The factoring department of Inter Scandinavian Bank (ISB) is processing 100,000 invoices per year with an average invoice value of €1,500. ISB buys the accounts receivable at 3.5 per cent off the invoice value. Currently 2.5 per cent of the accounts receivable turns out to be bad debt. The annual operating expense of this department is €400,000. What are the EBIT for the factoring department of ISB?