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<TABLE>
EXHIBIT 12
<CAPTION>
HERSHEY FOODS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands of dollars except for ratios)
(Unaudited)
For the Six Months Ended
---------------------------
July 2, July 4,
2000 1999
------------- -----------
Earnings:
<S> <C> <C>
Income before income taxes $182,257 $423,636(a)
Add (deduct):
Interest on indebtedness 37,907 36,980
Portion of rents representative of the
interest factor (b) 7,699 6,571
Amortization of debt expense 244 243
Amortization of capitalized interest 2,119 1,613
-------- --------
Earnings as adjusted $230,226 $469,043
======== ========
Fixed Charges:
Interest on indebtedness $ 37,907 $ 36,980
Portion of rents representative of the
interest factor (b) 7,699 6,571
Amortization of debt expense 244 243
Capitalized interest 1 1,214
-------- --------
Total fixed charges $ 45,851 $ 45,008
======== ========
Ratio of earnings to fixed charges 5.02 10.42
======== ========
NOTE:
(a) Includes a gain of $243.8 million on the sale of the Corporation's pasta
business.
(b) Portion of rents representative of the interest factor consists of
one-third of rental expense for operating leases.
</TABLE>
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