EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Millions of Dollars
Three Months Ended
Years Ended June 30 September 30
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1997 1998 1999 2000 2001 2000 2001
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EARNINGS AS DEFINED
Earnings from operations before income taxes
after eliminating undistributed earnings
of equity method investees $ 5,274 $ 5,704 $ 5,866 $ 5,474 $ 4,574 $ 1,690 $ 1,598
Fixed charges, excluding capitalized interest 534 639 751 811 872 202 177
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TOTAL EARNINGS, AS DEFINED $ 5,808 $ 6,343 $ 6,617 $ 6,285 $ 5,446 $ 1,892 $ 1,775
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FIXED CHARGES, AS DEFINED
Interest expense including capitalized interest $ 457 $ 548 $ 650 $ 792 $ 794 $ 187 $ 157
1/3 of rental expense 77 91 101 89 78 23 20
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TOTAL FIXED CHARGES AS DEFINED $ 534 $ 639 $ 751 $ 881 $ 872 $ 210 $ 177
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RATIO OF EARNINGS TO FIXED CHARGES 10.9 9.9 8.8 7.1 6.2 9.0 10.0