Reduction of AVA's DIY division losses

AVA's DIY division reported an increase of 3.7 per cent for a total of € 1.06 bn in 2004. After the sales losses in like-for-like terms experienced in the preceding years, the division achieved a turnaround by notching up a 1.7 per cent increase. The losses recorded by the DIY stores were reduced from € 51.2 mio to € 31.3 mio. In the first quarter of 2005 the DIY stores remained 1.4 per cent below the previous year's sales figure.
The group's Russian subsidiary Marktkauf Rus saw the sales of its shopping centre in Moscow increase to € 75.3 mio (€ 59 mio) in 2004, which resulted in an operating profit of € 3.1 mio (previous year: minus € 10.7 mio) for its first full trading year. Marktkauf intends to expand further in Moscow. The announcement of definitive arrangements and/or the start of building work on further outlets are expected in the second half of 2005.