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Annual Report

Annual Report. Harley Davidson Brett Aleshire ACG2021. 080. Part A. Introduction. Jeff Bluestein Milwaukee, Wisconsin December 31 st Harley Davidson is a company that builds the most famous and sought after motorcycles in the world.

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Annual Report

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  1. Annual Report Harley Davidson Brett Aleshire ACG2021. 080

  2. Part A. Introduction • Jeff Bluestein • Milwaukee, Wisconsin • December 31st • Harley Davidson is a company that builds the most famous and sought after motorcycles in the world. • The main geographic area is in the United States, but Harleys are sold and ridden all over the world.

  3. Part A. Audit Report • Ernst & Young LLP. • The auditors stated that Harley Davidson’s management is very effective.

  4. Part A. Stock Market Information • $ 60.75 per share • Twelve month • 0.405 per share • December 31st 2004 • The stock looks like it is on the rise and with the increase in gas prices motorcycles should become more popular, therefore I would buy.

  5. Part B. Industry Situation and Company Plans • The industry will always be strong and will always be around. Harley looks to keep growing and going strong. • Annual Report • Harley

  6. Part C. Income Statement • This is a multi-step format • The company seems to have grown quite a bit in a one year span. It increased in all of the areas.

  7. Part C. Balance Sheet

  8. Part C. Statement of Cash Flows • In 2004 the cash flow from operations was more than net income, but in 2003 it was less. • The company is growing and recently opened up a new plant. • Harleys main source of financing is long-term loans. • Cash has decreased over the past two years.

  9. Part D. Accounting Policies • The company is in a joint venture with Porsche and their significant policy is the Qualifying Special Purpose Entities. • Net Cash provided by operating activities • Reclassifications • Wholesale Loan Activity

  10. Part E. Financial Analysis Liquidity Ratios • 2004 2003 • Working Capital 2093576 1773354 • Current Ratio 2.78 2.86 • Receivable Turnover 4.5 times 5 times • Average days sales Unc. 81 days 73 days • Inventory turnover 13.73 14.24 • Avg. days inv. On hand 26.58 25.63

  11. Part D. Financial Analysis Profitability Ratios • 2004 2003 • Profit Margin 17.7% 16.5% • Asset turnover 1.83 1.88 • Return on Assets 32.5% 31 % • Return on equity 55.2% 51.4%

  12. Part E. Financial Analysis Solvency Ratio • 2004 2003 • Debt to equity .36 .32

  13. Part E. Financial Analysis Market Strength Ratios • 2004 2003 • Price per share $22.92 $17.73 • Earnings per share $3.02 $2.52

  14. Executive Summary • Harley Davidson is a world renowned company and has always been imitated, but never duplicated. This company should always be strong, because their motorcycles give the average person the feeling that they are flying while riding a Harley. • Financial Statement

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