PASSIONATELY REFRESHING A THIRSTY WORLD 2011 Annual Review Inspired by the world’s greatest brand and driven by a talented and passionate team of more than 700,000 system associates, we are operating from a position of strength. Together with our bottling partners, we are executing against a solid, focused vision. 2 Letter to Shareowners 22 Refreshing the Communities 5 Selected Financial Data We Serve 6 2011 Highlights 24 2011 Operating Group Highlights 8 125th Anniversary 28 Business Profile 12 Per Capita Consumption 30 Management 14 Refreshing Our System 32 Board of Directors 16 Refreshing Our Business 33 Shareowner Information Through Innovation 34 Company Statements 18 Refreshing Our Portfolio 35 2020 Vision 20 Refreshing Our Approach to Consumer Engagement A LETTER FROM OUR CHAIRMAN AND CHIEF EXECUTIVE OFFICER Dear Fellow Shareowners: In 2011, I was honored to represent The Coca‑Cola Company all over the world, in humble villages and great, bustling cities. Wherever I traveled, I spent time in stores, restaurants, shops and homes—the places where people buy and enjoy Coca‑Cola. With every visit, I learned something new about our business: what we are doing well and what we can—and must—do 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 of you could see this business the way I do. That is quite a wish, I know. But, if you had been with me this past year, you would have experienced so many exciting and memorable The intense interest in our anniversary and 1. Profit. In 2011, we built strong momentum moments in our ongoing story. secret formula demonstrated the enduring toward our 2020 goal of doubling our business power of our brands, which we continue over the course of this decade. In fact, across Coca‑Cola turned 125 years young in 2011, to strengthen. and we celebrated by thanking all the people who, since 1886, have made Coca‑Cola what it is today. Around the world, our associates set us Even after three decades in our business, apart, rallying behind our 2020 Vision with I was amazed and energized by the outpouring of affection for Coca‑Cola. Had you been with me last May, as we turned our Atlanta focus and intensity. headquarters building into an animated, 26‑story “thank you” card, I am sure you would In 2011, we focused on realizing our the first two years of our 2020 Vision, we met have felt something similar. 2020 Vision—an aggressive but achievable or exceeded our long‑term growth targets. systemwide plan for growth launched at the Late in the year, we moved our secret formula outset of 2010. How did our efforts measure In 2011, we increased sparkling volume from a nearby Atlanta bank to a new vault at up against the 6 Ps of our 2020 Vision? Let us 4 percent and still volume 8 percent. All told, we the World of Coca‑Cola. Again, the world’s take a look at each one: Profit, People, Portfolio, sold 26.7 billion unit cases, earning $46.5 billion attention—and affection—turned to Coca‑Cola. Partners, Planet and Productivity. in revenues. We delivered nearly 1 billion unit 2 The Coca‑Cola Company cases of incremental organic volume growth— This effort took many forms, from making sure 4 percent through enhanced in‑store activations the equivalent of adding another market the we had compelling marketing and effective and additional cold‑drink equipment. In Latin size of Japan to our business—and increased merchandising, to creating memorable moments America, a new retail design initiative is helping operating income by $1.7 billion to $10.2 billion. of connection and fun, to participating in small traditional retailers increase foot traffic inspiring events. and create more passion points in their stores. We became a better competitor, gaining In the United States, innovations such as market share across the world in almost For 2011, we ramped up our efforts to win with Coca‑Cola Freestyle and our PlantBottle every nonalcoholic beverage category and Coca‑Cola, the oxygen of our business. Brand package helped generate greater sales and increasing our total market share. Early in 2012, Coca‑Cola grew more than 3 percent for the velocity for our partners. we announced our 50th consecutive annual year, adding nearly 350 million incremental unit dividend increase, raising our dividend 8.5 percent. Coca‑Cola and our other brands occupy 2. People. Around the world, our associates set us apart, rallying behind our 2020 Vision a unique place in the hearts of people with focus and intensity. This was as true in Ireland, Russia and the United States, where I helped open new plants, as it was when I worldwide, and we did not take that position visited with associates in China, Indonesia, Japan and a dozen other countries. for granted in 2011. At our headquarters, one associate selflessly cases. We also invested in our 14 other billion 5. Planet. We believe firmly in the power of donated a kidney to another. In Texas, a dollar brands, including Minute Maid Pulpy, partnerships among the “golden triangle” technician on a service call rushed to the aid which grew 20 percent in 2011. of business, government and civil society of a college student struck crossing the street, organizations, and we have seen good saving her life. And a Venezuelan associate And we introduced more consumers to progress being made across a number of won five medals at the 2011 Special Olympics the wonders of Coca‑Cola Freestyle—the water, packaging, energy efficiency and World Games in Greece. innovative new fountain dispenser that community empowerment programs. delivers more than 125 branded beverage Everywhere I went, I saw our people executing choices with less environmental impact than One such unique environmental partnership in the marketplace, delivering for our customers our traditional legacy equipment. was a bold initiative we launched in 2011 with and achieving extraordinary things. In the wake World Wildlife Fund in North America. Our of heartbreaking devastation in Japan and 4. Partners. In 2011, our Company created Arctic Home program was designed to help Thailand, our associates inspired us all with tremendous economic value for those working raise awareness about the plight of polar their strength, resilience and determination. with us to refresh a thirsty world. Along with our bears while providing funding to support bottling partners, we became more integrated conservation efforts. 3. Portfolio. Coca‑Cola and our other brands into the growth strategies of our more than occupy a unique place in the hearts of people 20 million customers, helping them grow Another initiative that continued to gain traction worldwide, and we did not take that position and prosper and create jobs. last year was our bold and ambitious 5 BY 20 for granted in 2011. Instead, we sought out new commitment to enable the empowerment of and better ways to enhance our fans’ affection Working with our customers, we increased 5 million women entrepreneurs by 2020. By for our brands. immediate consumption beverages by year‑end 2012, we expect the program to reach 2011 Annual Review 3 300,000 women. One such person is Preeti 30 percent plant‑based packaging and often in challenging and difficult circumstances. Gupta, a mother of three who has a small store protecting our long‑term cost competitiveness. Even so, we remain constructively discontent. in her home in rural India. With a solar‑powered We know this is a journey. In fact, as we begin cooler from Coca‑Cola, she can now provide Looking ahead, we see vast opportunities our next 125 years, we do so with a profound cold beverages to her customers and keep her for your Company. Across the more than sense that we are just getting started. lights on at night, enabling her children to have 200 countries we serve, our hardworking and more time to study. passionate teams are engaged in creating On behalf of the incredibly hard‑working 146,200 women and men of The Coca‑Cola Company, please accept my sincerest gratitude for your For the future, I am convinced that investment. We appreciate your trust and confidence, we are dedicated to delivering some of our most important business on your behalf, and we could not be more proud—and humbled—to have the opportunity. breakthroughs will come at the intersection Thank you, of sustainability and innovation. 6. Productivity. In 2011, we successfully value in every possible way. For our consumers. completed a four‑year productivity program, For our customers. For our communities. And realizing annualized savings of more than for you, our shareowners. $500 million. Meanwhile, the integration of the North American operations of Coca‑Cola We know our business can only be as strong Muhtar Kent Enterprises into our Company moved smoothly and sustainable as the communities we serve, Chairman of the Board of Directors forward, opening up fresh pathways to growth. and we continue to support the economic and Chief Executive Officer recovery in the United States and around the April 1, 2012 For the future, I am convinced that some of globe. For 2012 and beyond, we will keep our most important business breakthroughs striving to act as a responsible corporate citizen. will come at the intersection of sustainability and innovation. Last year, for example, we I also want you to know that I have never been expanded our PlantBottle technology to more more optimistic about Coca‑Cola nor more markets, increasing distribution of the up to proud of our people, who did a remarkable