OMV Aktiengesellschaft (WBAG:OMV) is looking for acquisitions. Reinhard Florey, Chief Financial Officer and Member of Executive Board said, "In 2016, OMV managed a significant turnaround with respect to its portfolio and, at the same time, improved its financial stability. Free cash flow after dividend, including non-controlling interest changes which mainly related to the proceeds from divestments of our minority stake in Gas Connect Austria, increased from minus €581 million to positive €1.1 billion. Net debt decreased by 26% to €3 billion. Consequently, the gearing ratio improved from 28% to 21% in 2016. Our portfolio optimization measures resulted in net special items of close to €1.4 billion, which were mainly related to impairments booked in connection with the divestments of OMV UK upstream, including Rosebank. As a consequence of its divestment activities, OMV generated, until February 2017, substantial financial firepower with directly related cash inflows of €1.7 billion, including proceeds from the UK transaction. These cash inflows will be used according to our strategic capital allocation priorities: capital expenditure; strategic acquisitions; dividend payments; and the reduction of debt."