NOTE 8—CURRENCY GAINS / (LOSSES)

Currency gains and losses, which are included in Income from operations, are as follows:


*(in millions of Euros)*	Notes		Year ended December 31, 2017			Year ended December 31, 2016			Year ended December 31, 2015
Included in Revenue		22		2			—			—
Included in Cost of sales				(4	)		4			13
Included in Other gains / (losses)—net				(4	)		(3	)		(50	)

Total				(6	)		1			(37	)

Realized exchange losses on foreign currency derivatives—net		22		(15	)		(46	)		(37	)
Unrealized gains /(losses) on foreign currency derivatives—net		22		17			40			(10	)
Exchanges (losses)/gains from the remeasurement of monetary assets and liabilities—net				(8	)		7			10

Total				(6	)		1			(37	)

See NOTE 21—Financial Instruments and NOTE 22—Financial Risk Management for further information regarding the Company’s foreign currency derivatives and hedging activities.

Foreign currency translation reserve


*(in millions of Euros)*	Year ended December 31, 2017			Year ended December 31, 2016
Foreign currency translation reserve at January 1		12			6
Effect of currency translation differences—net		(19	)		6

Foreign currency translation reserve at December 31		(7	)		12