EXHIBIT 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
Six Months
Ended Year Ended December 31,
June 30, --------------------------------------------------------------------
2003 2002 2001 2000 1999 1998
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EARNINGS:
Income before income
taxes and changes in
accounting principles $ 2,873 $ 5,499 $ 5,670 $ 3,399 $ 3,819 $ 5,198
Fixed charges 108 236 327 489 386 320
Adjustments:
Capitalized
interest, net (1) (1) (8) (11) (18) (17)
Equity income or loss,
net of dividends (169) (256) (54) 380 292 31
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Adjusted earnings $ 2,811 $ 5,478 $ 5,935 $ 4,257 $ 4,479 $ 5,532
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FIXED CHARGES:
Gross interest
incurred $ 89 $ 200 $ 297 $ 458 $ 355 $ 294
Interest portion of
rent expense 19 36 30 31 31 26
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Total fixed charges $ 108 $ 236 $ 327 $ 489 $ 386 $ 320
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Ratios of earnings
to fixed charges 26.0 23.2 18.1 8.7 11.6 17.3
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At June 30, 2003, our Company is contingently liable for guarantees of
indebtedness owed by third parties in the amount of $610 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.