EX-12 6 l09389aexv12.txt EXHIBIT 12 EXHIBIT (12) THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES --------------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- Millions of Dollars
Years Ended June 30 ------------------- 2000 2001 2002 2003 2004 ---------- ---------- ---------- ---------- ---------- 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 $ 5,474 $ 4,574 $ 6,442 $ 7,760 $ 9,454 Fixed charges 811 872 687 657 719 ---------- ---------- ---------- ---------- ---------- TOTAL EARNINGS, AS DEFINED $ 6,285 $ 5,446 $ 7,129 $ 8,417 $ 10,173 ========== ========== ========== ========== ========== FIXED CHARGES, AS DEFINED Interest expense $ 792 $ 794 $ 603 $ 561 $ 629 1/3 of rental expense (1) 89 78 84 96 90 ---------- ---------- ---------- ---------- ---------- TOTAL FIXED CHARGES, AS DEFINED $ 881 $ 872 $ 687 $ 657 $ 719 ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 7.1 6.2 10.4 12.8 14.1
(1) Considered to be representative of interest factor in rental expense.