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