Investments

As of August 31, 2012, we owned 74.5% of NCRA. During fiscal 2012, we entered into an agreement to purchase the remaining shares of NCRA from Growmark Inc. (Growmark) and MFA Oil Company (MFA) in separate closings to be held annually through fiscal 2015. Pursuant to this agreement, we made the first payments during the first quarter of fiscal 2013 to Growmark and MFA in the amounts of $48.0 million and $18.0 million respectively; increasing our ownership to 79.2%. The present value of the remaining payments is included as mandatorily redeemable noncontrolling interest on our Consolidated Balances Sheets.

We have a 24% ownership in Horizon Milling, LLC and Horizon Milling G.P., flour milling joint ventures with Cargill Inc. (Cargill), which are included in Corporate and Other. On March 4, 2013, we entered into a definitive agreement with Cargill and ConAgra Foods, Inc. to form Ardent Mills, a joint venture combining the North American flour milling operations of the three parent companies, with CHS holding a 12% interest. The transaction is expected to close in our fiscal 2014.

We have a 50% interest in Ventura Foods, LLC (Ventura Foods), a joint venture which produces and distributes primarily vegetable oil-based products, and is included in Corporate and Other. We account for Ventura Foods as an equity method investment, and as of February 28, 2013, our carrying value of Ventura Foods exceeded our share of their equity by $12.9 million, which represents equity method goodwill. The following provides summarized unaudited financial information for Ventura Foods balance sheets as of February 28, 2013, August 31, 2012 and February 29, 2012, and statements of operations for the three and six months ended February 28, 2013 and February 29, 2012:



	February 28, 2013		August 31, 2012		February 29, 2012
Current assets	$	555,455	$	574,925	$	572,810
Non-current assets	480,360		459,070		458,569
Current liabilities	237,901		197,251		207,345
Non-current liabilities	231,982		277,760		285,583



	For the Three Months Ended				For the Six Months Ended
	February 28, 2013		February 29, 2012		February 28, 2013		February 29, 2012
Net sales	$	588,359	$	599,330	$	1,239,846	$	1,264,913
Gross profit	60,348		59,700		122,471		115,751
Net earnings	21,469		22,210		42,197		37,312
Earnings attributable to CHS Inc.	10,735		11,105		21,099		18,656