Exhibit 99.1
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Three | Eight |
Months Ended | Months Ended |
Nov.30, | Aug. 31, | Year Ended Dec. 31,
2003 | 2003 | 2002 2001 2000 1999 1998
---- | ---- | ---- ---- ---- ---- ----
Income (Loss) From Continuing Operations | |
Before Income Taxes | |
and Cumulative Effect of | |
Accounting Change $ (83) | $ (38) | $ 202 $ 459 $ 334 $ 263 $(60)
| |
Add: | |
Fixed charges 27 | 71 | 105 147 272 305 140
Less capitalized interest (2) | (4) | (8) (30) (37) (23) (9)
Dividends from affiliated 0 | 0 | 1 1 1 1 1
companies | |
Equity affiliate expense-net 11 | 26 | 43 41 34 18 31
-------- | ------- | ----- ------ ----- ----- -----
| |
Earnings available for fixed charges $ (47) | $ 55 | $ 343 $ 618 $ 604 $ 564 $ 103
======== | ======= | ===== ====== ===== ===== =====
| |
Fixed Charges: | |
Interest expense $ 21 | $ 57 | $ 81 $ 99 $ 214 $ 269 $ 121
Capitalized interest 2 | 4 | 8 30 37 23 9
Portion of rents representative of | |
interest factor 4 | 10 | 16 18 21 13 10
-------- | ------- | ----- ------ ----- ----- -----
Fixed Charges $ 27 | $ 71 | $ 105 $ 147 $ 272 $ 305 $ 140
======== | ======= | ===== ====== ===== ===== =====
| |
Ratio of Earnings to Fixed Charges -1.74* | 0.77* | 3.27 4.20 2.22 1.85 0.74
======== | ======= | ===== ====== ==== ==== ====
* Earnings were inadequate to cover fixed charges by $74 million for the quarter ended Nov. 30, 2003 and $16 million
for the eight months ended Aug. 31, 2003.