Ladies and gentlemen, shareholders. Good morning. It has now been more than 4 months since the world has faced this pandemic. Which has affected us all in our personal lives but also in our professional lives. And it has also severely tested our businesses and economies in each it because as you remember, we were supposed to hold it in the play yet concert hall on April 9th.
But on that date, a meeting involving several hundred people with still banned. So, our board decided to postpone it and to reconvene it with a slightly modified agenda. Unfortunately, we are forced to hold it behind closed doors in order to protect your health. And you know that the health and safety of our employees, but also of our shareholders is our number one priority. First of all, I would like to extend my thanks to all those and there are many of them both in France and abroad who were fully engaged during the lockdown period.
It is their commitment, their engagement that has kept our businesses and new group running. Thank you. We would like to thank our colleagues from Motorways Airports and railways who have always insured the continuity of our public service missions in an exemplary manner. By enabling health personnel, but also public safety officers and HDV drivers to travel on our networks. We would also like to thank our works and maintenance teams, who in particular insured the smooth running of the energy, water and communication networks, which are also absolutely key to maintaining our activities.
Contributed to urgently build field hospitals or new hospital equipment. So how is this shareholder's meeting going to go? There are 4 of us. We are gathered here that headquarters in the Royal Maisons and everything is broadcast live on our website. You can of course watch this shareholders meeting at a later stage.
I would like to inform you that this combined general meeting of shareholders is deemed to be held on first notice. The legal announcements relating to the shareholders meeting have been made within the statutory deadlines, the financial statements, the reports and all of the documents to be made available to the shareholders have been indeed made available in accordance with the legal and regulatory provisions in force and these documents by the way are on the table. And I would like to ask you to acknowledge them. Your directors as well as the status re auditors are following as you are today, the general shareholders meeting via the internet connection. Your board met this morning remotely and decided to set up the executive committee I would assume the presidency of the executive committee of the shareholders meeting and I would be assisted by 2 tellers.
We have Ezerbej Piegel, on the one hand, who is individual shareholder and director of the environment at VINCI and Mr. Patrick Kricher, individual shareholder also and General Counsel of VINCI and Secretary to the Board of Directors. The offices have asked Mr. Patrick Krichard to act as Secretary of this meeting. I'm very pleased that so many of you have spoken both through written quest and through postal votes.
And I would like to point out that since the shareholders meeting is being held in camera, behind closed doors, all the votes that have been cast have been cast exclusively by correspondence. These votes include paper forms received by our financial go between the CIC until 15th June. And also the electronic votes that were cast until 17th June, 3 o'clock in accordance with our regulations. The total number of our shareholders who voted amounts to 8353 for a total of 3 65000000 1000 shares out of the 554,379,714 voting shares. Let me also point out that VINCI's share capital is currently made up of 1,000,212,714 a shares And from this number, the number of treasury shares held by VINCI must be deducted, a 1,833,386 shares in order to obtain the number of shares with voting rights.
Let me also remind you that the company's article of association do not provide for double voting rights. We now have a quorum of 84%, sorry, 65.84%, which is higher than the 20% and 25% quorum that are required for the validity of the of ordinary and extraordinary general shareholders meetings held on first notice. All of this to say that our meeting can course, validly deliberate. I would like to remind you that the resolutions under the ordinary part adopted by simple majority and those under the extraordinary part must be carried by 2 third majority. A few words about the agenda.
For this shareholders meeting, it is now posted being posted on the screen. The agenda was published and is included on page 5 of the notice of the meeting. I'm not going to read it in full, but I will briefly remind you of the different items. On an ordinary basis, 1st of all, we have the approval of the 2019 parent company consolidated financial statements and appropriation of earnings, Just a little comment. Your board decided that at its meeting on May 4th due to the economic context generated by the health crisis to reduce the balance of the dividend of per share instead of initially planned.
But to also offer to shareholders an option to receive it in shares at a 5% discount to the last 20 share prices. 2nd point, we have the appointment of Mr. Benoit Bazan as a member of the board as a director, Number 3, renewal of the company's share buyback program, then approval of the compensation policy for the members of the board, and the directors and the CEO as well as of the elements of the compensation paid in 2019 or allocated for the same year to all of the company offices and to the CEO. That was for the ordinary part of the shoulders meeting. Now on an extraordinary basis, we have further items, authorization to reduce the share capital by canceling treasury shares delegations to carry out capital increases reserved for employees authorization to proceed with free allocations of existing shares in favor of group employees, amendments of articles of the article's appreciation.
Your board suggests that we amend the article's appreciation. So that we can adapt them to the recent legislative and regulatory changes. We should specify in particular that in exercising its powers, the board takes into account the interest of the company as well as the social and environmental challenges of its activities of its business. Finally, I would like to inform you that your company has not received any request for the inclusion of draft resolutions on the agenda of this shareholders meeting. And that the social and economic committee has not made use of the right to include draft resolutions provided for by law.
I suggest, as is our want, as we do every year, not to proceed with the full reading of the report of the Board of Directors, the text of which is included, by the way, in the 2019 annual report. So how is going how is this shareholders meeting going to be organized? Well, to begin with, very quickly, we're going to watch the film for the 2019 for the year 2019, then we will have a series of speeches and films on our 2019 performance on our solidarity act and policies and our environmental policy on the resumption of our business after the end of the lockdown period and last point will be on our 2020 outlook. Then we will have a presentation of the activity of your board and if it's 4 different committees, then we will hear from our auditors, statutory auditors, and then we will announce the results of the vote after a presentation of Benoit Baza, the new director on the board whose election is submitted to your vote. So let us start with the film of the fever are, Abertis, a very strong German mentality.
As you can imagine, Gatwick is a very busy airport, and it's important for us to apply technology to improve passenger experience as well as improve the operational efficiency. When is my flight? We have released a chatbot, which gives quite a lot of information, for passengers and responding to, which will also respond to pass net queries on flights, restaurants, and internal facilities. Gate number 103 is now open.
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only conjecture. This film, which is a beautiful video, is a really good example, a good illustration of the passion that drives us, but also it shows the beauty of our jobs as designers, builders and operators of work and structures serving communities. This film also shows the dynamics of your group, which in 2019, will have achieved the best performance of its longer history that, as you know, dates back to the end of the 19th century. But all of this, while preparing for many challenges such as the digital revolution, transition and low energy footprint, the issue of global warming smart cities, smart buildings, industry 4.0 and many others. All of this shows the ability of our model to The ingredients or the recipe for success is very simple.
First of all, we have a decentralized organization that makes it agile and adaptable, we have an effective synergy between the long term business of concessions and the short term nature of contracting business a unique range of complimentary trades and expertise and we can also rely on our good geographical coverage. And that allows us to pick up the projects where they are. And it is this winning formula, this winning combination that explains the resilience of our performance and the dynamics of our development. So of course, we had not anticipated that we would be affected, that we would be hit so quickly by this public health crisis, which will of course inevitably have a very major impact on our financial year 2020, but the ingredients behind our past successes will enable us to bounce back very quickly in order to continue to produce performance in the morning after. And I will get back to this subject later.
But for the moment, just a few comments on 2019. First of all, let's say a few words about our French motorways. On our French motorways, light vehicle traffic bounced back very well at the end of 2019 due to the base effect of the social crisis, which had greatly impacted our networks as you will remember in the last weeks of 2018, but also due to the fact that there were some strikes in the French where we company the essence AF at the end of 2019 and this resulted in traffic postponement. HTP traffic remained solid in 2019 with 3.1% growth rate, but what is more important than that? Is that we are really actively preparing the infrastructure for the uses of the future.
And in particular, let us talk about autonomous connected and shared mobility with offers and infrastructures that favor car sharing, carpooling with developments based on AI and digital services such as, for example, the multimodal comparator or the mobility assistant. In 2019, we also launched our low carbon highway concept. And what we try to do here is to perpetation on the high traffic roads. The purpose is to develop a complete and homogeneous network of electric charging stations and the divestments to produce renewable energy under hundreds of hectares of unused land around the motorways. Now for Eastbound, VINCI Airports was also really quick on its feet with 255,000,000 passengers managed in 2019.
Pinter Airport has become the 1st and the most diversified airport's private operator with 45 different hubs or platforms in 12 countries. Part of our know how at Vinc Airport is to imagine and convince airlines that they can open new routes. In 2019 alone, we will have opened 325 such routes, including 61 long haul routes such as Ozarkalondon or Santiago Barcelona routes. Thanks to this commercial dynamism, but also with the contribution of the airports in the AWW portfolio, including Belfast Airport, with the integration of the Belgrade Hub and of course with the integration of Gatwick, the turnover of VINCI Airport will have increased significantly in 2019. Green airport is unfolding.
It's a policy of investment and innovation in order to serve passengers, airlines, but also local communities and the environment in general. For example, the Lyon Airport was awarded in September 2019 the title for Best European Airport in its category, while Salvato De Bea was voted Best Airport in Brazil and this was thanks to the environmental requalification investments that were made in record time from the moment when we arrived at this hub. Now looking at the contracting business, The year was very good too, was a very good organic growth with the full year integration of the acquisitions made in 2018. I. E, a prime line in the United States or Walloon in Singapore amongst others, but also with the arrival of 34 new small and medium sized acquisitions made in 2019.
VINCI Energies will have multiplied size by nearly 3 in 10 years, but at the same time, while improving its operating profitability, which is at the best level, in this industry. BT Energy is now generates 55% of its business outside of France and it is remarkably well positioned in order to meet the major challenges of the digital revolution and the energy transition. Eurovia, our road construction division, also turned in a very good performance with, in particular, 8.5 percent organic growth in France, also with the full year effect of the acquisitions made in 2018, TNT in Canada and then more recently, the plant and paving, division of the Lane company in the United States. And all of this with this very strong increase in order intake. You don't think that continues to found internationally.
International business now accounts for 46% of its overall business. So we've experienced some growth at Eurovia but this is virtuous growth, because the operating margin is increasing and is la has largely exceeded 4% in 2019. Finty Construction was also very buoyant, very positive with strong organic growth. Its strength, its dynamism is fueled in particular by the ramping up of construction sites in the Paris region, particularly the Grand Paris Express project, but this is also boosted by the good level of business in Centroy Europe, in the UK and Asia and the Pacific and in Africa. We should note that there were several major transport in fracture contracts that were won in the United States and Canada, New Zealand and very recently a very large section of the high speed line HS2 in the United Kingdom that we won in partnership with our partner, Balfour Beatty.
And there were some additional major contracts that were won as part of the Paris press company express contractor. So of course, these new orders are more than welcome, and they will compensate for the low level activity in the oil and gas sector. So no order book problems as you've understood for winter construction, but we still need to work on improving our margins. One last point. In real estate, the labor market has held its ground.
We can count on the country's needs and the persistence of very low interest rates all of this has helped to keep housing reservations and sales at a very high level in 2019. The problem was not so much by the way on the demand side, but it was more on the supply side in almost all of the major cities, including Paris. In particular because of the high cost of land. So a good level of activity for VINCI Real Estate in residential, but also for with offices and hotels. So obviously, the public health crisis has somewhat slowed down this beautiful development, but we should keep in mind that France remains a country of builders.
It is by the way, probably the number one build in Europe. I now turn over the floor to Christian
ladies and gentlemen, shareholders. Good morning, as Xavier indicated, 2019 was a record year for VINCI, and it's particularly true as regards the economic and finance short performance of VINCI revenue taught 1,000,000,000. That's a 10% increase over 2018. Organic growth accounts for just over half that increase. We need to go back 8 years to find such a level of organic growth.
The 2 main business lines, contracting concessions experienced similar organic growth rates of the order of 5 percent each, external growth contributed 1,000,000,000 to revenue increase. That's under additional growth of 5%. Firstly, the full year impact of acquisitions in 2018, principally by VINCI and a in the U. S. And Singapore, VINCI Airports in the United States Island Serbia and by Eurovia in Europe and Canada.
To that, we can add the contribution of acquisitions made in 2019, the most significant are, of course, London Gatwick integrated by Vinci Airports as of May. The road activities have lane construction in the U. S. By Eurovia and some 30 companies acquired by VINCI Energies in France, Germany, Netherlands and Spain. Operating income, EBIT stands at 1,000,000,000, up 15% over 2018.
That's a rate related to revenue 12%. Most businesses improved their performance over last year. Net income after tax is close to 1,000,000,000. That's an increase to 10% in spite of the increase in financial expenses driven by acquisitions and the tax cost to earnings per share is up in the same proportion 2019 was also a nice standing year for cash generated during the year free cash flow. Let's now analyze it free cash flow stood at 1,000,000,000.
That's an increase of 23% over 2018. And if we adjust for the scope effects with the integration of London Gatwick and certain accounting methodology change. The increase in free cash flow is of the order of 10%. After taking into account the other flows change in working capital requirement, the trended positively in 2019 unlike previous years financial expenses, taxes paid current investments, operating cash flow comes in at close to 1,000,000,000. That's over 1,000,000,000 more than last year.
Investment in new concessions project accounted an amount higher than 1,000,000,000 close on 800,000,000 invested on our highway networks in France. The Strasbourg ring road for some SEK 200,000,000 will free up the city from, heavy trucks, VINCI Airports invested 250,000,000 in its airports, essentially, in Brazil, Portugal, After factoring in those items, free cash flow reaches a record level of 1,000,000,000. That's 1 1,000,000,000 more than free cash flow the previous year compare that to net income after tax of 1,000,000,000. The pass through rate of cash is of 130 percent. That's an historic performance.
2019 was exceptional in terms of expansion the closing of the controlling stake in London Gatwick, 2nd largest airport in the UK 8 in Europe with a total of 4 million passengers marked that year. This transaction represented an investment of 1,000,000,000 to a quarry. Just over 50% stake in the capital to which we must add the debt of the acquired company for a total impact on our capital employee of 7 point 1,000,000,000. It's the most significant acquisition throughout its amount by VINCI since the acquisition of the Motorways in Southern France in 2006. Net debt has increased by 1,000,000,000 in 2019 to reach 21 point 654,000,000,000.
31st December, it's a high amount in absolute terms, but must be compared to the group's profit generation capacity, which is predictive and recurring in a normal business circumstances excluding COVID-nineteen. So the ratio of net financial debt to free cash flows only increased by a small amount went from 2.2 attheendofDecember2018to2.5@theend 2019, which is reasonable. 2019 was also a very busy year for new financing. We raised on the market's 4.6 1,000,000,000 in new loans and average maturity of 12 years. And average cars barely above 2%.
At the same time, we reimbursed loans maturing for an amount of 1,000,000,000, and the cost for that was at around 5%. It's important to stress that In 2019, we made 2 inaugural bond issues: 1 in sterling to refinance the acquisition at Gatwig have bought the other in the U. S. To refinance acquisitions by Reovia and VINCI Energies in the U. S.
Both these transactions allowed to diversify our funding sources, which, thus far, almost exclusively concerned the euro market. So the debt of the group is no longer almost fully denominated in euros, but in many currencies, as shown in the chart, top right, which is the consequence of the accelerating international expansion of VINCI over the past few in spite of that development, the cost of debt is well under control. On average, it stood at very close to that of the previous year. VINCI's signature and that of its affiliates, ASF and Coffe Rud, are sought after by the landings, who particularly appreciate the strength of our concession constructor model, our diversification and the prudence of our financial management, very good credit ratings, awarded by S And P And Moody's rating agencies. In spite of the sharp drop in our business, volume after we entered lockdown mid March 2020.
Both agencies maintained our rating in category A with a stable outlook. At VINCI, we've always attached prime importance to liquidity. That is the ability to rapidly raise if need be significant cash amounts. Firstly, to meet our commitments, that is to reimburse maturing loans next to seize acquisition opportunities that are part of our prior to GE and, lastly, to meet, contingencies such as the financial crisis, which led to a drying up of access to credit for companies over several months, the outstanding health crisis that we've been experiencing for 3 months strengthens us in this policy that some viewed too prudent but is fit for purpose to manage the situation in which we found ourselves as of 16th March. All our activities were stopped in their tracks in countries such as France almost overnight when we entered lockdown and the ensuing absence in revenue.
During the period, we drove to strengthen the availability of our cash because we were entering uncharted territory regarding the scale of this unprecedented situation. We benefited the reopening of commercial paper market, thanks to the support the European Central Banks. From our banks, we obtained an additional credit facility amounting to 1,000,000,000, and we issued through Cofield alone of 1,000,000 over 11 years. After these various transactions at the end of May, We have a cushion of liquidity close to 1,000,000,000 split, 1,000,000,000 for available treasury outstanding T bills for 1,000,000,000 and credit lines for 1,000,000,000, 8, maturing only in November 2024. Vinci is today well equipped to face any deterioration in its operating treasury over the next few months, consequently from the reduction in revenue over the past 3 months and corresponding cash in.
Thank you for your attention.
Thank you, Christian. I would now like to hand over to Isabelle Spiegle, who's head of environment at VINCI. It's a bit over to you. Ladies and gentlemen, shareholders, good morning. As Xavier, we have announced, allow January, VINCI has set itself some environmental objectives for the next decade.
And these goals are in line with the acting for green growth commitment of its manifest STOW. And this follows up from work that has been carried out over the last year and a half and that has engaged all of the divisions of VINCI. This collaborative work has consisted in making a list of possible actions and evaluating them. The purpose was to show the potential for reducing environmental impact and also to assess the reduction of economic impact of our actions. The resulting objectives are organized around 3 different areas of action.
This is what we call environmental objectives for 2030. The three areas are acting for the climate transition, preserving resources through the circular economy and respecting natural environments. For each of these areas of action, I will give you some key figures. We will start with the reduction of our greenhouse gas emissions related to our direct activities. This is one of the ways in which we measure our activities in favor of supporting the climate transition.
Now our emissions last year were reduced by 28.3% compared to our 2009, which was the year of reference and we want to do more. By 2030, we want to have curbed our emissions by 40%, again, emissions resulting from direct activities. So we have this 40% target, which is a really part of the Paris agreement and it is in line with a 2 degrees trajectory. In other words, it is the reduction that is needed in order to limit the temperature rise to a maximum of 2 degrees. Economy, we are acting on several levels.
1st of all, we try to integrate more and more recycled materials in our purchases, but also in the materials that reproduce. What we want to do is a double part of recycled material in the aggregates that are used for road pavings, but we also want to manage our waste generated on our construction sites and in our concession projects. 3rd area of action that is due to the protection to natural environments. We have several objectives. What we want to do is adopt an approach that aims at integrating biodiversity aspects and water management concerns into all of our projects, including abroad, And for example, there are some intermediate goals like the goal of using no plant protection products at all.
I would now like to give you a few examples of our recent and concrete achievements on the ground. When it comes to climate transition, take the example of sham. You can see it here. It's a plant, an asphalt mixing plant that is located in the Maoyan department. It's a Eurovia subsidiary.
They managed to achieve a 40% reduction of their carbon footprint by introducing some additional measures and several actions were undertaken, the reduction of energy expenses, the replacement of fuel oil by natural gas, the setting up of take panels and the increase in the proportion of recycled materials used. When it comes to the second area of work, Circuit Economy. I'd give the example of Vincier Airport. We have an airport that has just been coded by Xavier Villa as having been awarded a price for best environmental performance at airport and they this airport has managed to reach the rate of 0 waste dumped in landfills since January 2020. 3rd areas of work to illustrate our actions to protect the natural environment.
I'll take the example of the Western Bypass of Strasburg. This is a project that's currently underway it would be managed by Vansioto Root. That would be the concession company. They are 24 kilometers of motorways, but the land take up is 280 hectons. Number of measures were implemented in order to avoid and reduce environmental impact from the design stage onwards, but also during the completion of the works.
But in addition to this, we decided to implement so called compensation measures on task of area that will be protected and where we've been able to recreate habitats for the protected species. These three examples really show you what we're trying to do in order to curb our direct impact. Often beyond that, the environmental ambition of VINCI aims at limiting the impact of all of our value chain, involving our suppliers and also our customers, a key figure that I can quote from last year. We've been able to generate 1,000,000,000 worth of projects that are green certified. All of the different business in the group are really engaged in order to develop dedicated environmental solutions.
For example, in the field of climate engineering, anticipation of risk due to stream events, the management of waste or renovation, energy, renovation of buildings. 2019, 2020, these are key years for the deployment of VINCI's environmental ambition. And this will be done by considering environmental performance as being on an equal level with economic performance whenever we take decisions. And the social aspects also taken into account in this all around performance target. We have 2,220,000 employees who are directly concerned by the environment and we need to support them.
And we need to get them information so that they can act on these issues. We want to continue with the speeding up this ambition implementing this environmental ambition to the pool. And because of that in September of this year, we will have the innovation the environmental award scheme that will be launched, we will be able to share highlight and disseminate all of the sound and environmental practices for the group. Thank you for your attention. Thank you.
Thank you very much Isabelle. Of course, when we talk about corporate social environment, corporate and social responsibility, that has to do with the environment, but also with everything that is social and societal, we believe in the strength of civic engagement and the exceptional solidarity has been shown in the course of the COVID-nineteen crisis. All of this shows that this is a shared concern indeed. This is a shared concern that can translate into acts of solidarity throughout the group. And 1st and foremost, of course, in the field and we will discover this in the international
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That was great. That was great. And it's the kind of operation that fuels the meaning, the sense that we want to give every day to our business. So Let us get back to 2020. Where do we currently stand?
Business is picking up. On the French motorways, we were, as you may remember, a bit ahead of schedule in terms of traffic until March 17th. Then traffic collapsed by 80% during the whole lockdown phase. Since May 11, traffic has been gradually picking up again. We were at about minus 25%.
We were about 25% down last week compared to the same week of 2019. And we do hope that the summer would be good, which would limits the decline of traffic for the entire year. At airports, passenger traffic has fallen to almost 0 as far as passengers are concerned. And recovery is both delayed and slower than is the case on waterways. And this is due to restrictions, currencies and border closures.
At this point, traffic within each country has started again. Interesting in traffic has been picking up for a few days now. And we certainly hope that international traffic will be able to resume in the course of the summer. But in any case, it will probably take many months before we get back to the previous traffic levels. But we will get there.
We will get there because the business community needs to travel in order to do business. And also because people have a burning desire to discover the world, and to meet with each other to discover one another in person face to face. In the contracting business lines, We started the year at a historic high level of order backlog. And we have since then improved it. Since the beginning of the lockdown period, we've been able to win several projects, including the HS2 high speed line project in the United Kingdom that I've already covered, but also a few more contracts as part of the Grand Paris Express project.
And we've won a further project still. So our order book stands at a record high of 1,000,000,000 at the end of May, up 17 year on year, which ensures good visibility and that's an important point. The contracting business was impacted to varying degrees by the public crisis, depending on the country, depending on the business line. And in particular, building and public works activities were very, very low in France, for a good month from the data entry into the lockdown period. And then the activity gradually improved.
Business picked up someone and now stands at about 90% of its normal level. But of course, the productivity remains impacted by all of the constraints that have been implemented in order to ensure perfect health and safety in our production sites, in our worksites. So we'll try to double our efforts in the course of the summer, but there's still some unknown factors. For example, the speed at which our clients and more particularly the public sector clients will be relaunching new project as of the start of the new school year in September. So I'll give you a short video that shows how we have set out to engage in this recovery.
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For the year 2020 as a whole, it is certain group's turnover and results will be significantly impacted. Uncertainties about the return to normal production in the contracting business and the uncertainties about the rate of traffic recovery on our motorways and our airports, these uncertainties, of course, do not allow us at present to make reliable forecasts. Overall, it's not going to be a good year. But we feel at in a number of countries and also at the European level that growth would be green. The world has a historic opportunity to make a definitive shift to take a turn in the fight against global warming.
And at VINCI, we're very pleased to have over the past 2 years. We're very pleased to have strengthened in a big way, our strategy and our commitments in order to protect the environment. We've been very proactive as Isabelle explains earlier. But we will need to accelerate further across all of our businesses. We will need to accelerate internally, based on our own practices, but also and perhaps even more, we will have to accelerate movement externally.
We will have to offer our customers' products and services that will enable them to improve their environmental footprint. For a group like yours, it is, in fact, not to be seen as a constraint, but it's a real It's an opportunity on the one hand to develop our business, but it's also an opportunity to reinvent offerings. And this is very exciting, all the more so because we know how to reconcile economic growth and the environment, like social and societal concerns, they are completely inseparable in order to produce what we call all around performance. Now everywhere across our divisions, across our teams, we have set a number of examples. We have gathered a lot of environmental expertise.
We have VINCI Construction that is about to launch its range of low, very low carbon concrete, encouraging the entire industry to change its construction methods. We have VINCI Autorouta that promotes the initiative that I mentioned before the low carbon motorway VINCI Autoholt also aims for 0 plant protection products on its entire networks. We'll have VINCI Airports that is making its airports carbon neutral by installing Solar Farms. And they have become a reference in the environmental re qualification process of the platforms that join its networks as it case with the Salvatore Airport in Brazil. We've already mentioned that.
We also see VINCI Energies in its role as a technology integrator and it's been deploying solutions for its customers that combine digital and energy, high provision platforms and consumption management methods. Eurovia also has become a significant player in the Circular Economy by developing aggregate plus process and by building the first percent recycled road. So yes, when our companies are embarking on these initiatives, they concretely serve the environmental ambition of the VINCI Group. 1 of the very central components of this environmental ambition is energy. Princi energies has been able to weather the storm, weather the crisis better than the other contracting businesses.
And this is because power infrastractors and increasing the communication infrastractors are completely essential to life. We are determined to grow in these businesses, where, as I've already said, we have tripled our business in 10 years and we will continue to do so. It is also with these kinds of technologies that we can develop offers that enable our customers to achieve their own environmental objectives. And in particular, to curb their energy print and to curb their CO2 emissions. Finally, and this is something that we all felt during the lockdown, the inability to move around Was this also frustration for many of us?
Why is that? Well, because every individual has an almost vital need for mobility in order to work in order to meet people to discover new areas and to recharge our batteries. And we've known for a long time now that transport infrastructures are accelerators of economic growth. Now you could look at the impact of the Paree Bordeaux High Speed line on the economy of the Geron de Parcelain even beyond that. And that's proof of that.
And think of the economic impacts that the GP Express will have on the economy of the defense region or think about the impact of the new waterways in Greece, Russia and elsewhere on local economies and look at the impact the Cambodia's Airports on the tourism economy and the development of tourism in this country. And that's ample proof. And this is in fact what will fuel our development and this is what will boost our performance in the coming years. But as you've understood, we understand the concept of performance as a very white concept. It's all around performance we're talking about.
And this is explained in our manifesto, which posted in all of our offices, in all of our concession businesses and our sites across all of our geographies. We are making progress on the different themes that we're making progress on safety with almost 3 quarter of our companies that have had no lost time accidents throughout the year and with a frequency indicator incident indicated that has been falling, thanks to enormous efforts and training, organization and execution methods. We're also making progress on the theme of diversity with the short term objective of increasing the percentage of women managers to 25%. We are starting from a distance. I mean, We have a lot to do, but we are working on this with a great deal of result and determination.
We are also making progress on the theme of sharing the fruits of performance. Last year, we had 1,000,000 devoted to our various collective profit sharing schemes with also 100% of our French employees who are actually shareholders of this group after the unilateral and close contribution operation implemented at the end of 2019 and with 90% of our employees worldwide who are eligible for the VINCI share acquisition programs on very preferential terms. Finally, We are also making progress on the theme which is already very deeply anchored in our corporate culture of corporate social responsibility. And on this topic, what we take pride in in 2019 is the launch of Operation Givery 5. With this operation, ambition is to welcome every year 5000 pupils, a grade high school pupils that come exclusively from underserved neighborhoods for a duration of 5 days.
We organize internships for them and these internships have a real educational ambition. They allow them to discover the full extent of and the full richness of our businesses. We are also going to deploy the other components of the Give me 5 program. For example, we will reserve 20% of our internships and summer jobs for students coming from the same underprivileged neighborhoods. And we will also set up customized onboarding programs for young people who struggle to find a job.
So yes, indeed, we are optimistic for the years ahead. And we also convinced and have been for a long time that there is no such thing as technical and economic performance on the one hand and social societal and environmental performance on the other. Either we can talk about all around performance or we can consider that there is no performance at all. For the future of your group, we have therefore opted for this all around performance. Our raisondetra, our corporate purpose, our deep calling is to reckon to unite in the same movement the desire to be useful to the human communities and the concern for the health of our planet.
So this in a nutshell is what I wanted to tell you for this year for 2020 and what I had to say about the years ahead. Now this year, for obvious reasons, we were not able to involve our directors in this shareholders meeting and that's why we chose to show you a few charts that summarize the activities of your board and of its different committees throughout 2019.
Deere shareholders, we would like to show you briefly how Vince's governance is organized as well as the activity of the board and its in 2019. Detailed information on this topic is of course available in the universal registration document at pages 136 to 177. Your group has a diverse board of directors, comprised of 16 skilled and involved individuals. 2 thirds of them are independent and gender parity is well achieved. Participating the work of the board with great acuity, all our members of at least one committee.
The board includes 3 representatives of employees including a representative of the employees' shareholders who hold around 10% of the share capital. The board has set up 4 committees and appointed advice president and the Lead Independent Director whose motions are clear and useful. Their activity report appears in the universal registration document at Pay 270. In 2019, the board and its committees have deployed an intense activity by holding no less than 29 physical meetings. In addition to their usual work, directors actively attended a strategic reflection seminar with the executive committee and a formal evaluation process of its own operation conducted with the assistance of an independent external consultant.
Your board sees to it that the group shall create value through the achievement of a global performance which includes not only economic performance but also social and environmental performance In so do we, the board will ensure the sustainability of its businesses in the short and the long term, diversify its international exposure and require the implementation of the clear principles and values set out in its manifesto and its code of ethics and conduct. The Audit Committee shared by Roni Madori is comprised of 4 directors who reviewed the financial situation and accounts in detail and report back to the board. They also monitored the deployment of appropriate control mechanisms in the various divisions of the group. The strategy and CSR Committee chaired by Istibodiesilgi, has 6 permanent numbers, but all directors are invited to participate in all meetings. This committee examines all material investments and long term projects as well as the monitoring of social and environmental policies.
The appointments and governance committee chaired by Yani Casua is made up of 5 directors. It reviews governance issues, proposes or validates this of prospective directors as well as corporate officers. The Compensation Committee chaired by Marie Kristin Lambert consists in 5 directors, including a representative of employees. It examines the components of the corporate offices compensation as well as the deployment of employee shareholdings in all their forms. Policy applicable to directors.
This compensation may not exceed an amount of 1,000,000 per year for the entire board. It includes a fixed element and a predominant variable element. This policy is detailed in the universal registration document. The AGM must also approve the compensation policy applicable to VINCI's CEO. This policy, which is also described in the universal registration document, provides for the payment of a fixed part, a short term variable part related to the performance of the past year and allocation of share to be remitted at the end of the 3 year period.
The number of shares is conditional on internal and external performance criteria. The AGM must then decide on the funds actually paid or to be paid under these policies in respect of the past year, for both the members of the Board of Directors and the corporate officers. All these amounts are detailed in the universal registration document. Finally, your group puts great emphasis on employee shareholding. In France, all employees are shareholders and the group implements international devices allowing non French employees to become shareholders under comparable conditions.
Your board also implements an annual performance based stock allocation plan to motivate and retain beneficiaries from a long term perspective. For the other shareholders of VINCI, this strong involvement of the employees is an asset Thank you very
Yes.
Thank you. I'd now like to give the floor to our statutory auditors who present a summary of their various report you'll find the full content in the annual report and in the registration document. Let me add that presentation was prerecorded. Thank you, Mr. Chairman, ladies and gentlemen, shareholders.
Good morning. It's on behalf of the board of statutory auditors of VINCI Deloitte and PwC that I'm pleased to report in our assignment and present to you our various reports pertaining to 2019. To report on our work, we prepared 11 reports indicated on screen, they comprise our reports on the financial consolidated accounts and annual financial statements on the regulated agreements for reports on various resolutions that might affect in the future the Shaquabali or company And lastly, for supplementary reports on the use by your board of delegations that were approved by your shareholders meetings to proceed in transactions on the capital for VINCI employees and its subsidiaries. Let's now look at the key points of these 11 reports. Work on the consolidated and annual financial statements are aimed at assuring you that the accounts comprise no material misstatement or audit approach took into account the specificities of the context in each of your group's businesses in terms of activity, organization, internal control, both in France and abroad.
We presented the detailed conclusions of our work to the audit committee on 3rd February, 2020, and there's summary at the board meeting on 4th February. It's regards the consolidated accounts we focused, especially on goodwill impairment tests in tangible assets and investments in concessionaire companies consolidated at equity. We also focused on construction contracts provisions for liabilities and litigation, of course, the acquisition of Gatwick Airport. For the annual accounts, our main assessments focused on assessing investment securities. We confirmed that we reviewed the correct modalities adopted by VINCI to assess all these items.
In conclusion, and our report stated the 7th February, we certify that both the consolidated and annual accounts are true and fair and faithfully reflect the ink and financial situation and assets of your company events occurred known after the close of the accounts pertaining to the COVID-nineteen crisis, the 4th February 2020 gave rise to several press releases available on the company website. We obtained drafts of these releases. We read these documents before they were published and have no comments to make regarding our special report on regulated agreements to be found on Page 46 of the registration document. We inform you that we have been informed of no convention to be put to the shareholders meeting for approval, and we have not been informed of any agreement already approved by the AGM whose execution continued during the past year. Our other special reports, number 4, the extraordinary part of your meeting, their prime modalities are indicated in the presentation.
On screen, the first report concerns 11th resolution, the renewal of the authorization given to the board to reduce the share capital of VINCI by cancellation of your company's treasury shares. The next two reports concern resolutions 1213 capital increases with waiver of the preferential subscription right reserved to VINCI employees as part of savings plans and to employees of some foreign affiliates to offer them advantages comparable to that of a savings plan. And the last report concerns Resolution 14, the authorization to issue free share grants, performance shares for group employees. Regards all these resolutions, we have no observation to make. We'll issue where appropriate a supplementary report if and when these authorizations are used your board.
Ladies and gentlemen, shareholders, thank you for your attention.
Mercy.
Thank you to our statutory auditors. Now is the time for questions. We've received some written questions on the part of several shareholders, the board that met prior to this AGM approved the answers to these questions. You can find those questions and the answers given on your company's website. We will Now turn to the report on the votes.
Voting has taken place. Your board has decided to submit your approval 18 resolution 10 under the ordinary shareholders meeting and 8 for the extraordinary shareholders meeting. Before giving you the results of the vote, I'd like Allow you to better get to know Benoit Basant, who you are asked to approve in Resolution 5.
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Marquis. Don't know if you know, so you take Catron, the actor fiancee, the Saint Gobain, he has to take Suvang contact this action here. Like atrium, participate at the application show like Guernon's, in Grand Montopris, Apartor Du Salle Colosin, We're not associated with the conquerant. Your strategic long term. Shore Sipe, for example, Alexionaria, Salaree, Kit Permian, Suvron, the Reconciliier, Cartagier, Lemmez, Antierae, performance, we see a latitude Lamportons
There's another resolution that just requires a comment. It's the 4th resolution aimed and allowing shareholders to opt for the payment or the balance of the dividend in shares rather than in cash. The issue price of these shares is 90 5 percent of the opening rate over the previous stock market days. With the deduction of the balance of the dividend, when you do the maths, you'll see the these shares will be offered at I'd now like to hand over to Patrick Risha, who will give us the results of the vote. Ladies and gentlemen, good morning.
I'm pleased to report on the results of the votes on the draft resolutions on the shareholders meeting. You'll find the full text in pages 37 to 44 of the document for the ordinary part of the assembly. The first resolution, the approval of the consolidated financial statements 2019 adopted at 99.98%. The second resolution concerns the approval of the consolidated financial statements adopted at 99.14 percent 3rd resolution appropriation of the net income adopted 99.9 percent. 4th resolution concerns the option to receive payment as a final dividend in new shares adopted 99.71 percent.
5th resolution concerns the appointment of Mr. Benoit Bazan's Director for a 4 year term adopted 99.59 percent. 6 resolution concerns the renewal of the delegation of powers to the board in view of the purchase the company of its own shares resolution concerns the approval of the remuneration policy for board members is adopted 95.54% 8th resolution, which is the approval of the remuneration policy for Mr. Xavier Villar Chairman and Chief Executive Officer, adopted 92.4 percent 9th resolution, concerns the approval of the report on premium narration adopted 95.33 percent. 10th resolution concerns the approval of fixed variable and exceptional items of total remuneration and all kinds of benefits paid During the course of 2019, 2, Mr.
Xavier Villar, Chairman and Chief Executive Officer, adopted 92 point 68%, turning now to the extraordinary business, with the 11th resolution concerns the renewal of the authorized granted to the board in a view of reduction of share capital through cancellation of VINCI shares held in treasury adopted 99 0.64percent, SEK 12th Resolution delegation of authority to the board to carry out share capital increases, reserve for employees of the company and VINCI Group Companies in the context of savings plans with preferential subscription rights cancel adopted 99.71 percent. 13th resolution, delegation of authority to the bond to carry out to share capital increases reserved for a category of beneficiaries in order to offer employees, certain foreign affiliates, advantages comparable to those who directly or indirectly subscribe via company mutual fund in the context of a savings plan with waiver of the PSR. This resolution is adopted by 99.66 percent, 14th resolution, delegation to the board to make capital increase for performance shares existent for employees of the company. In accordance with the provisions of Article 2251 97 of the French code adopted 95.13 percent, 15th resolution concerns changed to article 13 of the articles of association adopted 99.99 percent, 16th concerns the amendment of Article 14 of the articles of association are done tendons fees 99.08% to 17th, consent the amendment of Article 14 of the articles of association.
Powers to the board adopted 99.78 percent. And lastly, the 18th resolution ordinary part of the meeting powers for formalities adopted 99.99 percent. Thank you. Thank you, Patrick. I'd like to begin by thanking you shareholders for the trust you have placed in us reflected in these score levels that are quite historic on our various resolution and the fine unanimity with which you will allow us to welcome to our board, Benoit Bazin, whom are sure will bring a great deal on all the issues mentioned in his remarkable intervention.
Welcome to Benoit Bazan. Thank you to our shareholders for the trust expressed through these votes. There being no further business on our agenda, we can now adjourn this, Fine summit. Summer, I'm impatient to see you, in the flesh, so to speak, shareholders visiting perhaps the individual shareholders club and all of you for our AGM of 2020