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,
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2002 2001 2000 1999 1998
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Earnings:
Income from continuing operations
before income taxes and changes
in accounting principles $ 5,499 $ 5,670 $ 3,399 $ 3,819 $ 5,198
Fixed charges 236 327 489 386 320
Less: Capitalized interest, net (1) (8) (11) (18) (17)
Equity income, net of dividends (256) (54) 380 292 31
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Adjusted earnings $ 5,478 $ 5,935 $ 4,257 $ 4,479 $ 5,532
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Fixed charges:
Gross interest incurred $ 200 $ 297 $ 458 $ 355 $ 294
Interest portion of rent expense 36 30 31 31 26
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Total fixed charges $ 236 $ 327 $ 489 $ 386 $ 320
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Ratios of earnings to fixed charges 23.2 18.1 8.7 11.6 17.3
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<FN>
The Company is contingently liable for guarantees of indebtedness owed by third
parties in the amount of $494 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.
</FN>