Business Context and Reporting Period
This Form 6-K filing by Lloyds Banking Group Plc, dated November 6, 2013, serves to update the company's Registration Statement on Form F-3. The primary purpose is to incorporate by reference the Group's capitalisation table as of September 30, 2013, prepared in accordance with IFRS.
Key Financial Metrics
The filing provides a snapshot of the Group's capital structure and indebtedness as of September 30, 2013. It does not contain revenue, profit, cash flow, or margin data.
| Category | Amount (£m) |
|---|---|
| Total Equity | 41,225 |
| Shareholders' equity | 40,893 |
| Non-controlling interests | 332 |
| Total Indebtedness | 139,687 |
| Subordinated liabilities | 33,210 |
| Total debt securities | 106,477 |
| Debt securities in issue | 101,261 |
| Liabilities held at fair value | 5,216 |
| Total Capitalisation and Indebtedness | 180,912 |
Security Status: As of September 30, 2013, all indebtedness was unsecured except for £56.1 billion of securitisation notes and covered bonds, and £4.0 billion of debt securities issued by asset-backed conduits. Excluding government-guaranteed funding, no indebtedness is guaranteed by persons outside the Group.
Material Changes
The filing states there has been no material change in the capitalisation information since September 30, 2013. Specific redemptions of undated subordinated debt occurred shortly after the reporting date:
- US$14 million redeemed on November 1, 2013.
- £22 million redeemed on November 4, 2013.
No other issuances or redemptions of subordinated liabilities were reported between September 30, 2013, and the filing date.
Guidance, Outlook, and Risks
This document does not provide management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure regarding the security status of debt and the classification of certain preference shares as debt under IFRS.
Investor Verification Checklist
- Verify the total equity figure of £41,225 million against the most recent full financial statements.
- Confirm the composition of the £139,687 million total indebtedness, specifically the split between subordinated liabilities and debt securities.
- Review the status of the £56.1 billion in securitisation notes and covered bonds to understand collateral backing.
- Check subsequent filings for any further redemptions or issuances following the November 2013 redemptions noted in this report.