EX-12 7 0007.txt EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES ============================================= Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- Millions of Dollars Years Ended June 30 ---------------------------------------------------------- 1996 1997 1998 1999 2000 ------ ------- ------ ------ ------ EARNINGS AS DEFINED Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees $4,695 $5,274 $5,704 $5,866 $5,474 Fixed charges, excluding capitalized interest 576 534 639 751 811 ------ ------ ------ ------ ------ TOTAL EARNINGS, AS DEFINED $5,271 $5,808 $6,343 $6,617 $6,285 ====== ====== ====== ====== ====== FIXED CHARGES, AS DEFINED Interest expense (including capitalized interest) $ 493 $ 457 $ 548 $ 650 $ 792 1/3 of rental expense 92 77 91 101 89 ------ ------ ------ ------ ------ TOTAL FIXED CHARGES, AS DEFINED $ 585 $ 534 $ 639 $ 751 $ 881 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 9.0 10.9 9.9 8.8 7.1