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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,
 
    2005   2004   2003   2002   2001  

 
Earnings:                      
  Income from continuing operations before income taxes and changes in accounting principles   $  6,690   $  6,222   $  5,495   $  5,499   $  5,670  
  Fixed charges   281   232   220   236   327  
  Less:  Capitalized interest, net   (3 ) (1 ) (1 ) (1 ) (8 )
             Equity income, net of dividends   (446 ) (476 ) (294 ) (256 ) (54 )

 
    Adjusted earnings   $  6,522   $  5,977   $  5,420   $  5,478   $  5,935  

 
Fixed charges:                      
  Gross interest incurred   $     243   $     197   $     179   $     200   $     297  
  Interest portion of rent expense   38   35   41   36   30  

 
    Total fixed charges   $     281   $     232   $     220   $     236   $     327  

 
    Ratios of earnings to fixed charges   23.2   25.8   24.6   23.2   18.1  

 

The Company is contingently liable for guarantees of indebtedness owed by third parties in the amount of approximately $248 million. 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.




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THE COCA-COLA COMPANY AND SUBSIDIARIES Computation of Ratios of Earnings to Fixed Charges (IN MILLIONS EXCEPT RATIOS)