EX-12 5 pm-ex12_063013xq2.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES PM-EX12_06.30.13-Q2

Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
Six Months Ended
June 30, 2013
 
Three Months Ended
June 30, 2013
Earnings before income taxes
$
6,237

 
$
3,086

Add (deduct):
 
 
 
Equity in net loss of less than 50% owned affiliates
9

 
5

Dividends from less than 50% owned affiliates
1

 
1

Fixed charges
592

 
302

Interest capitalized, net of amortization
2

 
1

Earnings available for fixed charges
$
6,841

 
$
3,395

Fixed charges:
 
 
 
Interest incurred
$
539

 
$
276

Portion of rent expense deemed to represent interest factor
53

 
26

Fixed charges
$
592

 
$
302


Ratio of earnings to fixed charges
11.6

 
11.2

 


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Exhibit 12
PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
 
 
For the Years Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings before income taxes
$
12,987

 
$
12,532

 
$
10,324

 
$
9,243

 
$
9,937

Add (deduct):
 
 
 
 
 
 
 
 
 
Equity in net loss (earnings) of less
than 50% owned affiliates
17

 
10

 
8

 
6

 
64

Dividends from less than 50%
owned affiliates
—

 
—

 
—

 
—

 
12

Fixed charges
1,115

 
1,042

 
1,069

 
1,006

 
618

Interest capitalized, net of
amortization
2

 
(2
)
 
1

 
2

 
(11
)
Earnings available for fixed charges
$
14,121

 
$
13,582

 
$
11,402

 
$
10,257

 
$
10,620



Fixed charges:
 
 
 
 
 
 
 
 
 
Interest incurred
$
1,009

 
$
940

 
$
976

 
$
920

 
$
543

Portion of rent expense deemed to
represent interest factor
106

 
102

 
93

 
86

 
75

Fixed charges
$
1,115

 
$
1,042


$
1,069


$
1,006


$
618


Ratio of earnings to fixed charges
12.7

 
13.0

 
10.7

 
10.2

 
17.2


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