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):
Nine Months Ended
September 30
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2004 2003 2003 2002 2001 2000 1999
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Earnings
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Consolidated pretax income $2,629.0 $2,469.7 $2,824.3 $2,623.6 $2,377.6 $2,179.9 $2,007.6
Dividends received from equity investees 179.0 160.6 169.2 46.7 25.8 23.9 2.9
Net interest capitalized 4.9 3.2 3.3 10.8 1.0 (5.6) 9.8
Fixed charges 348.1 329.8 442.6 406.8 402.8 385.1 343.8
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Adjusted earnings $3,161.0 $2,963.3 $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 $ 314.8 $ 299.7 $ 401.5 $ 368.7 $ 361.2 $ 348.2 $ 307.8
Interest portion of rent expense 1/ 29.3 26.6 36.3 34.1 37.9 33.2 32.2
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Amortization of deferred debt issuance
costs 4.0 3.5 4.8 4.0 3.7 3.7 3.8
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Total fixed charges $ 348.1 $ 329.8 $ 442.6 $ 406.8 $ 402.8 $ 385.1 $ 343.8
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Ratio of Earnings to Fixed Charges 9.1X 9.0X 7.8X 7.6X 7.0X 6.7X 6.9X
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<FN>
1/ The interest portion of rent expense is calculated as one-third of total rents paid.
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