4.12 Marketable securities and derivative financial instruments

As of 31 December 2017, there are open foreign exchange forward contracts, which are used to hedge against currency fluctuations affecting future cash flows that have not yet been recorded in the balance sheet. Consequently, there is an unrecognised amount of CHF 48,000 (2016: CHF -69,000). Foreign currencies in the notional amount of total CHF 3,028,000 (2016: CHF 7,222,000) have been hedged.