Coca-Cola Bottling Co. Consolidated
is the second largest Coca-Cola bottler
in the United States. We are a leader in
manufacturing, marketing and distribution
of soft drinks. With corporate offices in
Charlotte, N.C., we have operations in
11 states, primarily in the Southeast. The
Company has one of the highest per capita
soft drink consumption rates in the world
and manages bottling territories with a
consumer base of 18.7 million people.
Coca-Cola Bottling Co. Consolidated is
listed on the NASDAQ Stock Market (Global
Market) under the symbol COKE.
This annual report is printed on recycled paper.
Fiscal Year
Financial Summary*
______________________________________
In Thousands
(Except Per Share Data)
_______________________________________________________________
$1,267,227
Net sales
600,693
Gross margin
36,550
Income before income taxes
14,702
Income taxes
21,848
Net income
Basic net income per share
$1,431,005
622,579
31,160
7,917
23,243
$1,380,172
618,911
38,752
15,801
22,951
2005 2004
2006
Common Stock
Class B Common Stock
$ 2.55
$ 2.55
$ 2.53
$ 2.53
$ 2.41
$ 2.41
Diluted net income per share
Common Stock
Class B Common Stock
$ 2.55
$ 2.54
$ 2.53
$ 2.53
$ 2.41
$ 2.41
* The financial information in this 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 the financial condition and results of operations, which are included in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006. The fiscal years
presented are the 52-week periods ended December 31, 2006, and January 1, 2006, and the 53-week
period ended January 2, 2005.
This Summary Annual Report includes forward-looking statements that reflect management’s
current outlook for future periods. These statements relate to, among other things, future growth
in the nonalcoholic beverage business; growth potential in carbonated soft drinks, or sparkling
beverages; stock keeping units (SKUs) approaching 1,000 units in the near future; introduction
of a number of new nonalcoholic beverage products in 2007; unprecedented cost of goods
increases in 2007; restructuring costs in 2007; continued conversion of operations in 2007
to incorporate the CooLift® delivery system and the six-day delivery cycle; rolling out a new
service management system for our fountain and vending equipment services function; and
new business initiatives providing tangible financial results during the next three to 10 years.
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 Risk Factors section and the detailed cautionary information
regarding forward-looking statements in the Company’s
Annual Report on Form 10-K for the fiscal year
ended December 31, 2006. The Company
undertakes no obligation to publicly
update or revise any forward-
looking statements.
D
ear Shareholders:
The soft drink industry has faced con-
siderable challenges during the past several
years, and 2006 was no exception. Among
the obstacles we faced were significant
increases in raw material costs, escalating
energy costs, market pricing pressures and
insufficient innovation to address con-
sumers’ desire for enhanced variety.
Nevertheless, Coca-Cola Bottling Co.
Consolidated (CCBCC) realized a strong
fourth quarter in 2006 with net income
of $8.6 million, or $.94 per basic share,
compared to $1.9 million, or $.21 per
basic share, for the fourth quarter of 2005.
CCBCC’s new sleek
can packaging brings a
renewed energy to the
“make” portion of our
mission statement.
CCBCC earned $23.2 million in 2006,
or $2.55 per basic share, compared to
$23.0 million, or $2.53 per basic share,
the previous year.
CCBCC’s net income in the fourth
quarter and full year of 2006 reflected the
favorable impact of a $4.9 million reduction
in income tax expense. This was the result of
agreements with state taxing authorities to
settle certain tax positions. These favorable
tax settlements impacted basic net income
per share by $.54 for the fourth quarter
and full year of 2006. The Company’s net
income in the full year of 2005 reflected the
favorable impact of $4.2 million after tax, or
$.46 per basic share, as a result of proceeds
received from the settlement of litigation
related to high fructose corn syrup. This gain
was offset partially by the impact of financ-
ing transaction costs of $1.0 million, or $.11
per basic share.
While traditional sugar carbonated soft
drinks remain our largest-selling product
category, sales in this category continue
to decline as consumers increasingly opt
for more variety and different alternatives
for hydration and liquid refreshment. The
numerous reasons for this shift include an
2 • Letter to Shareholders
increased consumer desire for specialization
and personalization in their beverage
choices, as well as an increasing focus by
some consumers on health and wellness.
Even though sugar carbonated soft drink
sales are declining, the total nonalcoholic
beverage business is growing steadily. Con-
sumers are indeed drinking more nonalco-
holic beverages than ever, and this steady
growth is projected well into the future.
Accordingly, CCBCC has begun moving
beyond the parameters of a traditional soft
drink bottler and is in the process of trans-
forming itself to better capitalize on this
changing environment.
Carbonated soft drinks, or sparkling
beverages, continue to make up the major-
ity of our business, and we remain com-
mitted to being the very best soft drink
bottler possible. We are encouraged by The
Coca-Cola Company’s energized focus on
sparkling beverages, and with the right
brand and packages, we believe there is
growth potential in this category. Current
growth in our business is coming from our
very strong low-calorie sparkling beverage
portfolio, water and other noncarbonated
drinks. To meet consumer desires, we are
introducing new products and packages
at an accelerated rate. This proliferation of
products leads to complexities, and during
the last several years, we have seen stock
keeping units (SKUs) we sell grow from
less than 200 to more than 450 today. We
anticipate this number may approach 1,000
in the near future.
Our redesigned sales and delivery sys-
tems better position us to handle this SKU
proliferation. The first step was to move
from conventional to predictive selling,
and then to implement the CooLift®
delivery system designed by the team at
CCBCC. The CooLift® delivery system
uses a newly designed powered lift and
pre-built sales orders on custom pallets to
significantly improve delivery efficiencies.
We have implemented the CooLift® system
in roughly half of CCBCC’s operations
thus far.
Since the CooLift® delivery system pre-
sents such a compelling solution for distri-
butors, we have patented the technology
Tab Energy and
Enviga are examples
of the innovative sleek
can packaging.
Letter to Shareholders • 3
and established a wholly owned subsidiary,
Swift Water Logistics, Inc., to market and
sell the delivery system to bottlers, dis-
tributors and other companies focused on
improving delivery efficiencies.
CCBCC has always been known as an
innovative company, and following that
tradition, we established a wholly owned
subsidiary, ByB Brands, Inc. (ByB), to
create and sell exciting, new nonalcoholic
beverages. ByB’s current brands include
Cinnabon Premium Coffee Lattes, the vita-
min-enhanced beverage Respect and the
noncarbonated, flavored drink Tum-E
Yummies. Cinnabon Lattes, through
a series of agreements, will soon be
available in 41 states nationwide.
Respect and Tum-E Yummies are
currently being sold in CCBCC sales
territories, and we plan to expand
the reach of both products in the
near future. We anticipate CCBCC will
introduce a number of new nonalcoholic
beverage products in 2007 to focus on
meeting the ever-changing consumer desire
for customization and variety.
As we stated at the outset, 2006 was
a challenging year, and the third quarter
was particularly disappointing. Recogniz-
ing this, your Company began reviewing
additional resource efficiencies in the fourth
quarter that enabled us to improve
our financial results. It also
properly positioned us going into 2007, a
year in which we must deal with unprec-
edented cost of goods increases, particularly
aluminum cans and sweetener. In order to
improve operating efficiencies and offset,
to some extent, the anticipated increases
in raw material costs, your Company has
reorganized and restructured its Coca-Cola
franchise business. As a result of this
restructuring, CCBCC estimates incurring
$1.5 million to $2 million for one-time
termination benefits, as well as $1.0 million
to $1.5 million for other restructuring
costs. In total, CCBCC estimates incur-
ring $3 million in expenses related to these
changes in 2007.
Your Company’s mission statement
asserts we will make, sell and deliver soft
drinks better than anyone else, and that our
values honor God. That remains at the heart
of everything we do, and our commitment
to our values and our culture is steadfast.
We recognize we are in a rapidly changing
business environment, and we believe we
are taking the necessary steps to embrace
and lead this change so we can continue to
win in 2007 and beyond. While change can
be challenging, it can also be exciting and
renewing. The challenges we face serve as a
test for us as a company, but we are opti-
mistic because we firmly believe we have the
right plan, the right culture and the right
people to lead this change.
J. Frank Harrison, III
Chairman of the Board and
Chief Executive Officer
William B. Elmore
President and Chief
Operating Officer
4 • Letter to Shareholders
M
ore than 120 years have passed
since thirsty consumers first
embraced a refreshing and delicious new
drink called Coca-Cola. Many billions of
servings later, Coca-Cola is arguably the
world’s biggest brand, and the contour
bottle is one of the most recognized sym-
bols on the planet.
When Coca-Cola Bottling Co. Con-
solidated (CCBCC) and its fellow bottling
pioneers built the soft drink industry, it was
a difficult and challenging business, but
not a complex one – one product, one
package, eager and thirsty consumers and
very few competitors.
While Coca-Cola is still the best-selling
beverage brand in the world, the industry
it spawned has become considerably more
complex. There are now thousands of bever-
age products sold in hundreds of package
and size combinations. The number of
stock keeping units (SKUs) CCBCC sells
has grown from less than 200 a few years
ago to more than 450 today, and analysts
predict that number could approach 1,000
in the near future.
Early bottlers partnered with a rapidly
growing retailer base to sell the one package
– the 6.5-ounce green glass bottle – of one
brand, Coca-Cola. Today, there are not
only hundreds of competing beverage prod-
ucts, but the retailer proposition is more
Retailers enjoy
CCBCC’s energy at
the Coca-Cola 600
Dealer Days event.
complex as well,
with fewer, larger
and more powerful
retail customers.
For much of the
industry’s history,
Coca-Cola bottlers
faced competition from
a handful of regional
brands, but there was
really only one primary
competitor. The “cola wars”
centered on taste, marketing,
availability, price and customer
service, but the consumer preference was
clear – colas were king. While colas and
other carbonated soft drinks continue to be
the largest portion of the soft drink busi-
ness, consumer preferences are changing.
Energy drinks, bottled waters, teas, vitamin-
enhanced beverages, coffee lattes and other
products are providing the “new” news
that caters to consumers looking for more
variety in their beverages.
To compete and win in this changing
environment, CCBCC must not only
recognize the changing dynamics of
the business, but embrace the
exciting opportunities these
changes present. We
believe we are
well-positioned
Our Business • 5
CCBCC’s energy
results in revolutionary
innovations like the
CooLift ® delivery system.
6 • Our Business
to lead this change
by building on the work your
Company has already undertaken in product
innovation, process innovation and redesign,
information systems enhancements, resource
efficiency and a relentless focus on our Coca-Cola
franchise sales business.
PRODUCT INNOVATION
During 2006, CCBCC established ByB Brands,
Inc. (ByB), a wholly owned subsidiary that creates
and develops beverage brands. ByB is off to an
energetic start, launching Cinnabon Premium
Coffee Lattes in CCBCC sales territories in 2006.
Early in 2007, ByB entered into distribution agree-
ments making Cinnabon Lattes available in 41
states nationwide. In addition, ByB has introduced
the vitamin-enhanced beverage Respect and the
noncarbonated, flavored drink Tum-E Yummies in
CCBCC sales territories.
We are also encouraged and energized by new
product innovations from The Coca-Cola Com-
pany. Two new product offerings include Enviga, a
green tea-based, calorie-burning beverage, and Gold
Peak, a premium tea. In addition, the announced
purchase of FUZE by The Coca-Cola Company
will give the Coke system a number of excellent
new products to satisfy consumer demands.
PROCESS INNOVATION AND REDESIGN
As we evolve into a total nonalcoholic bever-
age company, we must efficiently make, sell and
deliver the exploding number of SKUs. Again, your
Company is well-positioned to do this with the
work we began several years ago redesigning our
selling and delivery functions. As part of this work,
we moved to pre-sell, or predictive selling, which
is an essential ingredient in our overall redesign.
During 2006, we rolled out our CooLift® delivery
system to more than half of CCBCC’s operations.
The CooLift® system improves delivery
efficiencies while making the route deliv-
ery job less physically demanding for our
employees. The CooLift® system, along with
a four-day work week and a six-day delivery
cycle, enables us to significantly improve
delivery efficiencies and customer service.
We will continue the process of converting
our operations in 2007 to incorporate the
CooLift® delivery system and the six-day
delivery cycle where appropriate.
The CooLift® system could revolution-
ize the beverage industry and has attracted
much attention from other companies.
As a result, we formed another wholly
owned subsidiary, Swift Water Logistics,
Inc., to market and sell the CooLift®
system to distributors and other soft drink
bottlers. Swift Water Logistics is selling
CooLift® equipment and related consulting
services, and we are excited about its
long-term prospects.
INFORMATION SYSTEMS
ENHANCEMENTS
During the past several years, the
Company has invested considerable time
and financial resources to implement and
upgrade its information systems to facilitate
new processes and enable our employees to
quickly access information for improved
decision-making. The growth in SKUs
demands more robust information systems
and tools to manage an even more complex
beverage portfolio. Our focus has been on
developing new delivery-system applica-
tions, sales-demand planning, production
planning, inventory
and warehouse man-
agement systems and
upgraded core financial
systems. In 2007, we
plan to roll out a new
service management system
that will support and enable
improved processes and informa-
tion in our fountain and vending
equipment services function. This
function is an integral component of
our cold drink business, as it handles
the movement, repair and refurbish-
ment of our more than 200,000 cold
drink assets. The cold drink busi-
ness is a key component of our
Coca-Cola franchise business,
as it has attractive margins and
provides a great opportunity for
brand building with consumers.
We have realized significant
improvements in our informa-
tion systems in the past few
years, with more to come.
RESOURCE EFFICIENCY
We are operating in a very
difficult raw material cost envi-
ronment, with packaging, sweet-
ener and other cost of goods
expected to reach unprecedented
levels in 2007. This pressure
comes amid continued elevated
energy costs and increases in labor and
employee health care benefits. Accordingly,
we must continually assess and improve the
Gold Peak,
a premium
tea, offers
consumers an
exciting new
beverage option.
Our Business • 7
use of capital and operating resources and eliminate
unnecessary spending. We remain focused on iden-
tifying opportunities to increase the use of resources
to improve results, while streamlining operations to
reduce inefficiencies. In the first quarter of 2007, we
began streamlining operations and our organizational
structure, which primarily involved a consolidation
of the franchise business into one sales division, as
well as a reorganization of other sales, delivery, sup-
ply chain and support functions.
FOCUSING ON THE CORE BUSINESS
We are energized by the progress of our new
business initiatives. Our new business initiatives
are designed to leverage our core competencies
and complement our Coca-Cola franchise sales
business. We anticipate these new business initiatives
will provide tangible financial results during the
next three to 10 years. Having said that, our primary
focus and commitment is to the Coca-Cola franchise
sales business. This is the heart and soul of CCBCC
– yesterday, today and tomorrow. Our Company’s
mission statement sets an ambitious goal – to make,
sell and deliver soft drinks better than anyone else.
To be the best Coca-Cola bottler we can be, we will
have to continue to improve our manufacturing,
selling and delivery capabilities. We remain commit-
ted to achieving that goal.
EMBRACING AND LEADING CHANGE
CCBCC not only recognizes the imperative for
changes in the beverage business, but also embraces
it. We are excited about the challenges facing us and
the opportunities they present. We believe we have
the right plan, the right culture and the right people
to lead these changes and to win. Your Company is
fortunate to have the most resourceful and dedicated
workforce in the industry. They have been tested
time and time again, and their desire to excel – and
to win – is more evident today than ever. This is why
we are convinced that the best is yet to come.
CCBCC’s employees
use their energy and
time to give back to the
community through our
stewardship program.
8 • Our Business
Cover photography: © 2006 Harold Hinson
Consolidated Statements of Operations
Fiscal Year
In Thousands (Except Per Share Data)
2006
2005
2004
Net sales
Cost of sales
Gross margin
Selling, delivery and administrative expenses
Amortization of intangibles
Income from operations
Interest expense
Minority interest
Income before income taxes
Income taxes
Net income
Basic net income per share:
Common Stock
Weighted average number of Common shares
outstanding
Class B Common Stock
Weighted average number of Class B Common shares
outstanding
Diluted net income per share:
Common Stock
Weighted average number of Common shares
outstanding—assuming dilution
Class B Common Stock
Weighted average number of Class B Common shares
$1,431,005 $1,380,172 $1,267,227
666,534
808,426
761,261
622,579
618,911
600,693
537,365
550
525,903
880
513,227
3,117
84,664
50,286
3,218
31,160
7,917
92,128
49,279
4,097
38,752
15,801
84,349
43,983
3,816
36,550
14,702
23,243 $
22,951 $
21,848
2.55 $
2.53 $
2.41
6,643
6,643
6,643
2.55 $
2.53 $
2.41
2,460
2,440
2,420
2.55 $
2.53 $
2.41
9,120
9,083
9,063
2.54 $
2.53 $
2.41
$
$
$
$
$
outstanding—assuming dilution
2,477
2,440
2,420
These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto which are included
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
9
Consolidated Balance Sheets
In Thousands (Except Share Data)
ASSETS
Current assets:
Cash and cash equivalents
Accounts receivable, trade, less allowance for doubtful accounts
of $1,334 and $1,318, respectively
Accounts receivable from The Coca-Cola Company
Accounts receivable, other
Inventories
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
Dec. 31,
2006
Jan. 1,
2006
$
61,823 $
39,608
91,299
4,915
8,565
67,055
13,485
247,142
384,464
69,851
35,542
520,672
102,049
4,747
94,576
2,719
8,388
58,233
8,862
212,386
389,199
73,244
39,235
520,672
102,049
5,054
$1,364,467 $1,341,839
These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto which are included
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
10
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of debt
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-9,705,551 and 9,705,451 shares,
respectively
Class B Common Stock, $1.00 par value:
Authorized-10,000,000 shares; Issued-3,088,266 and 3,068,366 shares,
respectively
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Less-Treasury stock, at cost:
Common Stock-3,062,374 shares
Class B Common Stock-628,114 shares
Total stockholders’ equity
Total
Dec. 31,
2006
Jan. 1,
2006
$ 100,000 $
2,435
44,050
21,748
51,030
19,671
10,008
248,942
162,694
57,757
88,598
75,071
591,450
6,539
1,709
35,333
15,516
60,079
18,969
9,670
147,815
167,131
54,844
85,188
77,493
691,450
1,224,512
1,223,921
46,002
42,784
9,705
9,705
3,088
101,145
68,495
(27,226)
3,068
99,376
54,355
(30,116)
155,207
136,388
60,845
409
93,953
60,845
409
75,134
$1,364,467 $1,341,839
These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto which are included
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
11
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
Stock compensation expense
Amortization of deferred gains related to terminated interest rate agreements
Minority interest
(Increase) decrease in current assets less current liabilities
(Increase) decrease in other noncurrent assets
Increase (decrease) in other noncurrent liabilities
Other
Total adjustments
Net cash provided by operating activities
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
Investment in plastic bottle manufacturing cooperative
Other
Net cash used in investing activities
Cash Flows from Financing Activities
Payment of long-term debt
Payment of current portion of long-term debt
Payment of lines of credit, net
Cash dividends paid
Principal payments on capital lease obligations
Premium on exchange of long-term debt
Other
Net cash used in financing activities
Net increase (decrease) in cash
Cash at beginning of year
Cash at end of year
Significant non-cash investing and financing activities
Issuance of Class B Common Stock in connection with stock award
Capital lease obligations incurred
Exchange of long-term debt
2006
Fiscal Year
2005
2004
$ 23,243 $ 22,951
$ 21,848
67,334
550
(7,030)
1,340
2,638
929
(1,689)
3,218
5,863
3,585
2,736
180
79,654
68,222
880
3,105
775
1,967
860
(1,679)
4,097
4,042
(1,475)
(1,471)
(180)
79,143
70,798
3,117
14,244
752
1,101
1,141
(1,945)
3,816
(9,239)
531
11,596
101
96,013
102,897
102,094
117,861
(63,179)
2,454
(39,992)
4,443
(52,860)
2,225
29,049
(2,338)
(243)
(63,306)
(35,549)
(21,586)
(39)
(6,500)
(9,103)
(1,696)
(38)
(8,550)
(1,500)
(9,084)
(1,826)
(15,554)
692
(85,000)
(78)
(9,600)
(9,063)
(1,843)
150
(17,376)
(35,822)
(105,434)
22,215
39,608
30,723
8,885
(9,159)
18,044
$ 61,823 $ 39,608 $
8,885
$
860 $
1,141
$
1,055
37,307
164,757
These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto which are included
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
12
Consolidated Statements of Changes In Stockholders’ Equity
In Thousands
Balance on December 28, 2003
Comprehensive income:
Net income
Net gain on derivatives, net of tax
Net change in minimum pension liability
adjustment, net of tax
Total comprehensive income
Cash dividends paid
Common ($1.00 per share)
Class B Common ($1.00 per share)
Issuance of Class B Common Stock
Common
Stock
Class B
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
$9,704
$3,029
$ 97,220
$27,703
$(23,930)
$(61,254) $52,472
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
Comprehensive income:
Net income
Net change in minimum pension liability
adjustment, net of tax
Total comprehensive income
Cash dividends paid
Common ($1.00 per share)
Class B Common ($1.00 per share)
Issuance of Class B Common Stock
Conversion of Class B Common Stock
into Common Stock
(4,313)
22,951
(6,643)
(2,441)
22,951
(4,313)
18,638
(6,643)
(2,441)
1,141
—
20
(1)
1
1,121
Balance on January 1, 2006
$9,705
$3,068
$ 99,376
$54,355
$(30,116)
$(61,254) $75,134
Comprehensive income:
Net income
Net change in minimum pension liability
adjustment, net of tax
Total comprehensive income
Adjustment to initially apply
SFAS No. 158, net of tax
Cash dividends paid
Common ($1.00 per share)
Class B Common ($1.00 per share)
Issuance of Class B Common Stock
Stock compensation expense
23,243
(6,643)
(2,460)
5,442
(2,552)
20
840
929
23,243
5,442
28,685
(2,552)
(6,643)
(2,460)
860
929
Balance on December 31, 2006
$9,705
$3,088
$101,145 $68,495
$(27,226)
$(61,254) $93,953
These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto which are included
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
13
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
December 31, 2006 and January 1, 2006, and for each of the three years in the period ended
December 31, 2006, management’s assessment of the effectiveness of the Company’s internal control
over financial reporting as of December 31, 2006 and the effectiveness of the Company’s internal
control over financial reporting as of December 31, 2006; and in our report dated March 13, 2007, we
expressed unqualified opinions thereon (with an explanatory paragraph relating to the Company’s
change in the manner in which it accounts for pension and postretirement benefits in 2006). The
consolidated financial statements and management’s assessment of the effectiveness of internal control
over financial reporting referred to above (not presented herein) appear in Item 8 of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2006.
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 13, 2007
14
Board of Directors
Executive Officers
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 Company
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
J. Frank Harrison, III
Chairman of the Board of Directors and
Chief 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
William J. Billiard
Vice President, Controller and
Chief Accounting Officer
Clifford M. Deal, III
Vice President, Treasurer
Norman C. George
President, ByB Brands, Inc.
Kevin A. Henry
Senior Vice President, Human Resources
Umesh M. Kasbekar
Senior Vice President, Planning and
Administration
Melvin F. Landis, III
Senior Vice President, Chief Marketing and
Customer Officer
C. Ray Mayhall, Jr.
Senior Vice President, Sales
Lauren C. Steele
Vice President, Corporate Affairs
Steven D. Westphal
Senior Vice President and Chief Financial Officer
Jolanta T. Zwirek
Senior Vice President and
Chief Information Officer
15
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 American Stock Transfer & Trust
Company, 59 Maiden Lane, New York, New York 10038. Communication may also be made by
telephone Toll-Free (800) 937-5449 or via the Internet at www.amstock.com.
Stock Listing
The NASDAQ Stock Market (Global Market)
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 April 27, 2007, 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 Steven D. Westphal, Senior 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.
16
Coca-Cola Bottling Co. Consolidated
4100 Coca-Cola Plaza
Charlotte, North Carolina 28211
Mailing Address: Post Office Box 31487
Charlotte, NC 28231
704.557.4400
www.cokeconsolidated.com