Business Context and Reporting Period
This Form 6-K filing by Lloyds Banking Group plc, dated November 21, 2011, incorporates a capitalisation table as of September 30, 2011. The document provides a snapshot of the Group's consolidated equity and indebtedness in accordance with IFRS.
Key Financial Metrics
| Metric | Value (£m) |
|---|---|
| Shareholders' Equity | 45,685 |
| Non-controlling Interests | 640 |
| Total Equity | 46,325 |
| Subordinated Liabilities | 36,452 |
| Total Debt Securities | 221,226 |
| Total Indebtedness | 257,678 |
| Total Capitalisation and Indebtedness | 304,003 |
The filing does not provide data on revenue, profit, cash flow, or operating margins.
Material Changes and Debt Structure
As of September 30, 2011, all indebtedness was unsecured except for £77.4 billion in securitisation notes and covered bonds, and £16.2 billion in debt securities issued by asset-backed conduits. Certain preference shares are classified as debt under IFRS and included in subordinated liabilities.
Following the reporting date, the Group redeemed 9.5% Subordinated Bonds 2011 on October 17, 2011, with a carrying value of £163 million. No other issuances or redemptions of subordinated indebtedness occurred between September 30, 2011, and the filing date.
Outlook and Management Commentary
Management states there has been no material change in the capitalisation information set forth in the table since September 30, 2011. The filing does not contain forward-looking guidance, risk factors, or commentary on future liquidity beyond the confirmation of the static debt position.
Investor Verification Checklist
- Verify the classification of preference shares as debt under IFRS and its impact on leverage ratios.
- Confirm the status of the £77.4 billion in securitisation notes and covered bonds regarding collateral requirements.
- Review the impact of the £163 million subordinated bond redemption on the total indebtedness figure.
- Check subsequent filings for any material changes to the capital structure post-November 2011.