Post on 05-Apr-2018
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2011 Annual Review
PASSIONATELY REREShINgA ThIRSTY WORLd
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Inspired by the worlds greatest brandand driven by a talented and passionate
team o more than 700,000 systemassociates, we are operating rom aposition o strength. Together with ourbottling partners, we are executing
against a solid, ocused vision.
2 Letter to Shareowners
5 Selected Financial Data
6 2011 Highlights
8 125th Anniversary
12 Per Capita Consumption
14 Rereshing Our System
16 Rereshing Our Business
Through Innovation18 Rereshing Our Portolio
20 Rereshing Our Approach toConsumer Engagement
22 Rereshing the CommunitiesWe Serve
24 2011 Operating Group Highlights
28 Business Prole
30 Management
32 Board o Directors
33 Shareowner Inormation
34 Company Statements35 2020 Vision
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dear ellow Sareowners:
In 2011, I was honored to represent
The CocaCola Company all over the world,
in humble villages and great, bustling cities.
Wherever I traveled, I spent time in stores,
restaurants, shops and homesthe places
where people buy and enjoy CocaCola. With
every visit, I learned something new about ourbusiness: what we are doing well and what
we canand mustdo even better.
Again and again, as I listened to consumers,
customers, bottling partners, associates and
shareowners like you, one thought kept coming
back to me: I wish all o you could see this
business the way I do.
That is quite a wish, I know. But, i you hadbeen with me this past year, you would have
experienced so many exciting and memorable
moments in our ongoing story.
CocaCola turned 125 years young in 2011,
and we celebrated by thanking all the people
who, since 1886, have made CocaCola what
it is today.
Even ater three decades in our business,I was amazed and energized by the outpouring
o aection or CocaCola. Had you been
with me last May, as we turned our Atlanta
headquarters building into an animated,
26story thank you card, I am sure you would
have elt something similar.
Late in the year, we moved our secret ormula
rom a nearby Atlanta bank to a new vault at
the World o CocaCola. Again, the worldsattentionand aectionturned to CocaCola.
The intense interest in our anniversary and
secret ormula demonstrated the enduring
power o our brands, which we continue
to strengthen.
In 2011, we ocused on realizing our
2020 Visionan aggressive but achievable
systemwide plan or growth launched at the
outset o 2010. How did our eorts measure
up against the 6 Ps o our 2020 Vision? Let us
take a look at each one: Prot, People, Portolio,Partners, Planet and Productivity.
1. Prot. In 2011, we built strong momentum
toward our 2020 goal o doubling our business
over the course o this decade. In act, across
the rst two years o our 2020 Vision, we met
or exceeded our longterm growth targets.
In 2011, we increased sparkling volume
4 percent and still volume 8 percent. All told, we
sold 26.7 billion unit cases, earning $46.5 billionin revenues. We delivered nearly 1 billion unit
A LETTER ROm OuR ChAIRmANANd ChIE ExECuTIvE OICER
Around the world, our associates set us
apart, rallying behind our 2020 Vision withocus and intensity.
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cases o incremental organic volume growth
the equivalent o adding another market the
size o Japan to our businessand increased
operating income by $1.7 billion to $10.2 billion.
We became a better competitor, gaining
market share across the world in almost
every nonalcoholic beverage category and
increasing our total market share. Early in 2012,
we announced our 50th consecutive annualdividend increase, raising our dividend
8.5 percent.
2. People. Around the world, our associates
set us apart, rallying behind our 2020 Vision
with ocus and intensity. This was as true in
Ireland, Russia and the United States, where
I helped open new plants, as it was when I
visited with associates in China, Indonesia,
Japan and a dozen other countries.
At our headquarters, one associate selessly
donated a kidney to another. In Texas, a
technician on a service call rushed to the aid
o a college student struck crossing the street,
saving her lie. And a Venezuelan associate
won fve medals at the 2011 Special Olympics
World Games in Greece.
Everywhere I went, I saw our people executingin the marketplace, delivering or our customers
and achieving extraordinary things. In the wake
o heartbreaking devastation in Japan and
Thailand, our associates inspired us all with
their strength, resilience and determination.
3. Portfolio. CocaCola and our other brands
occupy a unique place in the hearts o people
worldwide, and we did not take that position
or granted in 2011. Instead, we sought out newand better ways to enhance our ans aection
or our brands.
This eort took many orms, rom making sure
we had compelling marketing and eective
merchandising, to creating memorable moments
o connection and un, to participating in
inspiring events.
For 2011, we ramped up our eorts to win with
CocaCola, the oxygen o our business. Brand
CocaCola grew more than 3 percent or the
year, adding nearly 350 million incremental unit
cases. We also invested in our 14 other billion
dollar brands, including Minute Maid Pulpy,
which grew 20 percent in 2011.
And we introduced more consumers to
the wonders o CocaCola Freestylethe
innovative new ountain dispenser that
delivers more than 125 branded beverage
choices with less environmental impact thanour traditional legacy equipment.
4. Partners. In 2011, our Company created
tremendous economic value or those working
with us to reresh a thirsty world. Along with our
bottling partners, we became more integrated
into the growth strategies o our more than
20 million customers, helping them grow
and prosper and create jobs.
Working with our customers, we increased
immediate consumption beverages by
4 percent through enhanced instore activations
and additional colddrink equipment. In Latin
America, a new retail design initiative is helping
small traditional retailers increase oot trafc
and create more passion points in their stores.
In the United States, innovations such as
CocaCola Freestyle and our PlantBottle
package helped generate greater sales and
velocity or our partners.
5. Planet. We believe frmly in the power o
partnerships among the golden triangle
o business, government and civil society
organizations, and we have seen good
progress being made across a number o
water, packaging, energy efciency and
community empowerment programs.
One such unique environmental partnershipwas a bold initiative we launched in 2011 with
World Wildlie Fund in North America. Our
Arctic Home program was designed to help
raise awareness about the plight o polar
bears while providing unding to support
conservation eorts.
Another initiative that continued to gain traction
last year was our bold and ambitious 5 BY 20
commitment to enable the empowerment o5 million women entrepreneurs by 2020. By
yearend 2012, we expect the program to reach
CocaCola and our other brands occupya unique place in the hearts o peopleworldwide, and we did not take that positionor granted in 2011.
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300,000 women. One such person is Preeti
Gupta, a mother o three who has a small store
in her home in rural India. With a solarpowered
cooler rom CocaCola, she can now provide
cold beverages to her customers and keep her
lights on at night, enabling her children to have
more time to study.
6. Productivity. In 2011, we successully
completed a ouryear productivity program,realizing annualized savings o more than
$500 million. Meanwhile, the integration o the
North American operations o CocaCola
Enterprises into our Company moved smoothly
orward, opening up resh pathways to growth.
For the uture, I am convinced that some o
our most important business breakthroughs
will come at the intersection o sustainability
and innovation. Last year, or example, weexpanded our PlantBottle technology to more
markets, increasing distribution o the up to
30 percent plantbased packaging and
protecting our longterm cost competitiveness.
Looking ahead, we see vast opportunities
or your Company. Across the more than
200 countries we serve, our hardworking and
passionate teams are engaged in creating
value in every possible way. For our consumers.
For our customers. For our communities. Andor you, our shareowners.
We know our business can only be as strong
and sustainable as the communities we serve,
and we continue to support the economic
recovery in the United States and around the
globe. For 2012 and beyond, we will keep
striving to act as a responsible corporate citizen.
I also want you to know that I have never beenmore optimistic about CocaCola nor more
proud o our people, who did a remarkable job,
oten in challenging and difcult circumstances.
Even so, we remain constructively discontent.
We know this is a journey. In act, as we begin
our next 125 years, we do so with a proound
sense that we are just getting started.
On behal o the incredibly hardworking 146,200
women and men o The CocaCola Company,
please accept my sincerest gratitude or your
investment. We appreciate your trust andconfdence, we are dedicated to delivering
on your behal, and we could not be more
proudand humbledto have the opportunity.
Thank you,
Muhtar Kent
Chairman o the Board o Directors
and Chie Executive Ofcer
April 1, 2012
For the uture, I am convinced thatsome o our most important businessbreakthroughs will come at the intersectiono sustainability and innovation.
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SELECTEd AS REPORTEd INANCIAL dATAANd PERORmANCE AT-A-gLANCE
2011 2010Year Ended December 31,
(in millions except per share data)
2009 2008
SummARY O OPERATIONS
Net operating revenues $46,542 $35,119 $30,990 $31,944
Operating income 10,154 8,449 8,231 8,446
Net income attributable to shareowners of
The CocaCola Company 8,572 11,809 6,824 5,807
PER ShARE dATA
Basic net income $3.75 $5.12 $2.95 $2.51
Diluted net income 3.69 5.06 2.93 2.49
Cash dividends 1.88 1.76 1.64 1.52
BALANCE ShEET dATA
Total assets $79,974 $72,921 $48,671 $40,519
Longterm debt 13,656 14,041 5,059 2,781
$30,9902009
$35,1191
2010$46,5422011
NET OPERATINg REvENuES(in millions)
$8,2312009
$8,4491
2010$10,1542011
OPERATINg INCOmE(in millions)
24.42009
25.51
201026.72011
uNIT CASE vOLumE(in billions)
$8,1862009
$9,5321
2010$9,4742011
OPERATINg CASh LOW(in millions)
1 Includes the impact o the Companys acquisition o CocaCola Enterprises (CCE) Inc.s North American business and the sale o our Norway and Sweden bottling operations, which closed on October 2, 2010
1
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We are elierin on or 2020 vision. In the past two years, we
have gained global nonalcoholic readytodrink (NARTD) volume and
value share by capturing nearly 30% o industry volume growth and
nearly 40% o industry value growth; sold more than 700 million
incremental unit cases o Trademark CocaCola; placed more than
2.2 million new pieces o colddrink equipment in the marketplace
with our bottling partners; and added two juice brands to our portolio
o billion dollar brands.
2011 COmPANY ANdCOCA-COLA SYSTEm hIghLIghTS
Cappe a yearlon celebration o te 125t
anniersary o Coca-Cola by oin te secret
orla to te Worl o Coca-Cola.
Expanded our
growing roster o
billion dollar brands
to 15 with the
addition o Del Valle.
Advanced to No. 6 onFORTUNE
magazines 2011 list o the Worlds
50 Most Admired Companies, and
moved up to No. 8 onBarrons ranking
o the Worlds Most Respected
Companies.
Topped Interbrands ranking o the
100 Best Global Brands or the 12th
consecutive year. The estimated brand
value o CocaCola increased 2%
to $71.9 billion in 2011.
Continued the rollout o the CocaCola
Freestyle ountain dispenser to more
than 80 U.S. markets.
Named Marketer o the Year byAd Age
in recognition o both our worldclass
marketing and strong business results
in 2011.
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Formed a global partnership with the
International Federation o Red Cross
and Red Crescent Societies (IFRC) to
support the IFRCs work in disaster
response/preparedness and public
engagement.
deliere alost 1 billion nit cases o
increental oranic ole rowt in 2011.
Iportantly, we enerate positie rowt in
key eelope arkets like Nort Aerica,
gerany an Japan, an oble-iit rowt
in key eerin arkets like Cina an Inia.
Moved up ve spots to No. 12
on DiversityInc magazinesTop 50 Companies or Diversity
list or 2011.
Committed $6 million to our Replenish
Arica Initiative (RAIN) in support o
water and sanitation programs
beneting 250,000 women and girls
on the continent.
Established the $31 million CocaCola
Japan Reconstruction Fund to support
relie and rebuilding eorts over the
next three years in the wake o the
tragic earthquake and tsunami.
Partnered with
Heinz to enable
them to produce
Heinz Ketchup
bottles using our
breakthrough
PlantBottle
packaging made
partially rom plants.
Annonce a ltiyear partnersip
wit (REd) to raise awareness an
oney or te global n wit te
oal o irtally eliinatin oter-to-cil transission o hIv by 2015.
Annonce ltibillion ollar inestents in
Cina, Inia, te mile East an Rssia as part
o te ore tan $30 billion or syste as
coitte to inest worlwie oer te net
e years to spport anticipate rowt.
Partnered with World Wildlie Fund
(WWF) to launch Arctic Home, a bold
campaign to help protect polar bear
habitat. The Company has committed
$2 million to the eort and will matchconsumer donations o up to an
additional $1 million.
Aree to acire approiately
al o te eity in Ajan Instries
eistin beerae bsiness. Te
$980 illion transaction will ie s a
sinicant stake in one o te mileEasts leain still beerae copanies.
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We are a 125-year-ol branan bsiness ene by oryot, not or ae.
Ljbljana, Sloenia
Joannesbr, Sot Arica
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Bankok, Tailan
Lonon, great Britain
Atlanta, unite States
Sanai, Cina
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Atlanta, unite States
dbai, unite Arab Eirates
meico City, meico
1010 The CocaCola Company
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An we are jst
ettin starte.
Atlanta, unite States
Berlin, gerany
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2011 PER CAPITA CONSumPTION SNAPShOT
12
1214
17
2738
4053
73
848892
India
Mali
Indonesia
Pakistan
Nigeria
China
Kenya
Egypt
Russia
South KoreaMorocco
Worlwie
Thailand
Colombia
Philippines
Italy
France
Turkey
Japan
El Salvador
Germany
PeruGreat Britain
Brazil
93
127129
137149
173
179180
190
208210230
Bolivia
South Arica
Austria
Canada
Spain
Australia
Belgium
Argentina
Panama
United StatesChile
Mexico
244
247253
259287
309340
345
379
403460728
PER CAPITA CONSumPTION OCOmPANY BEvERAgE PROduCTS
Per capita consumptionthe average number
o 8ounce servings o our beverages people
consume each year in a given marketis a key
indicator o our growth potential. These rates are
still relatively low in many o our astestgrowing
markets, revealing tremendous opportunity in the
years ahead. We are ocused on doubling our
business this decade by driving protable growth
through innovation in developed markets;
maximizing value through segmentation and
building consumer loyalty in developing markets;
and driving volume and investing or accelerated
growth in emerging markets.
92 servings
8 fuid ounces
conse per personworlwie in 2011
Base on u.S.
o a nise beerae
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Our business was built or times like these. We provide consumers
with an aordable luxury: we sell moments o happiness, orcents at a time, more than 1.7 billion times a day in more than
200 countries. We proudly partner with more than 20 million
customers each week to deliver innovative, categoryleading
brands and services. Working with our nearly 275 bottling
partners, we have developed a global distribution system tailored
to local markets, adapted to local conditions and staed by local
leaders. All o our attributesan aligned system, healthy brands,
consistently strong nancial perormance and a clear vision
position us to reresh a thirsty world.
PASSIONATELY
REREShINg AThIRSTY WORLd
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REREShINg
OuR SYSTEm
Place ore tan 1.2 illion
new pieces o col-rink
eipent in te arketplace
wit or bottlin partners
in 2011, totalin ore tan
2.2 illion since 2010.
Or syste as neer been stroner. Together
with our nearly 275 bottling partners, we are
investing and executing as a unied system.
Todays investments uel tomorrows growth.
We understand that a clear vision, conviction andbelieollowed by investmentdrive sustainable
results. The progress we are making today in
markets around the world is the product o precise
execution combined with targeted, aheadothe
curve investments made with our bottling partners.
The ongoing integration eorts in our fagship market
ollowing the 2010 acquisition o the North American
operations o CocaCola Enterprises Inc. have
enabled us to build a more ocused selling process
to take our strong brands to market in the right
way and generate greater value or our customers.
As a result, we are aster and more nimble,
and more coordinated and consistent in ourgotomarket approach.
Globally, our system has committed to invest more
than $30 billion over the next ve years to support
anticipated growthrom new manuacturing
acilities in developed markets to new distribution
systems and marketing programs in emerging
economies. We will invest $2 billion in India,
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Toeter wit or bottlin partners,
we rank aon te worls top 10priate eployers wit ore tan
700,000 syste associates.
Together withour bottlingpartners, wehave investedmore than$3 billion inChina overthe pastthree years.
where the per capita consumption rate reveals
tremendous growth potential, over the next ve
years. Over the next three years, we plan to invest
$4 billion in China, where our business has doubled
in the past ve years. We also will invest $3 billion in
Russia over the next ve years and $5 billion in theMiddle East and North Arica over the next decade.
Through these and other investments, we expect
to create 100,000 jobs in this decade.
We also continue to invest in our brands on a
global scale through worldclass marketing and
commercial strategies, as well as breakthrough
innovations that will help us deliver on our
2020 Visionrom natural, nocalorie sweeteners,
to more sustainable packaging like PlantBottle,
to equipment and consumer engagement
platorms like CocaCola Freestyle. Combined,
these longterm investments will give us a strong
competitive advantage.
Toeter wit or bottlin partners,
we rank aon te worls top 10priate eployers wit ore tan
700,000 syste associates.
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Innoation is in or dNA. It is part o both our
heritage and our uture. We see innovation as
understanding our consumers needs and
nding new ways to satisy them, then investing
aggressively to bring them to market.
From packaging made partially rom plants, to the
ountain o the uture, to our creative use o social
media, our gamechanging innovations continued
to receive high marks in 2011. Interbrand credited
two o our recent breakthroughs with enhancing
the value o CocaCola, which topped its list o the
100 Best Global Brands or the 12th straight year.
Coca-Cola reestyle has reinvented the ountain
experience by giving consumers exciting new ways
to experience our brands. Capable o producing
more than 125 beverage choices, the sleek, more
sustainable dispenser is now available in more
than 80 U.S. markets and is expanding to severalinternational markets. It drives revenue and trac or
our customers, providing us with valuable insights
while also reducing our environmental impact.
A second innovation, PlantBottle packaging,
is driving not only our improved environmental
perormance and longterm productivity but also
sales and brand love. The ully recyclable polyethyleneterephthalate (PET) plastic package made with up
We partnere wit goole
to pilot casless enin
acines sin goole
Wallet payent serice,
wic allows consers
to se teir sartpones
to prcase beeraeswit a siple tap.
Coca-Cola reestyle an PlantBottle wonBest New Proct Awars at te 2011
Eison Awars in te New Retail rontiersan Enery & Sstainability Packain
cateories, respectiely.
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to 30 percent plantbased material has given a
boost to Dasani in the United States and other
brands around the world. By the end o 2011,
PlantBottle packaging was available in 20 markets,
and nearly 10 billion PlantBottle packages had been
shipped. To date, use o PlantBottle packaging hashelped save the equivalent annual emissions o
more than 100,000 metric tons o carbon dioxide.
We are partnering with three leading biotechnology
companies to achieve our longterm goal to develop
the rst commercial solution or nextgeneration
PlantBottle packaging made 100 percent rom plant
based materials. And an industryrst partnershipwith H.J. Heinz Company allows the ketchup maker
to produce its 20ounce bottles in the United States
using PlantBottle technology, building awareness
and arming our continued leadership in
sustainable packaging.
The act that we operate in more than 200 countriesand manage a global network o worldclass R&D
centerspositions us to quickly develop, commercialize
and spread winning ideas. For example, minte mai
Plpy has used its initial success in China as a
springboard to quickly reach 20 countries within a
ew years o its debut. The development o what has
become another o our billion dollar juice and juice
drink brands is a testament to our systems ability torapidly scale innovation in any part o the world.
REREShINg
OuR BuSINESS
ThROughINNOvATION
Sweetener Innoation
The European Commission authorized the use o stevia,
a natural, zerocalorie sweetener. We now oer more
than 30 sparkling and still beverages sweetened with
stevia in seven countries. The decision will enable
us to urther scale this innovation and deliver more
greattasting low and nocalorie beverages.
groe to glass
Our Grove to Glass approach has rewired how we source
ruit as well as produce our juice and juice drink products.
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Te ealt o or brans as neer been better.
We are the proud stewards o 15 Companyowned
billion dollar brands spanning a range o categories,
anchored by the worlds most recognized and most
valuable brand: CocaCola. Our brand metrics
around the world are stronger than ever.
Globally, we are the No. 1 provider o sparkling
beverages, juices and juice drinks, and readyto
drink coees. Additionally, we are the secondlargest
provider o sports drinks and packaged water, and
the worlds No. 3 energy drink company.
Our portolio is perpetually evolving and expanding
based on the changing needs and tastes o our
consumers. Today we oer more than 3,500
sparkling and still beverages around the world
three times as many as we did a decade ago
including more than 500 new products launched in
2011. These brands are supported by worldclass
marketing, packaging and instore merchandising.
We have worked to introduce products or every
liestyle and occasion, in an array o convenient
package sizes and ormats. Low and nocalorie
beverages now represent nearly 25 percent o our
global sales volume. Since 2000, our global average
number o calories per serving has decreased by
9 percent, and 19 o our top 20 brands have a low
or nocalorie alternative or are low or nocalorie.
Or top or brans Coca-Cola, Sprite,
anta an diet Coke all aain eceee
$10 billion in lobal retail sales in 2011.
Bran Coca-Colate
oyen o or bsiness
is a billion ollar bran
in 18 ierent contries.
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We lance laca
itainwater in Arentina,
Cile an denark, brinin
te brans total nber o
arkets to 24.
Powerae rew 12% in2011, continin te stron
oent create rin
te 2010 IA Worl Cp.
In 2011, we gained volume and value share globally
in total NARTD beverages, as well as in both the
sparkling and still beverage categories. Unit case
volume or our global sparkling beverage portolio
was up 4 percent, driven by CocaCola (up
3 percent), Sprite (up 5 percent) and Fanta
(up 3 percent).
We continue to provide consumers with beverage
choices to suit all tastes and liestyles. Our global still
beverage portolio also perormed well, up 8 percent
in 2011. Del Valle became our 15th brandand
the third straight rom our juice and juice drink
portolioto cross the $1 billion global retail sales
mark. Since acquiring Jugos del Valle, a leading juice
REREShINgOuR PORTOLIO
company in the Latin American region, our system
has more than doubled retail sales o the Del Valle
brand and expanded distribution to 15 countries. We
also reached an agreement to acquire a signicant
equity stake in the existing beverage business o
Aujan Industries, one o the largest juice companies
in the Middle East.
This is how we have built the worlds most valuable
beverage brand portolio, with 15 Companyowned
billion dollar brandsmore than any other
beverage company.
+7% +10%+4%
Figures above represent 2011 unit case volume growth.
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Consers are ore epowere tan eer.
That is why we market our products by creating
compelling content and experiences that spread
seamlessly and spark conversations to keep our
brands vibrant and relevant. This Liquid and Linked
strategy ocuses on delivering authentic brand
stories that can spread and scale across multiple
marketing channels, while linking to our business
strategy and our consumers passions.
In 2011, we used music as a powerul vehicle to
connect with consumers. CocaCola Music, our
largestever integrated music platorm, ocused
on teen recruitment and gave ans in more than
130 countries the inside track on the latest music
through opportunities to express themselves,
collaborate with top artists and share experiences
with riends. The platorm kicked o with ans around
the world tuning in to watch a live stream o
GRAMMY Awardwinning band Maroon 5 writing
and recording an original song in just 24 hours. The
event used the realtime speed, global impact and
social power o the Internet to create a rstoits
kind experience. Other activations included a digital
application where teens could upload ootage to the
music video or breakthrough band One Night Onlys
global anthem and share it with riends, and the
chance to collaborate with Billboard Music Award
winner Taio Cruz on a song he perormed during
the season nale oAmerican Idol.
REREShINg
OuR APPROAChTO CONSumER
ENgAgEmENT
We teae wit seeralinfential asion labels
an retailers, inclindolce & gabbana, to
lanc license
Coca-Cola collections incoeoration o or125t anniersary.
Photo Courtesy o Dolce & Gabbana
Marketer
o the Yearaccorin toAd Age, wicsalte or arketin ecellence,leacy o innoation an stronbsiness reslts in 2011.
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Social media continues to be an increasingly vital
component o our marketing mix. Our ansrst
social media strategy ocuses on cocreating and
curating content by participating with our consumers
to spark conversations in these communities.
In 2011, we garnered more than 1.4 billion impressions
on Facebook and YouTube across all participating
brands, almost double the impressions rom 2010.
In addition to consumer impressions, we are
increasingly tracking consumer expressions, which
we dene as engagement with our brand content
rom comments, shares and likes to uploaded
photos or videos. Fans o our brands produced
5 million expressions on Facebook, YouTube and
Twitter, a 139 percent increase compared to 2010.
Another 2011 highlight was the expansion o the
global Where Will Happiness Strike Next? project.
CocaCola teams in more than 40 markets have
produced more than 100 lms and brand
experiences centered on surprising moments o
authentic happiness. To date, the program has
generated more than 285 million online and ofine
impressions globally and inspired a series o
experiential Happiness Truck activations worldwide.
CocaColaremains theNo. 1 consumerproduct an
page onFacebook.
Fast Companyreconize Te Coca-Cola Copany
aon te worls ost innoatie copanies, citin
or teen-ocse Coca-Cola msic arketin plator.
2011 Annual Review 21
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24/38
We annonce a partnersip
wit uN Woen in spport
o or lobal 5 BY 20 initiatie
to epower 5 illion woen
entrepreners across or
bsiness syste by 2020.
Sstainability at Te Coca-Cola Copany is
abot ore tan oin oo. It is good business
and a core tenet o our 2020 Vision. We believe that
as we become a bigger company, we also must
become a more sustainable and responsible enterprise
by protecting and preserving the natural and humanresources our business relies on. By doing so, we
will continue to earn a social license to operate.
During times o uncertainty, consumers are thirsty
or brands like CocaCola that inspire moments
o optimism and happiness, and they are willing
to reward those companies that create value and
make a positive dierence in the world.
Our sustainability eorts reduce our environmental
ootprint; promote active healthy living; create a
sae, inclusive work environment or our associates;
and support the economic development o the
communities where we operate.
Our LIVE POSITIVELY ramework ocuses on our
critical areas where we are best equipped to make
a positive dierenceand that directly impact our
business: water stewardship, sustainable packaging,
climate protection and community. We are making
progress toward our goals in each o these areas.
Read more about our progress in our2010/2011
Sustainability Report.
Te Coca-Cola onation awars rants to oranizations
aron te worl wit a ocs on actie ealty liin, water
stewarsip, recyclin an ecation.
22 The CocaCola Company
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We iproe or water
se eciency in 2010 or
te eit consectie
year an in 2011
replenise an estiate
35% o water se in or
procts as we work
towar or oal o waternetrality in or operations
by 2020.
In 2011, we took an important step by creating a
global Oce o Sustainability. This new team
led by the Chie Sustainability Ocerwill better
integrate the many successul projects we have
launched around the world and accelerate our
global sustainability agenda in support o our2020 Vision. Recognizing the power o strength
in numbers, we also continue to partner with
governments, NGOs, civil society organizations
and other private sector leaders. By coming
together and leveraging our collective strengths,
resources and expertise, we believe we can
drive lasting change that benets everyone.
For example, we partner with the Bill & MelindaGates Foundation to support mango and passion
ruit armers in Kenya and Uganda and boost local
juice production, and to share our extensive supply
chain expertise with the Tanzania Ministry o Health
to improve access to critical medicines; and we
continue to work with Greenpeace and others to
develop and scale hydrofuorocarbon (HFC)ree
cooling equipment.
2010/2011 SuSTAINABILITY REPORTScan the QR Code with a mobile device or visit
susta inability.th ecoca-colacompany.com.
Learn more in our
aware to 263 conityoranizations worlwie in 2011 tro
Te Coca-Cola onation, or priaryinternational pilantropic ar.
$70+ million
REREShINgThE COmmuNITIESWE SERvE
2011 Annual Review 23
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26/38
2011 WORLdWIdE uNIT CASE vOLumE
gEOgRAPhIC mIx
16%Erasia & Arica
15%Erope
18%Pacic
22%Nort Aerica
29%Latin Aerica
2011 OPERATINg gROuP hIghLIghTS
uNIT CASE vOLumE gROWThALL
BEVERAGESSPARKLINGBEVERAGES
STILLBEVERAGES
2011 vs. 2010Growth
5Year CompoundAnnual Growth
2011 vs. 2010Growth
2011 vs. 2010Growth
Eurasia & Arica 6% 8% 5% 13%
Europe 2% 2% 2% 2%
Latin America 6% 7% 4% 15%
North America 4% 1 0% 3%2 4%
Pacic 5% 7% 4% 8%
Worlwie 5%3 4% 4%4 8%
26.7 BillionUnit CasesWorldwide
1 1% excluding the benet o new crosslicensed brands associated with the acquisition o CCEs North American business
2 (1%) excluding the benet o new crosslicensed brands associated with the acquisition o CCEs North American business3 4% excluding the benet o new crosslicensed brands associated with the acquisition o CCEs North American business4 3% excluding the benet o new crosslicensed brands associated with the acquisition o CCEs North American business
24 The CocaCola Company
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Erasia & AricaThe Eurasia & Arica Group grew unit case volume 6 percent,
underscoring progress against the goal o strategically investing
or tomorrow while gaining share today. India delivered double
digit growth or the th consecutive year. Brand CocaColastayed strong, and still beverages beneted rom growth across
our juice and juice drink portolio, including Maaza. In Russia,
brand CocaCola again delivered doubledigit growth in 2011,
and we continued to outperorm the industry and gained share in
sparkling beverages. In Turkey, we delivered doubledigit volume
growth or the second consecutive year. Despite geopolitical
challenges in the Middle East and North Arica, we delivered
strong perormance. We continue to invest in this region, as
evidenced by our agreement to acquire approximately
50 percent o the equity o Aujan Industries. This partnership,
coupled with our strong bottling partners, will make our system
a leader in the regions astgrowing still beverage category.
EropeThe Europe Group overcame an uncertain economic environment
to deliver 4 percent operating income growth and 2 percent unit
case volume growth. The 125th anniversary o CocaCola was
activated with passion and creativity, driving brand love on a
massive scale. Other marketing highlights included Coke &
Meals, driving sales with imaginative partnerships and cross
promotions. We scored with summer music campaigns and built
momentum or UEFA EURO 2012 and the London 2012 OlympicGames. A key strategic success was strengthening ties with
bottling partners and driving growth with key customers. We
spent more time in the marketplace, using the insights to act with
greater fexibility and get closer to consumers with an adapted
brand, package and price architecture.
A. Middle East & North AricaB. Central, East & West AricaC. IndiaD. TurkeyE. South AricaF. RussiaG. Other
29%19%14%13%12%10%3%
A
B
C
d
E
g
2011 uNIT CASE vOLumE mIxBY gEOgRAPhY
2011 uNIT CASE vOLumE mIx
BY gEOgRAPhY
A. Eastern EuropeB. GermanyC. SpainD. Great BritainE. FranceF. ItalyG. Other
18%16%14%13%10%9%
20%
A
B
Cd
E
g
2011 Annual Review 25
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Latin AericaOur unit case volume growth o 6 percent in the Latin America
Group led to volume and value share gains in total NARTD
beverages. This perormance made Latin America the largest
operating group in terms o unit case volume or the thconsecutive year. We attribute much o this growth to clear
occasionbased, brand, package, price and channel strategies
across beverage categories. The business also beneted rom
strong integrated marketing campaigns across beverage
categories, as well as a successul holiday campaign and
connection with consumers through inspirational cultural
messages. Latin America gained volume and value share in
both sparkling and still beverages. Sparkling beverages grew
4 percent driven by continued growth o brand CocaCola,
and still beverages grew 15 percent.
Nort AericaOur fagship market is ocused on building strong brands,
translating brand value into customer value and strengthening
system capabilities to sustain and repeat success. We delivered
solid results in a challenging environment, including 1 percent
organic volume growth, as we continued our integration eorts
ollowing the largest acquisition in our Companys history, creating
synergy savings to reinvest in our brands and capabilities. Strong
consumer and customer programs included CocaCola ArcticHome, which generated more than 1.3 billion consumer
impressions, and continued successul marketing partnerships
between brand CocaCola and NASCAR, Diet Coke and The
Heart Truth campaign, and CocaCola Zero, Powerade and
the National Collegiate Athletic Association (NCAA). Eective
execution o our occasionbased, brand, package, price and
channel strategies delivered volume and value share gains across
beverage categories. CocaCola Zero achieved its th consecutive
year o doubledigit volume growth, and Powerade, Dasani,
Gold Peak and Seagrams all grew double digits.
A. MexicoB. Brazil
C. South LatinD. Latin Center
44%25%
18%13%
A
B
C
d
A. United StatesB. Canada
94%6%
A
B
2011 uNIT CASE vOLumE mIx
BY gEOgRAPhY
2011 uNIT CASE vOLumE mIx
BY gEOgRAPhY
26 The CocaCola Company
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PacicThe Pacic Group delivered 5 percent unit case volume growth. In
Japan, the strength and resilience o our systems people, brands
and programs enabled us to rapidly regain momentum ater the
March 2011 earthquake and tsunami and deliver another year ovolume growth. In China, our unit case volume grew 13 percent,
making this nine o the last 10 years the business has delivered
doubledigit growth. Our core brandsCocaCola, Sprite, Fanta
and Minute Maid Pulpyall delivered doubledigit growth or the
year in China. Following a strong 2010, our volume in the other
territories o the Pacic Group showed mixed perormance in
2011, aected by macroeconomic headwinds in some countries.
Importantly, the Pacic Group gained share in sparkling
beverages, juices and juice drinks, and water.
Bottlin InestentsIn 2011, we continued to execute the strategies o the Bottling Investments Group.
Our core ocus on topline growth and aggressive cost management, combined with
marketplace execution, operational excellence and productivity, generated strong
perormance. We grew unit case volume 4 percent on a comparable basis ater
adjusting or the impact o the sale o our Norway and Sweden bottling operations.
However, on a reported basis unit case volume was even with the prior year. We
continued to ocus on prudent capital planning to ensure we have the capacity to
meet sales growth. Our ocus on improving environmental metrics has resulted insignicant positive changes, especially in energy and water usage. In addition, we
opened more than 335,000 new outlets, placed an incremental 205,000 new coolers
and continued building market segmentation capabilities to ensure consumers
continue to have access to our brands or all occasions, in the right packages, at the
right price. We remained ocused on the implementation oCoke One, our endtoend
bottler operating system that enables the development o standard tools, data and
systems geared toward enhancing sales orce eectiveness.
A. ChinaB. Japan
C. PhilippinesD. AustraliaE. ThailandF. Other
44%20%
11%6%6%
13%
A
B
C
d
E
2011 uNIT CASE vOLumE mIx
BY gEOgRAPhY
Ayatakat
eafrom
Japan
2011 Annual Review 27
BuSINESS PROILE
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The CocaCola Company is the worlds largest beverage company.We own or license and market more than 500 nonalcoholic beveragebrands, primarily sparkling beverages but also a variety o stillbeverages such as waters, enhanced waters, juices and juice drinks,readytodrink teas and coees, and energy and sports drinks. Weown and market our o the worlds top ve nonalcoholic sparkling
beverage brands: CocaCola, Diet Coke, Fanta and Sprite. Finishedbeverage products bearing our trademarks, sold in the United Statessince 1886, are now sold in more than 200 countries.
We are a global business that operates on a local scale in every
community where we do business. We are able to create global
reach with local resources because o the strength o the CocaCola
system, which comprises our Company and our bottling partners
nearly 275 worldwide.
Our Company sources ingredients; manuactures and sells
concentrates, beverage bases and syrups to our bottling
operations; owns the brands; and is responsible or consumerbrand marketing initiatives. Our bottling partners and some
Company operations manuacture, package, merchandise and
distribute the nished branded beverages to our customers and
vending partners, who then sell our products to consumers.
Our bottling partners work closely with customersgrocery stores,
restaurants, street vendors, convenience stores, movie theaters and
amusement parks, among many othersto execute localized
strategies developed in partnership with our Company. Through
eective collaboration, we are able to sell our products to
consumers at a rate o more than 1.7 billion servings a day.
The CocaCola system is not a single entity rom a legal or
managerial perspective, and the Company does not own or control
most o our bottling partners. In October 2010, we acquired the
North American operations o CocaCola Enterprises Inc. (CCE) andsold our Companys Norway and Sweden bottling operations to a
new entity, CocaCola Enterprises, Inc. (New CCE). The Company
does not have any ownership interest in New CCE. We believe this
acquisition will result in an evolved ranchise system that will enable
us to better serve the unique needs o the North American market.
The creation o a unied operating system will strategically position
us to readily market and distribute our products in North America.
ThE COCA-COLA SYSTEm
BuSINESS PROILE
28 The CocaCola Company
ThE COCA-COLA COmPANY
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ThE COCA-COLA COmPANY
COmPANY EquITY STAKE IN BOTTLINg PARTNERS
Coca-Cola EmSA, S.A.B. e C.v.(CocaCola FEMSA)
CocaCola FEMSA is the largestindependent CocaCola bottler in the
world. CocaCola FEMSA operates inMexico and also in eight countries in
Central America and South America.
Percent o Companys 2011 WorldwideUnit Case Volume
11%
Our Ownership Interest as oDecember 31, 2011
29%
Coca-Cola hellenic BottlinCopany S.A.
(CocaCola Hellenic)
CocaCola Hellenic is the secondlargestindependent CocaCola bottler,
operating in 27 countries in Europe andin Nigeriaserving a population oapproximately 560 million people.
Percent o Companys 2011 WorldwideUnit Case Volume
8%
Our Ownership Interest as oDecember 31, 2011
23%
Coca-Cola Aatil Liite(CocaCola Amatil)
CocaCola Amatil is one o the largest
independent CocaCola bottlers inthe Pacic region, with operations in
Australia, Fiji, Indonesia, New Zealandand Papua New Guinea.
Percent o Companys 2011 Worldwide
Unit Case Volume
2%
Our Ownership Interest as o
December 31, 2011
29%
global Workorce 146,2001
North America 3,900CocaCola Rereshments 69,600
Latin America 2,200Bottling Investments 10,400
Europe 2,600Bottling Investments 11,300
Eurasia & Arica 2,400Bottling Investments 9,900
Pacic 2,500Bottling Investments 31,400
1 Corporate associates are included in the
geographic area in which they work. Bottling
Investments is an operating group with
associates located in our o our geographic
operating groups. Numbers are
approximate and as o December 31, 2011.
2011 Annual Review 29
mANAgEmENT
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30 The CocaCola Company
OPERATIONS
EURASIA & AFRICA GROUP
Ahmet C. Bozer 1President
Central, East and West Arica:Nathan Kalumbu
India and South West Asia:Atul Singh
Middle East and North Arica:Curtis A. Ferguson
Russia, Ukraine and Belarus:Zoran A. Vucinic
South Arica: Therese Gearhart
Turkey, Caucasus and Central Asia:Galya Frayman Molinas
EUROPE GROUP
Dominique Reiniche1
President
Central and Southern Europe:Nikos Koumettis
Germany: Hendrik Steckhan
Iberia: Marcos de Quinto
Northwest Europe and Nordics:James R. Quincey
LATIN AMERICA GROUP
Jos Octavio Reyes 1President
Brazil: Xiemar Zaraza
Latin Center: John Murphy
Mexico: Brian J. Smith
South Latin: Francisco Crespo
PACIFIC GROUP
Glenn G. Jordan S.1President
Greater China and Korea:David G. Brooks
Japan: Dan Sayre
South Pacifc: Bruno Filipi
ASEAN2: Manuel Arroyo
COCACOLA NORTH AMERICA
J. Alexander M. Douglas, Jr.1President
Canada: Nicola Kettlitz
Sparkling Beverages:Katherine J. Bayne
Still Beverages: Brian E. Wynne
Venturing and Emerging Brands:Deryck J. van Rensburg
COCACOLA REFRESHMENTS
Steve Cahillane1
President and Chie Executive Ocer
Canada: John Guarino
Commercial Leadership:
Julie M. Francis
Foodservice and On-Premise:Chris Lowe
National Retail Sales:Mel F. Landis III
Product Supply System:Brian P. Kelley
Region Sales: Glen Walter
BOTTLING INVESTMENTS GROUP
Irial Finan1President
China, Malaysia and Singapore:Martin Jansen
Germany: Ulrik Nehammer
India: T. Krishnakumar
Latin America and Japan:Paul Mulligan
Russia, Middle East and Arica:Kevin Warren
Philippines: William Schultz
mANAgEmENT(AS O APRIL 1, 2012)
1 Person subject to the reporting requirements o Section 16 o the Securities Exchange Act o 1934, as amended2 Association o Southeast Asian Nations
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2011 Annual Review 31
SENIOR LEAdERShIP
Muhtar Kent 1
Chairman o the Board o Directorsand Chie Executive Ocer
Harry L. Anderson1
Senior Vice President, Global Businessand Technology Services
Ahmet C. Bozer 1
President, Eurasia & Arica Group
Steven A. Cahillane1
President and Chie Executive Ocer,CocaCola Rereshments
Alexander B. Cummings, Jr.1
Executive Vice President and
Chie Administrative Ocer
J. Alexander M. Douglas, Jr.1
President, North America Group
Ceree Eberly 1
Senior Vice President and
Chie People Ocer
Gary P. Fayard 1
Executive Vice President and
Chie Financial Ocer
Irial Finan1
Executive Vice President and
President, Bottling Investmentsand Supply Chain
Bernhard Goepelt 1
Senior Vice President, GeneralCounsel and Chie Legal Counsel
Glenn G. Jordan S.1
President, Pacic Group
Dominique Reiniche1
President, Europe Group
Jos Octavio Reyes1
President, Latin America Group
Ingrid Saunders JonesSenior Vice President, Global
Community Connections
Joseph V. Tripodi 1
Executive Vice President and Chie
Marketing and Commercial Ocer
Clyde C. Tuggle1
Senior Vice President, Chie PublicAairs and Communications Ocer
Jerry S. Wilson1
Senior Vice President and ChieCustomer and Commercial Ocer
Guy Wollaert 1
Senior Vice President andChie Technical Ocer
vICE PRESIdENTS
Rudy M. Beserra, Latin Aairs
John M. Farrell, Chie Strategy Ocer
Rick Frazier, Commercial Product
Supply
Javier Goizueta, President,McDonalds Division
William D. Hawkins III, General
Tax Counsel
Eddie R. Hays, Science
James A. Hush, Strategic Securityand Aviation
R. Jackson Kelly, Investor Relations
Ocer
Connie D. McDaniel, Chie o Internal
Audit
Christopher P. Nolan, Corporate
Treasurer
Carletta Ooton, Chie Quality andProduct Integrity Ocer
Bea Perez, Chie Sustainability Ocer
Nancy Quan, Global Research andDevelopment (R&D) Ocer
Marie D. QuinteroJohnson, Director,Mergers and Acquisitions
Mary M.G. Riddle, Flavor Ingredient
Supply
Ed Steinike, Chie Inormation Ocer
Ann T. Taylor, Global Business Services
Kathy N. Waller,1Controller
Gloria K. Bowden, Corporate Secretary
and Associate General Counsel
Fiona K. Lynch, AssistantCorporate Secretary
1 Person subject to the reporting requirements o Section 16 o the Securities Exchange Act o 1934, as amended
BOARd O dIRECTORS
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Photographed at the Vault o the Secret Formula exhibit, the World o CocaCola, Atlanta.
32 The CocaCola Company
From let to right
Sam Nunn 5, 7
CoChairman and Chie Executive
Ocer, Nuclear Threat Initiative
Alexis M. Herman 3, 7
Chair and Chie Executive Ocer,
New Ventures LLC
Jacob Wallenberg 2, 7
Chairman o the Board, Investor AB
Evan G. Greenberg1
Chairman, President and Chie
Executive Ocer, ACE Limited
Peter V. Ueberroth 1, 5
Investor and Chairman, Contrarian
Group, Inc.; NonExecutiveCoChairman, Pebble Beach
Company
James D. Robinson III 2, 3, 6
CoFounder and General Partner,
RRE Ventures; President,JD Robinson, Inc.
Barry Diller 2, 5, 6
Chairman o the Board and Senior
Executive, IAC/InterActiveCorp,
Expedia, Inc. and TripAdvisor, Inc.
Muhtar Kent 4
Chairman o the Board andChie Executive Ocer,
The CocaCola Company
Donald F. McHenry1, 2, 7
Distinguished Proessor in the
Practice o Diplomacy andInternational Aairs, School o Foreign
Service, Georgetown University
Maria Elena Lagomasino 2, 3
Chie Executive Ocer, GenSpring
Family Oces, LLC
Howard G. Buett 7
President, Buett Farms and Howard
G. Buett Foundation
Herbert A. Allen 4, 5, 6
President, Chie Executive Ocerand Director, Allen & Company
Incorporated
Ronald W. Allen 1, 3
President, Chie Executive Ocer
and Director, Aarons Inc.; FormerChairman o the Board, President
and Chie Executive Ocer, Delta
Air Lines, Inc.
James B. Williams 1, 4, 5, 6
Former Chairman o the Board
and Chie Executive Ocer,SunTrust Banks, Inc.
Donald R. Keough 6, 7
NonExecutive Chairman o the Board,Allen & Company Incorporated and
Allen & Company LLC
Richard M. Daley 2
Managing Principal, Tur Partners LLC;
O Counsel, Katten MuchinRosenman LLP
Robert A. Kotick 6
President, Chie Executive Ocer andDirector, Activision Blizzard, Inc.
1 Audit Committee
2 Committee on Directors andCorporate Governance
3 Compensation Committee
4 Executive Committee
5 Finance Committee
6 Management DevelopmentCommittee
7 Public Issues and Diversity
Review Committee
Shareowner InformatIon
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2011 Annual Review 33
Board o DirectorsOur Board o Directors is elected by
the shareowners to oversee their
interest in the long-term health and
overall success o the Company and
its nancial strength. The Board serves
as the ultimate decision-making body
o the Company, except or those
matters reserved to or shared with
the shareowners. The Board selects
and oversees members o senior
management, who are charged bythe Board with conducting the
business o the Company. The Board
currently has 17 Directors, 16 o whom
are not employees o the Company.
For more inormation on our Board,
visit our Company website at www
.governance.thecoca-colacompany.com.
Common Stock
The Coca-Cola Company common
stock is listed on the New York StockExchange, traded under the ticker
symbol KO. The Company has been
one o the 30 companies in the Dow
Jones Industrial Average since 1987.
As o December 31, 2011, there were
approximately 2.3 billion shares
outstanding and 252,197 shareowners
o record.
Dividends
At its February 2012 meeting, the
Board o Directors increased our
quarterly dividend 8.5 percent to $0.51
per share, equivalent to an annual
dividend o $2.04 per share. The
Company has increased dividends in
each o the last 50 years. Dividends
are normally paid our times a year,
usually on April 1, July 1, October 1 and
December 15. The Company has paid
363 consecutive dividends, beginning
in 1920.
Direct Stock Purchase andDividend Reinvestment
Computershare Trust Company, N.A.,
sponsors and administers a direct
stock purchase and dividend
reinvestment plan or common stock
o The Coca-Cola Company. The
Computershare Investment Plan
allows investors to directly purchase
and sell shares o Company common
stock and reinvest dividends.
To request plan materials or learn
more about the Computershare
Investment Plan, you may contact
Computershare, the plan
administrator, through the mail, by
phone or via the Internetsee below.
Shareowner Account Assistance
For inormation and maintenance on
your shareowner o record account,
please contact:
Computershare Investor Services
P.O. Box 43078
Providence, RI 02940-3078
Telephone: (888) COKE-SHR
(265-3747) or (781) 575-2879
Hearing Impaired: (800) 490-1493
Fax: (781) 575-3605
Email: coca-cola@computershare.com
Internet: www.computershare.com/
coca-cola.
Shareowner Internet Account Access
For account access via the Internet,
please log on to www.computershare
.com/investor.
Once registered, shareowners can
view account history and complete
transactions online.
Electronic DeliveryI you are a shareowner o record,
you have an opportunity to help the
environment by signing up to receive
your shareowner communications,
including annual reports, proxy
materials, account statements
and tax orms, electronically.
Register your email address at
www.eTree.com/coca-colaand
complete the online orm. As a thank
you, the Company will have a treeplanted on your behal through
American Forests.
Corporate Oces
The Coca-Cola Company
One Coca-Cola Plaza
Atlanta, Georgia 30313
(404) 676-2121
Inormation Resources
Internet: Our website,
www.thecoca-colacompany.com,oers inormation about our
nancial perormance and news
about the Company, our heritage,
brand experiences and much more.
Publications: The CompanysAnnual
Report on Form 10-K, Proxy Statement,
Annual Review, Quarterly Reports on
Form 10-Q and other publications
covering our sustainability policies
and initiatives are available reeo charge upon request rom our
Industry and Consumer Aairs
Department at (800) 438-2653.
They also can be accessed at
www.thecoca-colacompany.com.
Interested in joining the Coca-ColaCivic Action Network?
You have a stake in the success o
The Coca-Cola Company and its
system, and the Coca-Cola Civic
Action Network (CAN) is a powerul
way to be inormed, involved and
infuential. Coca-Cola CAN is a
nonpartisan grassroots network o
citizens and businesses. Its purpose
is to educate stakeholders about
national, state and local issuesaecting our industry.
Membership is voluntary, and you will
never be asked to make a nancial
contribution. To register, email us at
civicactionnetwork@na.ko.com
or visit our website at
www.civicactionnetwork.com.
For more inormation, please visit
our website at
www.thecoca-colacompany.com/investors/shareowners.html.
Interested in learning more about
our sustainability initiatives?
I you are interested in learning
more about our sustainability
strategy and progress, please
visit the Sustainability section
o our website at www.sustainability
.thecoca-colacompany.com.
ORWARd-LOOKINg STATEmENTS, ENvIRONmENTAL STATEmENT,
EquAL OPPORTuNITY POLICY ANd SCOPE O ThE ANNuAL REvIEW
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ForwardLooking StatementsThis report may contain statements, estimates or projections that constitute orwardlookingstatements as dened under U.S. ederal securities laws. Generally, the words believe, expect,intend, estimate, anticipate, project, will and similar expressions identiy orwardlooking statements, which generally are not historical in nature. Forwardlooking statements aresubject to certain risks and uncertainties that could cause actual results to dier materially romThe CocaCola Companys historical experience and our present expectations or projections.These risks include, but are not limited to, obesity and other health concerns; scarcity and qualityo water; changes in the nonalcoholic beverage business environment and retail trends; ourability to realize a signicant portion o the anticipated benets o the acquisition o CocaColaEnterprises Inc.s North American business (the CCE Acquisition); our increased level oindebtedness as a result o the CCE Acquisition; our pension expense increase as a result o theCCE Acquisition; continuing uncertainty in the credit and equity markets; increased competition;our ability to expand our operations in developing and emerging markets; oreign currency
exchange rate fuctuations; increases in interest rates; our ability to maintain good relationshipswith our bottling partners; the nancial condition o our bottling partners; increases in incometax rates or changes in income tax laws; increases in or new indirect taxes; our ability to renewcollective bargaining agreements on satisactory terms and our bottling partners ability to avoidstrikes, work stoppages or labor unrest; increase in the cost, disruption o supply or shortage oenergy; increase in the cost, disruption o supply or shortage o ingredients, other raw materialsor packaging materials; changes in laws and regulations relating to beverage containers andpackaging; adoption o signicant additional labeling or warning requirements; unavorablegeneral economic conditions in the United States or in other major markets; unavorable economicand political conditions in international markets; litigation uncertainties; adverse weatherconditions; product saety or quality issues or negative publicity that may damage our brandimage and corporate reputation; changes in, or ailure to comply with, the laws and regulationsapplicable to our products or our business operations; changes in accounting standards; ourability to achieve overall longterm goals; our ability to realize signicant benets rom ourproductivity and reinvestment program; our ability to protect our inormation systems; additionalimpairment charges; our ability to successully manage Companyowned or controlled bottlingoperations; the impact o climate change on our business; global or regional catastrophic events;and other risks discussed in our Companys lings with the Securities and Exchange Commission(SEC), including ourAnnual Report on Form 10-K, which lings are available rom the SEC. You shouldnot place undue reliance on orwardlooking statements, which speak only as o the date theyare made. The CocaCola Company undertakes no obligation to publicly update or revise anyorwardlooking statements.
Environmental Statement
A healthy environment, locally and globally, is vital to our business and to the communities wherewe operate. We view protection o the environment as a journey, not a destination. We began thatjourney a number o years ago, and it continues today. Each employee o The CocaCola Companyhas responsibility or stewardship o our natural resources and must strive to conduct business inways that protect and preserve the environment. Our employees, business partners, suppliers and
consumers must all work together to continuously nd innovative ways to oster the ecient useo natural resources, the prevention o waste and the sound management o water. Doing so notonly benets the environment, it makes good business sense.
Equal Opportunity PolicyThe CocaCola Company values all employees and the contributions they make. Consistentwith this value, the Company rearms its longstanding commitment to equal opportunityand armative action in employment, which are integral parts o our corporate environment.The Company strives to create an inclusive work environment ree o discrimination andphysical or verbal harassment with respect to race, sex, color, national origin, religion, age,disability, sexual orientation, gender identity and/or expression, genetic inormation orveteran status. We will make reasonable accommodations in the employment o qualiedindividuals with disabilities, or religious belies and whenever else appropriate.
The Company maintains equal employment opportunity unctions to ensure adherence to alllaws and regulations, and to Company policy in the areas o equal employment opportunityand armative action. All managers are expected to implement and enorce the Companypolicy o nondiscrimination, equal employment opportunity and armative action, as wellas to prevent acts o harassment within their assigned area o responsibility. Further, it is parto every individuals responsibility to maintain a work environment that refects the spirit oequal opportunity and prohibits harassment.
Scope o the Annual Review
Except as otherwise noted, this Annual Review covers the 2011 perormance oThe CocaCola Company and the CocaCola system (our Company and our bottlingpartners), as applicable. Thereore, reerences to currently, to date or similar expressionsrefect inormation as o December 31, 2011. Certain inormation in the Annual Reviewregarding the Company and the CocaCola system comes rom thirdparty sources andoperations outside o our control. We believe such inormation has been accurately collectedand reported, and that the underlying methodology is sound.
EquAL OPPORTuNITY POLICY ANd SCOPE O ThE ANNuAL REvIEW
EarthColor Inc. printed this report using 100 percent renewable wind power and ollowingsustainable manuacturing principles, including socially responsible procurement, leanmanuacturing, green chemistry principles and the recycling o residual materials, aswell as reduced volatile organic compound (VOC) inks and coatings. In addition, carbonand VOC reduction strategies were employed to destroy residual VOCs via biooxidation.Osets were purchased where carbon could not be eliminated to render this reportcarbonmanaged and climatebalanced.
The environmental impact o this report was a main consideration rom the inception othe project, which is the result o a collaborative eort o The CocaCola Company andits supply chain partners with the highest regard or the planet and its ecosystems. Carewas taken to use environmentally sustainable products and to ollow socially responsiblemanuacturing processes to ensure a minimized environmental impact.
This report is printed on Mohawk Options PC 100, which is manuactured using 100 percent
renewable wind energy, composed o 100 percent recycled content and FSC certied towellmanaged orestry standards.
Environmental impact estimated savings related to this report:
0.24 acres preserved via sustainable orestry;196 trees preserved or the uture
137 million BTUs energy not consumed
42,341 pounds net greenhouse gases prevented
71,445 gallons water saved
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Coverphotography:MichaelPu
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Principalphotography:WalterSmith
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PEOPLEBe a great place to work.
PARTNERSBe the most preerred and
trusted beverage partner.
PROITMore than double system
revenues while increasing
system margins.
We see a world lled with opportunities that range romdoubling our system revenues by 2020, to developing
new beverage products that meet consumers evolving
preerences and needs, to making a positive dierence
in the communities in which we operate. Our 2020 Vision
is the roadmap or converting these longterm aspirations
into reality. It provides business goals that outline what
we need to accomplish together with our global bottling
partners, customers and consumers in order to achievesustainable, measurable growth.
PORTOLIOMore than double our servings to over3 billion a day and be No. 1 in the NARTDbeverage business in every market and
every category that is o value to us.
PLANETBe a global leader in sustainablewater use, packaging, energy and
climate protection.
PROduCTIvITYManage people, time and moneyor greatest eectiveness.
OuR 2020 vISION gOALS hELP guIdE uS TO AChIEvE SuCCESSThROughOuT ThE COCA-COLA SYSTEm:
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2011 Year in review OnlineScan the QR Code with a mobile device or visit
www.annualreview.thecoca-colacompany.com
Experience our