Coca-Cola Consolidated
Annual Report 2004

Plain-text annual report

oca-Cola Bottling Co. Consolidated (CCBCC) is the second largest Coca-Cola bottler in the United States. The Company is a leader in the manufacturing, marketing and distribution of soft drinks. With corporate offi ces in Charlotte, N.C., the Company has operations in ll states, primarily in the Southeast. The Company’s bottling territories have one of the highest per capita soft drink consumption rates in the world and have a consumer base of l8.5 million people. Coca-Cola Bottling Co. Consolidated is listed on the NASDAQ National Market System under the symbol COKE. This summary annual report is printed on recycled paper. In Thousands (Except Per Share Data) 2004 2003 2002 Fiscal Year Net sales Gross margin Income before income taxes Income taxes Net income $1,256,482 $1,210,765 $1,198,335 600,210 584,167 578,259 36,550 14,702 21,848 38,060 7,357 30,703 38,070 15,247 22,823 2.58 2.56 Basic net income per share Diluted net income per share $ $ 2.41 $ 2.41 $ 3.40 $ 3.40 $ * The financial information in the Summary Annual Report was derived from and should be read in conjunction with the audited consolidated financial statements and notes thereto and management’s discussion and analysis of financial condition and results of operations, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2005. The fiscal years presented are the 53-week period ended January 2, 2005, and the 52-week periods ended December 28, 2003 and December 29, 2002. This Summary Annual Report includes forward-looking statements that reflect management’s current outlook for future periods. These statements relate to, among other things, The Coca-Cola Company’s commitment to increasing marketing investments and delivering innovation in 2005 and the Company’s focus on improving its manufacturing, distribution and delivery processes to efficiently support the growing assortment of products and packages. These forward-looking statements are subject to risks and uncertainties that could cause the anticipated events not to occur or actual results to differ materially from historical results or management’s anticipated results. The forward-looking statements in this Summary Annual Report should be read in conjunction with the detailed cautionary statements identified on pages 34 through 36 of the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2005. The Company undertakes no obligation to publicly update or revise any forward-looking statements. 1 L e t t e r t o S h a r e h o l d e r s ear Shareholders: The year 2004 was a challenging one for Coca-Cola Bottling Co. Consolidated, but in spite of the challenges, we believe that many of the issues we faced have been addressed and that a review of our performance over the past few years reveals a number of positives. More importantly, we remain confident about the long-term prospects for our business. The Company earned $2l.8 million in 2004, or $2.4l per share, as compared to $30.7 million or $3.40 per share the previous year. While bottle/can volume was flat, the Company's net sales grew by approximately 4 percent in 2004 primarily due to a 3 percent increase in net selling prices, higher contract sales and four additional selling days versus the previous year. The Company’s results were also impacted by an increase in its effective income tax rate from l9 percent in 2003 to 40 percent in 2004. The lower tax rate in 2003 reflected a number of one-time favorable adjustments. Our 2004 business results reflect continuing softness in our largest business category, sugar carbonated soft drinks. While sales in diet carbonated soft drinks, water, sports drinks and other noncarbonated drinks showed solid growth, the sales increases in these categories were not sufficient to offset the declines in sugar carbonated soft drinks. Even with flat volume in 2004, the Company’s operating income was about even with the prior year through a combina- tion of targeted selling price increases and expense management driven by an emphasis on improving productivity. For a number of years, the Company has been focused on moderating its capital spending and tightly managing its working capital to provide excess cash flow to reduce debt. In 2004, the Company repaid $95 million of its debt. This solid performance follows several years of debt reduction which has been somewhat masked by the 2002 consolidation of 2 Piedmont Coca-Cola Bottling Partnership. The debt reduction since l999 has led to improvements in our financial flexibility and has been an important contributor respond to these shifts in consumer tastes by becoming a total beverage company able to fulfill consumer demand for all types of nonalcoholic beverages and intensifying its to the solid increase in shareholder value we have delivered focus on innovation. Coca-Cola Bottling Co. Consolidated over the past five years. has long been recognized as a leader in packaging innova- The last several years have been difficult for the U.S. tion, with the successful pioneering of the Fridge PackTM, soft drink industry, and the Coca-Cola system has been l2-ounce recyclable PET bottles, Dasani Fridge PackTM no exception. While consumers continue to make and 8-ounce cans. While our Coca-Cola classic our and the world’s best selling soft drink, many consumers are seeking new beverage experiences. The Coca-Cola system recog- Company does its part in packaging innovation, The Coca-Cola Company is also intensifying its nizes the need to better product innovation. Dasani Fridge Packs ™ — a CCBCC-led packaging innovation — roll out at Charlotte’s Snyder Production Center. Make. Sell. Deliver. 3 L e t t e r t o S h a r e h o l d e r s We are especially encouraged by the new leader- in the manufacturing, or “make” component of our ship at The Coca-Cola Company. Their commitment mission, as evidenced by improved operating efficien- to significantly increasing marketing support and cies and lower inventory levels even with a dramatic delivering impactful innovations in 2005 is expected expansion in the number of items we produce. Now, to rekindle growth in our core business of carbonated we are taking significant steps to redesign and stream- soft drinks while at the same time better capitalizing on the growth opportunities presented by emerg- ing categories. We are excited about new products coming in 2005 and beyond. Although essen- tial, innovation leads to an ever-growing proliferation of prod- ucts and packages, making the business more difficult to operate. We believe the process improve- ment initiatives we have undertaken to address these chal- lenges will enable us Eight-pack bottles are another packaging alterna- tive CCBCC offers consumers. to effectively manage an expanding port- folio of soft drink offerings and provide a significant long-term strategic advantage in the marketplace. Our stated mission is to make, sell and deliver soft drinks better than anyone else. We have taken major steps line our selling and delivery functions. Fundamentally, our charge is to design and implement processes that lower costs, while increasing quality and service, as complexity increases. By moving to a pre-sell system for sales order generation, we have been able to significantly increase sales and delivery productivity and now have roughly 90 percent of our volume sold through a predictive order system. We have also continued the consolidation of distribution facilities and have reduced our branch network by 25 percent over the last three years. By reducing the number of facilities in which we hold inventory, we are better positioned to handle the ever-increasing number of new products and packages we offer. This undertaking has required a considerable effort from our workforce. It is a tribute to Coca-Cola toward achieving this mission Consolidated’s dedicated employees that we have been 4 able to make these necessary changes The business environment in 2005 will without signifi cant disruption to again be challenging, but we see opportunities in our day-to-day business. Quite those challenges. We believe we are focused on simply, our employees are our the right priorities as evidenced by our progress most important asset, and over the past several years. The beverage business there is no fi ner organization — the Coca-Cola business — is a great business of people than that of Coca-Cola Consolidated. with solid growth potential. We are excited by the renewed leadership being provided by The Ours is a fast-paced busi- Coca-Cola Company. Together we are meeting ness that continues to experi- challenges head-on and making the changes nec- ence considerable change. We essary to meet the needs of our customers and have met these challenges and our consumers and win in the marketplace. have much to show for our ef- forts. Over the past fi ve years, we have reduced our debt, materially improved our labor and asset productivity, increased our ownership in Piedmont from 50 percent to 77 percent and delivered a total annual return to shareholders which signifi cantly exceeds the return of the S&P 500. We have accomplished much but have more to do. J. Frank Harrison, III Chairman of the Board and Chief Executive Officer William B. Elmore President and Chief Operating Officer Make. Sell. Deliver. 5 O u r B u s i n e s s 6 he last few years have been challenging for the U.S. soft drink industry and for Coca-Cola Bottling Co. Consolidated. The issues we confronted included changes in con- sumer tastes, a fast-changing retailer environment, dramatic increases in insurance premiums following 9/ll, record-high fuel costs and rapidly increasing employee benefi t costs. Given this changing business landscape, we believe our focus on innovative package and product introductions, revenue management, sales and distribution system redesign and an aggressive investment in technology is right for our business. Innovation We have the greatest brand in the world in Coca-Cola classic and the strongest portfolio of diet drinks in the industry, along with a growing water, juice and other noncar- bonated beverage business. Nonetheless, we must re-energize our core sugar carbonated soft drink business; accelerate the growth of our diet, water and sport drinks businesses; and expand into new categories within the nonalcoholic bever- age arena. It is important to note that this is a shared view of the Company and The Coca-Cola Company, and a shared perspective about innovation is critical to our mutual success. The Company has long been a leader in packaging innova- tion, including Fridge Pack™ cans, 8-ounce cans, and Fridge Pack™ l2-ounce recyclable PET bottles for both carbonated soft drinks and Dasani bottled water. We embrace innova- tion and are very encouraged by The Coca-Cola Company’s renewed commitment to innovation. In early 2005, we have already seen several new and promising products from The Coca-Cola Company, including Coca-Cola with Lime, Diet Coke sweetened with Splenda, Sprite Remix Aruba Jam and a new energy drink, Full Throttle. Together with The Coca-Cola Company, we are planning many more new products and new product categories in the future. With new leadership at The Coca-Cola Company, we believe we are moving toward becoming a total beverage company and system, with the ability to meet consumer demands for a diverse array of nonalcoholic beverages. Revenue Management We defi ne revenue manage- ment as striking the proper balance between generating growth in volume, market share and gross margin. This is easy to defi ne but harder to exe- Part of making soft drinks better than anyone else is our stringent quality control process. cute. It requires a thoughtful brand/ package/channel/pricing strategy, highly effective working relationships with customers and a fact-based decision-making discipline. This is both art and science. The art revolves around creativity, innovation and customer relationships. The science revolves around using all available data (sales results, market share trends, con- sumer research, and customer scan and frequent shopper card data) to inform our decisions and project with a high degree of confi dence the results of our actions for both the Company and our customers. Coca-Cola Make. Sell. Deliver. 7 O u r B u s i n e s s 8 On-premise sales at sporting events are one way we fulfill the “sell” component of our “Make, Sell, Deliver” mission. Consolidated has been recognized as a leader in this area for quite some time. We continue to refi ne our capabili- ties in this area to ensure we maintain a competitive edge in an ever-changing consumer, customer and competitive environment. Sales and Distribution System Redesign The Company has already converted the vast majority of our business from the conventional route sales model to a pre-sell or predictive selling method. Our sales are now 90 percent predictive, enabling our warehouse, sales and distribution workforce to better handle the growing number of new products and package combinations and better serve our customers and con- sumers. Going forward, we are continuing to undertake a number of other major projects to further streamline our sales and distribution processes. This focus on the basics of our business — the making, selling and delivering of soft drinks — will ensure we have an effi cient cost struc- ture, proper service levels, excellent product quality, and the right product offerings for us to compete and win in the marketplace. Technology The Company continues to invest in information technology to enable breakthrough process improvement that addresses the increasing complexity of our business, eliminates waste, drives productivity, improves the speed and quality of our decision-making and improves the work life of our employees. During 2004, we began to implement SAP’s Enterprise Resource Planning solution. SAP is the global leader in business system technology, and its software tools will replace most of our legacy computer systems. This is a multi-year effort with the fi rst phase comprised of Financials, Materials Management, Pro- curement, Production Planning and Warehouse Management. This technology provides us with real-time access to information across the Company that will eliminate waste, improve quality and facilitate the operation of a robust business. We are introducing a new hand-held device and software to be used by our sales delivery force that will, among other things, allow us to have multiple packages at differing prices in the same vending machine while maintaining the necessary fi nancial controls. We are continuing to roll out a new Full Service Vending replenishment process and the supporting technology that allows us to better schedule delivery frequencies and manage space to sales in each vending machine, which reduces delivery costs and increases sales. We recently implemented a new Customer Information System. The improved data integrity this system provides plays a critical role in maximizing the effi - ciency of our distribution process. Coca-Cola is one of the world’s most recognizable brands. Our logo is visible at many venues throughout our territory. Make. Sell. Deliver. 9 O u r B u s i n e s s The Company has faced challenges. Even the world’s greatest brand needs to adjust with the times, and we’re doing just that. With our emphasis on Discount member- ship warehouses are popular with consumers. Shoppers buy in bulk here, and CCBCC packages accordingly. expanding into new product lines, our desire to re-energize our core brands and our emphasis on cre- ating the right systems to take products to market, we’re headed in the right direction. We are moving in lockstep with The Coca-Cola Company, and we are blessed with the most talented and dedicated team in the industry. We have every reason to be confi dent about our future. A CCBCC route salesman and his truck are ferried to the Outer Banks to deliver refreshment to residents and tourists. That’s dedication! 10 Make. Sell. Deliver. 11 O u r M i s s i o n To make, sell and deliver soft drinks better than anyone else. Our Values honor God: • Accountability • Consistency • Courage and Conviction • Discipline • Honesty and Integrity • Morality • Optimism • Respectfulness • Supportiveness • Trustworthiness Our Actions reflect our Values and support our Mission: We will … • Be open and honest in everything we do. • Do what we say we are going to do. • Be committed to teamwork. • Be focused on quality, service and excellence in all we do. • Have clear objectives, measure results and celebrate success. • Ensure that fellow employees always receive support, encouragement and respect. • Be committed to continual development of ourselves and others. • Compete vigorously and fairly in the marketplace. • Not tolerate politically motivated behavior. • Make decisions based on facts in the long-term best interest of the business. • Strive for win/win solutions in all our dealings with others. • Have a bias for action. • Relentlessly focus on timely execution. • Exhibit a positive attitude. We will strive to… • Be a great company with great jobs and great rewards. • Be a company known for building great relationships. Our Goals: • Be leaders in the Coca-Cola system. • Generate long-term growth in shareholder value. 12 Consolidated Statements of Operations Fiscal Year In Thousands (Except Per Share Data) 2004 2003 2002 Net sales $1,256,482 $1,210,765 $1,198,335 Cost of sales, excluding depreciation expense shown below 656,272 626,598 620,076 Gross margin 600,210 584,167 578,259 Selling, delivery and administrative expenses, excluding depreciation expense shown below Depreciation expense Amortization of intangibles Income from operations Interest expense Minority interest Income before income taxes Income taxes Net income Basic net income per share Diluted net income per share 441,946 421,306 406,206 70,798 3,117 76,485 3,105 76,075 2,796 84,349 83,271 93,182 43,983 3,816 36,550 14,702 41,914 3,297 38,060 7,357 49,120 5,992 38,070 15,247 21,848 $ 30,703 $ 22,823 2.41 $ 3.40 $ 2.41 $ 3.40 $ 2.58 2.56 $ $ $ Weighted average number of common shares outstanding 9,063 9,043 8,861 Weighted average number of common shares outstanding – assuming dilution 9,063 9,043 8,921 13 Consolidated Balance Sheets In Thousands (Except Share Data) ASSETS Current assets: Cash Accounts receivable, trade, less allowance for doubtful accounts of $1,678 and $1,723 Accounts receivable from The Coca-Cola Company Accounts receivable, other Inventories Cash surrender value of life insurance Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Leased property under capital leases, net Other assets Franchise rights, net Goodwill, net Other identifiable intangible assets, net Total Jan. 2, 2005 Dec. 28, 2003 $ 8,885 $ 18,044 82,036 7,049 9,637 48,886 7,935 82,222 18,112 10,663 36,891 27,765 6,981 164,428 200,678 418,853 76,857 25,270 520,672 102,049 5,934 446,708 43,109 27,653 520,672 102,049 9,051 $1,314,063 $1,349,920 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Portion of long-term debt payable within one year Current portion of obligations under capital leases Accounts payable, trade Accounts payable to The Coca-Cola Company Other accrued liabilities Accrued compensation Accrued interest payable Total current liabilities Deferred income taxes Pension and postretirement benefit obligations Other liabilities Obligations under capital leases Long-term debt Total liabilities Commitments and Contingencies Minority interest Stockholders’ Equity: Common Stock, $1.00 par value: Authorized-30,000,000 shares; Issued-9,704,951 shares Class B Common Stock, $1.00 par value: Authorized-10,000,000 shares; Issued-3,048,866 shares and 3,028,866 shares Capital in excess of par value Retained earnings Accumulated other comprehensive loss Less-Treasury stock, at cost: Common-3,062,374 shares Class B Common-628,114 shares Total stockholders’ equity Total Jan. 2, 2005 Dec. 28, 2003 $ 8,000 $ 1,826 30,989 18,223 50,409 17,186 11,864 138,497 170,437 42,361 80,401 79,202 700,039 78 1,337 39,493 11,780 51,708 18,999 10,924 134,319 156,094 50,842 74,457 44,226 802,639 1,210,937 1,262,577 38,687 34,871 9,704 9,704 3,049 98,255 40,488 (25,803) 3,029 97,220 27,703 (23,930) 125,693 113,726 60,845 409 64,439 60,845 409 52,472 $1,314,063 $1,349,920 15 Consolidated Statements of Cash Flows In Thousands Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense Amortization of intangibles Deferred income taxes Losses on sale of property, plant and equipment Amortization of debt costs Amortization of deferred gains related to terminated interest rate agreements Minority interest Increase in current assets less current liabilities Decrease in other noncurrent assets Increase in other noncurrent liabilities Other Total adjustments Fiscal Year 2004 2003 2002 $ 21,848 $ 30,703 $ 22,823 70,798 3,117 14,244 752 1,101 (1,945) 3,816 (8,098) 531 11,596 101 96,013 76,485 3,105 7,357 1,182 1,082 (2,082) 3,297 (13,212) 914 12,685 (182) 76,075 2,796 14,953 3,381 809 (1,927) 5,992 (15,645) 12,700 10,358 (357) 90,631 109,135 Net cash provided by operating activities 117,861 121,334 131,958 Cash Flow from Financing Activities Proceeds from the issuance of long-term debt Payment of long-term debt Repayment of current portion of long-term debt Proceeds from (repayment of) lines of credit, net Cash dividends paid Principal payments on capital lease obligations Termination of interest rate swap agreements Proceeds from settlement of forward interest rate agreements Debt issuance costs paid Proceeds from exercise of stock options Other (85,000) (78) (9,600) (9,063) (1,843) 100,000 (50,000) (35,039) (20,000) (9,043) (1,340) 3,135 (1,039) 150 (644) 150,000 (251,708) 37,600 (8,861) (1,748) (2,229) (3,617) 7,162 1,214 Net cash used in financing activities (105,434) (13,970) (72,187) Cash Flows from Investing Activities Additions to property, plant and equipment Proceeds from the sale of property, plant and equipment Proceeds from the redemption of life insurance policies Acquisitions of companies, net of cash acquired Net cash used in investing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year Significant non-cash investing and financing activities Capital lease obligations incurred Issuance of Class B Common Stock in connection with stock award (52,860) 2,225 29,049 (57,795) 2,845 (57,317) 7,506 (52,563) (8,679) (21,586) (107,513) (58,490) (9,159) (149) 18,044 18,193 1,281 16,912 $ 8,885 $ 18,044 $ 18,193 $ 37,307 $ 1,055 877 $ 42,180 768 1,254 Consolidated Statements of Changes in Stockholders’ Equity Common Stock Class B Common Stock Capital in Excess of Par Value Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Loss Treasury Stock Total $9,454 $2,989 $ 91,004 $(12,307) $ (12,805) $ (61,254) $ 17,081 In Thousands Balance on December 30, 2001 Comprehensive income (loss): Net income Net gain (loss) on derivatives, net of tax Net change in minimum pension liability adjustment, net of tax Total comprehensive income (loss) Cash dividends paid Common ($1.00 per share) Class B Common ($1.00 per share) Issuance of Class B Common Stock Exercise of stock options Tax adjustment related to stock options 20 250 (3,197) (1,191) 748 6,912 1,710 1,821 (9,637) 22,823 (3,282) (1,191) 22,823 1,821 (9,637) 15,007 (6,479) (2,382) 768 7,162 1,710 Balance on December 29, 2002 $9,704 $3,009 $ 95,986 $ 6,043 $ (20,621) $ (61,254) $ 32,867 Comprehensive income (loss): Net income Net gain (loss) on derivatives, net of tax Net change in minimum pension liability adjustment, net of tax Total comprehensive income (loss) Cash dividends paid Common ($1.00 per share) Class B Common ($1.00 per share) Issuance of Class B Common Stock (62) (3,247) 30,703 (6,642) (2,401) 30,703 (62) (3,247) 27,394 (6,642) (2,401) 1,254 20 1,234 Balance on December 28, 2003 $9,704 $3,029 $ 97,220 $ 27,703 $ (23,930) $ (61,254) $ 52,472 Comprehensive income (loss): Net income Net gain (loss) on derivatives, net of tax Net change in minimum pension liability adjustment, net of tax Total comprehensive income (loss) Cash dividends paid Common ($1.00 per share) Class B Common ($1.00 per share) Issuance of Class B Common Stock 62 (1,935) 21,848 (6,642) (2,421) 21,848 62 (1,935) 19,975 (6,642) (2,421) 1,055 20 1,035 Balance on January 2, 2005 $9,704 $3,049 $98,255 $ 40,488 $(25,803) $(61,254) $64,439 17 Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Coca-Cola Bottling Co. Consolidated: We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of Coca-Cola Bottling Co. Consolidated as of January 2, 2005 and December 28, 2003, and for each of the three years in the period ended January 2, 2005, management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of January 2, 2005 and the effectiveness of the Company’s internal control over financial reporting as of January 2, 2005; and in our report dated March 14, 2005, we expressed unqualified opinions thereon. The consolidated financial statements and management’s assessment of the effectiveness of internal control over financial reporting referred to above (not presented herein) are included in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2005. In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived. Charlotte, North Carolina March 14, 2005 Board of Directors Executive Officers J. Frank Harrison, III Chairman of the Board of Directors and Chief J. Frank Harrison, III Chairman of the Board of Directors and Chief Executive Officer Coca-Cola Bottling Co. Consolidated H. W. McKay Belk President and Chief Merchandising Officer Belk, Inc. Sharon A. Decker Chief Executive Officer The Tapestry Group, LLC William B. Elmore President and Chief Operating Officer Coca-Cola Bottling Co. Consolidated James E. Harris Executive Vice President and Chief Financial Officer MedCath Corporation Deborah S. Harrison Affiliate Broker Fletcher Bright Companies Ned R. McWherter Former Director of Piedmont Natural Gas Co., Inc. and Volunteer Distributing Co., Inc. Former Governor of the State of Tennessee John W. Murrey, III Assistant Professor Appalachian School of Law Robert D. Pettus, Jr. Vice Chairman of the Board of Directors Coca-Cola Bottling Co. Consolidated Carl Ware Retired Executive Vice President Public Affairs and Administration The Coca-Cola Company Dennis A. Wicker Partner Helms Mulliss & Wicker, PLLC Former Lieutenant Governor of the State of North Carolina Executive Officer William B. Elmore President and Chief Operating Officer Robert D. Pettus, Jr. Vice Chairman of the Board of Directors Henry W. Flint Executive Vice President and Assistant to the Chairman David V. Singer Executive Vice President and Chief Financial Officer Clifford M. Deal, III Vice President, Treasurer Norman C. George Senior Vice President, Chief Marketing and Customer Officer Ronald J. Hammond Senior Vice President, Operations Kevin A. Henry Senior Vice President, Human Resources Umesh M. Kasbekar Vice President, Planning and Administration C. Ray Mayhall, Jr. Senior Vice President, Sales Lauren C. Steele Vice President, Corporate Affairs Steven D. Westphal Vice President, Controller Jolanta T. Zwirek Senior Vice President, Chief Information Officer 19 Corporate Information Transfer Agent and Dividend Disbursing Agent The Company’s transfer agent is responsible for stockholder records, issuance of stock certificates and distribution of dividend payments and IRS Form 1099s. The transfer agent also administers plans for dividend reinvestment and direct deposit. Stockholder requests and inquiries concerning these matters are most efficiently answered by corresponding directly with Wachovia Bank, N.A., Attention: Corporate Trust Client Services NC-1153, 1525 West W. T. Harris Blvd., 3C3, Charlotte, North Carolina 28288-1153. Communication may also be made by calling Toll-Free (800) 829-8432, Local (704) 590-7373 or Fax (704) 590-7598. Stock Listing Nasdaq National Market System Nasdaq Symbol – COKE Company Website www.cokeconsolidated.com The Company makes available free of charge through its Internet website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. Corporate Office The corporate office is located at 4100 Coca-Cola Plaza, Charlotte, North Carolina 28211. The mailing address is Coca-Cola Bottling Co. Consolidated, P. O. Box 31487, Charlotte, NC 28231. Annual Meeting The Annual Meeting of Stockholders of Coca-Cola Bottling Co. Consolidated will be held at Snyder Production Center, 4901 Chesapeake Drive, Charlotte, North Carolina 28216, on May 4, 2005, at 10 a.m. local time. Form 10-K and Code of Ethics for Senior Financial Officers A copy of the Company’s annual report to the Securities and Exchange Commission (Form 10-K) and its Code of Ethics for Senior Financial Officers is available to stockholders without charge upon written request to David V. Singer, Executive Vice President and Chief Financial Officer, Coca-Cola Bottling Co. Consolidated, P. O. Box 31487, Charlotte, North Carolina 28231. This information may also be obtained from the Company’s website listed above. 4l00 Coca-Cola Plaza • Charlotte, North Carolina 282ll Mailing Address: Post Office Box 3l487 • Charlotte, NC 2823l • 704.557.4400 www.cokeconsolidated.com 

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