Business Context and Reporting Period
This Form 6-K filing by Lloyds Banking Group plc, dated April 30, 2013, incorporates a capitalisation table as of March 31, 2013. The document serves to update the company's Registration Statement on Form F-3 regarding its consolidated capital structure and indebtedness under IFRS.
Key Financial Metrics
As of March 31, 2013, the Group reported the following capitalisation and indebtedness figures (in millions GBP):
| Category | Amount (£m) |
|---|---|
| Total Equity | 43,481 |
| Shareholders' equity | 43,135 |
| Non-controlling interests | 346 |
| Total Indebtedness | 151,086 |
| Subordinated liabilities | 34,008 |
| Total debt securities | 117,078 |
| Total Capitalisation and Indebtedness | 194,567 |
The filing notes that certain preference shares are classified as debt under IFRS. As of the reporting date, all indebtedness was unsecured except for £63.7 billion of securitisation notes and covered bonds, and £4.2 billion of debt securities issued by asset-backed conduits.
Material Changes and Recent Transactions
While the filing states there has been no material change to the capitalisation table since March 31, 2013, the following transactions occurred in April 2013:
- April 22, 2013: Issued 713 million new ordinary shares for proceeds of £350 million to fund payments on tier 1 hybrid capital securities.
- April 16, 2013: Issued £850 million and £650 million of dated subordinated debt.
No other issuances or redemptions of subordinated liabilities occurred between March 31 and the filing date.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure that indebtedness is generally unsecured. The document confirms that, excluding government-guaranteed funding programmes, no indebtedness is guaranteed by persons outside the Group.
Investor Verification Checklist
- Verify the impact of the £350 million equity issuance on diluted earnings per share.
- Confirm the classification of preference shares as debt under IFRS and its effect on leverage ratios.
- Review the specific terms and maturity profiles of the £1.5 billion in subordinated debt issued in April 2013.
- Assess the proportion of secured debt (£67.9 billion) versus unsecured debt within the total £151.1 billion indebtedness.