Uncertainties stemming from legislation

      Changes in legislation—such as regulations on climate and environmental protection or energy policy—can lead to changes in production conditions and purchasing behavior. In general, there is a long-term risk that regulatory requirements lead to poor competitiveness. High energy costs compared to international competitors and the investments required to implement climate protection targets are increasingly jeopardizing the competitiveness of European locations.

      Geopolitical conflicts, in particular the war in Ukraine, could lead to new or additional sanctions and embargoes, which in turn could lead to further restrictions throughout the European economic area and the global economy with consequences that are difficult to predict.

      The legal situation and draft legislation as well as any effects resulting from geopolitical conflicts are monitored on an ongoing basis.