REG - AstraZeneca PLC - Year-To-Date and Q3 2016 Results <Origin Href="QuoteRef">AZN.L</Origin> - Part 3
10/11/2016 07:10
- Part 3: For the preceding part double click ID:nRSJ8325Ob
solid tumours I Q2 2016
MEDI0562# humanised OX40 agonist solid tumours I Q1 2015
MEDI0562# + tremelimumab humanised OX40 agonist + CTLA-4 mAb solid tumours I Q2 2016
MEDI0562# + durvalumab# humanised OX40 agonist + PD-L1 mAb solid tumours I Q2 2016
MEDI-565# CEA BiTE mAb solid tumours I Q1 2011
MEDI0680 PD-1 mAb solid tumours I Q4 2013
MEDI1873 GITR agonist fusion protein solid tumours I Q4 2015
MEDI4276 HER2 bispecific ADC mAb solid tumours I Q4 2015
MEDI9197# TLR 7/8 agonist solid tumours I Q4 2015
MEDI9447 CD73 mAb solid tumours I Q3 2015
Cardiovascular & Metabolic Diseases
MEDI0382 GLP-1/glucagon dual agonist diabetes / obesity II Q3 2016
MEDI4166 PCSK9/GLP-1 mAb + peptide fusion diabetes / cardiovascular II Q1 2016
MEDI6012 LCAT ACS II Q4 2015
AZD4076 anti-miR103/107 oligonucleotide non-alcoholic fatty liver disease/non-alcoholic steatohepatitis (NASH) I Q4 2015
AZD4831 Myeloperoxidase Heart failure with a preserved ejection fraction I Q3 2016
AZD5718 FLAP CAD I Q1 2016
MEDI8111 Rh-factor II trauma / bleeding I Q1 2014
Respiratory
PT010 LABA/LAMA/ICS asthma II Q2 2014
abediterol# LABA asthma/COPD II Q4 2007
AZD7594 inhaled SGRM asthma/COPD II Q3 2015
AZD9412# inhaled interferon beta asthma/COPD II Q3 2015
tezepelumab# TSLP mAb asthma / atopic dermatitis II Q2 2014
AZD1419# TLR9 agonist asthma II Q3 2013
AZD5634 inhaled ENaC cystic fibrosis I Q1 2016
AZD7986# DPP1 COPD I Q4 2014
AZD8871# MABA COPD I Q4 2015
AZD9567 oral SGRM rheumatoid arthritis I Q4 2015
MEDI9314 IL-4R mAb atopic dermatitis I Q1 2016
Other
anifrolumab# IFN-alphaR mAb lupus nephritis II Q4 2015
anifrolumab# IFN-alphaR mAb systemic lupus erythematosus (subcutaneous) I Q4 2015
verinurad selective uric acid reabsorption inhibitor (URAT-1) chronic treatment of hyperuricemia in patients with gout II Q3 2013
mavrilimumab# GM-CSFR mAb rheumatoid arthritis II Q1 2010
inebilizumab# CD19 mAb neuromyelitis optica II Q1 2015(Orphan drug)
MEDI2070#1 IL-23 mAb Crohn's disease II Q1 2013
MEDI7734 ILT7 mAb myositis I Q3 2016
MEDI0700# BAFF/B7RP1 bispecific mAb systemic lupus erythematosus I Q1 2016
MEDI4920 anti-CD40L-Tn3 fusion protein primary Sjögren's syndrome I Q2 2014
MEDI5872# B7RP1 mAb primary Sjögren's syndrome II Q3 2016
CXL#2 beta lactamase inhibitor / cephalosporin methicillin-resistant S. aureus II Q4 2010
AZD3241 myeloperoxidase inhibitor multiple system atrophy II Q2 2015(Orphan drug)
MEDI3902 Psl/PcrV bispecific mAb prevention of nosocomial pseudomonas pneumonia II Q2 2016(Fast Track, US)
MEDI4893 mAb binding to S. aureus toxin hospital-acquired pneumonia / serious S. aureus infection II Q4 2014 (Fast Track, US)
MEDI7510 Respiratory syncytial virus (RSV) sF+GLA-SE Prevention of RSV disease in older patients II Q3 2015
MEDI8852 influenza A mAb influenza A treatment II Q4 2015(Fast Track, US)
MEDI8897# RSV mAb-YTE passive RSV prophylaxis II Q1 2015 (Fast Track, US
ATM AVI#2 monobactam/ beta lactamase inhibitor targeted serious bacterial infections II Q2 2016
AZD8108 NMDA antagonist suicidal ideation I Q4 2014
MEDI1814 amyloid beta mAb Alzheimer's disease I Q2 2014
MEDI7352 NGF/TNF bispecific mAb osteoarthritis pain I Q1 2016
Q2 2014
MEDI7352
NGF/TNF bispecific mAb
osteoarthritis pain
I
Q1 2016
# Collaboration
1 AstraZeneca entered into a licensing agreement with Allergan (3 October 2016)
2 AstraZeneca announced on 24 August 2016 that it had entered into an agreement with Pfizer to sell the commercialisation
and development rights to its late-stage, small-molecule antibiotics business in most markets globally outside the US. The
transaction is expected to close during Q4 2016
Significant Lifecycle Management (LCM)
Oncology
FaslodexFALCON oestrogen receptor antagonist 1st-line hormone receptor +ve advanced breast cancer Q4 2012 H1 2017 H1 2017 Accepted1 2017
Lynparza OlympiAD PARP inhibitor gBRCA metastatic breast cancer Q2 2014 2017 2017 2017
Lynparza SOLO-2 PARP inhibitor 2nd-line or greater BRCAm PSR ovarian cancer, maintenance monotherapy Q3 2013 2017(Fast Track) 2017 2017
Lynparza SOLO-1 PARP inhibitor 1st-line BRCAm ovarian cancer Q3 2013 2018 2018 2018
Lynparza SOLO-3 PARP inhibitor gBRCA PSR ovarian cancer Q1 2015 2018
Lynparza POLO PARP inhibitor pancreatic cancer Q1 2015 2018 2018 N/A
Lynparza PARP inhibitor prostate cancer Q3 2014 (Breakthrough Therapy)
LynparzaOlympiA PARP inhibitor gBRCA adjuvant breast cancer Q2 2014 2020 2020 2020
Tagrisso FLAURA EGFR tyrosine kinase inhibitor 1st-line advanced EGFRm NSCLC Q1 2015 2017 2017 2017 2017
Tagrisso ADAURA EGFR tyrosine kinase inhibitor adjuvant EGFRm NSCLC Q4 2015 2022 2022 2022 2022
Cardiovascular & Metabolic Diseases
Brilinta2 P2Y12 receptor antagonist outcomes trial in patients with prior myocardial infarction Q4 2010 Launched(Priority Review) Launched Approved2 Accepted
PEGASUS-
TIMI 54
Brilinta2THEMIS P2Y12 receptor antagonist outcomes trial in patients with type-2 diabetes and CAD, but without a previous history of MI or stroke Q1 2014 2018 2018 2018 2019
Brilinta2HESTIA P2Y12 receptor antagonist prevention of vaso-occlusive crises in paediatric patients with sickle cell disease Q1 2014 2020 2020
OnglyzaSAVOR-TIMI 53 DPP-4 inhibitor type-2 diabetes outcomes trial Q2 2010 Launched Launched Accepted
Kombiglyze XR/Komboglyze3 DPP-4 inhibitor/ metformin FDC type-2 diabetes Launched Launched Submitted
Farxiga4 SGLT2 inhibitor type-2 diabetes outcomes trial Q2 2013 2020 2020
DECLARE-
TIMI 58
Farxiga3 SGLT2 inhibitor type-1 diabetes Q4 2014 2018 2018 2018
Xigduo XR/Xigduo5 SGLT2 inhibitor/ metformin FDC type-2 diabetes Launched Launched
Qtern (saxagliptin/dapagliflozin FDC) DPP-4 inhibitor/ SGLT2 inhibitor FDC type-2 diabetes Q2 2012 Accepted Approved
Bydureon weekly GLP-1 receptor agonist type-2 diabetes Q1 2013 2017 2017
suspension
Bydureon EXSCEL GLP-1 receptor agonist type-2 diabetes outcomes trial Q2 2010 2018 2018 2018
EpanovaSTRENGTH omega-3 carboxylic acids outcomes trial in statin-treated patients at high CV risk, with persistent hypertriglyceridemia plus low HDL-cholesterol Q4 2014 2020 2020 2020 2020
Respiratory
SymbicortSYGMA ICS/LABA as-needed use in mild asthma Q4 2014 N/A 2018 2019
Symbicort ICS/LABA breath actuated Inhaler asthma/COPD 2018
Duaklir Genuair# LAMA/LABA COPD Q3 2016 2018 Launched 2019
Other
Nexium proton pump inhibitor stress ulcer prophylaxis N/A N/A N/A Q4 2016
Nexium proton pump inhibitor paediatrics Launched Launched Q4 2016 Accepted
linaclotide# GC-C receptor peptide agonist irritable bowel syndrome with constipation N/A N/A N/A Accepted
(IBS-C)
Q4 2016
Accepted
linaclotide#
GC-C receptor peptide agonist
irritable bowel syndrome with constipation
(IBS-C)
N/A
N/A
N/A
Accepted
# Collaboration
1 JP submission accepted 19 August 016
2 Brilinta in the US; Brilique in rest of world. JP approval received 28 Sept 2016
3 Kombiglyze XR in the US; Komboglyze in the EU
4 Farxiga in the US; Forxiga in rest of world
5 Xigduo XR in the US; Xigduo in the EU
Terminations (discontinued projects between 1 July 2016 and 30 September 2016)
NME / Line Extension Compound Reason for Discontinuation Area Under Investigation
NME AZD7624 Safety/Efficacy COPD
LCM Brilinta EUCLID Safety/Efficacy Peripheral artery disease
NME inebilizumab Safety/Efficacy Diffuse large B-cell lymphoma
NME MEDI3617# Safety/Efficacy solid tumours
NME cediranib ICON 6 Regulatory PSR ovarian cancer
NME selumetinib# Safety/Efficacy 2nd-line KRASm NSCLC
SELECT-1
Completed Projects / Divestitures
Compound Mechanism Area Under Investigation Completed/Divested Estimated Regulatory Submission Acceptance†
US EU Japan China
Zurampic1 selective uric acid reabsorption inhibitor (URAT-1) chronic treatment of hyperuricemia in patients with gout Completed / Divested Launched Approved n/a n/a
Zurampic + allopurinol FDC1 selective uric acid reabsorption inhibitor (URAT-1)+xanthine oxidase inhibitor FDC chronic treatment of hyperuricemia in patients with gout Divested
MEDI-550 pandemic influenza virus vaccine pandemic influenza prophylaxis Completed n/a Approved n/a n/a
tralokinumab2 IL-13 mAb atopic dermatitis Divested
brodalumab3AMAGINE-1,2,3 IL-17R mAb psoriasis Divested
1 AstraZeneca has granted Ironwood Pharmaceuticals, Inc. exclusive US rights (26 April 2016) and Grünenthal GmbH
exclusive rights in Europe and Latin America (2 June 2016). Zurampic launched in US on 3 Oct 2016
2 AstraZeneca entered licensing agreement with LEO Pharma (1 July 2016, completed on 16 August 2016)
3 AstraZeneca and Valeant agreed to terminate the licence for Valeant's right to develop and commercialise brodalumab in
Europe. AstraZeneca entered into an agreement with LEO Pharma for the exclusive licence to brodalumab in Europe (1 July
2016)
Condensed Consolidated Statement of Comprehensive Income
Product sales 16,059 17,434
Externalisation revenue 1,358 875
Total revenue 17,417 18,309
Cost of sales (2,966) (3,377)
Gross profit 14,451 14,932
Distribution costs (243) (240)
Research and development expense (4,347) (4,251)
Selling, general and administrative costs (8,027) (8,444)
Other operating income and expense 535 1,029
Operating profit 2,369 3,026
Finance income 44 33
Finance expense (1,022) (783)
Share of after tax losses in associates and joint ventures (22) (9)
Profit before tax 1,369 2,267
Taxation 220 (249)
Profit for the period 1,589 2,018
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit pension liability (1,127) 34
Tax on items that will not be reclassified to profit or loss 256 (12)
(871) 22
Items that may be reclassified subsequently to profit or loss
Foreign exchange arising on consolidation (690) (359)
Foreign exchange arising on designating borrowings in net investment hedges (194) (322)
Fair value movements on cash flow hedges (26) -
Fair value movements on cash flow hedges transferred to profit or loss 41 -
Fair value movements on derivatives designated in net investment hedges (96) 24
Amortisation of loss on cash flow hedge 1 1
Net available for sale gains/(losses) taken to equity 126 (63)
Tax on items that may be reclassified subsequently to profit or loss 63 84
(775) (635)
Other comprehensive income for the period, net of tax (1,646) (613)
Total comprehensive income for the period (57) 1,405
Profit attributable to:
Owners of the Parent 1,657 2,017
Non-controlling interests (68) 1
1,589 2,018
Total comprehensive income attributable to:
Owners of the Parent 12 1,405
Non-controlling interests (69) -
(57) 1,405
Basic earnings per $0.25 Ordinary Share $1.31 $1.60
Diluted earnings per $0.25 Ordinary Share $1.31 $1.59
Weighted average number of Ordinary Shares in issue (millions) 1,265 1,264
Diluted weighted average number of Ordinary Shares in issue (millions) 1,266 1,265
1,405
Basic earnings per $0.25 Ordinary Share
$1.31
$1.60
Diluted earnings per $0.25 Ordinary Share
$1.31
$1.59
Weighted average number of Ordinary Shares in issue (millions)
1,265
1,264
Diluted weighted average number of Ordinary Shares in issue (millions)
1,266
1,265
Condensed Consolidated Statement of Comprehensive Income
Product sales 5,025 5,850
Externalisation revenue 674 95
Total revenue 5,699 5,945
Cost of sales (900) (1,041)
Gross profit 4,799 4,904
Distribution costs (76) (79)
Research and development expense (1,402) (1,429)
Selling, general and administrative costs (2,403) (2,679)
Other operating income and expense 110 453
Operating profit 1,028 1,170
Finance income 13 9
Finance expense (355) (246)
Share of after tax losses in associates and joint ventures (10) (2)
Profit before tax 676 931
Taxation 319 (161)
Profit for the period 995 770
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit pension liability (285) (208)
Tax on items that will not be reclassified to profit or loss 21 45
(264) (163)
Items that may be reclassified subsequently to profit or loss
Foreign exchange arising on consolidation (167) (348)
Foreign exchange arising on designating borrowings in net investment hedges (127) (105)
Fair value movements on cash flow hedges 77 -
Fair value movements on cash flow hedges transferred to profit or loss (19) -
Fair value movements on derivatives designated in net investment hedges (17) 4
Net available for sale gains/(losses) taken to equity 162 (34)
Tax on items that may be reclassified subsequently to profit or loss (12) 41
(103) (442)
Other comprehensive income for the period, net of tax (367) (605)
Total comprehensive income for the period 628 165
Profit attributable to:
Owners of the Parent 1,014 770
Non-controlling interests (19) -
995 770
Total comprehensive income attributable to:
Owners of the Parent 648 166
Non-controlling interests (20) (1)
628 165
Basic earnings per $0.25 Ordinary Share $0.80 $0.61
Diluted earnings per $0.25 Ordinary Share $0.80 $0.60
Weighted average number of Ordinary Shares in issue (millions) 1,265 1,264
Diluted weighted average number of Ordinary Shares in issue (millions) 1,266 1,265
165
Basic earnings per $0.25 Ordinary Share
$0.80
$0.61
Diluted earnings per $0.25 Ordinary Share
$0.80
$0.60
Weighted average number of Ordinary Shares in issue (millions)
1,265
1,264
Diluted weighted average number of Ordinary Shares in issue (millions)
1,266
1,265
Condensed Consolidated Statement of Financial Position
ASSETS Non-current assets
Property, plant and equipment 6,690 6,413 6,205
Goodwill 11,806 11,868 11,430
Intangible assets 28,507 22,646 19,997
Derivative financial instruments 278 446 479
Investments in associates and joint ventures 95 85 48
Other investments 715 458 444
Other receivables 681 907 925
Deferred tax assets 1,584 1,294 1,391
50,356 44,117 40,919
Current assets
Inventories 2,420 2,143 2,193
Assets held for sale 332 - -
Trade and other receivables 5,449 6,622 5,876
Other investments 909 613 496
Derivative financial instruments 26 2 30
Income tax receivable 640 387 523
Cash and cash equivalents 3,090 6,240 4,081
12,866 16,007 13,199
Total assets 63,222 60,124 54,118
LIABILITIES Current liabilities
Interest-bearing loans and borrowings (2,939) (916) (2,671)
Trade and other payables (9,961) (11,663) (10,593)
Derivative financial instruments (12) (9) (25)
Provisions (936) (798) (682)
Income tax payable (1,534) (1,483) (2,065)
(15,382) (14,869) (16,036)
Non-current liabilities
Interest-bearing loans and borrowings (14,744) (14,137) (8,276)
Derivative financial instruments (25) (1) -
Deferred tax liabilities (4,051) (2,733) (1,559)
Retirement benefit obligations (2,870) (1,974) (2,542)
Provisions (396) (444) (381)
Other payables (10,842) (7,457) (7,956)
(32,928) (26,746) (20,714)
Total liabilities (48,310) (41,615) (36,750)
Net assets 14,912 18,509 17,368
EQUITY
Capital and reserves attributable to equity holders of the Company
Share capital 316 316 316
Share premium account 4,344 4,304 4,291
Other reserves 2,031 2,036 2,035
Retained earnings 6,381 11,834 10,707
13,072 18,490 17,349
Non-controlling interests 1,840 19 19
Total equity 14,912 18,509 17,368
Non-controlling interests
1,840
19
19
Total equity
14,912
18,509
17,368
Condensed Consolidated Statement of Cash Flows
Cash flows from operating activities
Profit before tax 1,369 2,267
Finance income and expense 978 750
Share of after tax losses in associates and joint ventures 22 9
Depreciation, amortisation and impairment 1,767 2,136
Increase in working capital and short-term provisions (472) (35)
Non-cash and other movements (545) (987)
Cash generated from operations 3,119 4,140
Interest paid (489) (433)
Tax paid (445) (954)
Net cash inflow from operating activities 2,185 2,753
Cash flows from investing activities
Movement in short-term investments and fixed deposits (165) 285
Purchase of property, plant and equipment (912) (874)
Disposal of property, plant and equipment 47 16
Purchase of intangible assets (761) (1,379)
Disposal of intangible assets 117 737
Purchase of non-current asset investments (210) (47)
Disposal of non-current asset investments - 59
Payments to joint ventures (19) -
Upfront payments on business acquisitions (2,564) -
Payment of contingent consideration on business acquisitions (197) (553)
Interest received 105 102
Payments made by subsidiaries to non-controlling interests (13) -
Net cash outflow from investing activities (4,572) (1,654)
Net cash (outflow)/inflow before financing activities (2,387) 1,099
Cash flows from financing activities
Proceeds from issue of share capital 40 30
New long-term loans 2,483 -
Repayment of loans - (884)
Dividends paid (3,561) (3,486)
Hedge contracts relating to dividend payments 18 (51)
Repayment of obligations under finance leases (12) (40)
Movement in short-term borrowings 12 1,025
Net cash outflow from financing activities (1,020) (3,406)
Net decrease in cash and cash equivalents in the period (3,407) (2,307)
Cash and cash equivalents at the beginning of the period 6,051 6,164
Exchange rate effects 43 (70)
Cash and cash equivalents at the end of the period 2,687 3,787
Cash and cash equivalents consists of:
Cash and cash equivalents 3,090 4,081
Overdrafts (403) (294)
2,687 3,787
(403)
(294)
2,687
3,787
Condensed Consolidated Statement of Changes in Equity
Share Share Other Retained Total Non- Total
capital premium reserves* earnings $m controlling equity
$m account $m $m interests $m
$m $m
At 1 Jan 2015 316 4,261 2,021 13,029 19,627 19 19,646
Profit for the period - - - 2,017 2,017 1 2,018
Other comprehensive income - - - (612) (612) (1) (613)
Transfer to other reserves - - 14 (14) - - -
Transactions with owners:
Dividends - - - (3,537) (3,537) - (3,537)
Issue of Ordinary Shares - 30 - - 30 - 30
Share-based payments - - - (176) (176) - (176)
Net movement - 30 14 (2,322) (2,278) - (2,278)
At 30 Sep 2015 316 4,291 2,035 10,707 17,349 19 17,368
Share Share Other Retained Total Non- Total
capital premium reserves* earnings $m controlling equity
$m account $m $m interests $m
$m $m
At 1 Jan 2016 316 4,304 2,036 11,834 18,490 19 18,509
Profit for the period - - - 1,657 1,657 (68) 1,589
Other comprehensive income - - - (1,645) (1,645) (1) (1,646)
Transfer to other reserves - - (5) 5 - - -
Transactions with owners:
Dividends - - - (3,540) (3,540) - (3,540)
Dividend paid by subsidiary to non-controlling interest - - - - - (13) (13)
Acerta put option - - - (1,825) (1,825) - (1,825)
Changes in non-controlling interest - - - - - 1,903 1,903
Issue of Ordinary Shares - 40 - - 40 - 40
Share-based payments - - - (105) (105) - (105)
Net movement - 40 (5) (5,453) (5,418) 1,821 (3,597)
At 30 Sep 2016 316 4,344 2,031 6,381 13,072 1,840 14,912
* Other reserves include the capital redemption reserve and the merger reserve.
Notes to the Interim Financial Statements
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
These unaudited condensed consolidated interim financial statements (interim financial statements) for the nine months
ended 30 September 2016 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European
Union (EU) and as issued by the International Accounting Standards Board (IASB).
The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the EU and as issued by the IASB. The interim financial statements have been prepared applying the
accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial
statements for the year ended 31 December 2015. There have been no significant new or revised accounting standards applied
in the nine months ended 30 September 2016.
Legal proceedings
The information contained in Note 7 updates the disclosures concerning legal proceedings and contingent liabilities in the
Group's Annual Report and Form 20-F Information 2015 and Interim Financial Statements for the six months ended 30 June
2016.
Going concern
The Group has considerable financial resources available. As at 30 September 2016 the Group has $3.2bn in financial
resources (cash balances of $3.1bn and undrawn committed bank facilities of $3bn which are available until April 2021, with
only $2.9bn of debt due within one year). The Group's revenues are largely derived from sales of products which are covered
by patents which provide a relatively high level of resilience and predictability to cash inflows, although our revenue is
expected to continue to be significantly impacted by the expiry of patents over the medium term. In addition, government
price interventions in response to budgetary constraints are expected to continue to adversely affect revenues in many of
our mature markets. However, we anticipate new revenue streams from both recently launched medicines and products in
development, and the Group has a wide diversity of customers and suppliers across different geographic areas. Consequently,
the Directors believe that, overall, the Group is well placed to manage its business risks successfully.
On the basis of the above paragraph and after making enquiries, the Directors have a reasonable expectation that the
Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly,
the interim financial statements have been prepared on a going concern basis.
Financial information
The comparative figures shown for the financial year ended 31 December 2015 are not the Company's statutory accounts for
that financial year. Those accounts have been reported on by the Group's auditors and have been delivered to the registrar
of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under
section 498(2) or (3) of the Companies Act 2006.
2 RESTRUCTURING COSTS
Profit before tax for the year ended 30 September 2016 is stated after charging restructuring costs of $713m ($250m for the
third quarter of 2016). These have been charged to profit as follows:
YTD 2016 YTD 2015 Q3 2016 Q3 2015
$m $m $m $m
Cost of sales 87 124 59 23
Research and development expense 146 180 39 56
Selling, general and administrative costs 504 358 176 135
Other operating income and expense (24) - (24) -
Total 713 662 250 214
3 NET DEBT
The table below provides an analysis of net debt and a reconciliation of net cash flow to the movement in net debt.
At 1 Jan 2016 $m Cash Flow$m Acquisitions $m Non-cash& Other$m Exchange Movements$m At 30 Sep 2016 $m
Loans due after one year (14,109) (2,483) - 1,772 84 (14,736)
Finance leases due after one year (28) - - 20 - (8)
Total long-term debt (14,137) (2,483) - 1,792 84 (14,744)
Current instalments of loans - - - (1,775) - (1,775)
Current instalments of finance leases (67) 12 - (34) - (89)
Total current debt (67) 12 - (1,809) - (1,864)
Other Investments 613 167 140 59 (52) 927
Net derivative financial instruments 438 (2) - (169) - 267
Cash and cash equivalents 6,240 (3,183) - - 33 3,090
Overdrafts (189) (224) - - 10 (403)
Short-term borrowings (660) (12) - (1) 1 (672)
6,442 (3,254) 140 (111) (8) 3,209
Net debt (7,762) (5,725) 140 (128) 76 (13,399)
Non-cash movements in the period include fair value adjustments under IAS 39.
4 MAJORITY EQUITY INVESTMENT IN ACERTA PHARMA
On 2 February 2016, AstraZeneca completed an agreement to invest in
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