Conagra Foods Inc/DE – ‘10-K’ for 5/31/98 – EX-12

As of:  Friday, 8/28/98   ·   For:  5/31/98   ·   Accession #:  1047469-98-33094   ·   File #:  1-07275

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         21     86K 
 2: EX-4.3      Instrument Defining the Rights of Security Holders     3     13K 
 4: EX-10.14    Material Contract                                      1      8K 
 5: EX-10.19    Material Contract                                      2±    10K 
 6: EX-10.20    Material Contract                                      3     12K 
 3: EX-10.3     Material Contract                                      8     37K 
 7: EX-11       Statement re: Computation of Earnings Per Share        2     15K 
 8: EX-12       Statement re: Computation of Ratios                    2±    12K 
 9: EX-13       Annual or Quarterly Report to Security Holders        79    350K 
10: EX-21       Subsidiaries of the Registrant                         3     15K 
11: EX-23       Consent of Experts or Counsel                          1      7K 
12: EX-24       Power of Attorney                                     14     22K 
13: EX-27       EX-27 Financial Data Schedule                          2      8K 

EX-12   —   Statement re: Computation of Ratios

EX-12
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                                                          Exhibit 12
                                                          ----------

    CONAGRA, INC. AND SUBSIDIARIES

   Computation of Ratios of Earnings to Fixed Charges and of
    Earnings to Combined Fixed Charges and Preferred Stock Dividends

   (Dollars in millions)

                                                        [Enlarge/Download Table]


                                                                              Fiscal Year Ended                        
                                                     ----------------------------------------------------------------- 
                                                     1994          1995           1996           1997           1998   
                                                     ----          ----           ----           ----           ----   
                                                                                                                       
Fixed charges:                                                                                                         
     Interest expense                              $  295.1      $  324.3       $  362.8       $  351.1       $  367.4 
     Capitalized interest                               1.7           4.9            5.8           11.2           11.4 
     Interest in cost of goods sold                    12.7          17.5           27.5           21.8           19.1 
     One third of non-cancelable lease rent            43.5          38.6           40.1           37.1           38.5 
                                                   --------      --------       --------       --------      --------- 

     Total fixed charges (A)                          353.0         385.3          436.2          421.2          436.4 

     Add preferred stock dividends of the Company      39.3          39.3           14.6            -              -   
                                                   --------      --------       --------       --------      --------- 

     Total fixed charges and preferred stock                                                                           
          dividends (B)                            $  392.3      $  424.6       $  450.8       $  421.2      $   436.4 
                                                   --------      --------       --------       --------      --------- 
                                                   --------      --------       --------       --------      --------- 

Earnings:                                                                                                              
     Pretax income                                 $  720.0      $  825.9       $  408.6       $1,017.7      $ 1,021.1 
     Adjusted for unconsolidated subsidiaries          (1.8)         10.6            2.3            (.4)           1.9 
                                                   --------      --------       --------       --------      --------- 

     Pretax income of the Company as a whole          718.2         836.5          410.9        1,017.3        1,023.0 

     Add fixed charges                                353.0         385.3          436.2          421.2          436.4 
     Less capitalized interest                         (1.7)         (4.9)          (5.8)         (11.2)         (11.4)
                                                   --------      --------       --------       --------      --------- 
     Earnings and fixed charges (C)                $1,069.5      $1,216.9       $  841.3       $1,427.3      $ 1,448.0 
                                                   --------      --------       --------       --------      --------- 
                                                   --------      --------       --------       --------      --------- 

     Ratio of earnings to fixed charges (C/A)           3.0           3.2           1.9*            3.4            3.3 

     Ratio of earnings to combined fixed charges                                                                       
          and preferred stock dividends (C/B)           2.7           2.9           1.9*            3.4            3.3 

*In 1996, pretax income includes non-recurring charges of $507.8 million.       
Excluding the charges, the "ratio of earnings to fixed charges" and the         
"ratio of earnings to combined fixed charges and preferred stock dividends"     
was 3.1 and 3.0, respectively.  See Note 2 "Non-Recurring Charges" on page 52   
of the Company's 1998 Annual Report to Stockholders.                            

For purposes of computing the above ratio of earnings to fixed charges,         
earnings consist of income before taxes and fixed charges.  Fixed charges,      
for the purpose of computing earnings are adjusted to exclude interest          
capitalized. Fixed charges include interest on both long and short-term debt    
(whether said interest is expensed or capitalized and including interest        
charged to cost of goods sold), and a portion of non-cancelable rental          
expense representative of the interest factor.  The ratio is computed using     
the amounts for ConAgra as a whole, including its majority-owned                
subsidiaries, whether or not consolidated, and its proportionate share of any   
50% owned subsidiaries, whether or not ConAgra guarantees obligations of        
these subsidiaries.                                                             

For purposes of calculating the above ratio of earnings to combined fixed       
charges and preferred dividends, preferred stock dividend requirements          
(computed by increasing preferred stock dividends to an amount representing     
the pre-tax earnings which would be required to cover such dividend             
requirements) are combined with fixed charges as described above, and the       
total is divided into earnings as described above.                              

40