Exhibit 12 THE COCA-COLA COMPANY AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (In millions except ratios)
Nine Months Ended September 30, Year Ended December 31, ------------ --------------------------------------------------- 2003 2002 2001 2000 1999 1998 ------- ------- ------- ------- ------- ------- EARNINGS: Income before income taxes and changes in accounting principles $ 4,371 $ 5,499 $ 5,670 $ 3,399 $ 3,819 $ 5,198 Fixed charges 159 236 327 489 386 320 Adjustments: Capitalized interest, net (1) (1) (8) (11) (18) (17) Equity income or loss, net of dividends (246) (256) (54) 380 292 31 ------- ------- ------- ------- ------- ------- Adjusted earnings $ 4,283 $ 5,478 $ 5,935 $ 4,257 $ 4,479 $ 5,532 ======= ======= ======= ======= ======= ======= FIXED CHARGES: Gross interest incurred $ 131 $ 200 $ 297 $ 458 $ 355 $ 294 Interest portion of rent expense 28 36 30 31 31 26 ------- ------- ------- ------- ------- ------- Total fixed charges $ 159 $ 236 $ 327 $ 489 $ 386 $ 320 ======= ======= ======= ======= ======= ======= Ratios of earnings to fixed charges 26.9 23.2 18.1 8.7 11.6 17.3 ======= ======= ======= ======= ======= =======
At September 30, 2003, our Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $493 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.