Altria (MO) 10-Q2008 Q1 Quarterly report

Filed: 9 May 08, 12:00am

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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, 2008

Earnings from continuing operations before income taxes		$ 979

Add (deduct):
Equity in net earnings of less than 50% owned affiliates		(143)
Fixed charges		77
Interest capitalized, net of amortization		-


Earnings available for fixed charges		$ 913


Fixed charges:
Interest incurred:
Consumer products		$ 60
Financial services		11


		71

Portion of rent expense deemed to represent interest factor		6


Fixed charges		$ 77


Ratio of earnings to fixed charges (A)		11.9

(A)

Reflects Philip Morris International Inc. (“PMI”) as a discontinued operation. Interest incurred and the portion of rent expense deemed to represent the interest factor of PMI have been excluded from fixed charges in the computation. Including these amounts in fixed charges, the ratio of earnings to fixed charges would have been 5.0 for the three months ended March 31, 2008.

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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,
	2007			2006			2005			2004			2003
Earnings from continuing operations before income taxes	$	4,678		$	4,753		$	4,123		$	4,083		$	3,490

Add (deduct):
Equity in net earnings of less than 50% owned affiliates		(516	)		(466	)		(447	)		(524	)		(311	)
Dividends from less than 50% owned affiliates		224			193			168			148			112
Fixed charges		514			681			818			783			782
Interest capitalized, net of amortization		(5	)					5			6			9


Earnings available for fixed charges	$	4,895		$	5,161		$	4,667		$	4,496		$	4,082


Fixed charges:
Interest incurred:
Consumer products	$	438		$	567		$	674		$	648		$	639
Financial services		54			81			107			94			105


		492			648			781			742			744

Portion of rent expense deemed to represent interest factor		22			33			37			41			38


Fixed charges	$	514		$	681		$	818		$	783		$	782


Ratio of earnings to fixed charges (A)		9.5			7.6			5.7			5.7			5.2

(A)

Reflects Philip Morris International Inc. (“PMI”) and Kraft Foods Inc. (“Kraft”) as discontinued operations. Interest incurred and the portion of rent expense deemed to represent the interest factor of PMI and Kraft have been excluded from fixed charges in the computation. Including these amounts in fixed charges, the ratio of earnings to fixed charges would have been 5.9, 3.8, 3.0, 3.1 and 2.9 for the years ended December 31, 2007, 2006, 2005, 2004 and 2003, respectively.

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