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
Nine Months
Years Ended June 30 Ended March 31
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1993 1994 1995 1996 1997 1997 1998
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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 $ 294 $3,307 $4,022 $4,695 $5,274 $4,215 $4,723
Fixed charges excluding capitalized interest 631 569 571 576 534 420 466
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TOTAL EARNINGS, AS DEFINED $ 925 $3,876 $4,593 $5,271 $5,808 $4,635 $5,189
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FIXED CHARGES, AS DEFINED
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Interest expense including capitalized $ 577 $ 501 $ 511 $ 493 $ 457 $ 352 $ 395
interest 1/3 of rental expense 79 87 83 92 77 68 71
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$ 656 $ 588 $ 594 $ 585 $ 534 $ 420 $ 466
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RATIO OF EARNINGS TO FIXED CHARGES 1.4 6.6 7.7 9.0 10.9 11.0 11.0