NOTE 9—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, 2018			Year ended December 31, 2017			Year ended December 31, 2016
Included in Revenue	23		2			2			—
Included in Cost of sales			2			(4	)		4
Included in Other gains / (losses)—net			7			(4	)		(3	)

Total			11			(6	)		1

Realized exchange gains / (losses) on foreign currency derivatives—net	23		11			(15	)		(46	)
Unrealized (losses) / gains on foreign currency derivatives—net	23		(3	)		17			40
Exchange gains / (losses) from the remeasurement of monetary assets and liabilities—net			3			(8	)		7

Total			11			(6	)		1

See NOTE 22—Financial Instruments and NOTE 23—Financial Risk Management for further information regarding the Company’s foreign currency derivatives and hedging activities.

Foreign currency translation reserve


*(in millions of Euros)*	At December 31, 2018			At December 31, 2017
Foreign currency translation reserve at January 1		(7	)		12
Effect of currency translation differences		10			(19	)

Foreign currency translation reserve at December 31		3			(7	)