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Avon Products, Inc.
Ratio of Earnings to Fixed Charges (in thousands)
Pursuant to Item 503
Regulation S-K
Nine Months Ended
Year ended December 31, September 30,
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Description 1995 1996 1997 1998 1999 2000 1999
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<S> <C> <C> <C> <C> <C> <C> <C>
Income before income taxes........................ 465,024 510,445 534,882 455,866 506,581 455,890 285,384
Interest expense............................. 34,600 33,200 35,500 34,700 43,161 65,114 27,751
Amortization of debt discount, fees and
expenses................................... 450 450 550 951 1,464 1,514 1,047
Amortization of capitalized interest......... 3,060 3,060 3,060 3,060 3,060 2,295 2,295
Lease rental expense representative of
interest................................... 26,000 29,900 29,400 28,233 28,167 21,125 21,125
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Earnings before fixed charges..................... 529,134 577,055 603,392 522,810 582,433 545,938 337,602
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Fixed Charges
Interest expense............................. 34,600 33,200 35,500 34,700 43,161 65,114 27,751
Amortization of debt discount, fees and
expenses................................... 450 450 550 951 1,464 1,514 1,047
Lease rental expense representative of
interest................................... 26,000 29,900 29,400 28,233 28,167 21,125 21,125
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Total Fixed Charges............................... 61,050 63,550 65,450 63,884 72,792 87,753 49,923
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Ratio of earnings to fixed charges................ 8.7 9.1 9.2 8.2 8.0 6.2 6.8
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