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P&G To Detail Growth & Productivity Strategy At 2012 Analyst Meeting

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 both years related to the European legal matters, current year estimated gain on buyout of Iberian joint venture, 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 (est.)       OND 11
Diluted Net Earnings Per Share-Continuing Operations $1.18 to $1.25 $0.56
Impairment charges - $0.50
Charges for European legal matters - $0.02
Gain on buyout of Iberian JV (est.) ($0.17) -
Incremental restructuring $0.06 to $0.05 $0.01
Core EPS $1.07 to $1.13 $1.09
Core EPS Growth -2% to 4%
 
FY 2013 FY
(est.) 2012
Diluted Net Earnings Per Share $3.78 to $4.02 $3.66
Gain from snacks divestiture - ($0.48)
Snacks results of operations – Discontinued Operations - ($0.06)
Diluted Net EPS–Continuing Operations $3.78 to $4.02 $3.12
Impairment charges $0.51
Incremental restructuring $0.19 to $0.15 $0.20
Charges for European legal matters $0.01 $0.03
Gain on buyout of Iberian JV (est.) ($0.17) -
Rounding impacts ($0.01) ($0.01)
Core EPS $3.80 to $4.00 $3.85
Core EPS Growth -1% to 4%

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

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