P&G Delivers Second Quarter Core EPS Growth +12%, $1.22 Per Share; Raises Sales and Earnings Outlook for Fiscal Year

  P&G Delivers Second Quarter Core EPS Growth +12%, $1.22 Per Share; Raises
  Sales and Earnings Outlook for Fiscal Year

Business Wire

CINCINNATI -- January 25, 2013

The Procter & Gamble Company (NYSE:PG) increased core earnings per share by 12
percent to $1.22 for the October – December quarter. Diluted net earnings per
share were $1.39, an increase of 144 percent. Non-core items include
restructuring charges of $0.05 per share and a $0.21 per share holding gain
resulting from P&G’s purchase of the balance of P&G’s Baby Care and Feminine
Care joint venture in Iberia, which was completed on October 22, 2012.

Organic sales grew three percent. Net sales were $22.2 billion, an increase of
two percent versus the prior year period including a negative one percent
impact from foreign exchange. The Company delivered broad-based organic sales
growth, with all business segments increasing organic sales by two percent or
more versus the prior year.

P&G held or grew market share in businesses representing nearly 50 percent of
sales in the October - December quarter, as measured on a constant currency
value basis. In the U.S. market, P&G held or grew value share in businesses
representing nearly 60 percent of sales.

“Our second quarter results were at the high end of our expectations on the
top-line and well ahead of forecast on operating profit, earnings per share
and cash flow,” said Chairman, President, and Chief Executive Officer, Bob
McDonald. “Global market share trends improved as we continued to implement
our growth strategy and made very good progress against our productivity and
cost savings goals. Our strong first half results have enabled us to raise our
sales, earnings and share repurchase outlook for the fiscal year, while we
strengthen investments in our innovation and marketing programs.”

Executive Summary

  *Organic sales increased three percent for the quarter, at the top end of
    the guidance range.
  *Organic sales growth was broad-based, with all business segments
    increasing by two percent or more versus the prior year.
  *Core net earnings per share increased by 12 percent to $1.22.
  *Core gross margin increased 110 basis points due to the impact of higher
    pricing and manufacturing cost savings, partially offset by unfavorable
    geographic and product mix. Reported gross margin, including non-core
    restructuring charges, increased 80 basis points.
  *Core and reported selling, general and administrative expenses (SG&A) as a
    percentage of net sales was unchanged, as enrollment reductions and
    productivity savings were offset by higher pension and employee benefit
    costs. Non-core charges in SG&A were in line with the prior year level.
  *Core operating profit increased seven percent. Reported operating profit,
    including non-core charges, increased 68 percent.
  *Operating cash flow was $3.8 billion for the quarter. The Company
    repurchased $1.4 billion of shares during the quarter and returned $1.6
    billion of cash to shareholders as dividends.

Fiscal Year 2013 Guidance

P&G increased its core earnings per share guidance for the year to $3.97 to
$4.07, up three percent to up six percent versus prior year core EPS of $3.85,
behind strong productivity improvement and resulting cost savings. P&G also
raised its all-in GAAP earnings per share guidance to a range of $4.04 to
$4.14, equating to growth of 10 percent to 13 percent versus prior year GAAP
EPS of $3.66. The increase reflects higher core earnings and an increase in
the non-core holding gain resulting from P&G’s purchase of the balance of our
Baby Care and Feminine Care joint venture in Iberia. The all-in EPS range also
includes non-core restructuring charges of $0.15.

The Company is increasing its organic sales growth guidance to a range of
three percent to four percent for the fiscal year from a previous range of two
percent to four percent. Foreign exchange is expected to reduce sales growth
by two percent, resulting in guidance for all-in net sales growth of up one
percent to two percent versus the prior year.

The Company also increased its outlook for share repurchase to $5 to $6
billion, up from a prior range of $4 to $6 billion.

January – March 2013 Quarter Guidance

P&G is estimating net and organic sales growth in the range of three percent
to four percent for the January – March quarter. Foreign exchange is expected
to be neutral to sales growth.

The Company expects March quarter core EPS in the range of $0.91 to $0.97,
down three percent to up three percent compared to prior year core EPS of
$0.94. On an all-in basis, P&G is forecasting earnings per share in the range
of $0.90 to $0.96, an increase of 10 percent to 17 percent versus prior year
diluted EPS of $0.82. Prior year all-in results included $0.13 of non-core
costs, primarily related to restructuring charges. Current year all-in EPS
guidance includes non-core restructuring charges of $0.01 per share.

Business Segment Discussion

Beauty Segment

                                                                             
        Foreign                      Net           Organic  Organic         BT        AT
Volume   Exchange   Price   Mix   Other   Sales                 Volume    Sales                   Earnings   Earnings
0%      -1%       3%     0%   -1%    1%            0%       3%              12%       9%

The majority of the businesses in the Beauty Segment increased net sales
versus the prior year driven by innovation and higher pricing. Net sales
decreased in skin care due to competitive activity. Net sales decreased in
Salon Professional due to the negative impact from foreign exchange and market
softness. Increased net earnings were driven by higher pricing and
productivity savings in cost of goods and overheads.

Grooming Segment

                                                                             
        Foreign                      Net           Organic  Organic         BT        AT
Volume   Exchange   Price   Mix   Other   Sales                 Volume    Sales                   Earnings   Earnings
-2%     -3%       2%     0%   -1%    -4%           0%       2%              0%        0%

Blades and razors net sales increased versus the prior year due to higher
pricing and growth in the U.S. driven by strengthened marketing and in-store
plans and were partially offset by the negative impact from foreign exchange.
Organic sales in Appliances increased behind favorable product mix and price
increases. All-in sales for the segment decreased due to the divestiture of
the household appliances business and negative foreign exchange. Net earnings
were in-line with prior year as higher pricing and productivity savings were
offset by the decrease in net sales and higher commodity costs.

Health Care Segment

                                                                             
        Foreign                      Net           Organic  Organic         BT        AT
Volume   Exchange   Price   Mix   Other   Sales                 Volume    Sales                   Earnings   Earnings
3%      -2%       2%     -1%  1%     3%            3%       4%              -7%       -5%

Oral Care net sales grew behind new innovation, market expansion and higher
pricing, partially offset by negative foreign exchange. Feminine Care net
sales increased behind volume from initiatives on Always in Latin America and
Whisper in Asia. Net sales in Personal Health Care grew due to price increases
and positive mix. The decline in net earnings is primarily due to higher
marketing spending and supply chain investments.

Fabric Care and Home Care Segment

                                                                             
        Foreign                      Net           Organic  Organic         BT        AT
Volume   Exchange   Price   Mix   Other   Sales                 Volume    Sales                   Earnings   Earnings
2%      0%        1%     0%   0%     3%            2%       3%              15%       21%

Fabric Care net sales growth was driven by new product launches, positive
pricing, and product mix. Home Care delivered higher net sales primarily due
to volume growth from innovation and geographic expansion. Batteries net sales
were up driven by price increases and pantry loading from Hurricane Sandy,
partially offset by lower unit volume in Western Europe due to market
contraction. Higher earnings were due to the increase in net sales and cost
savings that were partially offset by increased commodity costs and higher
marketing spending.

Baby Care and Family Care Segment

                                                                             
        Foreign                      Net           Organic  Organic         BT        AT
Volume   Exchange   Price   Mix   Other   Sales                 Volume    Sales                   Earnings   Earnings
6%      -1%       2%     -3%  0%     4%            6%       5%              16%       18%

Baby Care net sales were up driven by market growth, innovation, and higher
pricing. Family Care net sales increased behind Charmin and Bounty innovation.
Earnings growth was driven by the increase in net sales, cost savings and
favorable commodity cost comparisons versus the prior year.

                                                               
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Selected Financial Information
                                                                        
                  GAAP                                CORE (NON-GAAP)*
                  Three Months Ended December         Three Months Ended
                  31                                  December 31
                  2012       2011       %             2012     2011     %
                                        Change                          Change
COST OF           10,880     10,851     0%            10,826   10,841   0%
PRODUCTS SOLD
                                                                        
GROSS PROFIT      11,295     10,893     4%            11,349   10,903   4%
                                                                        
SELLING,
GENERAL &         6,803      6,659      2%            6,702    6,575    2%
ADMINISTRATIVE
EXPENSE
                                                                        
OPERATING         4,492      2,680      68%           4,647    4,328    7%
INCOME
                                                                        
DILUTED NET EPS
FROM CONTINUING   $1.39      $0.56      148%          $1.22    $1.09    12%
OPERATIONS
                                                                        
                                        Basis                           Basis
                                        Pt                              Pt
COMPARISONS AS
A % OF NET                              Chg                             Chg
SALES
GROSS MARGIN      50.9 %     50.1 %     80            51.2 %   50.1 %   110
SELLING,
GENERAL &         30.6 %     30.6 %     -             30.2 %   30.2 %   -
ADMINISTRATIVE
EXPENSE
OPERATING         20.3 %     12.3 %     800           21.0 %   19.9 %   110
MARGIN
                                                                        
                                                                        
CASH FLOW (SIX MONTHS ENDED                                    `
DECEMBER 31) - SOURCE/(USE)
OPERATING CASH    6,619      5,495
FLOW
FREE CASH FLOW    5,090      3,715
DIVIDENDS         (3,206 )   (3,013 )
SHARE             (3,984 )   (1,764 )
REPURCHASE

*Core excludes incremental restructuring charges, gain on buyout of Iberian
JV, European legal matters, and impairment charges.

Forward-Looking Statements

Certain statements in this release or presentation, other than purely
historical information, including estimates, projections, statements relating
to our business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements generally
are identified by the words “believe,” “project,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue”, “will likely results,” and
similar expressions. Forward-looking statements are based on current
expectation and assumptions that are subject to risks and uncertainties which
may cause results to differ materially from the forward-looking statements. We
undertake no obligation to update or revise publicly any forward-looking
statements, whether because of new information, future events or otherwise.

Risks and uncertainties to which our forward-looking statements are subject
include: (1) the ability to achieve business plans, including growing existing
sales and volume profitably and maintaining and improving margins and market
share, despite high levels of competitive activity, an increasingly volatile
economic environment, lower than expected market growth rates, especially with
respect to the product categories and geographical markets (including
developing markets) in which the Company has chosen to focus, and/or
increasing competition from mid- and lower tier value products in both
developed and developing markets; (2) the ability to successfully manage
ongoing acquisition, divestiture and joint venture activities to achieve the
cost and growth synergies in accordance with the stated goals of these
transactions without impacting the delivery of base business objectives; (3)
the ability to successfully manage ongoing organizational changes and achieve
productivity improvements designed to support our growth strategies, while
successfully identifying, developing and retaining particularly key employees,
especially in key growth markets where the availability of skilled employees
is limited; (4) the ability to manage and maintain key customer relationships;
(5) the ability to maintain key manufacturing and supply sources (including
sole supplier and plant manufacturing sources); (6) the ability to
successfully manage regulatory, tax and legal requirements and matters
(including product liability, patent, intellectual property, price controls,
import restrictions, environmental and tax policy), and to resolve pending
matters within current estimates; (7) the ability to resolve the pending
competition law inquiries in Europe within current estimates; (8) the ability
to successfully implement, achieve and sustain cost improvement plans and
efficiencies in manufacturing and overhead areas, including the Company's
outsourcing projects; (9) the ability to successfully manage volatility in
foreign exchange rates, as well as our debt and currency exposure (especially
in certain countries with currency exchange controls, such as Venezuela,
China, India and Argentina); (10) the ability to maintain our current credit
rating and to manage fluctuations in interest rate, increases in pension and
healthcare expense, and any significant credit or liquidity issues; (11) the
ability to manage continued global political and/or economic uncertainty and
disruptions, especially in the Company's significant geographical markets, due
to a wide variety of factors, including but not limited to, terrorist and
other hostile activities, natural disasters and/or disruptions to credit
markets, resulting from a global, regional or national credit crisis; (12) the
ability to successfully manage competitive factors, including prices,
promotional incentives and trade terms for products; (13) the ability to
obtain patents and respond to technological advances attained by competitors
and patents granted to competitors; (14) the ability to successfully manage
increases in the prices of commodities, raw materials and energy, including
the ability to offset these increases through pricing actions; (15) the
ability to develop effective sales, advertising and marketing programs; (16)
the ability to stay on the leading edge of innovation, maintain a positive
reputation on our brands and ensure trademark protection; and (17) the ability
to rely on and maintain key information technology systems and networks
(including Company and third-party systems and networks), the security over
such systems and networks, and the data contained therein. For additional
information concerning factors that could cause actual results to materially
differ from those projected herein, please refer to our most recent 10-K, 10-Q
and 8-K reports.

About Procter & Gamble

P&G serves approximately 4.6 billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®,
Pantene®, Mach3®, Bounty®, Dawn®, Fairy®,Gain®, Charmin®, Downy®, Lenor®,
Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®,
Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The
P&G community includes operations in approximately 75 countries worldwide.
Please visit http://www.pg.com for the latest news and in-depth information
about P&G and its brands.

The Procter & Gamble Company

Exhibit 1: Non-GAAP Measures

In accordance with the SEC’s Regulation G, the following provides definitions
of the non-GAAP measures used in the earnings release and the reconciliation
to the most closely related GAAP measure.

Organic Sales Growth: Organic sales growth is a non-GAAP measure of sales
growth excluding the impacts of acquisitions, divestitures and foreign
exchange from year-over-year comparisons. We believe this provides investors
with a more complete understanding of underlying sales trends by providing
sales growth on a consistent basis. Organic sales is also one of the measures
used to evaluate senior management and is a factor in determining their
at-risk compensation.

The reconciliation of reported sales growth to organic sales is as follows:

                     Net        Foreign    Acquisition/  
                      Sales        Exchange     Divestiture      Organic Sales
OND 2012              Growth       Impact       Impact*          Growth
Beauty                1%           1%           1%               3%
Grooming              -4%          3%           3%               2%
Health Care           3%           2%           -1%              4%
Fabric Care and       3%           0%           0%               3%
Home Care
Baby Care and        4%         1%         0%             5%
Family Care
Total P&G            2%         1%         0%             3%
                                                                 
                      Net          Foreign      Acquisition/
                      Sales        Exchange     Divestiture      Organic Sales
Total P&G             Growth      Impact       Impact*          Growth
JFM 2013 (Estimate)   3% to 4%     0%           0%               3% to 4%
FY 2013 (Estimate)   1% to 2%   2%         0%             3% to 4%

*Acquisition/Divestiture Impact includes rounding impacts necessary to
reconcile net sales to organic sales.

Core EPS: This is a measure of the Company’s diluted net earnings per share
from continuing operations excluding charges in both years for incremental
restructuring charges due to increased focus on productivity and cost savings,
charges in the prior year related to the European legal matters, the current
year holding gain on the buyout of our Iberian joint venture partner, and
prior year impairment charges for goodwill and indefinite lived intangible
assets. We do not view these items to be part of our sustainable results. We
believe the Core EPS measure provides an important perspective of underlying
business trends and results and provides a more comparable measure of
year-on-year earnings per share growth. Core EPS is also one of the measures
used to evaluate senior management and is a factor in determining their
at-risk compensation. The table below provides a reconciliation of diluted net
earnings per share to Core EPS:

                                                                 
                                                  OND 12               OND 11
Diluted Net Earnings Per Share                    $1.39                $0.57
Snacks results of operations – Discontinued       $0.00                ($0.01)
Operations
Diluted Net Earnings Per Share-Continuing         $1.39                $0.56
Operations
Impairment charges                                -                    $0.50
Charges for European legal matters                -                    $0.02
Gain on buyout of Iberian JV                      ($0.21)              -
Incremental restructuring                         $0.05                $0.01
Rounding impacts                                  ($0.01)              -
Core EPS                                          $1.22                $1.09
Core EPS Growth                                   12%
                                                                       
                                                                       
                                                  JFM 13
                                                  (est.)               JFM 12
Diluted Net Earnings Per Share                    $0.90 to $0.96       $0.82
Snacks results of operations – Discontinued       -                    ($0.01)
Operations
Diluted Net Earnings Per Share-Continuing         $0.90 to $0.96       $0.81
Operations
Impairment charges                                -                    $0.01
Incremental restructuring                         0.01                 $0.12
Core EPS                                          $0.91 to $0.97       $0.94
Core EPS Growth                                   -3% to +3%
                                                                       
                                                                       
                                                  FY 2013              FY
                                                  (est.)               2012
Diluted Net Earnings Per Share                    $4.04 to $4.14       $3.66
Gain from snacks divestiture                      -                    ($0.48)
Snacks results of operations – Discontinued       -                    ($0.06)
Operations
Diluted Net EPS–Continuing Operations             $4.04 to $4.14       $3.12
Impairment charges                                -                    $0.51
Incremental restructuring                         $0.15                $0.20
Charges for European legal matters                -                    $0.03
Gain on buyout of Iberian JV                      ($0.21)              -
Rounding/other impacts                            ($.01)               ($0.01)
Core EPS                                          $3.97 to $4.07       $3.85
Core EPS Growth                                   3% to 6%
                                                                       

Note – All reconciling items are presented net of tax. Tax effects are
calculated consistent with the nature of the underlying transaction.

Core Operating Profit Growth/Core Operating Profit Margin: This is a measure
of the Company’s operating profit growth and operating profit margin adjusted
for the current and prior year charges related to incremental restructuring
charges due to increased focus on productivity and cost savings, prior year
charges related to the European legal matters and prior year impairment
charges for goodwill and indefinite lived intangible assets:

                                    
                                       OND 12
Operating Profit Growth                68%
Incremental restructuring              4%
Impairment Charges                     -61%
Charges for European legal matters     -4%
Core Operating Profit Growth           7%
                                       

                                             
                                       OND 12     OND 11
Operating Profit Margin                20.3%      12.3%
Impairment Charges                     -          7.1%
Charges for European legal matters     -          0.3%
Incremental restructuring              0.7%       0.1%
Rounding impacts                       -          0.1%
Core Operating Profit Margin           21.0%      19.9%
Basis point change                     110
                                                  

Core Gross Margin: This is a measure of the Company’s Gross Margin adjusted
for the current year charges related to incremental restructuring due to
increased focus on productivity and cost savings:

                                       
                                  OND 12       OND 11
Gross Margin                      50.9%        50.1%
Incremental restructuring         0.3%         -
Core Gross Margin                 51.2%        50.1%
Basis point change                110
                                               

Core SG&A as a % of Net Sales: This is a measure of the Company’s SG&A as a %
of Net Sales adjusted for the current and prior year charges related to
incremental restructuring due to increased focus on productivity and cost
savings, and prior year charges related to the European legal matters:

                                             
                                      OND 12       OND 11
Selling, General & Administrative     30.6%        30.6%
Expenses (SG&A) as a % Net Sales
Incremental restructuring             -0.5%        -0.1%
European legal matters                -            -0.3%
Rounding impacts                      0.1%         -
Core SG&A as a % Net Sales            30.2%        30.2%
Basis point change                    0
                                                   

Free Cash Flow: Free cash flow is defined as operating cash flow less capital
spending. We view free cash flow as an important measure because it is one
factor in determining the amount of cash available for dividends and
discretionary investment. Free cash flow is also one of the measures used to
evaluate senior management and is a factor in determining their at-risk
compensation. The reconciliation of free cash flow is provided below (amounts
in millions):

                                                 
                        Operating               Capital                Free
                                                                       Cash
                Cash Flow        Spending        Flow
Jul-Dec                 $6,619                  ($1,529)               $5,090
‘12
Jul-Dec          $5,495           ($1,780)        $3,715
‘11
                                                                       

                                                                        
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions Except Per Share Amounts)
Consolidated Earnings Information
                                                                     
                    Three Months Ended Dec 31         Six Months Ended Dec 31
                                                                                 
                    2012        2011        % CHG        2012        2011        % CHG
NET SALES           $ 22,175    $ 21,744    2 %          $ 42,914    $ 43,274    (1)%
COST OF PRODUCTS     10,880     10,851    0 %           21,230     21,658    (2)%
SOLD
GROSS PROFIT          11,295      10,893    4 %            21,684      21,616    0 %
SELLING, GENERAL
& ADMINISTRATIVE      6,803       6,659     2 %            13,241      13,132    1 %
EXPENSE
GOODWILL &
INTANGIBLES          0          1,554     (100)%        0          1,554     (100)%
IMPAIRMENT
CHARGES
OPERATING INCOME      4,492       2,680     68 %           8,443       6,930     22 %
INTEREST EXPENSE      169         201       (16)%          341         408       (16)%
OTHER
NON-OPERATING        895        170       426 %         942        171       451 %
INCOME/(EXPENSE),
NET
EARNINGS FROM
CONTINUING            5,218       2,649     97 %           9,044       6,693     35 %
OPERATIONS BEFORE
INCOME TAXES
INCOME TAXES          1,142       977       17 %           2,115       2,022     5 %
                                                                                 
NET EARNINGS FROM
CONTINUING           4,076      1,672     144 %         6,929      4,671     48 %
OPERATIONS
                                                                                 
DISCONTINUED
OPERATIONS:
INCOME FROM
DISCONTINUED          -           59        (100)%         -           143       (100)%
OPERATIONS BEFORE
INCOME TAX
INCOME TAXES ON
DISCONTINUED         -          18        (100)%        -          44        (100)%
OPERATIONS
NET EARNINGS FROM
DISCONTINUED         -          41        (100)%        -          99        (100)%
OPERATIONS
                                                                                 
NET EARNINGS          4,076       1,713     138 %          6,929       4,770     45 %
LESS: NET
EARNINGS
ATTRIBUTABLE TO      19         23        (17)%         58         56        4 %
NONCONTROLLING
INTERESTS
NET EARNINGS
ATTRIBUTABLE TO      4,057      1,690     140 %         6,871      4,714     46 %
PROCTER & GAMBLE
                                                                                 
EFFECTIVE TAX         21.9 %      36.9 %                   23.4 %      30.2 %
RATE
                                                                                 
                                                                                 
PER COMMON SHARE:
BASIC NET
EARNINGS -          $ 1.46      $ 0.58      152 %        $ 2.46      $ 1.63      51 %
CONTINUING
OPERATIONS
BASIC NET
EARNINGS -          $ -         $ 0.01      (100)%       $ -         $ 0.04      (100)%
DISCONTINUED
OPERATIONS
BASIC NET           $ 1.46      $ 0.59      147 %        $ 2.46      $ 1.67      47 %
EARNINGS
                                                                                 
DILUTED NET
EARNINGS -          $ 1.39      $ 0.56      148 %        $ 2.35      $ 1.57      50 %
CONTINUING
OPERATIONS
DILUTED NET
EARNINGS -          $ -         $ 0.01      (100)%       $ -         $ 0.03      (100)%
DISCONTINUED
OPERATIONS
DILUTED NET         $ 1.39      $ 0.57      144 %        $ 2.35      $ 1.60      47 %
EARNINGS
                                                                                 
DIVIDENDS           $ 0.562     $ 0.525     7 %          $ 1.124     $ 1.050     7 %
AVERAGE DILUTED
SHARES                2,919.1     2,949.7                  2,926.1     2,946.5
OUTSTANDING
                                                                                 
                                                                                 
                                                                                 
COMPARISONS AS A                            Basis                                Basis
% OF NET SALES                              Pt Chg                               Pt Chg
GROSS MARGIN          50.9 %      50.1 %    80             50.5 %      50.0 %    50
SELLING, GENERAL
& ADMINISTRATIVE      30.6 %      30.6 %    -              30.8 %      30.3 %    50
EXPENSE
GOODWILL &
INTANGIBLES           0.0 %       7.1 %     (710)          0.0 %       3.6 %     (360)
IMPAIRMENT
CHARGES
OPERATING MARGIN      20.3 %      12.3 %    800            19.7 %      16.0 %    370
EARNINGS BEFORE       23.5 %      12.2 %    1,130          21.1 %      15.5 %    560
INCOME TAXES
NET EARNINGS FROM
CONTINUING            18.4 %      7.7 %     1,070          16.1 %      10.8 %    530
OPERATIONS
NET EARNINGS
ATTRIBUTABLE TO       18.3 %      7.8 %     1,050          16.0 %      10.9 %    510
PROCTER & GAMBLE
                                                                                 

                                                              
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Cash Flows Information
                                                                
                                                  Six Months Ended December 31
                                                  2012              2011
                                                                    
CASH AND CASH EQUIVALENTS, BEGINNING OF           $  4,436          $ 2,768
PERIOD
                                                                    
OPERATING ACTIVITIES
NET EARNINGS                                         6,929            4,770
DEPRECIATION AND AMORTIZATION                        1,448            1,456
SHARE-BASED COMPENSATION EXPENSE                     154              168
DEFERRED INCOME TAXES                                18               32
GAIN ON PURCHASE/SALE OF BUSINESSES                  (902   )         (187   )
GOODWILL AND INDEFINITE LIVED INTANGIBLES            0                1,554
IMPAIRMENT CHARGES
CHANGES IN:
ACCOUNTS RECEIVABLE                                  (914   )         (1,079 )
INVENTORIES                                          (324   )         (497   )
ACCOUNTS PAYABLE, ACCRUED AND OTHER                  (288   )         (1,009 )
LIABILITIES
OTHER OPERATING ASSETS & LIABILITIES                 556              230
OTHER                                               (58    )        57     
                                                                    
TOTAL OPERATING ACTIVITIES                          6,619          5,495  
                                                                    
INVESTING ACTIVITIES
CAPITAL EXPENDITURES                                 (1,529 )         (1,780 )
PROCEEDS FROM ASSET SALES                            474              238
ACQUISITIONS, NET OF CASH ACQUIRED                   (1,123 )         2
CHANGE IN INVESTMENTS                               (179   )        71     
                                                                    
TOTAL INVESTING ACTIVITIES                          (2,357 )        (1,469 )
                                                                    
FINANCING ACTIVITIES
DIVIDENDS TO SHAREHOLDERS                            (3,206 )         (3,013 )
CHANGE IN SHORT-TERM DEBT                            4,972            2,416
ADDITIONS TO LONG-TERM DEBT                          2,239            1,990
REDUCTIONS OF LONG-TERM DEBT                         (3,749 )         (2,514 )
TREASURY STOCK PURCHASES                             (3,984 )         (1,764 )
IMPACT OF STOCK OPTIONS AND OTHER                   1,662          589    
                                                                    
TOTAL FINANCING ACTIVITIES                          (2,066 )        (2,296 )
                                                                    
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND         11             (84    )
CASH EQUIVALENTS
                                                                    
CHANGE IN CASH AND CASH EQUIVALENTS                 2,207          1,646  
                                                                    
CASH AND CASH EQUIVALENTS, END OF PERIOD          $  6,643         $ 4,414  
                                                                             

                                                           
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Balance Sheet Information
                                                                 
                                         December 31, 2012       June 30, 2012
                                                                 
CASH AND CASH EQUIVALENTS                $     6,643             $   4,436
ACCOUNTS RECEIVABLE                            7,183                 6,068
TOTAL INVENTORIES                              7,219                 6,721
OTHER                                         4,556                4,685
TOTAL CURRENT ASSETS                           25,601             21,910
                                                                 
NET PROPERTY, PLANT AND EQUIPMENT              21,204                20,377
NET GOODWILL AND OTHER INTANGIBLE              87,834                84,761
ASSETS
OTHER NON-CURRENT ASSETS                      5,264                5,196
                                                                 
TOTAL ASSETS                             $     139,903           $   132,244
                                                                 
                                                                 
ACCOUNTS PAYABLE                         $     7,157             $   7,920
ACCRUED AND OTHER LIABILITIES                  9,254                 8,289
DEBT DUE WITHIN ONE YEAR                      9,819                8,698
TOTAL CURRENT LIABILITIES                      26,230                24,907
                                                                 
LONG-TERM DEBT                                 23,607                21,080
OTHER                                         22,743               22,222
TOTAL LIABILITIES                             72,580               68,209
                                                                
TOTAL SHAREHOLDERS' EQUITY                    67,323               64,035
                                                                
TOTAL LIABILITIES & SHAREHOLDERS'        $     139,903           $   132,244
EQUITY
                                                                     

                                                                                    
THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES
(Amounts in Millions)
Consolidated Earnings Information
                                                                    
            Three Months Ended Dec 31, 2012
                           % Change       Earnings    %        Net          %
                                            From         Change   Earnings     Change
                            Versus          Continuing   Versus   From         Versus
                                            Operations            Continuing
                                            Before       Year                  Year
            Net Sales      Year Ago       Income      Ago     Operations  Ago
                                            Taxes
Beauty      $    5,403      1%              $   1,138    12%      $   877      9%
Grooming         2,119      -4%                 695      0%           518      0%
Health           3,267      3%                  733      -7%          512      -5%
Care
Fabric
Care and         7,223      3%                  1,380    15%          906      21%
Home Care
Baby Care
and              4,322      4%                  945      16%          611      18%
Family
Care
Corporate       (159)     N/A               327     N/A        652     N/A
Total            22,175     2%                  5,218    97%          4,076    144%
Company
                                                                                        
                                                                            
            Three Months Ended Dec 31, 2012
            (Percent Change vs. Year Ago)*
            Volume          Volume
            With            Without
            Acquisitions/   Acquisitions/   Foreign                                     Net
                                                                                        Sales
            Divestitures   Divestitures   Exchange    Price   Mix         Other   Growth
Beauty           0%         0%                  -1%      3%           0%       -1%      1%
Grooming         -2%        0%                  -3%      2%           0%       -1%      -4%
Health           3%         3%                  -2%      2%           -1%      1%       3%
Care
Fabric
Care and         2%         2%                  0%       1%           0%       0%       3%
Home Care
Baby Care
and             6%        6%                -1%     2%         -3%     0%      4%
Family
Care
Total            2%         2%                  -1%      2%           -1%      0%       2%
Company
                                                                                        
                                                                     
            Six Months Ended Dec 31, 2012
                            % Change        Earnings     %        Net          %
                                            From         Change   Earnings     Change
                            Versus          Continuing   Versus   From         Versus
                                            Operations            Continuing
                                            Before       Year                  Year
            Net Sales      Year Ago       Income      Ago     Operations  Ago
                                            Taxes
Beauty      $    10,343     -3%             $   1,990    2%       $   1,535    3%
Grooming         4,126      -6%                 1,329    0%           984      -2%
Health           6,441      -1%                 1,491    -6%          1,019    -6%
Care
Fabric
Care and         14,123     0%                  2,749    11%          1,809    16%
Home Care
Baby Care
and              8,321      1%                  1,754    9%           1,123    11%
Family
Care
Corporate       (440)     N/A               (269)   N/A        459     N/A
Total            42,914     -1%                 9,044    35%          6,929    48%
Company
                                                                                        
                                                                            
            Six Months Ended Dec 31, 2012
            (Percent Change vs. Year Ago)*
            Volume          Volume
            With            Without
            Acquisitions/   Acquisitions/   Foreign                                     Net
                                                                                        Sales
            Divestitures   Divestitures   Exchange    Price   Mix         Other   Growth
Beauty           -2%        -2%                 -3%      3%           0%       -1%      -3%
Grooming         -1%        0%                  -5%      2%           0%       -2%      -6%
Health           1%         1%                  -4%      2%           0%       0%       -1%
Care
Fabric
Care and         1%         1%                  -3%      1%           1%       0%       0%
Home Care
Baby Care
and             4%        4%                -3%     2%         -2%     0%      1%
Family
Care
Total            1%         1%                  -3%      2%           -1%      0%       -1%
Company

* These sales percentage changes are approximations based on quantitative
formulas that are consistently applied.

Contact:

P&G Media Contacts:
Paul Fox, 513-983-3465
Jennifer Chelune, 513-983-2570
or
P&G Investor Relations Contact:
John Chevalier, 513-983-9974
 
Press spacebar to pause and continue. Press esc to stop.