Appendix A - Group Capital Structure


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A2 – Deployment of equity shareholders’ funds

In order to better reflect the risk to shareholder funds the following table ‘looks through’ unitised investments which are classified as “other” within the IFRS balance sheet and makes adjustments for minority holdings that are fully consolidated on the balance sheet. In addition, we have explicitly shown the market risks within the staff pension schemes.

  30 June
2008		 Restated
31 December
2007
  Equities
£m		 Property
£m		 Cash, Loans
& Debt securities £m		 Other Invest-ments
£m		 Other net assets
£m		 Total
£m		 Total
£m
Notes:
  1. Includes goodwill relating to the joint venture with the Royal Bank of Scotland Group.
  2. Minority and other investments reclassification represent the reallocation of unit trusts to their constituent parts net of net asset value attributable to unitholders.
  3. Net internal debt represents the upstream of internal loans from business operations to corporate and holding entities net of tangible assets held by those entities.
Total assets included in the statutory IFRS balance sheet 48,517 15,664 180,346 38,476 44,787 327,790 320,841
Goodwill1         (3,265) (3,265) (3,299)
Acquired value of in-force business and intangible assets         (3,170) (3,170) (3,197)
Liabilities of the long-term, general & other businesses (42,377) (12,391) (172,062) (33,997) (51,546) (312,373) (304,249)
Pension fund deficit         515 515 178
Debt         5,517 5,517 5,210
Liabilities of the long-term, General & other businesses excluding pension fund deficit and debt (42,377) (12,391) (172,062) (33,997) (45,514) (306,341) (298,861)
Minorities and other investments reclassification2 (30) 102 (680) (3,050) 3,658 - -
Shareholder funds 6,110 3,375 7,604 1,429 (3,504) 15,014 15,484
Pension fund 4,407 583 3,592 994 (10,091) (515) (178)
Adjusted shareholder funds 10,517 3,958 11,196 2,423 (13,595) 14,499 15,306
Goodwill1           3,265 3,299
Additional and acquired value of in-force long-term business and intangible assets           11,000 11,179
Assets backing total capital employed in continuing operations           28,764 29,784
External debt           (721) (1,257)
Net internal debt3           (885) (899)
Subordinated debt           (3,911) (3,054)
            23,247 24,574
Minority interests           (3,385) (3,131)
Direct capital instrument           (990) (990)
Performance capital           (200) (200)
Equity shareholders’ funds           18,672 20,253

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