EX-12 9 l90238aex12.txt EXHIBIT 12 1
EXHIBIT (12) THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES --------------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- Millions of Dollars Years Ended June 30 -------------------------------------------------------------- 1997 1998 1999 2000 2001 ------ ------ ------ ------ ------ EARNINGS AS DEFINED Earnings from operations before income taxes after eliminating undistributed earnings of equity method investees $5,274 $5,704 $5,866 $5,474 $4,574 Fixed charges, excluding capitalized interest 534 639 751 811 872 ------ ------ ------ ------ ------ TOTAL EARNINGS, AS DEFINED $5,808 $6,343 $6,617 $6,285 $5,446 ====== ====== ====== ====== ====== FIXED CHARGES, AS DEFINED Interest expense (including capitalized interest) $ 457 $ 548 $ 650 $ 792 $ 794 1/3 of rental expense 77 91 101 89 78 ------ ------ ------ ------ ------ TOTAL FIXED CHARGES, AS DEFINED $ 534 $ 639 $ 751 $ 881 $ 872 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 10.9 9.9 8.8 7.1 6.2