Altria (MO) 10-Q2007 Q1 Quarterly report

Filed: 7 May 07, 12:00am

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Removed: accrual, Add, adding, adulterated, advantage, Aerospace, African, agricultural, amortized, andCambridge, andPrice, annualized, APB, approval, assign, ban, banc, base, Belgium, belief, beverage, biscuit, Boeing, branded, Brownand, buying, byMarlboro, capacity, captured, category, cereal, chain, cheapest, cheese, China, Chinese, closing, closure, CNTC, CNTIEGC, cocoa, coconut, coffee, cold, commence, commodity, communicated, competitor, compounding, concentrate, Concurrent, confectionery, confidence, consented, consolidate, consolidation, constantly, constrained, continuation, contract, core, corn, coupled, cream, Dairy, Delta, demand, developed, Developing, diet, disciplined, discontinuance, discontinuation, discourage, dismissMiner, earlier, efficiency, emergence, en, enabled, encumber, energy, enhance, estimating, excessive, exercisable, experience, expertise, explore, export, external, Farm, faster, floor, forfeiture, forma, Francisco, fruit, genetically, German, grocery, grow, growing, heritage, HM, hot, inception, Indonesian, industrial, influence, inMinerhave, introduction, investigating, IPO, joint, KIC, KNAC, kretek, larger, Lausanne, leadership, legislative, leveraging, levied, license, licensed, long, Los, lose, lowering, lunch, McDonnell, meat, met, milk, misbranded, mix, Moody, Nabisco, Nebraska, negatively, notably, obesity, Oceania, Offering, ofMarlboroand, oil, optimizing, orCambridge, Pacific, packaged, permit, pet, planned, pledge, population, potentially, presence, pressure, profit, profitable, prospective, PT, publicity, ratably, raw, realigning, recall, recording, refiled, refreshment, removedCraft, repealing, repositioning, restore, restructuring, reviewing, run, safety, San, scale, Scott, seasonality, sell, senior, separating, shipping, sizeable, snack, sophisticated, soybean, Spanish, spent, strength, structure, style, suffering, sugar, supportable, susceptibility, Tbk, Thailand, theEngle, theLife, theMarlboro, theMiner, unamortized, unavailable, unexpected, unvested, utilization, variety, Venezuela, venture, violate, volatility, weather, wheat, whileBasic, widespread, workforce, worth, yogurt

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Exhibit 12

ALTRIA GROUP, INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)


	Three Months
	Ended
	March 31, 2007
Earnings from continuing operations before income taxes, and equity earnings and minority interest, net	$	3,136

Add (deduct):
Equity in net earnings of less than 50% owned affiliates		(21	)
Fixed charges		249
Interest capitalized, net of amortization		(2	)


Earnings available for fixed charges	$	3,362

Fixed charges:
Interest incurred:
Consumer products	$	208
Financial services		16


		224

Portion of rent expense deemed to represent interest factor		25


Fixed charges	$	249


Ratio of earnings to fixed charges		13.5

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Exhibit 12

ALTRIA GROUP, INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)


	For the Years Ended December 31,
	2006			2005			2004			2003			2002
Earnings from continuing operations before income taxes, and equity earnings and minority interest, net	$	12,520		$	11,319		$	10,058		$	9,414		$	12,831

Add (deduct):
Equity in net earnings of less than 50% owned affiliates		(172	)		(180	)		(134	)		(152	)		(184	)
Dividends from less than 50% owned affiliates		196			170			154			116			16
Fixed charges		927			1,082			938			899			674
Interest capitalized, net of amortization		(4	)		(7	)		2			11			12


Earnings available for fixed charges	$	13,467		$	12,384		$	11,018		$	10,288		$	13,349


Fixed charges:
Interest incurred:
Consumer products	$	744		$	871		$	747		$	689		$	473
Financial services		81			107			94			105			100


		825			978			841			794			573

Portion of rent expense deemed to represent interest factor		102			104			97			105			101


Fixed charges	$	927		$	1,082		$	938		$	899		$	674


Ratio of earnings to fixed charges (A)		14.5			11.4			11.7			11.4			19.8


(A)		Earnings from continuing operations before income taxes and minority interest for the year ended December 31, 2002, include a non-recurring pre-tax gain of $2,631 million related to the Miller Brewing Company transaction. Excluding this gain, the ratio of earnings to fixed charges would have been 15.9 to 1.0 for the year ended December 31, 2002.

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