19. Current financial investments

On 31 December 2021, our current financial investments amounted to €2,469.8 million compared to €3,026.3 million on 31 December 2020. On 31 December 2021 these current financial investments included treasury bills for an amount of €877.3 million (€1,454.4 million on 31 December 2020), money market funds of €1,317.5 million (€1,571.9 million on 31 December 2020) and non-cancellable term deposits with a maturity exceeding three months from the acquisition date of €275.0 million (nil on 31 December 2020). Our portfolio of treasury bills contains only AAA rated paper, issued by Germany. Our money market funds portfolio consists of AAA short-term money market funds with a diversified and highly rated underlying portfolio managed by established fund management companies with a proven track record leading to an insignificant risk of changes in value. The funds have an important daily liquidity and can be easily converted to cash.

On 31 December 2021, our current financial investments included $134.6 million held in USD, which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/USD exchange rate as our functional currency is EUR. This effect is embedded in the fair value result of current financial investments in our consolidated income statement.

We refer to note 33 for more information on our current financial investments and to note 10 for more details about the currency exchange gains or losses recognized in our income statement.