Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES We have calculated PBG's ratio of earnings
to fixed charges in the table by dividing earnings by fixed charges. For this
purpose, earnings are before taxes and minority interest, plus charges
(excluding capitalized interest) and losses recognized from equity investments,
reduced by undistributed income from equity investments. Fixed charges include
interest expense, capitalized interest and one-third of net which is the portion
of the rent deemed representative of the interest factor.
PBG
RATIO OF EARNINGS TO FIXED CHARGES
($ in millions)
<Table>
FISCAL YEAR
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
NET INCOME (LOSS) BEFORE TAXES AND MINORITY
INTEREST $ 700 $ 482 $ 397 $ 209 $ (192)
Undistributed (income) loss from equity
investments - - - - 5
Fixed charges excluding capitalized interest 221 217 222 227 245
------- ------- ------- ------- -------
EARNINGS AS ADJUSTED $ 921 $ 699 $ 619 $ 436 $ 58
======= ======= ======= ======= =======
FIXED CHARGES:
Interest expense $ 200 $ 204 $ 208 $ 209 $ 230
Capital interest - 1 1 1 1
Interest portion of rental expense 21 13 14 18 15
------- ------- ------- ------- -------
TOTAL FIXED CHARGES $ 221 $ 218 $ 223 $ 228 $ 246
======= ======= ======= ======= =======
RATIO OF EARNINGS TO FIXED CHARGES 4.17 3.20 2.78 1.91 (A)
</Table>
(A) As a result of the losses incurred in the fiscal year ended December 26,
1998 PBG was unable to fully cover the indicated fixed charges. Earnings
did not cover fixed charges by $188 million in 1998.