Exhibit 99.2

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except per share data)
(unaudited)

December 31,						2003				2002
Assets
			Current Assets
			Cash and cash equivalents			$	82,761			$	81,193
			Trade receivables, net of allowance for doubtful accounts of $5,638 and $4,435				51,885				51,001
			Inventories				182,835				155,858
			Prepaid expenses and other				10,718				10,136
			Deferred tax assets				59,517				45,471
				Total current assets			387,716				343,659
Property and Equipment
		Land, buildings and improvements					67,561				62,089
		Equipment and tooling					337,297				325,042
							404,858				387,131
		Less accumulated depreciation					(228,437	)			(217,535	)
				Net property and equipment			176,421				169,596
Investments in Affiliates and Retail Credit Deposit							79,578				65,185
Deferred Tax Assets							—				2,427
Goodwill, Net							24,295				24,267
Intangible and Other Assets, net							3,342				3,512
Total Assets							671,352				608,646
Liabilities and Shareholders’ Equity
Current Liabilities:
	Accounts payable					$	65,987			$	88,462
	Accrued expenses:
				Compensation			39,730				35,572
				Warranties			30,673				30,936
				Sales promotions and incentives			63,481				39,460
				Dealer Holdback			73,561				73,651
				Other			34,506				25,005
	Income taxes payable						22,540				20,427
			Total current liabilities				330,478				313,513
Deferred income taxes							3,488				0
Borrowings under credit agreement							18,008				18,027
			Total Liabilities			$	351,974			$	331,540
Shareholders’ Equity:
	Preferred stock $0.01 par value, 20,000 shares authorized, no shares issued and outstanding						—				—
	Common stock $0.01 par value, 80,000 shares authorized, 21,681 and 22,300 shares issued and outstanding					$	217			$	223
	Additional paid-in capital						—				—
	Deferred compensation						(8,922	)			(12,106	)
	Retained earnings						330,422				289,656
	Accumulated other comprehensive income (loss)						(2,339	)			(667	)
			Total shareholders’ equity				319,378				277,106
				Total Liabilities and Shareholders’ Equity		$	671,352			$	608,646

Note: Shares and earnings per share data have not been adjusted to reflect the two-for-one stock split declared on January 22, 2004 and payable on March 8, 2004 to shareholders of record on March 1, 2004.

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Thousands)
(unaudited)

						For the Year Ended December 31,
						2003				2002				2001
Cash Flows From Operating Activities
	Net income					$	110,929			$	103,592			$	91,414
	Adjustments to reconcile net income to net cash provided by operating activities:
				Depreciation and amortization			54,780				57,527				52,550
				Noncash compensation			14,275				16,212				15,455
				Non-cash income from affiliates and financial services arrangements			(9,300	)			(9,196	)			(12,463	)
				Deferred income taxes			(8,131	)			7,211				(9,725	)
				Changes in current operating items —
				Trade receivables			(884	)			5,118				11
				Inventories			(26,977	)			(3,141	)			(9,226	)
				Accounts payable			(22,475	)			(13,092	)			12,056
				Accrued expenses			37,328				13,713				57,922
				Income taxes payable			8,502				9,203				(25	)
				Others, net			(2,282	)			5,624				(9,388	)
				Net cash provided by operating activities			155,765				192,771				188,581
Cash Flows From Investing Activities:
		Purchase of property and equipment					(61,436	)			(56,575	)			(53,982	)
		Investments in affiliates and financial services arrangements					(21,647	)			(28,301	)			(31,479	)
		Distributions from affiliates and financial services arrangements					16,554				25,275				36,448
		Purchase of businesses					—				(726	)			(3,753	)
				Net cash used for investing activities			(66,529	)			(60,327	)			(52,766	)
Cash Flows From Financing Activities:
		Borrowings under credit agreement					453,001				347,000				717,596
		Repayments under credit agreement					(453,020	)			(347,016	)			(746,621	)
		Repurchase and retirement of common shares					(73,125	)			(76,389	)			(49,207	)
		Cash dividends to shareholders					(26,657	)			(25,273	)			(22,846	)
		Proceeds from issuance of stock under employee plans					12,133				9,897				3,424
				Net cash used by financing activities			(87,668	)			(91,781	)			(97,654	)
				Increase (decrease) in cash and cash equivalents			1,568				40,663				38,161
Cash and Cash Equivalents
			Beginning				81,193				40,530				2,369
			Ending			$	82,761			$	81,193			$	40,530