LIETUVOS TELEKOMAS

MATERIAL EVENT



RESULTS FOR THE FIRST QUARTER OF 2004



On 22 April 2004, the Board of AB Lietuvos Telekomas approved unaudited

financial statements of Lietuvos Telekomas’ Group for the first quarter of 2004

prepared according to International Financial Reporting Standards.



Revenue for the first quarter of 2004 amounted to 185 million litas, a decrease

by 9.4 per cent over the revenue of 204 million litas for the first quarter of

2003.



Operating expenses, year-on-year, went down by 2.8 per cent from 102 million

litas to 99 million litas.



EBITDA for the three months’ period was 86 million litas (102 million litas

for the same period a year ago) and EBITDA margin amounted to 46.2 per cent

(49.9 per cent in 2003).



Profit before profit tax for the first quarter of 2004 was 6 million litas

(4 million litas a year ago) and net profit amounted to 4 million litas

(2 million litas in 2003).



Net cash flow after investment activities for the three months’ period amounted

to 51 million litas (68 million litas for the same period a year ago). During

the three months’ period due to redemption of 150 million litas Eurobond issue

cash and cash equivalents decreased by 50 million litas.





Jan-Erik Elserius

Chief Financial Officer - Deputy General Manager

+370 5 236 76 03