EX-12 7 l15436aexv12.txt EXHIBIT 12 EXHIBIT(12) THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES ------------------------------------------------- Computation of Ratio of Earnings to Fixed Charges ------------------------------------------------- Amounts in Millions
Years Ended June 30 ----------------------------------------------- 2005 2004 2003 2002 2001 ------- ------- ------- ------- ------- EARNINGS, AS DEFINED Earnings from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after elimintating undistributed earnings of equity method investees $10,412 $ 9,454 $ 7,760 $ 6,442 $ 4,574 Fixed charges, excluding capitalized interest 924 719 657 687 872 ------- ------- ------- ------- ------- TOTAL EARNINGS, AS DEFINED $11,336 $10,173 $ 8,417 $ 7,129 $ 5,446 ======= ======= ======= ======= ======= FIXED CHARGES, AS DEFINED Interest expense (including capitalized interest) $ 869 $ 629 $ 561 $ 603 $ 794 1/3 of rental expense (1) 90 90 96 84 78 ------- ------- ------- ------- ------- TOTAL FIXED CHARGES, AS DEFINED $ 959 $ 719 $ 657 $ 687 $ 872 ======= ======= ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES 11.8x 14.1x 12.8x 10.4x 6.2x
(1) Considered to be representative of interest factor in rental expense.