EX-12.1 6 c22106s1exv12w1.htm STATEMENT OF COMPUTATION OF RATIOS

exv12w1

Exhibit 12.1

CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

		Years Ended August 31,
(in thousands)		2007				2006				2005				2004				2003
EARNINGS:
Income from continuing operations before income taxes			786,933				538,999				297,260				256,703				145,104
ADD:
Minority interests			143,214				85,974				47,736				33,830				21,950
Fixed charges, as shown below			80,529				72,056				74,540				67,463				63,888
Distributions from equity investments			66,693				58,240				64,869				58,701				35,939
Investments redeemed — equity investees, cooperatives and other			4,935				7,283				13,514				15,937				8,467
SUBTRACT:
Equity in income of investees			(109,685	)			(84,188	)			(95,742	)			(79,022	)			(47,299	)
Noncash patronage refunds			(3,302	)			(4,969	)			(3,060	)			(4,986	)			(1,795	)
Interest capitalized			(11,717	)			(4,652	)			(6,836	)			(2,817	)			(3,905	)
EARNINGS AS ADJUSTED			957,600				668,743				392,281				345,809				222,349
FIXED CHARGES:
Interest			63,528				55,214				58,367				51,534				50,163
Amortization of debt costs expensed or capitalized			2,231				4,014				4,569				3,971				3,162
Appropriate portion (1/3) of rent expense			14,770				12,828				11,604				11,958				10,563
TOTAL FIXED CHARGES			80,529				72,056				74,540				67,463				63,888
PREFERRED DIVIDEND FACTOR:			15,572				12,767				10,815				9,339				5,539
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS			96,101				84,823				85,355				76,802				69,427
RATIO			10.0x				7.9x				4.6x				4.5x				3.2x