Cash generated in first half year was €177m so somehow the idea that they are not generating cash is not being reflected in reporting results.
What the F%$£ are you on about?
A real measure of whether a company is trading profitably is the cash it can generate as companies can go bust showing great profits BUT few go bust showing lots of cash.
EI needed to burn through cash €12M in 2007, €11M in first half of 2008 and who knows in second half of the year given that it has to make huge redundancy payments.
EI is not generating any cash so needs to use up what it has in the bank or borrow.