2004.04.01, Lietuvos jūrų laivininkystė, VLN

LIETUVOS JURU LAIVININKYSTE

MATERIAL EVENT



PRELIMINARY RESULT FROM OPERATIONS IN  2003



(Unofficial Translation Done at the NSEL)



The company Lietuvos Juru Laivininkyste AB announced a preliminary result

from operations in 2003:

   - sales and services – LTL 69,961,411;

   - net loss in 2003 – LTL 9,915,289.

The loss resulted from:

    1) written off shares in the liquidated company Vakarų Bankas AB – LTL

230,000;

    2) written off deposits in the liquidated company Vakarų Bankas AB and

liquidated bank Vneshekonombank – LTL 3,640,001;

    3) written off old accrued assets transferred to the company after

LISCO        reorganization –  LTL 681,114;

    4) fall in the dollar rate – the remaining amount.



The net loss will be covered from the accrued profit reserve.





Arvydas Stropus

Chief Accountant

(+370-46) 393126