Company: AZN
Filing Date: 2025-07-29
Form Type: 6-K
Source: 0001104659-25-071432
Chunk: 27

Company: ASTRAZENECA PLC
Filing Date: 2025-07-29
Form: 6-K
Chunk 27
---
 a predetermined threshold. The carrying value of such cash collateral held by the Group at 30 June 2025 was$ 435m (31 December 2024:$ 181m) and the carrying value of such cash collateral posted by the Group at 30 June 2025 was$ 32m (31 December 2024:$ 129m).

The equivalent GAAP measure to Net debt is ‘liabilities arising from financing activities’, which excludes the amounts for cash and overdrafts, other investments and non-financing derivatives shown.

During the six months ended 30 June 2025, Moody’s upgraded the Group’s solicited long term credit rating to A1 from A2, which occurred during Q1 2025. The short term rating remained at P-1. There were no changes to Standard and Poor’s credit ratings (long term: A+; short term: A-1).

38

Note4: Financial Instruments

As detailed in the Group’s most recent annual financial statements, the principal financial instruments consist of derivative financial instruments, other investments, trade and other receivables, cash and cash equivalents, trade and other payables, lease liabilities and interest-bearing loans and borrowings.

The Group has certain equity investments that are categorised as Level 3 in the fair value hierarchy that are held at $m (31 December 2024: $m) and for which a fair value loss of $m has been recognised in the six months ended 30 June 2025 (H1 2024: fair value gain of $m). In the absence of specific market data, these unlisted investments are held at fair value based on the cost of investment and adjusted as necessary for impairments and revaluations on new funding rounds, which are seen to approximate the fair value. All other fair value gains and/or losses that are presented in Net gains/(losses) on equity investments measured at fair value through other comprehensive income, in the Condensed consolidated statement of comprehensive income for the six months ended 30 June 2025 are Level 1 fair value measurements, valued based on quoted prices in active markets.

Financial instruments measured at fair value include $m of other investments, $m held in money-market funds and $m of derivatives as at 30 June 2025. With the exception of derivatives being Level 2 fair valued, and certain equity instruments of $m categorised as Level 3, the aforementioned balances are Level 1 fair valued. Financial instruments measured at amortised cost include