EXHIBIT (12)
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Amounts in millions Nine Months Ended
Years Ended June 30 March 31
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1999 2000 2001 2002 2003 2003 2004
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EARNINGS, AS DEFINED
Earnings from operations before income taxes
and before adjustments for minority interests
in consolidated subsidiaries and after
eliminating undistributed earnings of equity
method investees $ 5,866 $ 5,474 $ 4,574 $ 6,442 $ 7,760 $ 6,405 $ 7,489
Fixed charges 751 811 872 687 657 491 529
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TOTAL EARNINGS, AS DEFINED $ 6,617 $ 6,285 $ 5,446 $ 7,129 $ 8,417 $ 6,896 $ 8,018
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FIXED CHARGES, AS DEFINED
Interest expense $ 650 $ 792 $ 794 $ 603 $ 561 $ 425 $ 454
1/3 of rental expense 101 89 78 84 96 66 75
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TOTAL FIXED CHARGES, AS DEFINED $ 751 $ 881 $ 872 $ 687 $ 657 $ 491 $ 529
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RATIO OF EARNINGS TO FIXED CHARGES 8.8 7.1 6.2 10.4 12.8 14.0 15.2