EX-12 5 c26881a1exv12.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

exv12

EXHIBIT 12

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
ARCHER-DANIELS-MIDLAND COMPANY
(DOLLARS IN THOUSANDS)

																						Nine
																						Months
																						Ended
																						March 31
		2003				2004				2005				2006				2007				2008
EARNINGS
EARNINGS BEFORE INCOME TAXES		$	630,973			$	718,011			$	1,516,375			$	1,855,250			$	3,153,970			$	2,085,886
LESS: EQUITY EARNINGS OF LESS THAN 50% OWNED UNCONSOLIDATED AFFILIATES			(14,138	)			(84,931	)			(90,415	)			(66,592	)			(193,258	)			(210,912	)
LESS: CAPITALIZED INTEREST INCLUDED IN INTEREST EXPENSE BELOW			(4,002	)			(6,909	)			(10,868	)			(10,942	)			(23,558	)			(37,315	)
TOTAL EARNINGS			612,833				626,171				1,415,092				1,777,716				2,937,154				1,837,659
FIXED CHARGES
INTEREST EXPENSES:
CONSOLIDATED INTEREST EXPENSE			359,971				341,991				326,579				365,180				433,974				337,608
CAPITALIZED INTEREST			4,002				6,909				10,868				10,942				23,558				37,315
TOTAL INTEREST EXPENSE			363,973				348,900				337,447				376,122				457,532				374,923
AMORTIZATION OF DEBT DISCOUNT AND EXPENSE			1,157				1,039				1,029				1,149				2,004				2,802
ONE THIRD OF RENTAL EXPENSES			32,744				40,450				38,787				42,876				55,187				49,892
TOTAL FIXED CHARGES			397,874				390,389				377,263				420,147				514,723				427,617
EARNINGS AVAILABLE FOR FIXED CHARGES			1,010,707				1,016,560				1,792,355				2,197,863				3,451,877				2,265,276
RATIO OF EARNINGS TO FIXED CHARGES			2.54	x			2.60	x			4.75	x			5.23	x			6.71	x			5.30	x