Exhibit 12


ANHEUSER-BUSCH COMPANIES, INC.

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):


   
2005
  
2004
  
2003
  
2002
  
2001
  
Earnings
                      
Consolidated pretax income
  
$
2,191.5
  
$
2,999.4
  
$
2,824.3
  
$
2,623.6
  
$
2,377.6
  
Dividends received from equity investees
    
210.1
    
179.0
    
169.2
    
46.7
    
25.8
  
Net interest capitalized
    
8.3
    
7.7
    
3.3
    
10.8
    
1.0
  
Fixed charges
    
502.3
    
471.1
    
442.6
    
406.8
    
402.8
  
Adjusted earnings
  
$
2,912.2
  
$
3,657.2
  
$
3,439.4
  
$
3,087.9
  
$
2,807.2
  
                                 
Fixed Charges
                                
Interest expense
  
$
454.5
  
$
426.9
  
$
401.5
  
$
368.7
  
$
361.2
  
Interest portion of rent expense 1/
    
42.5
    
38.9
    
36.3
    
34.1
    
37.9
  
Amortization of deferred debt issuance costs
    
5.3
    
5.3
    
4.8
    
4.0
        
Total fixed charges
  
$
502.3
  
$
471.1
  
$
442.6
  
$
406.8
  
$
402.8
  
                                 
Ratio of Earnings to Fixed Charges
    
5.8X
    
7.8X
    
7.8X
    
7.6X
    
7.0X
  



1/ Calculated as one-third of total rents paid.