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
Six Months Ended
Years Ended June 30 December 31
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2000 2001 2002 2003 2004 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 $ 5,474 $ 4,574 $ 6,442 $ 7,760 $ 9,454 $ 5,272 $ 5,850
Fixed charges 811 872 687 657 719 340 428
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TOTAL EARNINGS, AS DEFINED $ 6,285 $ 5,446 $ 7,129 $ 8,417 $ 10,173 $ 5,612 $ 6,278
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FIXED CHARGES, AS DEFINED
Interest expense $ 792 $ 794 $ 603 $ 561 $ 629 $ 290 $ 381
1/3 of rental expense 89 78 84 96 90 50 47
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TOTAL FIXED CHARGES, AS DEFINED $ 881 $ 872 $ 687 $ 657 $ 719 $ 340 $ 428
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RATIO OF EARNINGS TO FIXED CHARGES 7.1 6.2 10.4 12.8 14.1 16.5 14.7