Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 9, 2000

Documents

RATIOS OF EARNINGS TO FIXED CHARGES

Published on March 9, 2000


EXHIBIT 12.1




The Coca-Cola Company and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges
(IN MILLIONS EXCEPT RATIOS)


Year Ended December 31,
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1999 1998 1997 1996 1995
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Earnings:

Income from continuing operations
before income taxes and changes
in accounting principles $ 3,819 $ 5,198 $ 6,055 $ 4,596 $ 4,328

Fixed charges 386 320 300 324 318

Less: Capitalized interest, net (18) (17) (17) (7) (9)

Equity income, net of dividends 292 31 (108) (89) (25)
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Adjusted earnings $ 4,479 $ 5,532 $ 6,230 $ 4,824 $ 4,612
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Fixed charges:

Gross interest incurred $ 355 $ 294 $ 275 $ 293 $ 281

Interest portion of rent expense 31 26 25 31 37
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Total fixed charges $ 386 $ 320 $ 300 $ 324 $ 318
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Ratios of earnings to fixed charges 11.6 17.3 20.8 14.9 14.5
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The Company is contingently liable for guarantees of indebtedness owed by third parties in the amount
of $409 million, of which $7 million related to independent bottling licensees. Fixed charges for
these contingent liabilities have not been included in the computation of the above ratios as the
amounts are immaterial and, in the opinion of Management, it is not probable that the Company will be
required to satisfy the guarantees.