2 $348.2 $307.8
Interest portion of rent expense (1) 36.3 34.1 37.9 33.2 32.2
Amortization of deferred debt issuance costs 4.8 4.0 3.7 3.7 3.8
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Total fixed charges $442.6 $406.8 $402.8 $385.1 $343.8
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Ratio of Earnings to Fixed Charges 7.8 7.6 7.0 (2) 6.7 6.9
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<FN>
(1) The interest portion of rent expense is calculated as one-third of total
rents paid.
(2) The ratio for 2001 includes the gain from the sale of SeaWorld
Cleveland, which increased consolidated pretax income by $17.8 million.
Excluding this one-time gain, the ratio would have been 6.9.