EX-12 19 dex12.htm STATEMENT RE COMPUTATION OF RATIOS Statement re Computation of Ratios

 

EXHIBIT 12

 

COCA-COLA ENTERPRISES INC.

 

COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS

(In millions except ratios)

 

    

Fiscal Year

    

2002

   

2001

     

2000

   

1999

   

1998

Computation of Earnings:

                                     

Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting

   

$

705

   

$

(150

)

   

$

333

   

$

88

   

$

169

Add:

                                     

Interest Expense

   

 

655

   

 

746

 

   

 

777

   

 

726

   

 

706

Amortization of capitalized interest

   

 

3

   

 

2

 

   

 

2

   

 

2

   

 

2

Amortization of debt premium/discount and expenses

   

 

14

   

 

12

 

   

 

20

   

 

29

   

 

27

Interest portion of rent expense

   

 

33

   

 

28

 

   

 

24

   

 

27

   

 

28

    
  
  
  
  

Earnings as Adjusted

   

$

1,410

   

$

638

 

   

$

1,156

   

$

872

   

$

932

    
  
  
  
  

Computation of Fixed Charges:

                                     

Interest expense

   

$

655

   

$

746

 

   

$

777

   

$

726

   

$

706

Capitalized Interest

   

 

1

   

 

3

 

   

 

2

   

 

2

   

 

7

Amortization of debt premium/discount and expenses

   

 

14

   

 

12

 

   

 

20

   

 

29

   

 

27

Interest portion of rent expense

   

 

33

   

 

28

 

   

 

24

   

 

27

   

 

28

    
  
  
  
  

Fixed Charges

   

$

703

   

$

789

 

   

$

823

   

$

784

   

$

768

Preferred stock dividends (a)

   

 

4

   

 

4

 

   

 

5

   

 

6

   

 

2

    
  
  
  
  

Combined Fixed Charges and Preferred Stock Dividends

   

$

707

   

$

793

 

   

$

828

   

$

790

   

$

770

    
  
  
  
  

Ratio of Earnings to Fixed Charges (b)

   

 

2.00

   

 

0.81

 

   

 

1.40

   

 

1.11

   

 

1.21

    
  
  
  
  

Ratio of Earnings to Combined Fixed Charges and
    Preferred Stock Dividends (b)

                                     
  

 

1.99

   

 

0.80

 

   

 

1.40

   

 

1.10

   

 

1.21

    
  
  
  
  

 

(a)   Preferred stock dividends have been increased to an amount representing the pretax earnings which would be required to cover such dividend requirements.
(b)   Ratios were calculated prior to rounding to millions.