Exhibit 12
ALTRIA GROUP, INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
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Three Months Ended
March 31, 2003
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Earnings before income taxes and minority interest $ 3,581
Add (deduct):
Equity in net earnings of less than 50% owned affiliates (43)
Dividends from less than 50% owned affiliates 37
Fixed charges 413
Interest capitalized, net of amortization 3
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Earnings available for fixed charges $ 3,991
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Fixed charges:
Interest incurred:
Consumer products $ 332
Financial services 28
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360
Portion of rent expense deemed to represent interest factor 53
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Fixed charges $ 413
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Ratio of earnings to fixed charges 9.7
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ALTRIA GROUP, INC. AND SUBSIDIARIES
Computation of Ratios of Earnings to Fixed Charges
(in millions of dollars)
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For the Years Ended December 31,
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2002 2001 2000 1999 1998
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Earnings before income taxes, minority
interest and cumulative effect of
accounting change $18,098 $14,284 $14,087 $12,821 $ 9,215
Add (deduct):
Equity in net earnings of less than 50%
owned affiliates (235) (228) (228) (197) (195)
Dividends from less than 50% owned
affiliates 32 29 70 56 70
Fixed charges 1,643 1,945 1,348 1,363 1,386
Interest capitalized, net of
amortization 10 10 7 (2) (5)
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Earnings available for fixed charges $19,548 $16,040 $15,284 $14,041 $10,471
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Fixed charges:
Interest incurred:
Consumer products $ 1,331 $ 1,665 $ 1,087 $ 1,118 $ 1,166
Financial services 100 102 114 89 77
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1,431 1,767 1,201 1,207 1,243
Portion of rent expense deemed to
represent interest factor 212 178 147 156 143
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Fixed charges $ 1,643 $ 1,945 $ 1,348 $ 1,363 $ 1,386
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Ration of earnings to fixed charges (A) 11.9 8.2 11.3 10.3 7.6
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(A) Earnings before income taxes and minority interest for the twelve months
ended December 31, 2002 include a non-recurring pre-tax gain of $2,631
million related to the Miller transaction disclosed in Note 6 to Altria
Group, Inc.'s condensed consolidated financial statements. Excluding this
gain, the ratio of earnings to fixed charges would have been 10.3 for the
twelve months ended December 31, 2002.
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