Balance sheet 2003-2007: Harley-Davidson Inc.

(Dollar amounts in thousands)

2007

2006

2005

2004

2003

Assets
Current assets
cash and cash equivalents
marketable securities
account receivable, net
curret portion of finance receivables, net
inventories
deferred income taxes
prepaid expenses and other current assets
Total current assets:
finance receivables, net
property, plant and equipment, net
goodwill, net
other assets
Total assets:

402,854
2,475
181,217
2,356,563
349,697
103,278
71,230
3,467,314
845,044
1,060,590
61,401
222,257
5,656,606

238,397
658,133
143,049
2,101,366
287,798
73,389
48,501
3,550,633
725,957
1,024,469
58,800
172,291
5,532,150

140,975
905,197
122,087
0
221,418
61,285
52,509
1,503,471
600,831
1,011,612
56,563
72,801
3,245,278

275,159
1,336,909
121,333
1,207,124
226,893
60,517
38,337
3,266,272
488,262
1,024,665
59,456
94,402
4,933,057

329,329
993,331
112,406
1,001,990
207,726
51,156
33,189
2,729,127
735,859
1,046,310
53,678
358,114
4,923,088

Liabilities & Shareholder's equity

Current liabilities
accounnts payable
accrued expenses and other liabilities
current portion of finance debt
Total current liabilities
finance debt
other long-term liabilities
postretirement healthcare benefits
pension liability
deferred income taxes
Total liabilities:

300,188
484,936
1,119,955
1,905,079
980,000
151,954
192,531
51,551
0
3,281,115

283,477
479,709
832,491
1,595,677
870,000
60,694
201,126
47,916
0
2,775,413

270,614
397,525
204,973
873,112
1,000,000
82,281
0
0
155,236
2,110,629

244,202
433,053
495,441
1,172,696
800,000
90,864
149,848
0
51,432
2,264,840

223,902
407,566
324,305
955,773
670,000
86,337
127,444
0
125,842
1,965,396

3,352
812,224
6,117,567
-137,258

3,343
766,382
5,460,629
-206,662

3,310
596,239
4,630,390
58,653

3,300
533,068
3,844,571
-12,096

3,266
419,455
3,074,037
47,174

-4,420,394
2,375,491
5,656,606

-3,266,955
2,756,737
5,532,150

-2,204,987
3,083,605
5,194,234

-1,150,372
3,218,471
5,483,311

-586,240
2,957,692
4,923,088

Shareholder's equity
common stock
additional PIC
retained earnings
accumulated other comprehensive income
less:
treasury stock
Total shareholder's equity
Total liability and equity

RATIOS
2007
Liquidity Ratios
current ratio
quick ratio
inventory to net working capital
cash ratio
Profitability Ratios
net profit margin
gross profit margin
ROI
ROE
Activity Ratios
inventory turnover
days of inventory
asset turnover
fixed asset turnover
average collection period
days of cash
Leverage Ratios
debt to asset ratio
debt to equity ratio
long-term debt to capital structure
current liabilities to equity

2006

2005

2004

2003

1.82
1.64
0.22
0.36

2.23
2.04
0.15
0.29

1.72
1.47
0.35
0.69

2.79
2.59
0.11
0.56

2.86
2.64
0.12
1.02

16.31%
36.92%
16.51%
39.31%

17.98%
38.49%
18.86%
37.84%

17.96%
38.20%
29.57%
31.12%

17.74%
37.88%
18.04%
27.65%

16.46%
36.02%
15.46%
25.73%

16.38
35.33
1.01
5.40
11.55
25.68

20.16
29.44
1.05
5.66
9.00
15.00

24.13
24.48
1.65
5.28
8.34
9.63

22.10
26.58
1.02
4.89
8.83
20.03

22.26
25.63
0.94
4.42
8.87
25.99

0.58
1.38
0.58
0.80

0.50
1.01
0.43
0.58

0.65
0.68
0.40
0.28

0.46
0.70
0.34
0.36

0.40
0.66
0.34
0.32

Income Statement 2003-2007: Harley-Davidson Inc. (Dollar amounts in thousands)

Net Sales
COGS
Gross Profit
financial service income
financial service interest and operating expense
Operating income from financial services
selling, administrative and engineering expenses
Income from operations
investment income, net
other, net
income before provision for income taxes
provision for income taxes
Net Income

2007

2006

2005

2004

2003

5,726,848
3,612,748
2,114,100
416,196
204,027
212,169
900,708
1,425,561
22,258
0
1,447,819
513,976
933,843

5,800,686
3,567,839
2,232,847
384,891
174,167
210,724
846,418
1,597,153
27,087
0
1,624,240
581,087
1,043,153

5,342,214
3,301,715
2,040,499
331,618
139,998
191,620
-762,108
1,470,011
22,797
-5,049
1,487,759
528,155
959,604

5,015,190
3,115,655
1,899,535
305,263
116,662
188,601
-726,644
1,361,492
23,101
-5,106
1,379,487
489,720
889,767

4,624,274
2,958,708
1,665,566
279,459
111,586
167,873
-684,175
1,149,264
23,088
-6,317
1,166,035
405,107
760,928

Common-size Income Statement 2003-2007: Harley-Davidson Inc. (Dollar amounts in thousands)

2007
Net Sales
COGS
Gross Profit
financial service income
financial service interest and operating expense
Operating income from financial services
selling, administrative and engineering expenses
Income from operations
investment income, net
other, net
income before provision for income taxes
provision for income taxes
Net Income

100.00%
63.08%
36.92%
7.27%
3.56%
3.70%
15.73%
24.89%
0.39%
0.00%
25.28%
8.97%
16.31%

2006
100.00%
61.51%
38.49%
6.64%
3.00%
3.63%
14.59%
27.53%
0.47%
0.00%
28.00%
10.02%
17.98%

2005
100.00%
61.80%
38.20%
6.21%
2.62%
3.59%
-14.27%
27.52%
0.43%
-0.09%
27.85%
9.89%
17.96%

2004
100.00%
62.12%
37.88%
6.09%
2.33%
3.76%
-14.49%
27.15%
0.46%
-0.10%
27.51%
9.76%
17.74%

2003
100.00%
63.98%
36.02%
6.04%
2.41%
3.63%
-14.80%
24.85%
0.50%
-0.14%
25.22%
8.76%
16.46%