EX-12.1 4 c22106a1exv12w1.htm STATEMENT OF COMPUTATION OF RATIOS exv12w1
 

Exhibit 12.1
                                                         
CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
 
    Three Months Ended        
    November 30     Years Ended August 31  
(in thousands)   2007     2006 *     2007 *     2006 *     2005 *     2004 *     2003 *  
 
EARNINGS:
                                                        
Income from continuing operations before income taxes
   $ 337,800     $ 153,611     $ 797,391     $ 564,116     $ 306,556     $ 258,318     $ 148,939  
ADD:
                                                        
Minority interests
     22,979       18,912       143,214       91,079       49,825       34,184       22,099  
Fixed charges, as shown below
     27,650       17,027       80,529       72,056       74,540       67,463       63,888  
Distributions from equity investments
     12,332       15,272       66,693       58,240       64,869       58,701       35,939  
Investments redeemed — equity investees, cooperatives and other
     66       1,376       4,935       7,283       13,514       15,937       8,467  
SUBTRACT:
                                                        
Equity in income of investees
     (31,190 )     (4,531 )     (109,685 )     (84,188 )     (95,742 )     (79,022 )     (47,299 )
Noncash patronage refunds
     (445 )     (321 )     (3,302 )     (4,969 )     (3,060 )     (4,986 )     (1,795 )
Interest capitalized
     (4,306 )     (1,855 )     (11,717 )     (4,652 )     (6,836 )     (2,817 )     (3,905 )
     
EARNINGS AS ADJUSTED
   $ 364,886     $ 199,491     $ 968,058     $ 698,965     $ 403,666     $ 347,778     $ 226,333  
     
FIXED CHARGES:
                                                        
Interest
   $ 22,675     $ 13,138     $ 63,528     $ 55,214     $ 58,367     $ 51,534     $ 50,163  
Amortization of debt costs expensed or capitalized
     699       589       2,231       4,014       4,569       3,971       3,162  
Appropriate portion (1/3) of rent expense
     4,276       3,300       14,770       12,828       11,604       11,958       10,563  
     
TOTAL FIXED CHARGES
     27,650       17,027       80,529       72,056       74,540       67,463       63,888  
     
 
     
PREFERRED DIVIDEND FACTOR:
     4,156       3,366       15,572       12,767       10,815       9,339       5,539  
     
 
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
   $ 31,806     $ 20,393     $ 96,101     $ 84,823     $ 85,355     $ 76,802     $ 69,427  
     
 
RATIO
     11.5 x   9.8 x   10.1 x   8.2 x   4.7 x   4.5 x   3.3 x
 
*   Adjusted to reflect adoption of FASB Staff Position No. AUG AIR-1