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, ------------------------------------------------------------------
2003 2002 2001 2000 1999 1998
--------- --------- --------- ---------- --------- ----------
EARNINGS:
Income before income
taxes and changes in
accounting principles $ 1,123 $ 5,499 $ 5,670 $ 3,399 $ 3,819 $ 5,198
Fixed charges 54 236 327 489 386 320
Adjustments:
Capitalized
interest, net - (1) (8) (11) (18) (17)
Equity income or loss,
net of dividends (35) (256) (54) 380 292 31
-------- --------- --------- --------- --------- --------
Adjusted earnings $ 1,142 $ 5,478 $ 5,935 $ 4,257 $ 4,479 $ 5,532
======== ========= ========= ========= ========= ========
FIXED CHARGES:
Gross interest
incurred $ 45 $ 200 $ 297 $ 458 $ 355 $ 294
Interest portion of
rent expense 9 36 30 31 31 26
-------- --------- --------- --------- --------- --------
Total fixed charges $ 54 $ 236 $ 327 $ 489 $ 386 $ 320
======== ========= ========= ========= ========= ========
Ratios of earnings
to fixed charges 21.1 23.2 18.1 8.7 11.6 17.3
======== ========= ========= ========= ========= ========
At March 31, 2003, our Company is contingently liable for guarantees of
indebtedness owed by third parties in the amount of $468 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.