Notes to the Consolidated Financial Statements (16.2) Derivative contracts to hedge interest rate risks The Group enters into derivative contracts to hedge the interest rate risks arising from loans with variable interest rates. The applicable derivative contracts are designated as cash flow hedges. Gains and losses recognized in the cash flow hedging reserve in equity on interest rate swap contracts will be continuously released to the income statement until the repayment of the bank borrowings. The accounting treatment is described in the accounting policies, notes (2.21) and (2.22). Details of the contract outstanding at balance sheet date, all denominated in Swiss francs, are as follows: in CHF million Total 2018 Outstanding interest rate swaps Contract face amounts 60.0 Recognition of contract values Contract values recognized in the cash flow hedging reserve in equity 5.3 Movements of contract values recognized in the cash flow hedging reserve in equity Opening balance at January 1 5.6 Gains/(losses) on cash flow hedges taken to equity 1.2 (Gains)/losses on cash flow hedges reclassified from equity to income statement (1.5) Closing balance at December 31 5.3 in CHF million Total 2017 Outstanding interest rate swaps Contract face amounts 60.0 Recognition of contract values Contract values recognized in the cash flow hedging reserve in equity 5.6 Movements of contract values recognized in the cash flow hedging reserve in equity Opening balance at January 1 7.0 Gains/(losses) on cash flow hedges taken to equity 0.1 (Gains)/losses on cash flow hedges reclassified from equity to income statement (1.5) Closing balance at December 31 5.6 The fixed interest rate is 1.9% (2017: 1.9%) and the floating rate is LIBOR. 2018 Financial Report | 52