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EXHIBIT 12
HERSHEY FOODS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, 2000, 1999, 1998, 1997 and 1996,
(in thousands of dollars except for ratios)
(Unaudited)
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Earnings:
Income from continuing operations before income taxes...... $ 546,639 $727,874(a) $ 557,006 $ 553,955 $479,737(b)
Add (Deduct):
Interest on indebtedness................................. 80,956 77,300 88,648 79,138 52,036
Portion of rents representative of the interest factor(c) 13,585 15,162 13,197 10,592 8,618
Amortization of debt expense............................. 489 486 462 412 234
Amortization of capitalized interest..................... 325 3,884 3,856 3,496 3,359
---------- --------- ---------- ---------- ----------
Earnings as adjusted................................... $ 641,994 $ 824,706 $ 663,169 $ 647,593 $ 543,984
========== ========= ========== ========== ==========
Fixed Charges:
Interest on indebtedness................................... $ 80,956 $ 77,300 $ 88,648 $ 79,138 $ 52,036
Portion of rents representative of the interest factor(c).. 13,585 15,162 13,197 10,592 8,618
Amortization of debt expense............................... 489 486 462 412 234
Capitalized interest....................................... 145 1,214 2,547 1,883 1,534
---------- --------- ---------- ---------- ----------
Total fixed charges.................................... $ 95,175 $ 94,162 $ 104,854 $ 92,025 $ 62,422
========== ========= ========== ========== ==========
Ratio of earnings to fixed charges.............................. 6.75 8.76 6.32 7.04 8.71
========== ========= ========== ========== ==========
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NOTES:
(a) Includes a gain on the disposal of pasta business of $243.8 million.
(b) Includes a loss on the disposal of businesses of $35.4 million.
(c) Portion of rents representative of the interest factor consists of
one-third of rental expense for operating leases.