Exhibit 12
MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES(1)
(Dollars in millions)
Nine Eight
Months Year Months
Ended Ended Ended
May 31, Aug. 31, Aug. 31, Year Ended Dec. 31,
2005 2004 2003 2002 2001 2000 1999
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EARNINGS:
Income (Loss) from Continuing Operations
Before Income Taxes Change $ 464 $ 394 $ (21) $ 231 $ 485 $ 359 $302
Add:
Fixed charges 93 112 71 105 147 272 305
Dividends from affiliated companies 0 0 0 1 1 1 1
Equity affiliate expense - net 20 36 26 43 41 34 18
Less:
Capitalized interest (4) (7) (4) (8) (30) (37) (23)
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Earnings available for fixed charges $ 573 $ 535 $ 72 $ 372 $ 644 $ 629 $603
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FIXED CHARGES:
Interest expense(2) $ 78 $ 91 $ 57 $ 81 $ 99 $ 214 $269
Capitalized interest 4 7 4 8 30 37 23
Portion of rents representative of
interest factor 11 14 10 16 18 21 13
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Total Fixed Charges $ 93 $ 112 $ 71 $ 105 $ 147 $ 272 $305
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Ratio of Earnings to Fixed Charges 6.16 4.78 1.01 3.54 4.38 2.31 1.98
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(1) Monsanto has not paid any preference security dividends and, therefore, has
not included the ratio of combined fixed charges and preference security
dividends to earnings for the relevant periods.
(2) Includes amortization of deferred debt issuance costs.