KAUNO ENERGIJA

MATERIAL EVENT



PRELIMINARY RESULT FROM OPERATIONS DURING THE FIRST QUARTER 2004 AND AMOUNTS

PAYABLE



(Unofficial Translation Done at the NSEL)



During the first quarter of 2004, the unaudited result from operations of

Kauno Energija AB amounted to a profit of LTL 14,602,750.00; at the end of

the accounting period (31 03 2004) the ratio of amounts paybale and

liabilities against the authorised capital was  0.75.





J. Sereikiene

Head of the Asset Management Department

(8 37) 305664