EXHIBIT 12


                     THE COCA-COLA COMPANY AND SUBSIDIARIES

               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                          (In millions except ratios)


<TABLE>
<CAPTION>


                             Six Months
                                Ended                                 Year Ended December 31,
                              June 30,        --------------------------------------------------------------------
                                 2003             2002           2001           2000           1999          1998
                             --------         --------       --------       --------       --------      --------
<S>                          <C>              <C>            <C>            <C>            <C>           <C>
EARNINGS:

 Income before income
  taxes and changes in
  accounting principles      $  2,873         $  5,499       $  5,670       $  3,399       $  3,819      $  5,198

 Fixed charges                    108              236            327            489            386           320

 Adjustments:
  Capitalized
   interest, net                   (1)              (1)            (8)           (11)           (18)          (17)

  Equity income or loss,
   net of dividends              (169)            (256)           (54)           380            292            31
                             --------         --------       --------       --------       --------      --------

 Adjusted earnings           $  2,811         $  5,478       $  5,935       $  4,257       $  4,479      $  5,532
                             ========         ========       ========       ========       ========      ========

FIXED CHARGES:

 Gross interest
  incurred                   $     89         $    200       $    297       $    458       $   355      $    294

 Interest portion of
  rent expense                     19               36             30             31            31            26
                             --------         --------       --------       --------       -------      --------

 Total fixed charges         $    108         $    236       $    327       $    489       $   386      $    320
                             ========         ========       ========       ========       =======      ========
 Ratios of earnings
  to fixed charges               26.0             23.2           18.1            8.7          11.6          17.3
                             ========         ========       ========       ========       =======      ========

</TABLE>


     At June 30, 2003, our Company is contingently liable for guarantees of
indebtedness owed by third parties in the amount of $610 million. Fixed charges
for these contingent liabilities have not been included in the computations of
the above ratios as the amounts are immaterial and, in the opinion of
management, it is not probable that our Company will be required to satisfy the
guarantees.