Exhibit 12
Anheuser-Busch Companies, Inc. and Subsidiaries
Consolidated Ratio of Earnings to Fixed Charges
The following table sets forth the company’s ratio of earnings to fixed charges, on a consolidated basis for the periods indicated (in millions):
Nine Months Ended September 30 | Year Ended December 31 | |||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | 2002 | ||
Earnings | ||||||||
Consolidated pretax income | $2,264.6 | $2,172.1 | $2,276.9 | $2,057.4 | $2,812.1 | $2,643.9 | $2,473.2 | |
Dividends received from equity investees | 413.3 | 247.0 | 247.0 | 210.1 | 179.0 | 169.2 | 46.7 | |
Net interest capitalized | 9.0 | 7.7 | 10.8 | 8.3 | 7.7 | 3.3 | 10.8 | |
Fixed charges | 394.0 | 377.6 | 498.5 | 502.3 | 471.1 | 442.6 | 406.8 | |
Adjusted earnings | $3,080.9 | $2,804.4 | $3,033.2 | $2,778.1 | $3,469.9 | $3,259.0 | $2,937.5 | |
Fixed Charges | ||||||||
Interest expense | $359.0 | $341.6 | $451.3 | $454.5 | $426.9 | $401.5 | $368.7 | |
Interest portion of rent expense 1/ | 30.8 | 32.0 | 41.9 | 42.5 | 38.9 | 36.3 | 34.1 | |
Amortization of deferred debt issuance costs | 4.2 | 4.0 | 5.3 | 5.3 | 5.3 | 4.8 | 4.0 | |
Total fixed charges | $394.0 | $377.6 | $498.5 | $502.3 | $471.1 | $442.6 | $406.8 | |
Ratio | 7.8X | 7.4X | 6.1X | 5.5X | 7.4X | 7.4X | 7.2X |
1/ The interest portion of rent expense is calculated as one-third of total rents paid.