Digital Fashion divisions. The Apparel Division benefited during the year from the expansion of the licensed brand portfolio and the 13% growth realized from existing licenses, driven by Patrizia Pepe children's wear collections.
Consolidated EBITDA reached € 87.8 million (+5.3%) compared to € 83.4 million generated during 2007, reflecting a 12,5% Ebitda margin. 2008 Consolidated Ebitda incorporates the net capital gains realized on the sale of 49% of APBags to 3i, the sale of AP shares in the acquisition of Mandarina Duck, the sale of commercial real estate and brands, as well as the first time consolidation of Mandarina Duck from July 1, 2008, and the full year consolidation of Dadorosa. Ebitda margins also benefited from the Group's strong sales mix:
• Leather Goods generate 56.6% of consolidated revenues; • Own brands generate 84.2% of consolidated revenues; • Export markets generate 62.6% of consolidated revenues, with 33.7% from emerging luxury markets and US and Japan, together, representing only 5% of total revenues; • Direct distribution channels generate 58% of consolidated revenues, with 14.2% from the Group's own store network.
Consolidated EBIT prior to non recurring impairment charges and write-downs of financial assets of € 99.6 million, increased by 9.8% from € 66.1 million in 2007 to € 72.6 million, reflecting a 10.4% EBIT margin.
Pre-tax Income prior to non recurring impairment charges and write-downs of financial assets, declined by 5.3% from € 37.8 million in 2007 to € 35.8 million, reflecting a Pretax Income margin of 5.1%
Consolidated Net Loss of € 65.2 million vs Consolidated Net Income of €16.8 million recorded in 2007.
Net Financial Position Reclassified - Debt of € 256.6 million. Net Financial Position IAS / IFRS - Debt of € 401.5 million excludes € 10.4 million of pledged liquidity and € 103.9 million of other financial assets and includes € 30.5 of treasury stock.