Exhibit 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
Three Months
Ended Year Ended December 31,
March 31, -----------------------------------------------
1998 1997 1996 1995 1994 1993
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EARNINGS:
Income before income
taxes and changes in
accounting principles $ 1,243 $ 6,055 $ 4,596 $ 4,328 $ 3,728 $ 3,185
Fixed charges 74 300 324 318 236 213
Adjustments:
Capitalized
interest, net (5) (17) (7) (9) (5) (16)
Equity (income) loss,
net of dividends 30 (108) (89) (25) (4) (35)
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Adjusted earnings $ 1,342 $ 6,230 $ 4,824 $ 4,612 $ 3,955 $ 3,347
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FIXED CHARGES:
Gross interest
incurred $ 67 $ 275 $ 293 $ 281 $ 204 $ 184
Interest portion of
rent expense 7 25 31 37 32 29
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Total fixed charges $ 74 $ 300 $ 324 $ 318 $ 236 $ 213
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Ratios of earnings
to fixed charges 18.1 20.8 14.9 14.5 16.8 15.7
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At March 31, 1998, the Company is contingently liable for guarantees of
indebtedness owed by third parties in the amount of $537 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 the Company will be required
to satisfy the guarantees.