Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 29, 1999

Documents

COMP. RATIOS OF EARNINGS/FIXED CHARGES

Published on March 29, 1999


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,
----------------------------------------------------
1998 1997 1996 1995 1994
----------------------------------------------------

Earnings:

Income from continuing
operations before
income taxes and
changes in accounting
principles
$ 5,198 $ 6,055 $ 4,596 $ 4,328 $ 3,728

Fixed charges 320 300 324 318 236

Less: Capitalized
interest, net (17) (17) (7) (9) (5)

Equity (income)
loss, net of
dividends 31 (108) (89) (25) (4)
-----------------------------------------------------
Adjusted earnings $ 5,532 $ 6,230 $ 4,824 $ 4,612 $ 3,955
=====================================================

Fixed charges:

Gross interest incurred $ 294 $ 275 $ 293 $ 281 $ 204

Interest portion of
rent expense 26 25 31 37 32
------------------------------------------------------
Total fixed charges $ 320 $ 300 $ 324 $ 318 $ 236
======================================================

Ratios of earnings
to fixed charges 17.3 20.8 14.9 14.5 16.8
======================================================

The Company is contingently liable for guarantees of indebtedness owed by
third parties in the amount of $391 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.