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EXHIBIT 12
SONOCO PRODUCTS COMPANY
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Nine Months
Ended Years Ended December 31,
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Sept. 26,
1999 1998 1997 1996 1995 1994
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EARNINGS
Pretax income - as reported 210,525 339,598 63,719 280,075 270,790 210,930
Less: (Gain) or Loss on assets held for sale (3,500) (100,354) 226,358 -- -- --
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Pretax income - adjusted 207,025 239,244 290,077 280,075 270,790 210,930
Add: Fixed charges 46,385 68,380 69,484 69,223 54,537 45,494
Amortization of capitalized interest 422 634 498 378 378 378
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Total Earnings 253,832 308,258 360,059 349,676 325,705 256,802
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FIXED CHARGES
Interest expense 37,230 54,779 57,194 55,481 44,004 35,861
Capitalized interest -- 1,353 -- 1,200 -- --
Amortization of bond discounts 155 248 290 209 200 300
Portion of rents representative of the
interest factor 9,000 12,000 12,000 12,333 10,333 9,333
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Total Fixed Charges 46,385 68,380 69,484 69,223 54,537 45,494
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RATIO OF EARNINGS TO FIXED CHARGES 5.47 4.51* 5.18 5.05 5.97 5.64
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* Pretax income includes $41,336 of one-time charges. Excluding these charges
the ratio would be 5.09.