In my capacity as the Chairperson of the Supervisory Board, I will take the chair. And I would like to open today's Annual General Meeting of OMV. At the beginning, I would like to inform you that starting until after reports of our CEO and our CEO, Mr. Davis, the deliberations will be broadcast live on the Internet. I would like to welcome the shareholders of our company and their representatives.
I'd like to welcome the members of the Supervisory Board, the members of the Executive Board, CEO, Doctor. Reis Deputy CEO, David Davis Board Member, Jaap Huiskes and Board Member, Manfred Eitman. I'd also like to welcome Mr. Gerhard Schwarz and Mr. Walter Kreinds as the representatives of the auditors.
I would also like to welcome the guests of today's Annual General Meeting and to my right, Mr. Rupert Briggs, our military public office AGM. I have requested Mr. Briggs to keep the minutes of this Annual General Meeting and to also monitor the evaluation and the voting. I'm very pleased that you have followed the invitation to attend the AGM in such large numbers.
This goes to show that the shareholders are very close to their company. We are trying to promote the participation of shareholders in the AGM, for example, by holding the AGM in the afternoon. Furthermore, we'd like to offer you the possibility of proxy voting. This year, the shareholders will have the possibility to have an independent representative vote on their behalf, so informed you about this possibility in the invitation. This requires an early information about the motions that will be voted on, and this is why all motions have been published in due time on our website.
Furthermore, we also offer the interpretation into sign language. The interpretation will also be visible via the livestream on the Internet. Profitable corporate social responsibility list of OMV strategy. Like in the Annual General Meeting, we will also be CO2 neutral. You can find information pertaining to that in the leaflets available.
Now as to the necessary statements. I state Annual General Meeting published on the 14th April 2015 in the official Federal Gazette of the Wiener Zeitung and thus in due time in the statutory form. And that the electronic European dissemination was also insured by Euro Ad hoc on the 14th April 2015. So that's today's annual general meeting, the quorum for the items agenda. The documents required in line with Article 108 of the Stock Corporation Act have been available on the homepage of the company since the 28th April of 2015.
Any motions of shareholders and additions to the agenda received the agenda in your handouts, I therefore assume that you are familiar with the agenda, and I'm not going to read the agenda out here. I would like to state and inform you that 230,000,000, 8,250 shares and 2,900 applications of shareholders or their deputies have been registered within the statutory period. The presence in today's AGM will be announced prior to the first vote at the latest. And at this point of time, I will also sign the list of participants and laid out for inspection. Now a few words on the Annual General Meeting.
For the purpose of keeping the minutes, these will be kept by our notary public. And to throw up the notarial minutes, the proceedings will be recorded. It will be an audio recording. The reports and the resolutions on all items on the agenda will be presented en bloc altogether, and then all the shareholders or the representatives can take the floor on any items on the agenda. After the general debate, there will be no separate discussion on the items on the agenda anymore, and the motions will be voted on.
You will find the items on the agenda and the draft resolutions in your handouts. When shareholders want to request leave to speak, please use the forms for request to leave to speak that are enclosed in your handouts. If you need any further forms to take the floor, please do turn to the attendants at the entrance of this room. The form for Quest Ville to speak, please formulate your question and at the same time, tell us whether you like this question to be read out or whether you want to ask the question yourselves. To improve the comprehension of these questions, we'd like to ask all the shareholders who want to ask to use the rostrum and the Magdalene sequence in which the shareholders can say is arbitrary does not have to necessarily reflect the timing of the handing in of the forms.
If you want to leave the Annual General Meeting early, I would like to explicitly point to the possibility to give your proxy to somebody from the Association of Fist of Shareholders. As you may have gathered from the media, I would like to inform the shareholders that OIAG, the majority shareholder, based on the new OIBB law, which came into force on the 19th March 2015, has been turned into a limited company with name Urbib. And since March 24, 2015, it has been registered in the company register. Nominations committee consisting of the 2 Secretaries of State, Magister Sonders Tessel and Doctor. Harald Mahra and the 2 business experts, Doctor.
Gunther Gaya and Doctor. Wolfgang Leitner, has been set up. And the task of this advisory board is to draw up and select nomination proposals for members of the Supervisory Board. For the shareholder, Ubi, this decision of the nomination committee is binding. I'd also like to point to the fact that the selection of Supervisory Board members does justice to the most stringent requirements of best practice in line with the Austrian corporate governance code and the candidates to be nominated generally recognized entrepreneurs, members of the free professions or executives from business or the public sector and have long years of practical experience in an executive capacity a supervisory board of a company.
Further information on the VB Law 2015 can be downloaded from the Internet. As you know from our press releases, the Supervisory Board decided on the 27th March 2015 that Doctor. Rainer Sealy will represent and will replace Mr. Reuss, who will be leaving as the CEO of OMV on the 30th June 2015. The appointment of Mr.
Seele is an important milestone in order to give OMV stability in its leadership structures. The point of view of the Supervisory Board, Mr. Seele is the ideal candidate in terms of his technical qualifications. He fulfills the requirements in terms of the profile for this position, and he has long standing international management experience. As of the 31st December 2014, Hans Peter Florin has left as a board member for the business unit of Gas and Power after the supervisory board decided on the 14th October 2014 that the business unit Gas and Power would be merged and integrating with the business unit Refining and Marketing.
So the new name of this business unit is now Downstream. Before we start with the agenda, let me give you some housekeeping remarks. I would like to inform you that between 3:30 and 6 p. M, we'd like to invite you for a meal, and it is free to use the underground car park. You can get exit tickets at the registration and at the guest and investor relations counter.
If there are any questions or problems, the ladies and gentlemen at the registration desk will be available. Before we have conclusion, we'd like to ask you to switch your cell phones to silent or to switch them off altogether. And I'd like to remind you that it is forbidden to take pictures, make videos or to make any private audio recordings. I'd like to move to the agenda, item 1 of the agenda. Submission of the Adopt Individual Financial Statement, the Director's Report and Corporate Governance Report, the consolidated financial statements 2014 and the Group Director's Report, the proposal of the appropriation of the profit and the report of the Supervisory Board for the financial year.
The annual financial statement for 20 14 as well as the Director's Report has been examined and approved. Thus, the annual financial statement 2014 has been adopted in line with Article 96, paragraph 4 of the Stock Corporation Act. The Supervisory Board has also examined and approved the corporate governance report, and the consolidated financial statements and the group director's report have also been examined and adopted. The examinations made by the Supervisory Board have not led to any findings or objections. The Supervisory Board has then adopted the report of the Supervisory Board.
And this report is available and is printed on Page 20 of the report for 2014, and these documents are also contained in your handouts. Mr. Reiss and Mr. Davis to take the floor on this item on the agenda. I would like to hand over to Mr.
Reuss. I would like to welcome you very cordially to today's Annual General Meeting. Allow me to remain seated. I have a bad back and it is more pleasant to be seated here. This is the 17th Annual General Meeting and my Let me start with the most important priority of our group, namely people.
So I'd like to show you how we've developed in terms of HSSE over the years. You see the accident rate, the LTI rate that went down over the years. This is very important. We are better than our competitors in terms of the LTI rate. And to show safety is for us in our corporate culture.
And this is expressed by the fact that every board meeting every Monday starts with HSSE Health and Safety and Environment Issues before we move on to other issues. Unfortunately and regrettably, even though these numbers and we still have some last year in Ramey fatalities, too many. And we are working to improve this. That's a very important concern of ours. This brings me to the market.
You may be familiar with this curve. The green line, the stable green line with an oil price around 100 dollars per barrel has been with us for the past full year, sometimes slightly below $100 and clearly above $100 But that was the general assessment of the industry. And whenever the oil price went below €100,000,000 Saudi Arabia simply reduced production and compensated for that. Since the 19th of June 2014, things have changed. You can tell by looking at the red line.
Our world changed then. And if you take a look at the price of $55 per barrel, that was the price at the end of 2014. Today, we stand at €67. It has not only been the decline of the oil price that made problems for us, it's also the bad business trend in gas. In Europe, gas, cleaner energy, was dominant for a long time, but now it's shrink meters per year.
OMV suffered more than other companies in this industry because onethree of our profit used to be made in Libya. Onethree of our EBIT used to be in India. We had very low production cost, and we've had these assets for a long time. And Libya, well, failed, not only Libya but also Yemen. At first, it went down dramatically and now it's down to 0.
This helped Repsol and us more than others. What's positive, the refining margins went up as the oil price went down. The U. S. Dollar also went down and that helped our business.
This reflected this year minus of 15% €28,000,000,000 that's the CCS EBIT. The majority comes from upstream. That's €1,669,000,000 That's what we want to focus on. But on €1,000,000,000 That's what we want to focus on. But on account of Libya, there's a minus of year on year.
And you see that gas is the green portion with €100,000,000 and the downstream business, refining and marketing, filling stations, that's €500,000,000 So you will understand why we're business unit stream in order to reduce complexity and cut costs. In 2011, we set ourselves some targets related to the year 2014 and to 2016, respectively. But first, I would like to talk about the targets for 2014. I'm and when we presented our production that is to say to us as Romanian was to be stabilized. Old fee had to have a natural decline and the objective had been to generate 200,000 to 210,000 barrels per day.
We actually managed 204,000 barrels per day. So that's all the stable which is important for the profitability of the company. Then we said that the downstream business is a business where we have over capacities in Europe in the refineries. That's also the case today even though we earn a lot of money in the short term. But Europe has over capacities that hurts our results and we said we want to divest.
We sold the Biom Oil Refinery. That was the biggest part. We withdrew some from Croatia, Bosnia and we invested this money in Upstream. We wanted to reduce costs at the Enet project. We reduced our current assets.
So this was reduced by €2,000,000,000 to increase the ROCE. That has helped us in these difficult times. What's also been positive is that the gas fueled power plants that we decided to build in 2,007 and 2,008 had to be completed. That wasn't so easy. There were legal problems.
So from Tay's perspective, well, we have finished those power plants, but these were have not been in 2007. But hindsight, from today's point of view, it was a mistake. Nobuko has been the project to link the Central European Gas Hub at Baumgarten with the Black Sea, but that has failed. And we know today that it would have been advisable for the European Union to go ahead with this project because today, they are planning to build a South Stream pipeline. But anyway, this is where politics play a major role.
What have been the most important milestones in 2014? Growth in upstream, building up the North Sea position. Up to 50,000 barrels have already been produced in Norway. That's a lot when you consider how short we have been present in Norway. Norway is the 2nd biggest country there in this region.
We have had a successful exploration visiting and we're also active in the Black Sea. We are currently drilling our 5th well there. We started with Domino. And either this year or the beginning of next year, we will be able to announce some results. To the growth of upstream, we also wanted to consolidate downstream.
So gas and power was to be merged into 1 division with gas and power. And we also wanted to cut costs. And my colleague, Manfred Leitner, did a wonderful and he still has a lot of work ahead of him in the integration. We had a successful renegotiation a supply contract with Gazprom and finalized the Petrobras modernization. I'll come back to that in a minute.
Now let me briefly talk about the highlight. In Norway, 50,000 barrels have already been produced. We're now a number in the Upstream portfolio. 5 worth of cash were Genway and we did that in our further expansion. So on the one hand, our old business, the highly profitable business in Libya was lost.
And this is why it was important to build up a new business in secure regions, maybe not with such high margins, but it's politically more stable. And we need to have a stable positioning of our group to have a balanced risk portfolio. And we've been successful in doing that. Now what's the way forward? In Norway, we didn't just want to buy and then produce there.
But even before that, we acquired some fields to be developed. And in parallel, we also bought some exploration licenses. So we have an entire portfolio. And if you want to take a look at Norway and what we're doing, there is a long term approach. And after 10 years, we'll be able to make a final assessment.
What we are planning to do will be realized at the oil price of $50 Sheehyen has a big production of 12,000 barrels of our OMB share. Aasta Hansteen Norway 18,000 barrels starting in 2018. Edvard Grieg starting 2016 with 19,000 barrels and Navara in Tunisia with 10,000 barrels. So these projects will also be developed in this difficult environment to come on stream, and these field redevelopments in Romania will be added to that. And that is important to reach the objective of 400,000 barrels in the medium term, so in 2017, 'eighteen or 'nineteen.
So this is the objective that we need to reach. So what's important is to have a stable development in Romania, 200,000 barrels in Austria and to build up a new production elsewhere. And I'd like to thank Jaap Pyskers and his team who have really done a lot in order to make sure that we leave the 300,000 barrels scenario and to move to the 400,000 barrel scenario. It is important to reach a critical size to be successful in our business. In parallel, our refinery in Romania was modernized.
We invested €600,000,000 Why did we do that? It's a refinery, but we need that in order to process our crude oil there. It was about producing the products the market needs, more diesel than they used to produce, and the energy efficiency had to be improved. So we did this. In 2009, we made losses of £166,000,000 per year in the refinery due to the high energy consumption there.
It is very hard to imagine, but that's the way it is. And today, you can see that we are more or less at €60,000,000 but what's behind this is €600,000,000 investments. Integration is important. We focus on upstream and consolidate downstream. Well, why is it so important on such a scale?
Well, in the upstream business, on the one hand, with all the barrels of crude that we produce, we are players in the global market and we consider going up, regional players in Europe. And this market is shrinking a lot. No matter what we do, this market is shrinking, so we need to consolidate. But it's important to be integrated in terms of risk, but also in terms of the result. And you can see in 2014, 30% of our result was generated downstream.
Of course, there are fluctuations there, but in times when upstream is weak, it is important to have downstream to balance this out. So one thing is profits, but we also have our corporate social responsibility, which goes far beyond profits alone. We also have a responsibility for the company. We have a social responsibility for Austria and a social responsibility in the countries where we are active. And please believe me, this is a very important topic to me because it's a topic of sustainability.
We have 3 focal points: eco innovation, eco efficiency and skills to succeed. We have 100 projects globally in those three areas. I'd like to point to a few Hydrogen, the Technical Museum, cooperation with universities, the Vienna Open Lab Energy Efficiency and Women's Empowerment, which is very important to me personally. Let me start with innovation, eco innovation. We're working in the area of HydroGen technology.
That's one way we're pursuing whether it is the right way forward or not. We'll know in 10 or 15 years' time. But of course, we integrate it in the long term Filling station in Austria also some hydrogen refueling stations in Germany. And the second filling station will be built in Australia. And you can go from Munich via Innsbruck, Boitzean all the way to Milan with a hydrogen car.
The first hydrogen fleet cars will be produced and marketed in 2017. But also the project in Cambridge, the project in Cambridge where we want to produce hydrogen with sunlight. So it's important to have renewables. In parallel, eco efficiency. Since 2,009, there's been a 25% improvement in energy efficiency.
And since 2017, we've seen a reduction of CO2 by 683,000 tonnes. These are investments into the Petrobras refinery. And this has been very important to justice to our corporate social responsibility in this field. The second topic is skills to see educational initiatives. So it's important to show what we're doing in this field, the fascination with technology.
This is why we built up an exhibition in the Technical Museum in Vienna about our industry upstream, downstream, the refinery. And 360,000 visitors have seen this exhibition in 1 year. So I'd like to invite you to visit this exhibition at the end of by handing in your free ticket for submission, which will valid until July, and I would be very pleased where to use it. And for technology and science starts in new. That's where why we support Mr.
Penninger, one of our leading research here, unfortunately, in Austria. And he tries to give youngsters to science and technology, quoting him and we also have a Miller lab in South Austria. So, these hands on labs where young people can learn about technology so that we will have enthusiastic young people who can manage our companies in the future. This brings me to Skills TO Succeed and Education. On the one hand, our universities.
We have developed a program in cooperation with the University of Le Havre, among others, where we have people trained from all the companies where we are active. We have set up a master's program, which is in line with international standards. We're doing the same in Romania where we also give the students the opportunity to work here during their vacation. So we offer practical training courses in the free time so that they can network with us. In parallel, we are also working in Pakistan.
You may still remember Malala, who was shot by because she wanted to go to school and get a better education. So you can see that sometimes girls are denied to get further education and we have some targeted programs for young girls in order to give them a chance to get a better education. But we also have given microfinance services to 2,000 local women and we have also some engineering universities for girls. So these are very targeted programs. And I think you also know the technology queen where we're trying to get young girls to become interested in technology.
So much on our responsibility. Now a short look at churn outlook, talk about our current priorities in this $50 environment. I would be pleased if it were to go to $60, we need to also set a scenario of $50 per barrel. So we want to be broadly have be free cash flow neutral after dividends. And we will move to have €1.25 per share dividend for 2014.
We want to maintain this dividend policy. This is a key priority for us. Upstream growth, you've seen our projects. We want to continue to grow and implement these projects. That's decisive, so in order to preserve these options for long term growth.
To reduce complexity from the base business, review We earn core assets that we can divest from what's our business. So we are still relatively small company compared to the global players. But I am very grateful to David Davis, who is in charge of the Fit for 50 program, a cost management program to reduce CapEx and adapt OpEx. So we reduced the CapEx volume by €1,100,000,000 In the past, we had €3,800,000,000 Now it's €2,700,000,000 Our exploration €1,000,000,000 Now it's €2,700,000,000 Our exploration and appraisal spending will be reduced from €700,000,000 to €500,000,000 And we want to save about €150,000,000 in overhead upstream OpEx and Danske. Now a summary outlook.
We assume that by the end of the year, we'll have an oil price of $60 to $60 per barrel. If it's more, we'll be very pleased, but we focus on that appreciation. We believe that the gas markets will remain challenging. This is why our portfolio continues to be under review. The refining margins are very high, and we expect them to come down.
What's positive due to these lower prices at the filling stations? Actually, there is bigger consumption, so we have growing volumes, which is good for us. Production will be about 300,000 barrels a day since we know these estimates. Then CapEx will be €2,700,000,000 80% will go into Upstream and the E and A expenditure will be about €500,000,000 A member of the if you look back, we have 3 charts started the Berrierellis, sales to the euros and had a sale of €600,000,000 or €700,000,000 Today, we have a sales volume of €8,000,000,000 and an EBITDA of €200,000,000 So what have been the stages in this development? BZ A was made part of Borealis in 1998.
We built our technology in 2,001. And in 2,005, together with IPIC, we took over Borealis completely from start oil. 100% was taken over. And in parallel, the capacities in Schweikert was increased to 1,000,000 tons. In the following year, in 2006, this was my goal to Austria, to Linz.
And in Linz, we had the Global Research Center for Borealis Global. I'm very pleased that Linz is registering 146 patents per year, the most patents in Austria. The next one in this ranking only has 100 patents per year. In 2007, AMI was also incorporated in Borealis. In 2010, Boroge was then expanded to 2,000,000 tonnes in oil production.
In 2012, we built up a catalyst plant. And in 2014, Boruz 3 came on stream. So today in one location in Abu Dhabi, where Borealis has a 40% share, we've produced 4,500,000 tons more than all of Borealis produces in Europe, namely 4,000,000 tons. So this is a development of a company that was at risk of surviving. And now it is a proud company with a sales volume of €8,000,000,000 and that is profitable.
I had the chance to be the CEO of BCT and Borealis. I was the Chairman and the Vice Chairman of the Board. So as to OMV, let me take a look back what have been some of the milestones. I was the Deputy CEO. Then we invested in Bariades and 51% investment in Petrom in 2004, the successful rehabilitation then 100% Borealis in 2006 to 2010.
Not so successful has been this attempt to merge with Verbund, the utility. I talked about the investment in power, gas fueled power plants, which seemed right at the time, but with hindsight it was wrong. The MOL acquisition and the INA deal failed and some defeats are actually positive. I think the failure of acquiring Mall has actually helped us from today's perspective. Still, the time between 2011 and today, well, in 2012, we had a record result at €3,100,000,000 We had a great discovery in the Black Sea.
And in 2013, we made the biggest acquisition in the North Sea with 2.6 €5,000,000,000 Unfortunately, we failed with the Nabuco project. To summarize, the market capitalization of OMV was almost tripled between 1997 2015. The upstream production is 5x higher. The objective is to reach 400,000 and the refinery product sales has been more than doubled in spite of the fact that we sold iron oil. Thank you very much for 17 years of your confidence and trust.
Thank you.
Thank you for the presentation. Thank you very much for the good track record. So thank you again for the presentation. Congratulations to this track record. I would like to pass the floor to the CFO, Mr.
Davies, please. Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, Allow me to present the most important KPIs of the OMV Group on the business year 2014 and the results of the Q1 2015. Both the group consolidated statements are prepared under IFRS and the individual OMV accounts prepared under Austrian Local GAAP received an unqualified auditor's opinion.
On behalf of the to thank Ernst and Young's, Wirtschaftsprufung for the good cooperation. 2014, your company achieved a solid operating result in spite of a turbulent year for the industry which the Brent oil price fell by 50% in the second half of the year. The clean CCS EBIT fell by 15% to €2,238,000,000 in 20.4 This results from a lower E and P result. If you take into account storage effect of minus €361,000,000 as well as negative special effects of €822,000,000 you arrive at an EBIT of €1,054,000,000 This is 59% below the VAT.13. The negative special effects result from an impairment of the composition as well as in the EBITDA in CCS EBIT 1,069,000,000 in spite of a strong contribution in Norway, which was offset by higher depreciation, higher production costs and lower oil prices.
OMV total daily production of oil and gas increased by 80% as compared to 20 13 to 309 barrels per day and by and large reflects the contribution from Norway, which was offset by lower production volumes in Libya. In Gas and Power, the market environment remains to be very challenging and the Clean CCS EBIT fell to €101,000,000 This is due to lower gas margins, gas sales margins and gas volumes as well as a deterioration of the situation on the Romanian power market. In refining and marketing, the clean CCS EBIT rose by a CV reference. After selling off 45% of our share in the Bayan Oil Refinery, we benefited from an optimized asset basis and also the completion of the modernization program in Petrobrasi. And this is reflected in the strong refinery result 2014.
At the 31st December 2014, the gearing ratio that is to say net debt to equity ratio of the OMV Group was 33.6% as compared to 32.1% at the end of 2013. This chart shows the development of the net income of OMV over the past 5 years. The allotment of the net income attributable to the shareholders of the parent company, The left axis is in €1,000,000 The dividend per share can be taken from the green line and the scale on the right hand side is in euro and here you see the 5 year trend. The net income attributable to the shareholder of the company due to the lower EBIT was markedly below the level of 20.13. The dividend proposed for 2014 is €1.25 per share remains stable as compared to last year.
This represents a payout ratio of 114%. Let me state that the median of the payout ratio in our industry for the year 2014 is over 130%. We at 114% payout ratio are at the lower end of the bandwidth of this indicator. A payout ratio of more than 100%, however, in the long run is not sustainable. This is why we initiated a program to adapt to the long lasting lower oil price environment, implementing correction measures as well reducing investments.
This should allow us to pay out an attractant in the framework and along the line of our long term dividend policy. The dividend yield based upon the closing price of the OMV share in 2014 amounts to 5.68%. This chart shows the financial priorities. As far as cash is concerned, our goal is to have a broadly neutral free cash flow after dividends. We furthermore continue with our dividend policy with a long term payout ratio of 30% of the net income.
In 2014, the credit ratings of A3 of Moody's and A- of Fitch were confirmed for OMB. Both rating agencies also confirm a stable outlook of our company. This underlines the strong credit rating of the OMV Group and is in line with our goal to retain a strong investment grade credit rating. In 2014, OMV issued a new bond at the nominal value of €750,000,000 and a coupon of 0.6 percent in order to optimize the maturity profile of our dividends. Let's have a look at the balance sheet structure.
As compared to year end 2013, the balance sheet sum rose by €2,090,000,000 to €33,938,000,000 due to an increase in fixed assets as a result of the investments we made, the significant investments we made. Equity capital as compared to last year remained stable. Equity ratio of the group at 31st of December 2014 fell slightly from 46% to 43% year on year. The gearing ratio increased by €4,000,000,000 increased €4,000,000,000 due to short term financing and financing leasing. At the 30 1st December of 2014, the gearing ratio that is to say the net debt equity ratio of OMV Group was 30.1%.
The cash operating activity fell to €3,700,000,000 which is due to an increase of net working capital. The KPIs described so far documents the financial strength of our company, of your company, With a solid balance sheet structure and the generated cash flow, OMV can invest in the future and also increase the long term profitability. Let me continue with the investments that we realized last year. The investment volume fell to €3,800,000,000 in 2014. The acquisition was the acquisition of Statoil in 2013.
The division Exploration and Production invested EUR 3,000,000,000 mainly in field new developments, drilling activities and work over activities in Romania as well as field developments in Norway and Great Britain. Investments in the division Gas and Power amounted to EUR 243,000,000 and resulted from investments in the gas storage facility in Edsel, Germany. The investment volumes in Refinery and Marketing amounted to €607,000,000 and contains investments into the new construction of a Bultherje plant in Burghausen and the modernization of the Petrobrasie refinery in Romania. Investment volumes in Corporate and Other was at €1,000,000 It describes the operating performance before in this. As you see, the division exploration on production contributed most to our KPI in 2014 at €3,300,000,000 Ladies and gentlemen, let's have a look at the development of the share price.
This OMV share price developed by the green line to the ATX represented by the dark blue line, the FTSE Global Energy and FTSE Eurotopa represented by the dark blue and the hell gray line respectively. The OMV share closed at €99 in 2,004 as of January and reached its peak midyear in that is €606 Midyear, the OMV share lost only slightly and at the end of the Q2 2014 was listed at €3 We had an environment that was characterized by falling oil prices and geopoliticality. And this is we had an annual low mid December of €207 The share price was €22.01 If you take into account that we paid out a dividend of €1.25 per share, we have a total shareholder return of minus 33% for the year 2014 for our shareholders. The FTSE Global Energy Index that comprises the worldwide largest oil and gas industry fell by 13%. The Austrian, 50% in 2014 and the performance suffered from the relatively weak price development of the bank and energy industry as well as the companies that have a relatively high Russian exposure.
The Brent crude oil price was 50% below the level at the beginning of the year 2014. In the 1st 3 months of the year 2015, the OMB share rose by 16%. The closing price yesterday was €27.81 a plus of a further 9% as compared to the end of the first quarter. Let's have a look at the shares and the share investment. We have a dividend of €1.25 and at the basis of the closing price of €22.01 we have a dividend yield of 5.68 percent.
The absolute dividend remains stable as compared to 2013 and represents a payout ratio of 114%. In the long run, the dividend policy of OMV will remain to be 30% with a payout ratio of 30%. The EBITDA for 2004 is €1.09 and the cash flow per share in €0.24 The book value per share to 2,030 is slightly higher and amounts to €35,700,000 Let's have a look at the results of the Q1 2015. As of the 1st January 2015, the division Downstream was set up, combining the divisions Gas and Power and Refining and Marketing. In addition, exploration and production was renamed upstream.
In 2015, the Clean CCS EBIT was €333,000,000 The average Brent price in U. S. Dollar was 50% below the Q1 2014. The Upstream result fell to €33,000,000 by low oil prices and lower oil sales in Norway on the basis of our lifting plan and due to safety problems in Libya that had an effect on the production volumes. The total daily production of oil and gas was 303,000 barrels per day oil equivalent, 3% less than in the Q1 2014.
This was due to downtimes in Libya due to safety problems that could not be compensated by higher production levels in Norway due to the contribution of the Godrun field. The clean in downstream rose to €260,000,000 This was driven by the strong performance of the refinery business, which benefited from the significantly increased refinery margin and the high degree of utilization. At the 31st March 2015, the gearing ratio of OMV Group was 35%. Ladies and gentlemen, let me give you my report on this item on the agenda, the report according to Section 65, paragraph 3 of the Stock Corporation Act. On the basis of the authorization given at the 24th May 2006, the Executive Board of OMV in 2,000,000 3 100 and 2,390 shares at a weighted average price of 39 point After that, no further buybacks of shares.
In particular, in 2014 and since the 31st December 2014, no treasury shares were acquired or sold. In 2012, 100 and 25 in 2013, 40,376 in 2014, 23,302 and since the 31 December 2014 until today, 102,742 NOPA Valued shares were bought to serve long term incentive plans and matching share plans. On 17th May 2018, authorized the Executive Board to use treasury shares until the 16th May 2016 for an option or long term incentive plans or to sell via the stock exchange or by public. The executive also authorized to cancel shares to convertible bonds to use the treasuring to other account or any other is legal admissible. The treasury shares at the moment is 914,576 no par value shares of the total 327,272,727,727 NOPA value shares.
The share in the stock capital is 0.28%. And we also have 0.15 percent of these options amount to 494,520 shares. At the share price of €24,860 that's the average price from 2nd January to 30th of April 2015. This option have a value of €2,300,000 and the treasury shares have a value of €22,700,000 The weighted treasury share €8,000,000 by the company. Ladies and gentlemen, we are well aware that it is our common goal to make sure that OMV remains an attractive instrument in the long run.
And in conclusion, I would like to point out to our new shareholders that they can register at the Investor Relations stand for the OMV Investor Service. In the free power Investor Relations, you will receive relevant information. Receives they can also be via mail. In addition, follow us on Twitter at w. Twitter.com/omv.
And you can also download the OMV Investor Relations app for iPhone, iPad and Android free of charge. Thank you very much for your attention.
Yes, Beth. Thank you, gentlemen, for the report. And on behalf of the Supervisory Board, I would also like to thank the members of the