Eh, actually the first half loss was 22.3 million to be exact, not 50 million. 17.6 million of this 22.3 million was paid to staff under the PCI agreement of '07 to lower staff terms and conditions of employment under new work regimes. (Page 6 of the presentation to shareholders).
Neither of us are right as Operating loss before Exceptional items was €22.3m AND exceptional items were €17.6m on top of this giving an operating loss including exceptional items of €39.9m.
The costs of redundancies will now likely be borne in 2008, paid in 2009 and think you will be lucky to find that cost below €20m.
EI benefited by €20m from finance.
Key is Operating loss as benefits from other activities which are not part of its core activities hide the real picture. If you can't make an Operating profit then any other activity is superflous.