EXHIBIT 12
Anheuser-Busch Companies, Inc. and Subsidiaries
Consolidated 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):
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First Six Months Year Ended December 31,
Ended June 30,
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2005 2004 2004 2003 2002 2001 2000
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Earnings
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Consolidated pretax income $1,380.3 $1,680.8 $2,999.4 $2,824.3 $2,623.6 $2,377.6 $2,179.9
Dividends received from equity
investees 210.0 179.0 179.0 169.2 46.7 25.8 23.9
Net interest capitalized 3.4 2.7 7.7 3.3 10.8 1.0 (5.6)
Fixed charges 253.6 228.7 471.1 442.6 406.8 402.8 385.1
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Adjusted earnings $1,847.3 $2,091.2 $3,657.2 $3,439.4 $3,087.9 $2,807.2 $2,583.3
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Fixed Charges
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Interest expense $230.7 $207.6 $426.9 $401.5 $368.7 $361.2 $348.2
Interest portion of rent expense(1) 20.3 18.4 38.9 36.3 34.1 37.9 33.2
Amortization of deferred debt
issuance costs 2.6 2.7 5.3 4.8 4.0 3.7 3.7
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Total fixed charges $253.6 $228.7 $471.1 $442.6 $406.8 $402.8 $385.1
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Ratio of Earnings to Fixed Charges 7.3X 9.1X 7.8X 7.8X 7.6X 7.0X 6.7X
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<FN>
(1) The interest portion of rent expense is calculated as one-third of total rents paid.