EX-12 13 l02788aexv12.txt EX-12 COMPUTATION OF RATIO EXHIBIT (12) THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES --------------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- Millions of Dollars
Years Ended June 30 ------------------------------------------ 1999 2000 2001 2002 2003 ------ ------ ------ ------ ----- 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 $5,866 $5,474 $4,574 $6,442 $7,760 Fixed charges 751 881 872 687 657 ------ ------ ------ ------ ----- TOTAL EARNINGS, AS DEFINED $6,617 $6,355 $5,446 $7,129 $8,417 ====== ====== ====== ====== ====== FIXED CHARGES, AS DEFINED Interest expense $ 650 $ 792 $ 794 $ 603 $ 561 1/3 of rental expense 101 89 78 84 96 ------ ------ ------ ------ ----- TOTAL FIXED CHARGES, AS DEFINED $ 751 $ 881 $ 872 $ 687 $ 657 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 8.8 7.2 6.2 10.4 12.8