EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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Computation of Ratio of Earnings to Fixed Charges
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Millions of Dollars
Years Ended June 30
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1996 1997 1998 1999 2000
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EARNINGS AS DEFINED
Earnings from operations before income taxes
after eliminating undistributed earnings
of equity method investees $4,695 $5,274 $5,704 $5,866 $5,474
Fixed charges, excluding capitalized interest 576 534 639 751 811
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TOTAL EARNINGS, AS DEFINED $5,271 $5,808 $6,343 $6,617 $6,285
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FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest) $ 493 $ 457 $ 548 $ 650 $ 792
1/3 of rental expense 92 77 91 101 89
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TOTAL FIXED CHARGES, AS DEFINED $ 585 $ 534 $ 639 $ 751 $ 881
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RATIO OF EARNINGS TO FIXED CHARGES 9.0 10.9 9.9 8.8 7.1