Philip Morris International (PM) 10-Q 2008 Q2 Quarterly report

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, 2008			Three Months Ended June 30, 2008
Earnings before income taxes and minority interest	$	5,287		$	2,547
Add (deduct):
Equity in net loss of less than 50% owned affiliates		89			104
Dividends from less than 50% owned affiliates		12
Fixed charges		267			133
Interest capitalized, net of amortization		(8	)		(5	)
Earnings available for fixed charges	$	5,647		$	2,779
Fixed charges:
Interest incurred	$	227		$	113
Portion of rent expense deemed to represent interest factor		40			20
Fixed charges	$	267		$	133
Ratio of earnings to fixed charges		21.1			20.9

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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,
	2007			2006			2005			2004			2003
Earnings before income taxes and minority interest	$	8,863		$	8,226		$	7,641		$	6,478		$	6,213
Add (deduct):
Equity in net earnings of less than 50% owned affiliates		(100	)		(163	)		(176	)		(111	)		(134	)
Dividends from less than 50% owned affiliates		100			154			127			92			107
Fixed charges		359			446			407			254			219
Interest capitalized, net of amortization		(8	)		(4	)		(12	)		(5	)		2
Earnings available for fixed charges	$	9,214		$	8,659		$	7,987		$	6,708		$	6,407
Fixed charges:
Interest incurred	$	280		$	378		$	340		$	198		$	171
Portion of rent expense deemed to represent interest factor		79			68			67			56			48
Fixed charges	$	359		$	446		$	407		$	254		$	219
Ratio of earnings to fixed charges		25.7			19.4			19.6			26.4			29.3

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