Opportunities and Risks

In addition to the opportunities and risks set out in the combined management report for the 2021 fiscal year, the main changes in the first half of 2022 related to the assessment of the overall risk position due to the war in Ukraine and the resulting consequences, such as the development in commodity prices, rising interest rates and higher inflation.

The number of overall risks fell from 108 at the end of 2021 to 106 at the end of the first six months of 2022.

The number of amber risks rose from 6 to 9.

The amber risk associated with “unfavorable interest rate developments” was upgraded from the original potential net damage of € 100–250 million and a probability of occurrence of 5–39% to potential net damage of € 250–500 million and a probability of occurrence of 40–59%.

A new amber risk, “rising energy costs,” was included with potential net damage of € 5–25 million and a probability of occurrence of >95%.

The risks “increase in construction costs” and “economic risk” were upgraded from green to amber.

The risk “increase in construction costs” was unchanged with regard to the original potential net damage of € 25–100 million, while its probability of occurrence was increased from 5–39% to >95%.

The “economic risk” was unchanged with regard to the original potential net damage of € 25–100 million, while its probability of occurrence was increased from 5–39% to 40–59%.

There are currently no indications of any risks that could pose a threat to the company’s existence, and – as things stand at present – no such risks are expected to arise in the future.