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,
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2003 2002 2001 2000 1999 1998
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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
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Adjusted earnings $ 4,283 $ 5,478 $ 5,935 $ 4,257 $ 4,479 $ 5,532
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FIXED CHARGES:
Gross interest
incurred $ 131 $ 200 $ 297 $ 458 $ 355 $ 294
Interest portion of
rent expense 28 36 30 31 31 26
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Total fixed charges $ 159 $ 236 $ 327 $ 489 $ 386 $ 320
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Ratios of earnings
to fixed charges 26.9 23.2 18.1 8.7 11.6 17.3
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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.