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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2001 2002 2003 2004 2005 2005 2006
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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 $ 4,098 $ 5,837 $ 7,219 $ 9,010 $ 9,954 $ 8,038 $ 9,735
Fixed charges (excluding capitalized interest) 872 687 657 719 924 666 918
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TOTAL EARNINGS, AS DEFINED $ 4,970 $ 6,524 $ 7,876 $ 9,729 $10,878 $ 8,704 $10,653
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FIXED CHARGES, AS DEFINED
Interest expense (including capitalized interest) $ 794 $ 603 $ 561 $ 629 $ 869 $ 624 $ 843
1/3 of rental expense 78 84 96 90 90 70 98
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TOTAL FIXED CHARGES, AS DEFINED $ 872 $ 687 $ 657 $ 719 $ 959 $ 694 $ 941
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RATIO OF EARNINGS TO FIXED CHARGES 5.7x 9.5x 12.0x 13.5x 11.3x 12.5x 11.3x