EXHIBIT 12
CONSTELLATION BRANDS, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands of dollars)
For the Year
For the Nine Months Ended Ended For the Years Ended
November 30, February 29, February 28,
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2000 1999 2000 1999 1998
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Earnings: (a)
Income before provision for income taxes $ 131,609 $ 103,078 $ 128,959 $ 104,430 $ 79,881
Add fixed charges 86,887 83,069 114,045 46,497 35,851
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Earnings $ 218,496 $ 186,147 $ 243,004 $ 150,927 $ 115,732
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Fixed Charges:
Interest on debt and capitalized leases $ 83,051 $ 80,291 $ 110,017 $ 43,537 $ 32,917
Amortization of direct financing costs 2,317 1,483 2,215 1,867 2,082
Amortization of discount on debt 371 316 427 388 352
Interest element of rentals 1,148 979 1,386 705 500
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Total fixed charges $ 86,887 $ 83,069 $ 114,045 $ 46,497 $ 35,851
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Ratio of Earnings to Fixed Charges 2.5 2.2 2.1 3.2 3.2
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For the Six For the Year
For the Years Ended Months Ended Ended
February 28, February 29, August 31,
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1997 1996 1995
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Earnings: (a)
Income before provision for income taxes $ 79,160 $ 13,630 $ 62,626
Add fixed charges 37,074 18,684 27,337
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Earnings $ 116,234 $ 32,314 $ 89,963
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Fixed Charges:
Interest on debt and capitalized leases $ 34,473 $ 17,447 $ 25,121
Amortization of direct financing costs 2,112 1,046 1,881
Amortization of discount on debt 112 - -
Interest element of rentals 377 191 335
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Total fixed charges $ 37,074 $ 18,684 $ 27,337
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Ratio of Earnings to Fixed Charges 3.1 1.7 3.3
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(a) For the purpose of calculating the ratio of earnings to fixed charges,
"earnings" represent income before provision for income taxes plus fixed
charges. "Fixed charges" consist of interest expensed and capitalized,
amortization of debt issuance costs, amortization of discount on debt, and
the portion of rental expense which management believes is representative
of the interest component of lease expense.