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
Nine Months Ended
Years Ended June 30 March 31
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1997 1998 1999 2000 2001 2001 2002
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EARNINGS AS DEFINED
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Earnings from operations before income taxes
after eliminating undistributed earnings
of equity method investees $ 5,274 $ 5,704 $ 5,866 $ 5,474 $ 4,574 $ 4,796 $ 5,159
Fixed charges 534 639 751 811 872 676 537
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TOTAL EARNINGS, AS DEFINED $ 5,808 $ 6,343 $ 6,617 $ 6,285 $ 5,446 $ 5,472 $ 5,696
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FIXED CHARGES, AS DEFINED
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Interest expense $ 457 $ 548 $ 650 $ 792 $ 794 $ 590 $ 453
1/3 of rental expense 77 91 101 89 78 69 84
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TOTAL FIXED CHARGES AS DEFINED $ 534 $ 639 $ 751 $ 881 $ 872 $ 659 $ 537
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RATIO OF EARNINGS TO FIXED CHARGES 10.9 9.9 8.8 7.1 6.2 8.3 10.6