Good day, and welcome to the PME AG Q2 Report 2018 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Markus Lesser, CEO. Please go ahead, sir.
Hello. Good morning for the half year conference here in 2018. For the first time, SP and E AG, not anymore SP and E AG has decided on the last AGM, we changed domain in respect to our new strategy. And if I look to the first half year, I see a lot of work. We did following up our scale up process.
We worked on structural and especially on cost reduction issues like the refinancing of €50,000,000 the €50,000,000 bond. We paid back €100,000,000 We just right now could take over 100% of the shares of WKMAG to follow-up on synergies. Now in the next weeks, we're going to change it from an AG to a GBH to cut costs. Additionally, we invest in our 200 megawatt portfolio. Just right now, Purestead with 43 megawatts in operation, an additional 22 megawatts is under construction.
3rd of all, we strengthened our conversion work in that respect that we follow-up and made a double additional conversion work on financing, construction and development. The first project in Germany and in Sweden have been done like this in this method, and we are successful in this. Additionally, we worked on our project development pipeline, and we had success in all fields, in onshore as well as in offshore as well as I said already in Cardwell's business. If you look to the Page 4, you see that we completed 37.5 megawatts in Germany, whereby 2 projects with Wangalang Akral Zalpem project as mentioned before. 22 Megawatts, is a project which will be related to our project portfolio 200 Megawatts.
Laksas Korom, a project in Sweden and additional projects in France are the other projects. It means that we have our successes in foreign countries as well. New permits, We got already 42 megawatts, and we win already 10 49 megawatts, which can be we started already with Gato Schino and Schleitze and Kitlets will be for us soon with the construction. In the offshore business, we got a milestone payment of for a Golden Wind 3 of €4,000,000 from Ersted, which was a good success. And Golubin 4 had been successful in the offshore tender in this year.
The construction of Borkum Rivkorn started, which means that we expect this year the 4,100,000 dollars milestone payment for this project because this payment we will get after the 1st winter line has been completed and commissioned. So as mentioned already, if you look to the financial highlights on the next slide, you see that we are, from a good way, to get our outlook done. We're following our plan, the EBITDA at €8,700,000 and then EBIT at €4,100,000 showing that we are in a good way. The earnings increase on a year on year basis is significant. And we have to see that it is in the same time when we do investments in our project portfolio.
And we're working heavily on our scale up strategy. So we filed our resolutions on the AGM in 2018. And if we look back, the dividend of €0.04 had been paid. And as I mentioned already, P&E Wind became P&E. If you look to the refinancing, it was a very successful refinancing.
We did we got $50,000,000 corporate bonds with an attractive coupon of 4%. And to see only I have to have in mind what does it mean. Just right now, it is the cheapest coupon in a Mittelstands unlier ever. This shows a lot of trust to our company and to our strategy. It was the first time that a 100 €1,000,000 we paid back that 8% interest rate was cut down by half.
We paid back in June €100,000,000 And in total, we can see that the financial basis remains strong. The cash position is still high on EUR 114,900,000. This is enough to follow-up on our strategy. The equity ratio is very strong at 53%, and the liabilities have been reduced by 50 €4,400,000 That's why we say we still pay with a positive outlook of EBIT 10,000,000 to 60,000,000 and EBITDA to 20,000,000 to 26,000,000 at the end of this year. Going a little bit deeper.
If you look to the onshore development, we have still a pipeline at 4.7 gigawatts. We see that the developments in Germany are ongoing. Part of it, I explained already. Important to see is that we put a project in France in operation with some more term, that we have another project with 19,200,000 tons under construction and that we got a permit for another project. So this pipeline in France is very valid and in a good way and in a good mood, and we are in a good mood that this is ongoing in the future.
So remarkable is that we have 69 megawatts of own wind power currently in operation, whereby we have to see that we have this ghetto, Schimmel, a project of 22 megawatts with the repowering project, which we will cut this 69 megawatts by 22 megawatts. In the Offshore business, as I mentioned before, World Wind 4 successful in Offshore tender, which shows again how high our quality is. The construction block of Briscoe and 2 HSA started with everybody who came to collect it here and build here in the fabrication here, Cooks Hagen, for this Brokne Wirthcom project. From our point of view, a very successful issue. And with the commissioning of the first machine, we will get our milestone payment of €4,100,000 We are still active in doing our consulting business with Ershkilde drug patent files.
And related to the regulatory changes, we see that the consensual complaint is still ongoing. So we see that the court takes it serious. And so we are still in very good mood that this will become positive development. Very important with our payment of Golden Wind 3, we have the next successful result of our businesses and business already in a business in the past with about slightly above €4,000,000 of payment this half year. If you look to the income statement, as I mentioned already, the main point has been the payment of the milestone payment of Goldman IV, The build up of the income portfolio 2020, we have already earnings accruals which are not yet shown.
In the moment, we are at EUR 80,800,000, whereby €6,500,000 are in the half first half year of twenty eighteen had been had increased. So and the main point is this will become valid at the point of sale of the portfolio. Another important point is the power generation due to the fact that we have about 69 megawatts in the moment in operation. We have around about €7,000,000 power generation sales, which support the EBIT situation. Looking to the balance sheet.
You see that we have a strong still a strong liquidity position with €114,900,000 And this is remarkable, especially in the moment when we are investing very heavily in projects like for our portfolio and in our strategy. We have a noncurrent debt at EUR 126,200,000 where it is important to know that we could cut with the new bonds and our interest rate payments by 6,000,000 euros from €8,000,000 to €2,000,000 per year. And the liabilities of Spain, it's always remarkable to you need to know that we have a these are all liabilities, which are non recourse liabilities of EUR 60 4,300,000 or mainly EUR 64,300,000. And this has nothing to do with the company itself. If we look to the outlook, end of the year, we see that there are some further permits will come up in the near future In several markets, especially in Germany, we see that the markets like France and Europe are working and ongoing in a moment.
We are still in the sales process of Chilocco wind farm, and we are pretty sure that we will get it done this year. We look to new markets following our scale up strategy like Conama as a hub for Latin America and others. In Offshore Wind Power, we are still working on projects in the East Coast. In the total, we are looking on projects where we did on absolutely a bit of around 6.5 gigawatts. We tend to scale up.
I already said where we are, but the next task we have is that we reorganize that in that way that we put PE and WKN in one PE group organization to lower cost. And this is the internal view. And on the other side, that we see that the first product become available in 2018. So with the project Wang Alang, Glove and Lexus Group, we show that our consultant business is increasing. So the first product will be seen very short.
And with our VPC Corporation, which is an Eastern former Wattenberg service business, we see potential for further business in Eastern Germany as well. So therefore, we see together with looking for opportunities for an anorganic growth and corporations, we see we are in good mood to get our guidance done and that our strategy is on a good way, good underway to be finalized. So from this point, I'll say it again, the positive outlook. We see EBIT of €10,000,000 to €60,000,000 and EBITDA of €20,000,000 to 26,000,000 we confirm it today again. Yes.
Thank you very much. That was my shoulder will be about the current half year. I'm prepared to answer your question.
It appears there are no questions at this time via the telephone. Mr. Lesser, I'd like to turn the conference back over to you.
So Marion, here there are no questions in the moment. Thank you very much for your attention and your interest to the P and E AG. In the meantime, our Investment Relations Manager and we are there to answer your questions if you have any near future. Thank you.