Afternoon. Before stepping into the presentation, I would like to comment our publication of today. As you could read, we raised the share buyback program about 2.1 100,900,000 shares. It will start on Monday up to the 30th November. The purchase price range will be between EUR 2.25 up to EUR 2.7 €4 per share.
On average, it's €2.495 per share. So the total purchase price, we think, excluding the international acquisition costs, will be up to EUR 6,000,000. The rationale behind is to meet the obligations arising from the 2014, 2019 convertible bond, which expires in net 2019. Conversion price at the status of 10th October in 2019 is at EUR 2.9971
per share.
This should lead to the avoidance of spending of about EUR 1,000,000 related to the average share price of €2.495 per share. We secured a lower share price additionally in opposite to the higher book value, which is which was at the end of the 3rd quarter at EUR 2.9 per share. We additionally avoid the dilution due to the need of issuing new shares next year. And at least we have a sufficient liquidity available at €117,300,000 This all leads to this led to this decision.
If you
look to the highlands of the 3rd quarter, we see that we have just right now projects of 90.2 93.2 Megawatts under construction, which are in Germany, in Sweden and in France. We received during the next year new permits of 41.3 Megawatts. If you look to the other offshore business, we got milestone payments of approximately €8,000,000 for Borkom Rivkorn 2 and Golden Wind 3. Additionally, the project Golden Wind 4 was successful in the German offshore tender. One target is additionally to build up our new wind farm portfolio 2020.
In this respect, we have our project our repowering project Garda, Schminal, with 21.6 Megawatts under construction as well as our wind farm, Schlenzer, 6.5 Megawatts. We're working on a strategy scale up, which I will talk about later. If you look on the next page, we absolutely according plan with our results. So the EBIT is at €3,700,000 and the EBITDA at €10,600,000 The EBIT compared to the last year is lower to some effects. 1, first of all, we have the sales of the project to expect in the Q4.
So this is absolutely a growing plan. It's usual in this branch. I don't know why, but always everything has to be done in the Q4. One single event with the 21,000,000 payment related to the refinancing of the 142 megawatt portfolio happened last year, which is not has been not done this year. Additionally, the electricity generation decreased due to the dismantling of our old wind turbines in our repowering project, Gerdau Schwinnau, and a lower wind year.
So just right now, we are at 80% wind year, another 100% wind year. And last but not least, due to the investment in our portfolio 2020, we did a lot of investments. So we made our successful refinancing this year with the repayback of our EUR 100,000,000 bond corporate bond with 8% interest rates. Now we could successful get a €50,000,000 corporate bond. It was placed in the market with an interest rate of 4%.
So you see still we have a gross cash position at and 17,300,000 a high equity ratio. The equity of €220,800,000 is correspondence to a book value of EUR 2.90 per share. This is a little bit lower. The equity as last year related to dividends payments and the dividends payments and our payment for the remaining 13% of WKN. So we still have a positive outlook for this financial year.
So we stay with our guidance. If you look to the on the next page to the Onshore business, a short market update. We got the decision that we from the government that a special tender will come up of about 4 gigawatts until 2021 in onshore wind and 11.50 Megawatts additionally, which should be technology neutral. They are independently through the annual tender for wind onshore between where we have between 2.8 gigawatts in 2018 and 2,000 2.9 gigawatts in the rest of the year 2020 21. Related to onshore, there have been made no clearance.
If you we have just right now 55.3 Megawatts of own wind farms currently in operation. As I said before, this is related to the dismantling of Gerosch Vinau of the old wind turbines in Gerosch Vinau. On the next page, you see an offshore business. We got our milestone payments and related to foreign markets. I would like to announce that we would like to participate on the tender in Massachusetts on 13th December.
So it's something where we would like to get a grip to the U. S. Offshore market. It's our first touch with this kind of tender, and we will see what will happen, and we will get experience on the tender procedure there. Related to the constitutional complaint filed, we see that it's slowly but steadily in progress.
And from that respect, the court is working and made a lot of wrote a lot of letters and questions to the government. So therefore, we think they take it serious and which increase our feeling that this could be lead to a successful end. If look to the income statement, I already spoke about the numbers, EBITDA and EBIT positive. We have got the milestone payments. We have the ongoing development business.
And we I think it's remarkable to know that we have earnings which we gains which we haven't shown yet in about of €20,900,000 So it's €8,500,000 in this year. Related to the wind farms we have in our portfolio we are having under construction for our portfolio. Look to the balance sheet. I think it's still important, the high liquidity position. And on the other side, you see on the current liabilities and on the non current debt that we have around €106,000,000 liabilities to banks, which are mainly nonrecourse.
This should be considered. The outlook, we continue to build our wind farm portfolio. We see our key markets, France and U. S, that we're working very hard on the projects, and we have went through successfully through some steps. In Poland, we could go into the next phase with the Jasna project.
So in total, if you look to the pipeline in Phase III, we have instead of We could increase our Phase 3 volume to 1605 megawatts related to the half year amount of 914 megawatts. So still, we confirm, as I said before, our positive outlook for this year. Important is that we just right now working very hard on our scale up milestones. And if you see on Page 10, we raised new first new products and services, which are available now. I think in the next upcoming weeks, we will show what we mean with that with new products and new services we would like to show to the market.
We have made first revenues with with new products in our project, Wangerland. We made financing for a project. In other projects, we do the construction management or we look that we could do additional services. Just right now, we're working on some M and A processes for companies which could help us to increase our services. We will see what comes out.
We improved our financing structure, and we filled up resources for our smart development team. And just right now, we finalized the definition of our processes and structures. We have to consider that we with the 100 percent takeover of the shares of almost 100 percent ownership of WKN shares. We're just right now in a situation to optimize our organization. And that's what we're just right now doing so that we have a direct way of working altogether.
We changed the WKN AG to WKN GmbH. So we have a clear plan to lower cost and being more productive and efficient in our group. From this respect, we are in this respect, we have a we are busy on all ways internally, externally, We think we are on a good mood. And we are in a good mood that we get our targets done. Thank you very much.
Ladies and gentlemen, we will now begin our question and answer The first question is from Karsten Blumenschaj, Firstenberg. Your line is now open.
Good afternoon, Markus. This is Karsten from First Berlin. You rightly mentioned that the German government finally, one has to say, has shown how they want to distribute the extra tenders. It is now over 3 years. And I think this could give the German market a good push from next year on.
However, and you rightly say this in your report, currently approval procedures are very slow and it takes quite long to get approvals. Do you think this will change in the near future now that the government always has shown again more interest in onshore wind?
Yes. We raised this point to the government. And just right now, they are working heavily in the Ministry of Economic to come up with a plan how to avoid this kind of structural problems related to the procedures, the permitting procedures. And so that's a really clear point. From our side, we could bring up a lot of points in this respect to the lower Minister of Slower Saxony and as well to the government.
As I said, they're working hard on this, and we expect that they will come up as an improvement.
Okay. That sounds promising. You were, all in all, quite successful on in the German tenders this year. However, in the last two tenders, you were not P and E was not awarded a project and the projects from the first tenders will be built this year. That basically means that currently you don't seem to have any awarded project in Germany that you can start building in 2019.
That means you really need to win in the next 2 tender rounds in February May to get projects through. And I would like to listen to you how you see that situation. Yes.
So yes, there is an as we said before, we are waiting for permissions. We are as you can see in our pipeline overview, we increased our numbers in Germany Phase 3 and Phase 4 from 153, if you add them, to close to 200. So we are having a very stable pipeline, but nevertheless, it's as you said, we have a delay in the permission processes for some reasons, which is not in our responsibility. But nevertheless, we are very clear that we see the projects upcoming because we are doing greenfield. And greenfield means that we have a high quality product, and that gives us a very high chance to win tenders.
And on the other side, therefore, at that time when we stepped into the markets, in the foreign markets, several years ago, we invested in this. And now we see in France, for example, and in Poland and other countries, how the projects are coming up. So this will be the balance.
All right. Just one follow-up. Could you do you have an idea or a plan how many megawatt in permissions you hope to before the first tender in February is done? And I mean, the you have to put in your projects by mid of January. So in megawatts roughly, could you give us a range how many megawatts you might have at that point in time in Germany?
I can only say, if you look to the numbers we had in the Q1, we had in total 112 megawatts in our pipeline for Phase 3 and 4. Now we have close to 200. So you see that we are still working into the pipeline. And I can only say that we are with some projects since a longer time in the permission procedure, and we expect that some of them are coming up in the next couple of months. But I can't tell you exactly the number.
Okay. Thanks for that. You rightly mentioned that as always in the wind business, usually money comes in, in Q4. And this is again this year. And when I see into your projects, I see 3 main projects that could be sold in Q4.
That is Kitlitz with 20.7 Megawatt, a French project with 19.2 Megawatt and U. S. Project rights with roughly 200 megawatt. Do you intend to sell all these 3 projects this year ideally? Or what are your plans?
Yes. We have only to add this, we have 3 projects, which is Kitlitz, Kros Nindorf and LaPierre. We are one French project. This project, we expect high EBIT amount. And additionally, we are working very heavily on the Chilocco project.
This is in delay due to some decisions from the Trump administration. First of all, they we had in sales process and then the tax went down to 21% coming from above 30%. So everybody looked which projects they would like to take and which not and this decision process took several months. Then the change of politics in that respect that the support of coal power plants is there that changed the prices in for the power and decreased the prices for the power, which led to a redesign of our project so that we could get again our IRR. So this is the development we had to face and where we ranked.
So we hope to get it sold, Shiloh, this quarter. This is the target.
Okay. Very good. You mentioned the message usage offshore tender you will participate. Could you give us a bit more insight into that tender? What would it mean when you were awarded?
What are the next steps in this process to get a glimpse of the U. S. Market offshore?
Yes. We see the Offshore OS business as a long time investment. So this is the first tender we attend, and we are one of 19 companies in this tender. And the U. S.
Bureau of Ocean Energy Management is offering this always, we try to get it done. But having in mind that we need partners on this due to the fact that the investments are huge.
Yes, of course. All right. Then I wish you good luck with selling some of your projects and with the offshore tender in the U. S. And thank you very much for answering my questions, Markus.
Thank you, Kerst. Bye bye.
The next question is from Horger Stefan, S&P Research. Your line is now open.
Hello, all together. Horger Stephan speaking. I have only a few additional questions to Karsten. I have one question concerning further milestone payments. Maybe you could give us an update.
When do you expect now first payments from Godavind 4 and from the sold British pipeline? I've seen nothing to this point in your report.
Yes. First of all, to the U. Waiting the next steps to be done by Brookfield. We are in the back seat. We make our suggestions, but nevertheless, we are depending on their decisions and on their development progress.
So just right now, we don't plan to get something in this year and next year of milestone payments out of the U. K. Deal. And so the milestone payment, the Gotamint is something Gotamint 4 is something which depends on the decision of Erstejf, formerly Dong, in this respect that they have to take the decision to make the financing. So that's the trigger point for the next payment.
And this can be it could be done in I don't know when they would like to do it, but I think it will be in the beginning of the 2020s 2021 or something like that.
Okay. So only one question to your profit and loss statement. I've seen the increase of the other operating expenses was relatively high in Q3 with 25.7%. Maybe you can give us a short explanation. And is a comparable amount realistic for 4th quarter 2?
Let me see. I have to need a short look to my internal presentation related to financing numbers so that I don't say something wrong. You talk about which number, please? Can you repeat it, please?
Other operating expenses was €6,000,000 increase of roughly 25% to the last year.
Other expenses, let's have a short look. I don't have I can't answer you this question just right now, and I need to have a deeper look on this number. Yes, I would suggest that I send you this answer on this separately. Okay. No problem.
I have it not on my desk.
Okay. No problem. You've mentioned, as far as I understand, 3 projects for sale in the last quarter. It was Kitlitz, Gross Nindorf and LaPierre. Is this correct?
Yes. LaPierre is one project, which we yes, it's a French project.
It's LaPierre, the name of the 19 megawatts project?
Yes. It's French project exactly, which we consider as a French project. You see 90.2 megawatts, it's like 60.
Okay. And I didn't see so long a growth in Lindorff. Which amount of megawatts has this project?
Kuznendorf is 7.6 Megawatts. This is a project where we got a permission 3 weeks ago, 3 weeks ago, 4 weeks ago, but we are still are starting the construction immediately, and we think we get it finalized this year. Okay.
Then this 7.6 megawatts come additional to the 90 3.2 megawatts you've mentioned that are at the moment in construction?
Exactly. So it's again, it's a project Kitlets, which is 21 megawatts, Kosnendorf with 7.6 megawatts, Glapierre for some project is 90.2 megawatts. So that's the 3 projects we have we're working on. Whereby not everybody will be not all of them will be ready until this end of the year, but we will sell them until end of the year.
Okay. Okay. Thank you very much for answering my questions.
Thank you.
At the moment, there are no further questions. As there are no further questions, I would like to hand back to you, Mr. Lesser.
So thank you for your participation and your interest into P and E. And hope to hear you soon with good news on projects we have done and sales we have done. Thank you.