Exhibit 12
MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES(1)
(Dollars in millions)
Three Eight
Months Months
Ended Ended Year Ended
Nov. 30, Year Ended Aug. 31, Aug. 31, Dec. 31,
2006 2006 2005 2004 2003 2002 2001
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EARNINGS:
Income (Loss) from Continuing Operations Before
Income Taxes, MI and Cumulative Effect of
Accounting Change $ 97 $1,055 $ 279 $ 403 $ (19) $ 235 $ 488
Add:
Fixed charges 41 161 136 112 71 105 147
Dividends from affiliated companies - - - - - 1 1
Equity affiliate expense -- net 10 31 31 36 26 43 41
Amortization of capitalized interest 4 15 15 10 8 10 11
Less:
Capitalized interest (3) (9) (6) (7) (4) (8) (30)
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Earnings available for fixed charges $ 149 $1,253 $ 455 $ 554 $ 82 $ 386 $ 658
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FIXED CHARGES:
Interest expense(2) $ 33 $ 134 $ 115 $ 91 $ 57 $ 81 $ 99
Capitalized interest 3 9 6 7 4 8 30
Portion of rents representative of
interest factor 5 18 15 14 10 16 18
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Total Fixed Charges $ 41 $ 161 $ 136 $ 112 $ 71 $ 105 $ 147
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Ratio of Earnings to Fixed Charges 3.63 7.78 3.35 4.95 1.15 3.68 4.48
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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.