Coca-Cola Consolidated Annual Report 2007

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FY2007 Annual Report · Coca-Cola Consolidated

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Our Business • 2Letter to Shareholders • 2

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 approximately 19 million people. Coca‑Cola Bottling

Co. Consolidated is listed on The NASDAQ Stock Market

(Global Select Market) under the symbol COKE.

This annual report is printed on recycled paper.

FINANCIAL SUMMARY*

In Thousands

Fiscal Year

(Except Per Share Data)

2007

2006

2005

Net sales
Gross margin
Income before income taxes
Income taxes
Net income
Basic net income per share

Common Stock
Class B Common Stock

Diluted net income per share
Common Stock
Class B Common Stock

$1,435,999
621,134
32,239
12,383
19,856

$1,431,005
622,579
31,160
7,917
23,243

$1,380,172
618,911
38,752
15,801
22,951

$
$

2.18
2.18

2.17
2.17

$
$

2.55
2.55

2.55
2.54

$
$

2.53
2.53

* 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 30, 2007. The fiscal years presented are the 52-week periods ended December 30, 2007, December 31,
2006, and January 1, 2006.

This Summary Annual Report includes forward-looking statements that reflect management’s current
outlook for future periods. These statements relate to, among other things, continued capital
spending discipline in 2008; the consumer trend away from sparkling beverages; significant growth in
sales and gross margin from our enhanced-water category, fruit/vegetable juice product category and
other still beverages; focus on our own proprietary brands; a marketing emphasis on the strengths of
our entire cola portfolio of Coke, Diet Coke and Coke Zero; innovation of sparkling beverage
packaging; continued additions of stock keeping units (SKUs) in 2008 and the challenge this creates;
the CooLift» delivery system and the potential to transform our delivery process and the related cost
structure; the upgrade of our sales order handheld devices; the upgrade of our demand-planning
software; installation of an automated, state-of-the-art order assembly system will greatly improve
order assembly accuracy while reducing costs; an expanded dual packaging strategy; new immediate
consumption technology; and our positive outlook for the future. 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 30, 2007. The
Company undertakes no obligation to publicly update or revise any forward-looking statements.

Letter to
Shareholders

2 • Letter to Shareholders

DDear Shareholders:

In 2007, our Company faced one of its most challenging years in its
106‑year history. Significant raw material cost increases, dramatically
escalating energy prices, increasingly competitive product categories
and a continued softness in demand for carbonated – or sparkling
– soft drinks presented unprecedented challenges. Despite these
obstacles, Coca‑Cola Bottling Co. Consolidated (“Coke Consoli‑
dated”) generated solid operating results with net income of
$19.9 million, or basic net income per share of $2.18.

Last year, we invested in the business by reorganizing our franchise
business to improve operating efficiencies and offset, to some extent,
these increased raw material costs. While we believe this restruc‑
turing is beneficial to our long‑term performance, we did incur
after‑tax costs of $1.7 million, which negatively impacted our basic
net income per share by $0.18. Without these restructuring costs in
2007, our net income totaled $21.6 million, which equates to basic
net income per share of $2.36. This was a solid performance com‑
pared to net income in 2006 of $23.2 million, or basic net income
per share of $2.55, especially when considering the 2006 results

included a favorable benefit of $4.9 million, or basic net

income per share of $0.54, due to a reduction in income
tax expense as a result of agreements with state taxing
authorities to settle certain tax positions.

We also continued our focus on improving the finan‑
cial strength of our Company in 2007. We reduced
our debt and capital lease obligations, net of cash,
by approximately $38 million and strengthened our
market position with a number of key customers. Also,
the debt‑reduction strategy we began in 2000 has suc‑
cessfully lowered our total debt (including capital leases
and our Piedmont Bottling subsidiary for all years)
from approximately $1.04 billion to $679 million at

the end of 2007. This strategy has helped improve our profitability
as interest expense has been reduced from $67.4 million in 2000 to
$47.6 million in 2007.

While 2007 was a successful year, it was clearly a tale of two halves,
with strong net sales, gross margin and net income in the first half
and decidedly different results in the last half. We are disappointed
in the second‑half results; however, it is important to consider the
dramatic cost increase in key raw materials. International instabil‑
ity and rising global demand for energy drove oil prices to $100
per barrel, pushing certain commodity costs, particularly diesel, to
all‑time highs. The increase in oil prices also directly contributed to
double‑digit cost increases for sweetener. For the second year in a
row, the demand for ethanol and other corn byproducts caused prices
for corn‑based sweeteners to rise approximately 21 percent from the
previous year. In addition, aluminum can prices were up approxi‑
mately 18 percent in 2007.

To best address these challenges, the Company focused intensely
on managing controllable expenses, in particular improving the
efficiency and effectiveness of our supply chain. Further, we were
very measured in capital spending in 2007, and will continue this
discipline in 2008 while making the necessary investments to achieve
long‑term success.

Traditional sparkling beverages are our largest‑selling product cat‑
egory, representing more than 80 percent of our total sales. Sales in
this category continued to decline in 2007 due to reduced purchase
frequency. There are many reasons for this, including the impact of
higher retail pricing, a lack of effective innovation in the category
and an increasing number of alternative beverages. This consumer
trend away from sparkling beverages presents us with both challenges
and opportunities.

Our Business • 3Letter to Shareholders • 3
Letter to Shareholders • 3

In 2007, we made real progress in addressing this issue. Our partners
at The Coca‑Cola Company made significant investments in the
fast‑growing still beverage category with purchases of the FUZE® and
glacéau® companies. Glacéau’s vitaminwater® and smartwater® lineups
are outstanding products with strong consumer appeal. Vitaminwa‑
ter already dominates the enhanced‑water category, and given our
customer relationships and distribution capabilities, we expect to sig‑
nificantly increase the growth trajectory for this brand. FUZE® has an
outstanding line of premium juice drinks and teas, as well as a strong
entry in the energy drink category under the NOS® trademark.

We also completed a distribution agreement with Campbell’s®
to sell a number of its vegetable and fruit drinks, including
V8® 100% Vegetable Juice drinks, V8 V‑Fusion® juice drinks and
V8 Splash® juice drinks in certain package sizes for specific channels
of trade.

The combination of these new products, along with our existing
Minute Maid® product line, gives us leadership in the fruit/vegetable
juice product category in all immediate consumption channels. We
are very bullish on this expanded and enhanced portfolio of bever‑
ages and expect it to deliver significant growth in sales and gross
margin going forward.

During the past several years, we have talked about our transforma‑
tion from a traditional soft drink bottler primarily selling sparkling
beverages into a total nonalcoholic beverage company. We believe
2007 demonstrates the most material advancement to date. We
added the aforementioned products on a staged basis in the latter
part of 2007, and this transformation provides us with real momen‑
tum moving into 2008. In addition, we remain focused on creating
and building our own proprietary brands as a vital part of our long‑
term strategy.

We are excited about the expanded brand portfolio, but also
recognize the critical importance of sparkling beverages. We are
particularly encouraged by consumers’ embrace of Coca‑Cola Zero,
and we believe a marketing emphasis on the strengths of our entire
cola portfolio of Coke, Diet Coke and Coke Zero will be a winning
strategy. This “Red‑Silver‑Black” portfolio strategy tells consumers we
can deliver the best cola taste – with or without calories – with this
family of mega brands.

One critical component in re‑energizing sparkling beverages is pack‑
aging. The new 20‑ounce “grip” bottle introduced in 2007 enjoyed
positive consumer acceptance. In 2008, we will continue to innovate
our sparkling beverage packaging, including the broad‑scale availabil‑
ity of eight‑pack eight‑ounce cans and the introduction of a number
of other exciting packaging offerings.

While our expanded brand and package portfolio creates great
opportunities in the marketplace, the additions also create challenges
in sales, warehousing and delivery. We added more than 125 new
stock keeping units (SKUs) in 2007, and today we sell approximately
500 different brand and package combinations. This is a four‑fold
increase in the past eight years, and we expect this trend to continue
for the foreseeable future. As a result, we continue to work diligently
to improve our sales forecasting, product ordering, manufacturing,
warehousing, distribution and delivery processes to better address the
challenges this expanded product portfolio creates.

A prime example of this effort is our patented CooLift® delivery sys‑
tem, which we have implemented in a number of our sales locations
and continue to refine. We believe this new delivery system not only
has the potential to transform our delivery process, but also the cost
structure of Coke Consolidated’s delivery system. The CooLift®
system has already attracted the interest of other bottlers and

4 • Letter to Shareholders

distributors. As we continue to develop and refine the system and the
processes that support Coke Consolidated, we will also pursue these
interested companies.

There is no question 2007 was a challenging year for Coke Consoli‑
dated – and we anticipate many of those challenges to continue in
2008. However, we maintain a very positive long‑term outlook because
we have a sound business plan, the right company culture, and truly
great people who give their all each and every day. It is also important
for us to remember we are stewards of one of the best‑known and
highly respected brand names in the world, something we take
very seriously.

At Coke Consolidated, we have a unique and well‑defined culture. We
are proud that the Coke Consolidated employees embrace the values of
honesty, morality, respectfulness, accountability, courage, discipline and
optimism. We believe having these values at the center of our decision‑
making, and as a guiding foundation for the way we conduct business,
gives us an edge in the highly complex and rapidly changing environ‑
ment in which we compete.

Thank you for the opportunity to serve you. We look forward to an
exciting 2008.

J. Frank Harrison, III
Chairman of the Board and

Chief Executive Officer

William B. Elmore
President and Chief

Operating Officer

Our Business • 5Letter to Shareholders • 5

talented, dedicated team at Coke Consolidated responded to these chal‑
lenges and delivered remarkably solid results.

WWhile 2007 was indeed a challenging year, we are encouraged that the

As we reflect on 2007 and begin 2008, there are many positive things
to celebrate. First and foremost are our people. The increasing pace of
change in the beverage industry promises to accelerate even more. To
continue to be a Coca‑Cola system and industry leader, we are focus‑
ing our human‑resource efforts on identifying the critical needs of the
organization. We recognize our success is dependent on leadership at
all levels in the Company. We are making great strides developing our
ability to lead change through more effective employee communication,
leadership development and succession planning.

Many of the initiatives we began several years ago have started to pay
dividends in operational improvements and better equip the Company
to perform well in another challenging year.

The team will undertake several new initiatives in 2008 to help meet
our challenges. One critical need is to upgrade our sales order hand‑
held devices and applications to handle the proliferation of SKUs and
provide additional advanced functionality to our sales account manag‑
ers. We also plan to upgrade our demand‑planning software to better
forecast sales, manage raw materials, source and ship product and
manage inventory levels. Further, we will fine‑tune our order assembly
capability to improve our handling of low‑velocity SKUs.

Another major initiative and capital expenditure for 2008 will be the
installation of an automated, state‑of‑the‑art order assembly system in
our Charlotte production center. We believe this sophisticated manu‑
facturing process – the first of its kind in the soft drink industry – will
greatly improve order assembly accuracy while reducing costs.

Our
Business

6 • Our Business

“Red-Silver-Black” – a strategy that works.

In 2007, we initiated two tests that we believe will help re‑energize
our immediate consumption business. Our intelligent vending test
in the Myrtle Beach, S.C., market equips each full‑service vend‑
ing machine with a radio transmitter that communicates data to a
sophisticated computer program. This technology alerts us when‑
ever a vending machine has a mechanical malfunction requiring
repair, and allows us to optimize delivery frequency, product selec‑
tion and inventory levels.

The 20‑ounce package has been a longtime staple in convenience
stores and a significant source of margin for our business. But as
raw material costs have risen, the retail price of the 20‑ounce pack‑
age has also increased. Simultaneously, there has been an explosion
of nonalcoholic beverage choices competing for the consumer’s
purchase decision in convenience stores. These two factors have led
to a steady decline in our 20‑ounce volume in the past several years.
In response, we tested a dual package strategy – a combination of
a 16‑ounce package, more attractively priced than the 20‑ounce,
coupled with either a 24‑ounce or one‑liter package at a higher, but
still attractive price. This test produced promising results, and we
will expand this effort in 2008.

Many of the Company’s selling territories suffered from a near‑
record drought in 2007, with local and state governments imposing
a wide range of water‑use restrictions. Fortunately, Coke Consoli‑
dated recognized the importance of being good stewards of this
precious resource years ago. We are proud that our production
centers exceed industry standards for water‑usage efficiencies, and
our production facilities are among the most water‑efficient in the
world. In fact, the Charlotte production center has been honored
with the Environmental Excellence Award by the local water utility

each of the last seven years. The Company has also been recognized
for its leadership in the use of energy‑efficient hybrid vehicles.

Embracing change can be unsettling for individuals and orga‑
nizations. At Coke Consolidated, our employees have not only
embraced change, but are committed to leading change. This
Company has the most dedicated and talented workforce in the
industry. With their commitment, we feel confident about this great
Company’s future success, no matter the challenges. We believe the
best is yet to come.

Our Business • 7Our Business • 7

CCoca‑Cola Bottling Co. Consolidated lost a dear friend

and member of its family when John Montgomery
Belk passed away in August 2007. As a longtime board
member of our Company, he touched many lives, and
his leadership and insight will be missed. His legacy as
a business leader, public servant and philanthropist will
forever be remembered, as John Belk gave generously of
himself for the betterment of the Charlotte community,
the state and world.

John Belk served as the chief executive officer of the
Belk department store organization for more than 50
years. He also held many key leadership roles on the
local, state and national levels, including his service
as president of the Charlotte Chamber of Commerce
and as Mayor of the City of Charlotte from 1969
to 1977. As Charlotte’s mayor, he presided over an
unprecedented period of growth and prosperity during
which Charlotte became a thriving city and major
center for finance, commerce and air transportation.
His administration set a positive example of how
business and government can work together to build a
better community.

John Belk was a devoted husband, father and
grandfather, respectively, to his wife of 36 years, Claudia
Watkins Belk, his daughter, Mary Claudia Pilon, and
his three grandchildren.

John Belk cared deeply for his company, his
community, his church and his family. Coca‑Cola
Bottling Co. Consolidated is honored to have had his
wisdom as a board member, and we will always cherish
his memory.

John Montgomery Belk
1920-2007

CONSOLIDATED STATEMENTS OF OPERATIONS

Fiscal Year

In Thousands (Except Per Share Data)

2007

2006

2005

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 Stock

shares outstanding

Class B Common Stock
Weighted average number of Class B Common Stock

shares outstanding

Diluted net income per share:
Common Stock
Weighted average number of Common Stock
shares outstanding — assuming dilution

Class B Common Stock
Weighted average number of Class B Common Stock

shares outstanding — assuming dilution

$1,435,999
814,865

$1,431,005
808,426

$1,380,172
761,261

621,134

538,806
445

81,883

47,641
2,003

32,239
12,383

622,579

537,365
550

84,664

50,286
3,218

31,160
7,917

618,911

525,903
880

92,128

49,279
4,097

38,752
15,801

19,856

23,243

22,951

2.18

2.55

2.53

6,644

6,643

2.18

2.55

2.53

2,480

2,460

2,440

2.17

2.55

2.53

9,141

9,120

9,083

2.17

2.54

2.53

2,497

2,477

2,440

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 30, 2007.

Our Business • 99

CONSOLIDATED BALANCE SHEETS

In Thousands (Except Share Data)

ASSETS

Current assets:
Cash and cash equivalents
Accounts receivable, trade, less allowance for doubtful accounts

of $1,137 and $1,334, 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. 30,
2007

Dec. 31,
2006

9,871

61,823

92,499
3,800
7,867
63,534
20,758

198,329

359,930
70,862
35,655
520,672
102,049
4,302

91,299
4,915
8,565
67,055
13,485

247,142

384,464
69,851
35,542
520,672
102,049
4,747

$1,291,799

$1,364,467

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-30,000,00 shares; Issued-9,706,051 and

9,705,551 shares, respectively

Class B Common Stock, $1.00 par value:

Authorized-10,000,000 shares; Issued-3,107,766 and

3,088,266 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. 30,
2007

Dec. 31,
2006

7,400
2,602
51,323
11,597
54,511
23,447
8,417
159,297
168,540
32,758
93,632
77,613
591,450
1,123,290

$ 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
1,224,512

48,005

46,002

9,706

9,705

3,107
102,469
79,227
(12,751)
181,758

3,088
101,145
68,495
(27,226)
155,207

60,845
409
120,504
$1,291,799

60,845
409
93,953
$1,364,467

Our Business • 1111

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
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
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
Proceeds (payment) of lines of credit, net
Cash dividends paid
Excess tax benefits from stock-based compensation
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

Fiscal Year

2007

2006

2005

$ 19,856

$ 23,243

$ 22,951

67,881
445
(4,165)
445
2,678
1,171
(1,698)
2,003
1,947
1,058
3,854
23

75,642

95,498

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

102,897

102,094

(48,226)
8,566
(3,377)

(63,179)
2,454
(2,338)
(243)

(39,992)
4,443

(43,037)

(63,306)

(35,549)

(100,000)
7,400
(9,124)
173
(2,435)

(39)
(6,500)
(9,103)

(1,696)

(427)

(38)

(8,550)

(1,500)
(9,084)

(1,826)
(15,554)
692

(104,413)

(17,376)

(35,822)

(51,952)

61,823

22,215

39,608

30,723

8,885

9,871

$ 61,823

$ 39,608

929
5,144

860

$ 1,141

164,757

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

In Thousands

Balance on January 2, 2005
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

Common
Stock

Class B
Common
Stock

Capital in
Excess of
Par Value

Retained
Earnings

Accumulated
Other
Comprehensive
Loss

Treasury
Stock

Total

$9,704

$3,049 $ 98,255 $ 40,488

$ (25,803)

$ (61,254) $ 64,439

(4,313)

22,951

(6,643)
(2,441)

22,951

(4,313)

18,638

(6,643)
(2,441)
1,141

—

(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)

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

Comprehensive income:
Net income
Foreign currency translation adjustments,

net of tax

Pension and postretirement benefit 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
Stock compensation expense
Conversion of Class B Common Stock

into Common Stock

14,452

19,856

(6,644)
(2,480)

19,856

14,452

34,331

(6,644)
(2,480)
—
1,344

—

(20)
1,344

(1)

Balance on December 30, 2007

$9,706 $3,107 $102,469 $79,227

$(12,751)

$(61,254) $120,504

Our Business • 1313

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 30, 2007
and December 31, 2006, and for each of the three years in the period ended December 30, 2007 (not presented
herein) appearing in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ending
December 30, 2007; and in our report dated March 12, 2008, we expressed an unqualified opinion on those
consolidated financial statements.

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.

PricewaterhouseCoopers LLP
Charlotte, North Carolina
March 12, 2008

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

William B. Elmore
President and Chief Operating Officer
Coca-Cola Bottling Co. Consolidated

Henry W. Flint
Vice Chairman of the Board of Directors
Coca-Cola Bottling Co. Consolidated

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

James H. Morgan
President and Chief Executive Officer
Krispy Kreme Doughnuts, Inc.

John W. Murrey, III
Assistant Professor
Appalachian School of Law

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

Henry W. Flint
Vice Chairman of the Board of Directors

Steven D. Westphal
Executive Vice President of Operations and Systems

William J. Billiard
Vice President, Controller and Chief Accounting Officer

Clifford M. Deal, III
Vice President, Treasurer

Norman C. George
President, ByB Brands, Inc.

James E. Harris
Senior Vice President and Chief Financial Officer

Kevin A. Henry
Assistant to the President and

Chief Human Resources Officer

Umesh M. Kasbekar
Senior Vice President, Planning and Administration

Melvin F. Landis, III
Senior Vice President, Chief Marketing and

Customer Officer

Lauren C. Steele
Vice President, Corporate Affairs

Jolanta T. Zwirek
Senior Vice President and Chief Information Officer

15
Our Business • 1515

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
NASDAQ Symbol – COKE

Select

Market)

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 29, 2008, 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 James E. Harris, 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.

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

1 • Letter to Shareholders