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 with the reports of our CEO and Mr. Davies, 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, Gerhard Roiss, Deputy CEO, David Davies, Board Member Jaap Huijskes, and Board Member Manfred Leitner. I would also like to welcome Mr. Gerhard Roiss and Mr. Walter Krainz 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 Brix, a notary public of this AGM.
I have requested Mr. Brix 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. We informed you about this possibility in the invitation. This requires an early information about the motions that will be voted on. 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 live stream on the internet. Profitable corporate social responsibility list of OMV strategy. Like in the annual general meeting 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 of 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 ensured by euro adhoc on the 14th of April 2015, so that today's annual general meeting, the quorum for the items on 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 of April 2015. Any motions of shareholders and additions to the agenda received.
The agenda in your handouts. I therefore assume that you're familiar with the agenda. I'm not going to read the agenda out here. I would like to state and inform you that 230,008,250 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. 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 a notary public. To draw up the notarial minutes, the proceedings will be recorded. There will be an audio recording.
The reports and the resolutions on all items on the agenda will be presented en bloc altogether. 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. 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.
On the form for request to leave 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 use the rostrum and the mic. That sequence in which the shareholders 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 Shareholders.
As you may have gathered from the media, I would like to inform the shareholders that ÖIAG, the majority shareholder, based on the new ÖBIB law, which came into force on the 19th of March 2015, has been turned into a limited company with the name ÖBIB. Since March 24th, 2015, it has been registered in the company register. A nominations committee consisting of the two Secretaries of State, Mag. Sonja Steßl and Dr. Harald Mahrer, and the two business experts, Dr. Günter Geyer and Dr. Wolfgang Leitner has been set up. The task of this advisory board is to draw up and select nomination proposals for members of the supervisory board. For the shareholder ÖBIB, 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 or best practice in line with the Austrian Corporate Governance Code. The candidates to be nominated are 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 of a supervisory board of a company. Further information on the ÖBIB law 2015 can be downloaded from the internet. As you know from our press releases, the supervisory board decided on the 27th of March 2015 that Dr. Rainer Seele will replace Mr. Roiss, who will be leaving as the CEO of OMV on the 30th of June 2015. The appointment of Mr. Seele is an important milestone in order to give OMV stability in its leadership structures.
From 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 longstanding international management experience. As of the 31st of December 2014, Hans-Peter Floren has left as a board member for the business unit of Gas and Power after the Supervisory Board decided on the 14th of October 2014 that the business unit Gas and Power would be merged and integrated with the business unit Refining and Marketing. 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 P.M. and 6:00 P.M., we would 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. By way of conclusion, we would like to ask you to switch your cell phones to silent or to switch them off altogether. 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 one of the agenda, submission of the adopted individual financial statement, the Directors' Report, and Corporate Governance Report, the consolidated financial statements 2014, and the Group Directors' 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 2014, as well as the Directors' Report has been examined and approved, and 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 Directors' 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. This document is also contained in your handouts. Mr. Roiss and Mr. Davies want to take the floor on this item on the agenda. I would like to hand over to Mr. Roiss.
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 fifth as this. Let me start with the most important priority of our group, namely people. 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. 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, regrettably, even though these numbers, we still have some last year in many fatalities. Maybe 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 per barrel has been with us for the past 4 years, sometimes slightly below 100 and clearly above 100. That was the general assessment of the industry, and whenever the oil price went below 100, 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, 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, a cleaner energy, was dominant for a long time, but now it's [inaudible] meters per year. OMV suffered more than other companies in this industry because one-third of our profit used to be made in Libya. One-third of our EBIT used to be earned in Libya. We had very low production costs, we've had these assets for a long time, Libya, well, failed. Not only Libya, but also Yemen. At first, it went down dramatically, now it's down to zero. This hurt Repsol and us more than others. What's positive, the refining margins went up as the oil price went down. The US dollar also went down, that helped our business.
It's reflected, you see a minus of 15% to be EUR 8 billion. That's the CCS EBIT. The majority comes from Upstream. That's EUR 1.669 billion. That's what we want to focus on. On account of Libya, there's a minus of year-over-year, you see that gas is the green portion with EUR 100 million, the Downstream business Refining and Marketing filling stations, that's EUR 500 million. You will understand why [we jump business units 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. At first, I would like to talk about the targets for 2014. [I am a member and represented us], most of our production, that is to such as Romania and also was to be stabilized.
Old field have a natural decline, the objective had been to generate 200,000-210,000, we actually managed 204,000 barrels per day. That is for the stable yields, which is important for the profitability of the company. We said that the Downstream business is a business where we have overcapacities in Europe and the refineries. That's also the case today, even though we earn a lot of money in the short term. Europe has overcapacities that hurts our results, we said we want to divest. We sold the Bayernoil Refinery. That was the biggest part. We withdrew some from Croatia, Bosnia, we invested this money in Upstream. Well, we wanted to reduce costs. That's the ENIT project. We reduced our end assets. This was reduced by EUR 2 billion to increase the ROACE. 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 2007 and 2008 had to be completed. That wasn't so easy. There were legal problems. From today's perspective, well, we have finished those power plants, but these were invested, have not been in 2007. Hindsight, from today's point of view, it was a mistake. Nabucco 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. Today they are planning to build the South Stream pipeline. 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 second biggest country there in this region. We've had a successful exploration listing, and we are also active in the Black Sea. We are currently drilling our fifth 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 one division with Gas and Power. And my colleague Manfred Leitner did a wonderful And he still has a lot of work ahead of him in integration. We had a successful renegotiation of supply contract with Gazprom and finalized the Petrobrazi modernization.
I'll come back to that in a minute. Let me briefly talk about the highlight in Norway. 50,000 barrels have already been produced. We now number in the Upstream portfolio worth of cash generation, and we did that in our further expansion. 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. We've been successful in doing that. 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. In parallel, we also bought some exploration licenses.
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. Schiehallion has a peak production of 12,000 barrels of our OMV share. Aasta Hansteen, Norway, 18,000 barrels starting in 2018. Edvard Grieg starting 2016 with 19,000 barrels. Nawara in Tunisia with 10,000 barrels. These projects will also be developed in this difficult environment to come onstream. These field redevelopments in Romania will be added to that. That is important to reach the objective of 400,000 barrels in the medium term. In 2017, 2018, or 2019. This is the objective that we need to reach.
What's important is to have a stable development in Romania, 200,000 barrels in Austria, and to build up a new production elsewhere. I would like to thank Jaap Huijskes and his team, who have really done a lot in order to make sure that we leave the 300,000-barrel 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 EUR 600 million. 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. We did this.
In 2009, we made losses of EUR 166 million 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. Today, you can see that we are more or less at EUR 60 million. What's behind this is EUR 600 million investments. Integration is important. We focus on Upstream and consolidate Downstream. Why is it so important on such a scale? In the Upstream business, on the one hand, with all the barrels of crude that we produce, we are players in a global market, and the costs are going up. In Europe, this market is shrinking a lot. No matter what we do, this market is shrinking, so we need to consolidate. It's important to be integrated in terms of risk, but also in terms of the result.
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. 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. Please believe me, this is a very important topic to me because it's a topic of sustainability. We have three 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 Technisches 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 are 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. Of course, integrated in the long term. Filling station in Austria, but also some hydrogen refueling stations in Germany, and the second filling station will be built in Austria. Then you can go from Munich via Innsbruck, Bolzano, all the way to Milano with a hydrogen car. The first hydrogen fleet cars will be produced and marketed in 2017. Also the project in Cambridge, where we want to produce hydrogen with sunlight. It's important to have Renewables. In parallel, Eco-Efficiency. Since 2009, there's been a 25% improvement in energy efficiency, and since 2017, we've seen a reduction of CO2 by 683,000 tons.
These are investments into the Petrobrazi refinery, and this has been very important to do justice to our corporate social responsibility in this field. The second topic is Skills to Succeed educational initiatives. It's important to show what we're doing in this field and the fascination with technology. This is why we built up an exhibition in the Technisches Museum Wien about our industry, Upstream, Downstream, the refinery, and 360,000 visitors have seen this exhibition in one year. I'd like to invite you to visit this exhibition at the end of by handing in your free ticket for exhibition, which will be valid until July, I would be very pleased where to use it. For technology and science starts in youth. That's why we support Mr. Penninger, one of our leading researchers here.
Unfortunately stay in Austria, He tries to give youngsters to science and technology. We're supporting him, and we also have a [inaudible], in South Austria. 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 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 Leoben, 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. We offer practical training courses in their 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 [inaudible] because she wanted to go to school and get a better education. You can see that sometimes girls are denied to get their education, We have some targeted programs for young girls in order to give them a chance to get a better education. We also have given microfinance services to 2,000 local women, We have also some engineering universities for girls. These are very targeted programs, I think you also know the technology queen, where we're trying to get young girls to become interested in technology. Much on our responsibility. I take a short look at an 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. We want to be broadly have big free cash flow neutral after dividends, We will move to have a EUR 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. In order to preserve these options for long-term growth. To reduce complexity from the base business, review non-core assets that we can divest from what's our business. We are still a relatively small company compared to the global players. I am very grateful to David C. Davies, who is in charge of the Fit for 50 program, a cost management program to reduce CapEx and adapt OpEx. We reduced the CapEx volume by EUR 1.1 billion.
In the past, we had EUR 3.8 billion. Now it's EUR 2.7 billion. Our exploration appraisal spending will be reduced from EUR 700 million to EUR 500 million, and we want to save about EUR 150 million in overhead Upstream OpEx and Downstream. A summary outlook. We assume that by the end of we'll have an oil price of $50-$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 low prices at the filling stations, actually, there is a bigger consumption, so we have growing volumes, which is good for us. Production will be about 300,000 barrels per day since we know these estimates.
The CapEx will be EUR 2.7 billion. 80% will go into Upstream, and the E&A expenditure will be about EUR 500 million. Let's take a look back at three charts. Started the Borealis sales to the EUR and had a sale of EUR 600 million or EUR 700 million. Today, we have a sales volume of EUR 8 billion and an EBIT of EUR 200 million. What have been the stages in this development? PCD Polymere was made part of Borealis in 1998. We built our technology in 2001. In 2005, together with International Petroleum Investment Company, we took over Borealis completely from Statoil, 100% was taken over, and in parallel, the capacities in Kuwait was increased to 1 million tons. In the following year, in 2006, this was my goal to bring to Austria, to Linz. In Linz, we had the global research center for Borealis.
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, Agrolinz Melamine International was also incorporated in Borealis. In 2010, Borouge was expanded to 2 million tons annual production. In 2012, we built up a catalyst plant, and in 2014, Borouge 3 came on stream. Today in one location in Abu Dhabi, where Borealis has a 40% share, we produce 4.5 million tons more than all of Borealis produces in Europe, namely 4 million tons. This is the development of a company that was at risk of surviving, and now it is a proud company with a sales volume of EUR 8 billion, 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.
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 Borealis, then 51% investment in Petrom in 2004, the successful rehabilitation, then 100% Borealis in 2006-2010. 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 MOL has actually helped us from today's perspective. The time between 2011 and today, in 2012, we had a record result at EUR 3.1 billion. We had the great discovery in the Black Sea, and in 2013, we made the biggest acquisition in the North Sea with EUR 2.65 billion.
Unfortunately, we failed with the Nabucco project. To summarize, the market capitalization of OMV was almost tripled between 1997 and 2015. The upstream production is five times 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 Bayernoil. Thank you very much for the 17 years of your confidence and trust. Thank you.
Thank you for the presentation. Thank you very much for the good track record. 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 first quarter 2015. Both the group consolidated statements are prepared under IFRS and the individual OMV AG accounts are prepared under Austrian Local GAAP, received an unqualified auditor's opinion. On behalf of the OMV group, I would like to thank Ernst & Young for the good cooperation. 2014, your company achieved a solid operating result in spite of a turbulent year for the industry, in which the Brent oil price fell by 50% in the second half of the year.
The Clean CCS EBIT fell by 15% to EUR 2 billion 238 million in 2014. This results from a lower E&P result. If you take into account storage effect of minus EUR 361 million as well as negative special effects of EUR 822 million, you arrive at an EBIT of EUR 1 billion 54 million. This is 59% below the value 2013. The negative special effects result from an impairment of the goodwill position as well as in E&P Clean CCS EBIT EUR 1 billion 69 million in spite of a strong country, Norway, which was offset by higher depreciations, higher production costs and lower oil prices. OMV total daily production of oil and gas increased by 80% as compared to 2013 to 309,000 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, the Clean CCS EBIT fell to EUR 101 million. This is due to lower gas margins, gas sales margins and gas volumes, as well as the deterioration of the situation in the Romanian power market. In Refining and Marketing, the Clean CCS EBIT rose, driven by a [inaudible] . After selling off 45% of our share in the Bayernoil Refinery, we benefited from an optimized asset basis and also the completion of the modernization program in Petrobrazi. This is reflected in the strong refinery result 2014. At the 31st of December 2014, the gearing ratio, that is to say net debt equity ratio of the OMV group, was 33.6% as compared to 30.1% at the end of 2013. This chart shows the development of the net income of OMV over the past five years.
The development of the net income attributable to the shareholders of the parent company. The left axis is in EUR million. The dividend per share can be taken from the green line and the scale on the right-hand side is in EUR. Here you see the five-year trend. The net income attributable shareholder of the parent company, due to the lower EBIT, was markedly below the level of 2013. The dividend proposed for 2014 is EUR 1.25 per share and 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 production measures as well reducing investments. This should allow us to pay out an attraction 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 OMV. 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 a nominal value of EUR 750 million and a coupon of 0.6% 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 EUR 2.09 billion to EUR 33.938 billion, mainly due to an increase in fixed assets as a result of the significant investments we made. Equity capital, as compared to last year, remains stable. Equity ratio of the group at 31st of December 2014 fell slightly from 46% to 43% year-on-year. [The gearing ratio next increased by EUR 4 billion] due to short-term financing and financing leasing.
At the 31st 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 EUR 3.7 billion, 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 EUR 3.8 billion in 2014. The mission was the acquisition of Statoil in 2013. The division Exploration & Production invested EUR 3 billion mainly in field new developments, drilling activities, and workover activities in Romania, as well as field developments in Norway and Great Britain.
Investments in the division Gas and Power amounted to EUR 243 million and resulted from investments in the gas storage facility in Etzel, Germany. The investment volumes in Refining and Marketing amounted to EUR 607 million and contains investments into the new construction of a butadiene plant in Burghausen and the modernization of the Petrobrazi refinery in Romania. Investment volumes in Corporate and Other was at EUR 31 million. It describes the operating performance before investment. As you see, the division Exploration & Production contributed most to the KPI in 2014 at EUR 3.3 billion. 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 Index and FTSE Eurotop 100 Index, represented by the dark blue and the light gray line, respectively.
The OMV share closed at [EUR 90.79] in 2014 as of January, and reached its peak mid-year in mid-January, [EUR 60.6]. Mid-year, the OMV share lost only slightly, and at the end of the second quarter 2014, was listed at EUR 3. We had an environment that was characterized by falling oil prices and geopolitical instability, and this year we had an annual low mid-December of [EUR 20.7]. The share price was EUR 22.01. If you take into account that we paid out a dividend of EUR 1.25 per share, we have a total shareholder return of -33% for 2014 for our shareholders. The FTSE Global Energy Index that comprises the worldwide largest oil and gas fell by 30%.
The Austrian 50% in 2014, and the performance has 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 2014. In the first three months of 2015, the OMV share rose by 16%. The closing price yesterday was EUR 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 EUR 1.25 and at the basis of the closing price of 2014 of EUR 22.01, we have a dividend yield of 5.68%. 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 the payout ratio of 30%. For 2014, EUR 1.09 and the cash flow per share EUR 1.24. The book value per share to 2013 slightly higher and amounts to EUR 35.70.
Let's have a look at the results of the first quarter 2015. As of the 1st of January 2015, the division Downstream was set up combining the divisions Gas and Power and Refining and Marketing. In addition, Exploration & Production was renamed Upstream. In 2015, the Clean CCS EBIT was EUR 333 million. The average Brent price in US dollar was 50% below the first quarter 2014. The Upstream result fell to EUR 33 million 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 first quarter 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 Gudrun field. The Clean in Downstream rose in 2015 to EUR 260 million. 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 March 31, 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 on May 24, 2006, the Executive Board of OMV in [inaudible] shares at a weighted average price of 39. After that, no further buybacks of shares.
In particular, in 2014, since December 31, 2014, no treasury shares were acquired or sold. In 2012, 175; in 2013, 40,376; in 2014, 23,302; since December 31, 2014, until today, 102,742 no-par value shares were bought to serve long-term incentive plans and matching share plans. On [May 17th, 2018], authorized the Executive Board to use treasury shares until May 16, 2016, for option or long-term incentive plans, or to sell via the stock exchange or by public. The Executive also authorized [to cancel shares to a convertible bonds to use the treasury other company 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 no-par value shares. The share in the stock capital is 0.28%. We also have 0.15% [of this is options amount] to 409,520 shares.
At the share price of EUR 24.86, that's the average price from January 2 to April 30, 2015. These options have a value of EUR 2,300,000, and the treasury shares have a value of EUR 22,700,000. [The weighted average treasury share is EUR 8 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. 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 frame of our investor relations, they will receive relevant information. [Receives the results can also be by mail]. In addition, follow us on Twitter, www.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.
Yeah.
For the report. On behalf of the supervisory board, I would also like to thank the members of the board.