Bookings increased substantially year-over-year. Bookings in 2012 included $49.8 million in previously announced orders from Maple Leaf Foods, $23.6 million of which was revenued in 2012. Excluding these record orders for CIMCO, bookings were $112 million, still up 25% compared to 2011, reflecting improved market activity. Recreational bookings were up 34% year-over-year with increases in both Canada and the US.
Backlogs were higher in all areas - recreational and industrial; Canada and the US. This is the highest backlog ever at this time of year, and bodes well for CIMCO entering 2013. Approximately 92% of the backlog is expected to revenue in 2013.
CONSOLIDATED FINANCIAL CONDITION
The Company has maintained a strong financial position for many years. At December 31, 2012, the ratio of total debt net of cash to total capitalization was 25%.
Working Capital
The Company's investment in non-cash working capital was $300 million at December 31, 2012. The major components, along with the changes from December 31, 2011, are identified in the following table.
Change ------------------$ thousands 2012 2011 $ %----------------------------------------------------------------------------Accounts receivable $ 231,518 $ 209,243 $ 22,275 11%Inventories 327,785 301,937 25,848 9%Other current assets 4,086 4,718 (632) (13%)Accounts payable, accrued liabilities and provisions (194,303) (272,302) 77,998 (29%)Income taxes payable (3,130) (8,352) 5,222 n/mDerivative financial instruments (219) (628) 409 n/mDividends payable (9,165) (8,433) (731) 9%Deferred revenue (54,664) (49,100) (5,564) 11%Current portion of long-term debt (1,372) (1,280) (92) 7%----------------------------------------------------------------------------Total non-cash working capital $ 300,536 $ 175,803 $124,733 71%--------------------------------------------------------------------------------------------------------------------------------------------------------
Accounts receivable increased, largely reflecting the higher revenues and higher days sales outstanding (DSO). CIMCO accounts receivable increased $17 million or 66% on significant customer billings at the end of 2012. Equipment Group accounts receivable increased $5 million or 3%. DSO was 45 at December 31, 2012 compared to 40 at the same time last year.
Inventories at December 31, 2012 increased year-over-year, however were decreased $54.3 million in the fourth quarter of 2012. Equipment Group inventories were $19 million or 7% higher than this time last year. Higher inventory on rent with a purchase option (RPO) accounted for 54% of the increase. Higher inventory levels of certain models of new equipment and higher parts inventories ($2.6 million) held to support increased demand, accounted for the remaining increase. CIMCO inventories were $7 million or 65% higher than this time last year on higher work-in-process.
Accounts payable and accrued liabilities at December 31, 2012 were down $78 million or 29% from this time last year. There was a reduction in order inflow from a key supplier in the last half of 2012 leading to a reduced outstanding payable. Payment terms from the key supplier were tightened in 2012, further reducing the balance.
