Philip Morris International (PM) 10-Q 2009 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, 2009		Three Months Ended June 30, 2009
Earnings before income taxes	$	4,398	$	2,236
Add (deduct):
Equity in net loss of less than 50% owned affiliates		2		1
Dividends from less than 50% owned affiliates
Fixed charges		442		234
Interest capitalized, net of amortization		1
Earnings available for fixed charges	$	4,843	$	2,471
Fixed charges:
Interest incurred	$	404	$	215
Portion of rent expense deemed to represent interest factor		38		19
Fixed charges	$	442	$	234
Ratio of earnings to fixed charges		11.0		10.6

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PHILIP MORRIS INTERNATIONAL INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(in millions of dollars)

	For the Years Ended December 31,
	2008			2007			2006			2005			2004
Earnings before income taxes	$	9,937		$	8,884		$	8,208		$	7,636		$	6,505
Add (deduct):
Equity in net loss (earnings) of less than 50% owned affiliates		64			(100	)		(163	)		(176	)		(111	)
Dividends from less than 50% owned affiliates		12			100			154			127			92
Fixed charges		618			359			446			407			254
Interest capitalized, net of amortization		(11	)		(8	)		(4	)		(12	)		(5	)
Earnings available for fixed charges	$	10,620		$	9,235		$	8,641		$	7,982		$	6,735
Fixed charges:
Interest incurred	$	543		$	280		$	378		$	340		$	198
Portion of rent expense deemed to represent interest factor		75			79			68			67			56
Fixed charges	$	618		$	359		$	446		$	407		$	254
Ratio of earnings to fixed charges		17.2			25.7			19.4			19.6			26.5

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