27. Derivative financial instruments

in CHF thousands

31.12.2022

31.12.2021

Foreign exchange forwards

Contract value

159 816

108 526

Positive replacement value1

2 935

3 705

Negative replacement value1

825

79

1 Not recognized in the balance sheet

The open forward foreign exchange contracts are hedges on future cash flows, primarily in EUR and, to a lesser extent, in USD. No derivative financial instruments held to hedge balance sheet items or for trading purposes are recognized.