EX-12 7 x12jfm07.htm EXHIBIT 12 TO JFM 2007 10-Q Exhibit 12 to JFM 2007 10-Q
EXHIBIT 12
 
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
 
Computation of Ratio of Earnings to Fixed Charges

 
               
Nine Months Ended
   
Years Ended June 30
  
March 31
                   
   
2002
2003
2004
2005
2006
  
2006
2007
                   
EARNINGS, AS DEFINED
                  
    Earnings from operations before income taxes
                  
        and before adjustments for minority interests
                  
        in consolidated subsidiaries and after
                  
        eliminating undistributed earnings of equity
                  
        method investees
 
$ 5,837
$ 7,219
$ 9,010
$ 9,954
$ 12,419
 
$ 9,735
$ 11,552
                   
    Fixed charges (excluding capitalized interest)
 
687
657
719
924
1,242
 
918
1,100
                   
        TOTAL EARNINGS, AS DEFINED
 
$ 6,524
$ 7,876
$ 9,729
$ 10,878
$ 13,661
 
$ 10,653
$ 12,652
                   
                   
FIXED CHARGES, AS DEFINED
                  
    Interest expense (including capitalized interest)
 
$ 603
$ 561
$ 629
$ 869
$ 1,153
 
$ 843
$ 1,027
    1/3 of rental expense
 
84
96
90
90
122
 
98
95
                   
        TOTAL FIXED CHARGES, AS DEFINED
 
$ 687
$ 657
$ 719
$ 959
$ 1,275
 
$ 941
$ 1,122
                   
        RATIO OF EARNINGS TO FIXED CHARGES
 
9.5x
12.0x
13.5x
11.3x
10.7x
 
11.3x
11.3x