Net financial debt, excluding provisions for post-employment benefits, in the Industrial Operations amounted to SEK 19.8 billion at December 31, 2013, a decrease of SEK 11.3 billion compared to the end of the third quarter, and equal to 29.0% of shareholders' equity. Including provisions for post-employment benefits, the Industrial Operations net financial debt amounted to SEK 32.1 billion, which is equal to 46.8% of shareholders' equity. The decrease in net financial debt including provisions for post-employment benefits is mainly an effect of positive cash flow of SEK 10.3 billion.
The Volvo Group's liquid funds, i.e. cash and cash equivalents and marketable securities combined, amounted to SEK 29.6 billion at December 31, 2013. In addition to this, granted but unutilized credit facilities amounted to SEK 31.9 billion. Cash and cash equivalents as of December 31, 2013 include 0.2 (0.2) billion that is not available for use by the Volvo Group and SEK 7.7 billion (9.4) where other limitations exist, mainly liquid funds in countries where exchange controls or other legal restrictions apply. With that it is not possible to immediately use the liquid funds in other parts of the Volvo Group, however normally there is no limitation for use for the Volvo Group's operation in the respective country.
During the fourth quarter, currency movements increased the Volvo Group's total assets by SEK 1.9 billion related to revaluation of assets in foreign subsidiaries.
The equity ratio in the Volvo Group amounted to 22.4% on December 31, 2013 compared to 22.7% at year-end 2012. On the same date, the equity ratio in the Industrial Operations amounted to 27.0% (27.0).
At December 31, 2013 shareholder's equity in the Volvo Group amounted to SEK 77.4 billion.
The sale of Volvo Rents, that was concluded on January 31, 2014, had a positive impact on the Group's cash flow in an amount of SEK 7.0 billion and a corresponding reduction in the Industrial Operations' net financial debt in the first quarter of 2014.Number of employees
On December 31, 2013 the Volvo Group had 95,533 regular employees and 14,794 temporary employees and consultants, compared with 96,137 regular employees and 13,452 temporary employees and consultants at year-end 2012.