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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1998 1999 2000 2001 2002 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 $ 5,704 $ 5,866 $ 5,474 $ 4,574 $ 6,442 $ 1,598 $ 2,278
Fixed charges 639 751 811 872 687 177 166
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TOTAL EARNINGS, AS DEFINED $ 6,343 $ 6,617 $ 6,285 $ 5,446 $ 7,129 $ 1,775 $ 2,444
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FIXED CHARGES, AS DEFINED
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Interest expense $ 548 $ 650 $ 792 $ 794 $ 603 $ 157 $ 144
1/3 of rental expense 91 101 89 78 84 20 22
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TOTAL FIXED CHARGES AS DEFINED $ 639 $ 751 $ 881 $ 872 $ 687 $ 177 $ 166
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RATIO OF EARNINGS TO FIXED CHARGES 9.9 8.8 7.1 6.2 10.4 10.0 14.7