Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 7, 2001

Documents

RATIOS OF EARNINGS TO FIXED CHARGES

Published on March 7, 2001


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,
-----------------------------------------------
2000 1999 1998 1997 1996
-----------------------------------------------


Earnings:

Income from continuing
operations before
income taxes and
changes in accounting
principles $ 3,399 $ 3,819 $ 5,198 $ 6,055 $ 4,596

Fixed charges 489 386 320 300 324

Less: Capitalized interest,
net (11) (18) (17) (17) (7)

Equity income or loss,
net of dividends 380 292 31 (108) (89)
------- ------- ------- ------- -------

Adjusted earnings $ 4,257 $ 4,479 $ 5,532 $ 6,230 $ 4,824
======= ======= ======= ======= =======

Fixed charges:

Gross interest incurred $ 458 $ 355 $ 294 $ 275 $ 293

Interest portion of rent
expense 31 31 26 25 31
------- ------- ------- ------- -------

Total fixed charges $ 489 $ 386 $ 320 $ 300 $ 324
======= ======= ======= ======= =======


Ratios of earnings to
fixed charges 8.7 11.6 17.3 20.8 14.9
======= ======= ======= ======= =======



The Company is contingently liable for guarantees of indebtedness owed by third
parties in the amount of $397 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.