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
Six Months
Years Ended June 30 Ended Dec. 31
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1989 1990 1991 1992 1993 1992 1993
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EARNINGS AS DEFINED
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Earnings from operations before income taxes
after eliminating undistributed earnings
of 20% to 50% owned affiliates $1,929 $2,401 $2,652 $2,870 $ 294 $1,545 $2,043
Fixed charges excluding capitalized interest 425 480 435 584 631 312 290
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TOTAL EARNINGS, AS DEFINED $2,354 $2,881 $3,087 $3,454 $ 925 $1,857 $2,333
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FIXED CHARGES, AS DEFINED
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Interest expense $ 391 $ 442 $ 395 $ 510 $ 552 $ 272 $ 248
1/3 of rental expense 34 38 40 74 79 40 42
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425 480 435 584 631 312 290
Capitalized interest 7 3 17 25 25 11 10
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TOTAL FIXED CHARGES, AS DEFINED $ 432 $ 483 $ 452 $ 609 $ 656 $ 323 $ 300
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RATIO OF EARNINGS TO FIXED CHARGES 5.4 6.0 6.8 5.7 1.4 5.7 7.8
<FN>
NOTE: The six month period ended December 31, 1992 has been restated to reflect
adoption of accounting change related to postretirement benefits.
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