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4 July 2003 - The chief financial officer of German utility EnBW Energie Baden-Württemberg AG has resigned following the discovery of potential risks of more than €800m ($919m) in the companies books.
In a statement the company said that as the scope of potential burdens for 2003 far exceed what had previously been factored in and expected, CFO Dr. Bernd Balzereit will be withdrawing from the Board of Management of EnBW from July 3, 2003 at his own request.
The risks were mainly associated with Salamander, EnBW's services and shoe unit, Thermoselect, the waste burning plant. And it stake in the Dusseldorf city utility.
EnBW said that Dr. Balzereit launched a critical situation analysis back in the autumn of 2002, in the context of which he also initiated and developed the TOP-FIT 06 earnings growth programme designed to generate a sustainable increase of €700min the Group's EBITDA by 2006; this programme is currently running to schedule. Now that it appears that additional measures are necessary, however, he believes these measures will be more effective if implemented and communicated to the capital markets by new faces.
Until further notice, CEO Prof. Dr. Utz Claassen will additionally be responsible for the finances of the Group.
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