Karlsruhe. The findings of the recent review and the foreseeable risk adjustments in the half-year accounts have also led to personnel consequences at EnBW Energie Baden-Württemberg AG. As the scope of potential burdens for 2003 far exceed what had previ-ously 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.
Through his withdrawal from the Board based on a mutual agreement, Dr, Balzereit wants to allow the Group to make a fresh start on the financial front. Dr. Balzereit launched a critical situation analysis back in the autumn of 2002, in the context of which he also initi-ated and developed the TOP-FIT 06 earnings growth programme designed to generate a sustainable increase of € 700 million in 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 communi-cated to the capital markets by new faces.
Dr. Balzereit has made changes and introduced new ideas in many parts of the business area for which he was responsible; and these changes have positively impacted the op-erations of the Group and will continue to do so in future.
The Board of Management and the Supervisory Board of EnBW regret Dr. Balzereit's de-cision to leave the Group and would like to thank him for his personal commitment in gearing the business activities of EnBW towards a successful future. Until further notice, CEO Prof. Dr. Utz Claassen will additionally be responsible for the finances of the Group.