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COURAGE, FOCUS
tunity to run our business more effec- began last May, it was obvious that people just that. We appreciate the trust you have
tively and efficiently through continuous were passionate about the brand. As I have placed in us to move this company forward.
that would maximize our opportunities going forward and restore the Company as a the face of Harley-Davidson manufacturing,
with much greater flexibility and significant
strong business that could consistently grow over the long haul. We set that direction, savings from a more efficient operation.
and the word that best describes our new strategy is “focus.” Just as important is the transformation
under way in Harley-Davidson product
development. Our work focuses on product
We wasted no time in bringing this strategy to 2008. Managing supply in line with HIGH-POTENTIAL BRAND selection, cost reduction and time compres-
to life, moving quickly to focus our resourc- demand remains a top priority as a key The heart of our strategy is our strong sion, to reduce time to market and consis-
es behind the unique strengths and growth underpinning of brand strength. belief that focusing our investment behind tently deliver on customer expectations.
potential of the Harley-Davidson brand. We embarked on a major consolidation the powerful Harley-Davidson brand pro- These actions represent important early
In light of the 2009 landscape and the and restructuring of our production vides a superior path to tapping the full steps in what will be an ongoing journey
actions we took, our 2009 financial results operations to get our cost structure right potential of the brand and to sustained in continuous improvement.
were not surprising. Income from con- at lower volumes. long-term growth. The Harley-Davidson
tinuing operations of $70.6 million, or We also succeeded in obtaining the fund- brand consistently ranks among the stron- THE ROAD AHEAD
$0.30 per share, decreased 89.7 percent ing needed to support the lending activities gest globally, across many demographic 2009 was indeed a year that tested our
from the prior year, on a 23.1 percent of Harley-Davidson Financial Services— groups. Even in today’s more practical, company, but it was also a year of genuine
drop in revenue from motorcycles and another priority for us in 2009. Our ability cautious consumer environment, people achievement as we embarked on a new
related products to $4.29 billion. These to fund motorcycle loans for customers was of all ages and backgrounds still dream course. It was a year in which we took
results primarily reflect the impact of re- a key strategic advantage in 2009 and was about the Harley-Davidson experience. many courageous actions to position
duced motorcycle shipments, restructuring one of the reasons for our market share We see great potential to drive growth Harley-Davidson for the future.
and Buell exit costs, and non-cash charges growth during the year. As a result of our globally and in the U.S. through unique Our accomplishments were possible only
related to Harley-Davidson Financial Ser- actions, HDFS is on much stronger footing, products and experiences, both through through the hard work, unwavering spirit
vices. When the loss from MV Agusta and we believe we have provided for its outreach to new customers and our com- and dedication of our employees, dealers
discontinued operations is included, the anticipated funding needs for 2010. mitment to core customers. and suppliers, who focus every day on
Company reported a full-year net loss of Our strategy is multi-generational and delivering an outstanding experience for
$55.1 million. At the same time, even with STRATEGIC FOCUS multi-cultural. It calls for us to grow sales our customers. I thank all the members
the decrease in profitability due to the Looking out across a longer horizon, in to our core customers, while growing sales of our team for their many contributions.
reduction in motorcycle shipments and October we unveiled our long-term “Deliv- to outreach customers at a faster rate. As we execute on our strategy, we do not
restructuring spending, the Company’s ering Results Through Focus” business Our Dark Custom products, including promise easy solutions. Consumers will
continuing operations generated $609 mil- strategy, with its four pillars: growth, the Iron 883, are a strong draw for young likely continue to be cautious in an economic
lion in cash flow from operating activities continuous improvement, leadership de- adults, and motorcycles like the Street environment that remains challenging.
in 2009. This speaks well for the ability velopment and sustainability. As part of Glide, Tri Glide and Electra Glide Ultra However, we believe our strategy and
to generate cash, even in a challenging this strategy to focus our efforts, we Limited have earned the ongoing com- the performance measures we have laid out
business environment. announced we would exit from the Buell mitment of core riders. are based on an appropriate and prudent
product line and sell MV Agusta, focusing In international markets we plan to add approach to the market. Delivering on our
ADDRESSING THE IMMEDIATE CHALLENGES our resources on the Harley-Davidson 100 to 150 dealer points through 2014 , plans will take discipline, determination and
To address the immediate challenges of brand, which includes continuing to and in the same period increase inter- intense focus, but we are confident we can
2009 and the deep recession, we decreased expand the brand globally. national retail unit sales to more than 40 achieve our goals through our strategy.
Harley-Davidson motorcycle shipments to percent of total retail unit sales, up from
dealers by nearly 27 percent compared about 33 percent in 2009.
02 HARLEY - DAVIDSON, INC. 2009 ANNUAL REPORT 03
GROWTH Harley-Davidson is not only one of the strongest brands in the world,
it is also, we believe, a brand with tremendous untapped potential. We have
chosen to focus our investments behind the Harley-Davidson brand because
we believe it provides a superior means for realizing the substantial long-
term opportunities of the global motorcycle industry.
MACHINES THAT
FIT THE MINDSET.
Everyone has a vision of what a Harley- Tri Glide™ and motorcycles from Custom
Davidson® motorcycle should be. And as Vehicle Operations™ deliver a premium
we build on our position as the leader of experience for our core customers, giving
two-wheeled authenticity, we’re looking them reasons to trade up and ways to
deep into the dreams of new riders, long- extend the ride. And through customiza-
time customers and young customers alike tion and MotorClothes® riding gear, each
to develop motorcycles that fit individual riding experience can truly be individu-
lives and lifestyles. alized to fit the owner’s mindset.
There’s a powerful reason for this
approach: it works. Motorcycles are all THE DISCIPLINE OF PRODUCT DE VELOPMENT
about emotion, and no motorcycles inspire The best companies do more than move
as much of it as ours. the market; they move ahead of it. To
further strengthen our effectiveness at
THE RIDE COMES F IRST delivering twist-of-the-throttle emotion
More than ever, we’re developing prod- to diverse customers, we are transforming
ucts that appeal across generations and product development in ways that sharpen
cultures. Dark Custom™ bikes like the Iron our focus on what riders want, deliver
883™ and the new Forty-Eight,™ with relevant products in each global market,
their stripped-down, rebellious attitude, improve speed to market and grow our
are drawing in young adult riders. Prod- family of riders.
ucts like the Electra Glide® Ultra Limited,
OPPORTUNITY
IS FOUND
ON MANY ROADS.
For those who dream about their first Our Rider’s Edge® New Rider Course is
Harley-Davidson motorcycle, there’s a instrumental in growing new relation-
moment when desire turns into ownership. ships, helping more than 200,000 students
Bringing those moments closer within take to the streets with confidence since
reach for young adults,women and diverse 2000. Thirty-three percent of them are
riders everywhere is one of the things under age 35 and 37 percent are women.
we and our dealers enjoy the most. We continue to introduce ourselves to
prospective owners through venues like
NEW CUSTOMERS FOR LIFE the South By Southwest ® music and
Young adults—those under age 35—hold culture festival, online communities, and
our brand in virtually the same high es- Garage Party™ events just for women.
teem as long-time customers. For this new And to help new customers feel confi-
generation, we’ve created motorcycles, dent on the machine of their dreams, we
experiences and entire communities— developed the Harley-Davidson Fit Shop,
both real-world and virtual—to immerse which enables dealers to outfit most any
them in the brand, expand our universe of bike for any rider.
enthusiasts and make them customers In short, we live by the belief that “every
for life. customer is a custom.” Every customer
Bikes like the Iron 883, one of our fast- deserves an individualized experience in
est-selling motorcycles in 2009, have done every aspect of ownership, whether they’re
exceedingly well among young adults. a long-time rider or just getting started.
TOPRising country music artist and devoted The Forty-Eight motorcycle with its
BOT TOM LEFT
Harley-Davidson enthusiast Krista Marie, peanut tank, fat front tire and no-frills Dark
aboard her V-Rod Muscle® motorcycle at Custom appeal.
a 2009 Women’s Ride for MDA.
B OT T O M R I G H T Chontell Brown, Michael Rawls and
John Roberts of New Jersey take in the Daytona
Bike Week scene.
10 HARLEY - DAVIDSON, INC. 2009 ANNUAL REPORT 11
OVER OUR
Harley-Davidson is crossing borders like we’re fueling demand in more mature a primary role in defining the emerging
never before. Our brand has remarkable international motorcycle markets. Today, leisure riding market. We’ve studied the
REVVING UP
STREET -LEVEL
PASSION.
Dealers are the local heartbeat of Harley- connected with customers and manage
Davidson. In cities and towns far and near, their businesses more effectively.
they are the vital connection between rider
and machine, fulfilling dreams and build- MANY POINTS OF CONNECTION
ing lifelong relationships. Because customers come into the family
in all kinds of ways, dealers understand
THE HIGHER ROAD that every part of their dealership is an
Dealerships are destinations that bring important opportunity to connect. Top
the entire Harley-Davidson experience to caliber sales and service teams are a key
the world. And dealers are more focused to customer engagement; so are test rides
than ever on exceeding customer expec- and Authorized Rentals, which fuel dreams
tations every day. They and their teams and inspire new bike purchases. And pre-
understand the importance of personal- owned motorcycles are just the ticket
izing every customer interaction, from in for some riders, starting a lifetime of
sales, service and customization to great ownership and customization.
rides and events. They are dedicated to There’s a reason Harley-Davidson deal-
continuous improvement —learning best ers are the best in the industry. To them,
practices from one another and through Harley-Davidson is much more than a
Harley-Davidson University. And, with business; it’s a way of life and a personal
the adoption of advanced technology passion which shows at the street level
solutions, they are able to stay better in destinations around the world.
TOP LEFTGreat service is a point of differentiation TOP RIGHTSharing passion for the brand and
for Harley-Davidson dealers, including Harley- business experience at a recent Harley-David-
Davidson of North Texas in Carrollton and techni- son dealer convention are dealers (from left):
cian Tom Talamantez. Joaquín R. Trejos, San José, Costa Rica; Irv
Fossaen, Onalaska, Wis.; Ferdinand Fischer,
Harley-Davidson Borie, the oldest Harley-
BO T T OM
Vienna, Austria; Tan Lin Lin, Qingdao, China; and
Davidson dealership in France, in its new store
Tommie Loos, Johannesburg, South Africa.
just outside Paris. Through great execution of
all the details, Harley-Davidson new motorcycle
retail sales rose in France in 2009.
14 HARLEY - DAVIDSON, INC. 2009 ANNUAL REPORT 15
The Harley-Davidson family shares a employees and suppliers, has raised more
powerful purpose: giving back. It’s as than $70 million for patient services and
ingrained in our nature as sharing an research through rides and events.
open stretch of road.
RESPECT
CHAMPIONING A CAUSE A shared purpose goes beyond philan-
In 2007, through The Harley-Davidson thropy. Every day, we look for ways to
Foundation’s $1 million gift, we teamed incorporate sustainable practices into
up with the nonprofit Disabled American our business, our manufacturing opera-
Veterans to fund a fleet of offices on wheels tions and our products, to minimize the
that help veterans get the government impact we have on the environment. For
benefits to which they’re entitled. At more example, as noted in our 2009 Sustain-
than 1,700 stops over the last three years, ability Report, we have reduced green-
including many at Harley-Davidson deal- house gas emissions through changes to
erships, DAV advisers helped some 48,000 our heat-treating operations and saved
veterans obtain $540 million in benefits. enough natural gas to heat 1,312 homes a
Giving back is also behind a remarkable year. And the Harley-Davidson Museum—
thirty-year partnership with the Muscular our newest facility — has been highly
Dystrophy Association. Since 1980, Harley- awarded for transforming a brownfield
Davidson and MDA have shared the road site into an environmentally sustainable
in the battle against neuromuscular dis- community resource. It all adds up to
ease. As a national MDA sponsor, Harley- respect— for our environment, our com-
Davidson, together with riders, dealers, munities and our future.
23,191
CONSOLIDATED BALANCE SHEET DATA (AT DECEMBER 31):
25,000
19,476
Total assets $ 9,155,518 $ 7,828,625 $ 5,656,606
Total debt $ 5,636,129 $ 3,914,887 $ 2,099,955
17,169
16,709
15,687
20,000
15,133
Total equity $ 2,108,118 $ 2,115,603 $ 2,375,491
14,645
12,544
15,000
10,084
WORLDWIDE
9,061
WORLDWIDE
7,434
2009 MOTORCYCLES AND RELATED PRODUCTS REVENUE BY PRODUCT LINE 2009 MOTORCYCLES AND RELATED PRODUCTS REVENUE BY REGION 10,000
5,956
Dollars in millions Dollars in millions
4,257
74.1 % H-D Motorcycles . . . . .$3,174.8 67.9 % United States. . . . . . . . $2,910.1
3,650
2,224
17.9 % Parts & Accessories . . . . .767.3 . 16.3 % Europe . . . . . . . . . . . . . . . . .700.9
2,152
1,686
1,433
5,000
6.6 % General Merchandise . . . 282.2 6.0 % Japan . . . . . . . . . . . . . . . . . . 255.9
930
981
860
852
803
782
782
766
689
618
690
710
553
537
414
367
337
220
204
245
156
242
1.1 % Buell Motorcycles . . . . . . . .46.5 4.1 % Canada . . . . . . . . . . . . . . . . 175.9
0.3 % Other . . . . . . . . . . . . . . . . . . . 16.3 3.2 % Australia. . . . . . . . . . . . . . . 137.6 0
2.5 % Rest of World . . . . . . . . . . 106.7 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Total Net Revenue $4,287.1 Total Net Revenue $4,287.1 S&P 500 H-D COMPARISON OF YEAR-END VALUE OF $100 INVESTED DEC. 31, 1986 (20 YEARS SHOWN). ASSUMES FOR BOTH HARLEY-DAVIDSON AND S&P THAT ALL DIVIDENDS ARE REINVESTED.
20 HARLEY - DAVIDSON, INC. 2009 ANNUAL REPORT 21
CORPORATE SUMMARY
HARLEY- DAVIDSON MOTORCYCLE HARLEY- DAVIDSON, INC. HARLEY- DAVIDSON, INC. UNITED STATES (1) BOARD OF DIRECTORS HARLEY- DAV IDSON PATRICK SMITH the Company’s trademarks are
WORLDWIDE SHIPMENTS MOTORCYCLES AND RELATED PRODUCTS REVENUE INCOME FROM CONTINUING OPERATIONS 651+ CC MOTORCYCLE REGISTRATIONS HARLEY- DAV IDSON INC. MOTOR COMPANY Vice President and owned by H-D Michigan, LLC,
H-D vs. Industry, units in thousands LEADERSHIP General Manager, a subsidiary of the Company,
Units in thousands Dollars in millions Dollars in millions
1,043,043
MARKET SHARE BARRY K. ALLEN General Merchandise which also manages the
349.2
349.2
UNITED
UNITED STATES
STATES Dollars in millions Senior Advisor, Providence CHARLES R. BAKER Company’s trademark strategy
5,801
330.6
329.0
5,727
48.8 45.6 45.0 47.5 49.5 49.2 49.0 49.3 48.7 45.5 53.3 %
330.6
329.0
5,594
INTERNATIONAL
INTERNATIONAL Equity Partners, President, Vice President, and portfolio. The MV Agusta
317.3
317.3
5,342
303.5
960
543.0
5,015
Director, Latin America
291.1
934
by MV Agusta Motor S.p.A.
291.1
517.6
516.1
890
600
4,624
RICHARD I. BEATTIE JOANNE M. BISCHMANN
494.0
63.7
1,000
263.7
479.8
BUE L L MOTORCYCLE SHAREHOLDER
4,287
461.2
300
300 Chairman, Simpson Vice President, Licensing
442.3
234.55
4,091
5,000 COMPANY LEADERSHIP
900 Thacher & Bartlett LLP and Special Events INFORMATION
761
223.0
500
394.3
204.6
800
3,407
684
250 MARTHA F. BROOKS RODNEY J. COPES JON R. FLICKINGER ANNUAL SHAREHOLDERS
304.0
340.0
4,000 President and
177.2
580
700 400
Operating Officer, Novelis Inc. national Sales, Marketing Chief Operating Officer, The Annual Meeting of
275.6
200
2,453
600 and Business Development Buell Motorcycle Company Shareholders will convene at
438
3,000 GEORGE H. CONRADES 10:30 a.m., CT, on Saturday,
500 300
Executive Chairman, WILLIAM G. DAVIDSON HARLEY- DAV IDSON
348
150 April 24, 2010, at the
Akamai Technologies, Inc. Senior Vice President and FINANCIAL SERVICES
400 Harley-Davidson Museum,
267
2,000 200 Chief Styling Officer LEADERSH I P
400 Canal Street,
100 300 JUDSON C. GREEN
Milwaukee, WI 53201.
Vice Chairman, NAVTEQ WILLIAM J. DAVIDSON STEVEN E. CUNNINGHAM
1,000 200 100 Vice President, Vice President and Chief
50 SEC FORM 10 -K
71
DONALD A. JAMES Core Customer Marketing Financial Officer, Harley-
1 00 A copy of the Company
Chairman and Chief Davidson Financial Services
Annual Report, as filed with the
0 0 0 0 Executive Officer, Deeley KARL M. EBERLE
99 00 01 02 03 04 05 06 07 08 09 Securities and Exchange
99 00 01 02 03 04 05 06 07 08 09 99 00 01 02 03 04 05 06 07 08 09 99 00 01 02 03 04 05 06 07 08 09 Harley-Davidson Canada/ Senior Vice President, LAWRENCE G. HUND
Commission on Form 10-K,
Fred Deeley Imports Ltd. Manufacturing President, Harley-Davidson
H-D MOTORCYCLES REST OF INDUSTRY may be obtained from the
Financial Services
SARA L. LEVINSON FRED C. GATES Company without charge to
Former President of the Vice President and M V AGUSTA the shareholders or via the
HARLEY- DAVIDSON, INC. HARLEY- DAVIDSON, INC. HARLEY- DAVIDSON, INC. Women’s Group of Rodale, Inc. General Manager, GROUP LEADERSH I P Company’s Web site.
CAPITAL EXPENDITURES ON CONTINUING OPERATIONS DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS DIVIDENDS PER SHARE EUROPE (1) York Vehicle Operations
N. THOMAS LINEBARGER CLAUDIO CASTIGLIONI DIRECT STOCK REPURCHASE
Dollars in millions In dollars In dollars, adjusted for splits 651+ CC MOTORCYCLE REGISTRATIONS AND DI VIDEND
President and Chief Operating DONALD M. GOGAN Chairman, MV Agusta
H-D vs. Industry, units in thousands Officer, Cummins, Inc. Vice President, Global REIN V EST MENT PL AN
1.290
MARKET SHARE ENRICO D’ONOFRIO To obtain information on our
3.93
Advanced Manufacturing
323.9
6.1 7.2 7.1 7.1 8.1 7.7 8.9 9.5 10.0 10.6 12.0 % GEORGE L. MILES, JR.
350 4.00 1.300 President and Chief Executive JAMES E. HANEY Director, MV Agusta Dividend Reinvestment Plan,
290.4
3.41
1.060
Officer, WQED Multimedia Vice President and please contact our registrar
COMPANY
389.7
387.9
Chief Information Officer and transfer agent:
3.50
3.00
JAMES A. NORLING
361.3
2.92
229.0
227.2
Computershare CIP
335.4
336.7
Former Chairman of
333.3
333.2
MICHAEL P. HEERHOLD
219.6
0.810
400
213.6
323.9
322.7
321.3
2.50
313.6
203.6
the Board, Chartered Vice President and General 250 Royall Street,
198.4
0.625
2.50 P.O. Box 653
165.8
1.43
0.405
0.40
150 Internet Addresses:
1.13
302.7
302.7
302.1
301.5
350 80 that we may not be able to execute our long-term strategy, vehicles. The Company did not ship three-wheeled vehicles and Controller JAMES A. McCASLIN HARLEY-DAVIDSON, HARLEY, Board c/o the Secretary of
Executive Vice President,
294.3
capital markets uncertainties and matters we have noted until 2008 and does not believe three-wheeled vehicle retail Harley-Davidson, Inc.
60.75
258.1
70 in our filings with the SEC, including risk factors that we registrations were significant in the U.S. for 2007 and prior. SUSAN K. HENDERSON Corporate Product Planning MOTORCLOTHES, RIDER’S 3700 West Juneau Avenue
300
238.5
54.31
identified in our Annual Report on Form 10-K for 2009, a Europe data includes registrations in Austria, Belgium, Vice President,
234.3
copy of which is included as a separate enclosure. Harley- Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Communications JEFFREY A. MERTEN GROUP, H.O.G., SPORTSTER,
60 Milwaukee, WI 53201-0653
47.53
46.71
46.20
Davidson disclaims any obligation to update information in Norway, Portugal, Spain, Sweden, Switzerland, and the United Vice President and
250 V-ROD, ELECTRA GLIDE,
this document. Kingdom. The Company derives its Europe industry data GAIL A. LIONE* General Manager, TRI GLIDE, DARK CUSTOM, © 2010 Harley-Davidson, Inc.
39.75
50 from information provided by Giral S.A., an independent Executive Vice President, North American Sales STREET GLIDE, IRON 883,
200 agency. This third party data is subject to revision and update. General Counsel, Secretary
32.03
The retail registration data for Harley-Davidson motorcycles Vice President and
150 and BUELL. The HARLEY- Paper: Sappi Somerset
presented in these tables may differ slightly from the Harley- JOHN A. OLIN* General Manager,
30 DAVIDSON trademark has Photography: Eric Perry,
16.97
Davidson retail sales data presented elsewhere in this report. Senior Vice President and Parts and Accessories
The Company’s source for retail sales presented elsewhere in been used since 1903 and Peter Turnley, various
100 Chief Financial Officer
this report is sales and warranty registrations provided by the Bar and Shield trademark
20
Harley-Davidson dealers as compiled by the Company. The MARK-HANS RICHER since at least 1910. The
differences are not significant and generally relate to the KEITH E. WANDELL* Senior Vice President and BUELL trademark has been 10%
50 10 timing of data submissions to the independent sources. President and Chief Marketing Officer used since 1984. With the Cert no. SW-COC-001613
Chief Executive Officer exception of the MV Agusta
0 0 trademarks, substantially all of
99 00 01 02 03 04 05 06 07 08 09 99 00 01 02 03 04 05 06 07 08 09 *Corporate Officer
OUR VISION
We fulf ill dreams inspired by the many roads of
the world by providing extraordinary
motorcycles and customer experiences. We fuel
the passion for freedom in our customers
to express their own individuality.