Ladies and gentlemen, good morning. Thanks for joining us this morning for the presentation of our annual results 2019. At my side, you recognize Maxime Cichier, Chief Executive. He'll recall the highlights of the year 2019 that has many strategic achievements and promising for the future on the strength of its financial and non financial performance. 2019 was a year that places share and the pathway for profitable growth that we've set for the midterm.
Then it will be Baptiste Jeanneau, the Chief Financial Officer, who will present the financial statements for 2019. You'll see that our results are sharply up over 2018. Our gross operating margin is improving as well as our ability to generate cash, and we have a strong balance sheet to deliver our growth strategy. For year 2019 was for CECE Environment, a year of major achievement from the strategic standpoint as well as operational, financial, non financial performance. All the targets that we set for the 2020 were achieved this year.
So Our group has confirmed its internationalization strategy by strengthening its sites in Latin America, in Peru and in Chile and taking strong positions in Southern Africa with the acquisition of Inter Waste and of course Italy with the acquisition of Micom Air. Revenue achieved internationally has grown 25% of consolidated revenue. It's a year ahead of our initial goal. On the international markets, CECE environment is on growth platforms that will accelerate its profitable growth strategy. Markets where we operate, Latin America, South Africa but also Italy, offer very significant growth potential and also generate levels of profitability that are higher than our legacy business in France.
It's accretive growth that is underway internationally. And in 2019 on our historic scope on the markets of the Circular Economy, Combating Climate Change and Preserving Biodiversity. CECE continues to advance most of its financial and non financial indicators. On its historical scope. The group confirms once again a pace of organic growth that is strong, improvement of its growth, operating profit, strong generation of operating cash flow and improved balance sheet through enhanced liquidity and flexibility in 2019.
We reached our organic growth target set for 2020 with revenue at €586,000,000 on our historic scope. Let me remind you that in 2020, We have a range of between €550,000,000 €600,000,000 What's more, the directions that we give to our organization, in particular for greater industrial efficiency, provision us with even greater Relevance close to our clients' needs for industrial and environmental performance. As regards Some operating profitability, our 'twenty nine performance on our historic growth sets us on the target set for 2020 of 20%. That is the EBITDA over contributed revenue. We confirm our ability to generate cash with a conversion rate of 42% from EBITDA.
Very much higher than our 35% target, we're achieving our goal of rapid deleveraging, excluding acquisitions. And we're also strengthening our non financial performance, both through renewed governance, better distribution split of functions between Chairman and Chief Executive, revamping of the Board of Directors as well as through our performance in terms of energy renewable energy performance, reduced greenhouse gases or greater strides towards biodiversity. Our self sufficiency in energy was above 200% in spite of the program stoppages to modernize certain of our facilities that produce energy. In 20 'nineteen. We've increased by 50% the reduced tons of CO2.
Too. That's the result of our specialty or should I say our unique expertise in the treatment of industrial gases in 2020, investments for energy enhancement on our facility at Selle's will reduce CO2 emissions of our industrial clients by about 120 1,000 tonnes per year. That's the equivalent of about 80,000 households. We commit to preserving biodiversity. It's a long standing commitment that's the heart of the industrial plan that I've set for Citi.
In 2019, we decided to combine our forces to those of other companies around the EPE project, ACT for Nature. I'll return to this dimension of CECE in due course because I don't want to separate our financial performance from our environmental and social performance. The financial targets that we set out in December last for 2022, thus fully confirmed. Of course, the current concern linked to the coronavirus leads us to view the next few months with prudence. To date, today, this health crisis has not had any particular consequence on our organization or our business because very early on, we took prevention measures to protect our personnel.
And that's the most important point today. Even if we remain extremely vigilant as to how this crisis progresses. Our 2020 Expectations don't include a full crisis linked to the coronavirus on industrial production in regions where we operate. In spite of This uncertain context for 2020, I would like to express my trust in the ability of our company to successfully deliver the 2022 roadmap that we set out last December. For this 2022 horizon, this road map shows a group with an even greater international profit with gross operating profit up 2% over the current status with significant deleveraging excluding acquisitions.
This road map is clear with growth, profitabilities and and non financial value creation targets for all our stakeholders positioned on growth and high visibility markets of the of the Circular Economy and Climate Change. CECE Henri Renmin is characterized by its specialist approach in technical high value added with Barriers to Entry. It's a pure player approach for industrial and hazardous waste where She will remain strongly positioned for the future. This strategy and this positioning allows it to ensure Steady, sustainable, profitable growth in France and overseas where the group is successfully replicating its growth model, We expect consolidated revenue close of €800,000,000 in 2022, of which 30% international, ex including M and A. It's also operating profitability up above 20% of contributive revenue.
Operating profitability and selective investments must contribute to improving our financial flexibility with a leverage ratio Clearly, below 3x EBITDA, leading to significant deleveraging. This virtuous circle that I've just described will assure sustainable and profitable growth and Dynamics for Growth going forward. The company is in a strong position to continue in the coming years, growth that will create both financial and non financial achievements in France and abroad responding to the key challenges of our world. Good morning. To also, I'd like to return briefly to the achievements of 2019 and illustrating greater detail the components of our strategy.
Before that, an item of news addressed by Joel Coronavirus. To remind you, our core business is hazardous waste. Our teams are already prepared. And we already have strict procedures in place to do our business in the best conditions with Board of Health, Safety and Human Resources. We've been monitoring the situation since the end of 2019.
We've prepared operational continuity plans and apply strengthened procedures in our businesses. We immediately came to grips with the matter. We contacted the authorities. Our immediate priority is the health and safety of our personnel, and we present to them the latest developments on the epidemic. This epidemic represent a major uncertainty.
We're cautious in our investments, but we remain confident in our strategy as stated. Let's Now return to the results. As I mentioned to you during the Investor Day in 2019, our strategy allowed us to deliver our targets of revenue growth and profitability. Joel has just mentioned the rollout of our internationalization and acquisitions policy. These external growth transactions and EUR 115,000,000 for the full year.
2019 was a defining year because there were opportunities that arose: strengthening our position as a pure player on promising and technical markets positioning on Managing Hazardous Waste, the Circular Economy and Industrial Services. We continued our selective acquisitions policy. We're pleased to announce an increase of our contributive revenue, up 23%, strong growth of organic Revenue of 24% and EBITDA of 24%, but above all our gross operating profitability of 25% of revenue. Our goal is now to integrate and expand these acquisitions, Placing personnel at the heart of this acquisition, we're convinced that the success will come about, thanks to the core values of sustainability and of our Family Group, Given the financial leverage ratio of 3.1x EBITDA, that's under control. We seek to achieve A leverage ratio of 3 times our core business is sustainable development.
So we've also reached non financial targets that I'll come in a moment. Shown here is the contribution of international with a focus by zone. International is a key growth driver in 2019 since We went from 11% in 2018 to 25% of revenue in 2019. Back in 2015, 'sixteen, we were at 5 percent. We see here that South Africa contributes 9.4 percent revenue Europe, excluding France, 8.3 percent, Latin America 3.6 percent, primarily Peru and Chile.
Represent acquired revenue of €103,000,000 Micromer in Italy, Inter Waste in South Africa, Canai in Peru and Cyclo in Chile, Micomera. This is a collection and hazardous waste site in Milan that deals with hazardous waste from all Northern Italy. It's the most industrial region in Southern Europe. This acquisition meet a vertical integration lot, recapture flows of hazardous waste and also new scales over 9 months. Make her may represent revenue of €35,000,000 We'll return to this, but we planned the expansion of this subsidiary in investment to double Sadie.
The timing might be adjusted depending on how the epidemic evolves with its impact on subcontractors and supply. The other major acquisition is interwaste in South Africa. So it's the 2nd player, the sector in the country with Revenue of €65,000,000 It's a growth platform in a new area where we'll deploy our Expertise and Technology. In 2020, we'll focus development on more development and energy recovery. Cannae in Peru is the acquisition of 100 percent of Cannae, that's to say €3,000,000 in revenue.
We strengthened our positioning on service to Industrial Corporations Remediation and Hazardous Waste Treatment, in 2019, there was a one off due to macro uncertainty in the country. We continue to respond to contracts and expect covering on pollution removal. We're working on cost synergies after the merger of our 2 units, CANA and TARIS in Peru. Lastly, in Chile, we're rolling out our expertise on the treatment of hazardous waste with the acquisition of a project in the Santiago region, the capital of the country. These acquisition meets the various pillars of our growth strategy at the heart of the current challenges for sustainable development, climate change and the circular economy.
We're expanding into new areas whilst remaining positioned on promising market. 2019 revenue reflects our position as a specialist player for hazardous waste. That's 65% of our revenue that is up 3 points over 2018. The increase of the share of revenue with Industrial Corporations also Up 3 points going to 82%, strengthens our position in chemistry, pharma and oil and gas sectors. In 2019, we benefited from Buoyant Markets and our favorable position in treatment and recovery activities representing 2 thirds of our business.
Our position means we can benefit from price and volume effects as well as the circular economy. Internationally, we're leveraging the constant increase in environmental requirements to offer bespoke solutions to local needs based on our know how and expertise. Concerning the service activity that represents onethree of our revenue. We're benefiting from our position on value added operations such as pollution Removal in cases of environmental urgency service development is part of an interventionist strategy that allows us, intralalia, to accompany our clients internationally and to better meet their needs. I'd like to illustrate now how the organization has as its priority industrial performance.
Our industrial efficiency plan is focused around 5 areas. Structuring our supply chain allows us to optimize The waste mix for a better availability of our tools, thanks to execution discipline, we will be able to CREES tool availability with a focus on health and safety by relying on our regulatory and social ethics. Likewise internationally in the way we roll out operations, there's a major example in 2019, which is the revamping of Sellez to the goal of improving the availability and productivity is underway. This project of revamping was conducted in a professional manner with 0 accidents, 0 delays and 0 cost overruns. We're aiming for a significant increase in our annual capacity, thanks to better availability with a reduction in facility stoppages.
Another example is the Osiris project on Sales III that demonstrates to determine energy recovery, making Cishere play in the circular economy whilst boosting our profitability. This So pipe project with our hazardous waste incinerator will triple the sale of steam from Salas. Oziris is an industrial platform that produces hazardous waste close to our incinerator. The efficiency plan is part and parcel of operating performance. We've set in hand a €10,000,000 plan over 2 years.
Thanks to the professionalization of purchasing department. The various pillars will be rolled out across the group. You'll see our group rationale to roll out across the business units, the best practices and to make them the group's benchmarks to reinforce our organization. Cechet Environement is and continues to be a sustainable development player as indicated by the non financial performance indicators. For Energy Transition, our action in favor of Energy Transition is measured in terms of our energy production of over 7 30 gigawatt hours for a consumption of over 300 gigawatt Ours were produced twice as much energy as we used to treat waste.
In terms of combating climate change, In 2019, our activity emitted 900,000,000 Tons GHG equivalents, we avoided 100,000 tons of GHG Equivalent, thanks to Energy Recovery. That's the equivalent of power of a town of 10,000 inhabitants, dinar in France. And the treatment of Highly heated gases, maybe we're able to reduce emission gases. These are cold gases, SFC, that have 25,000 times the heating per CO2. That's the equivalent of a town of 500,000 inhabitants, Toulouse or twice the size of Strasbourg.
In terms of biodiversity, the group is embarked on the preservation of this biodiversity nationally, Spain and Peru in the ACT for Nature initiative that I mentioned at the Investor Day. The group is involved in sponsorship activities with the National Museum of Natural History. We're combating marine pollution through the marinarium of Con Corners. With this Ag for Nature program, we're supporting the Earthbound program to restore biodiversity in the countryside. Following up on its commitment on ACT for Nature in 2018, the group has signed up for the initiative of the Environment Ministry Act for Nature Company last December.
At the end of 2019, we achieved most of the 2020 Targets, the growth of revenue and controlling our financial level, it's important to set new targets for 2022. We want to continue to improve our gross operating margin, thanks to a good pricevolume mix, as I indicated earlier, but Also, thanks to the effects of our industrial and operational efficiency plan and our saving plans to reach our 2022 targets. 2019 is a year of transition. It creates the growth momentum for our 2022 Roadmap selective revenue growth, thanks to our positioning organic growth in France on the circular economy and internationally on Services and Treatment. We also aim for an improvement in operating profitability with our industrial excellence plan and the development of recently acquired growth platforms.
Lastly, the creation of shareholder value rests on continued selective investments while preserving high liquidity and budget control. I'm going to hand over to Patrice for a detailed view of the 2019 financials.
Thank you very much, Maxime, and good morning, 1 and all. Now we're going to get into the nitty gritty together for maybe 10 minutes. So I'd like to summarize the financial performance of the group for financial year 2019. Finance is also a part of the biodiversity world. The normal graph on which you can see The main drivers of our financial performance for last year, the takeaways are, 1st of all, dynamic activity in organic and also external growth of our performance, up 23 percent revenue, as we said.
Strong readability of our results given the scope and the implementation of IFRS 16, which is the new set of standards which has been applied to all companies for rent contracts. I'll be able to come back to this later to try and explain it in the most simple terms possible and explain how it impacts our accounts. During the Investor Day last December, we Shared with you some information on our revenue target. We are at €687,800,000 so at the top of the prediction margin with a significant scope effect, €102,500,000 but also organic growth, which remains dynamic with +4.4 percent versus 3.2% in at the first half of twenty nineteen, which goes to show the high level of quality of the financial performance in net €137,000,000 €7,400,000 We said between €130,000,000 €135,000,000 So again, with plus 25% versus last year for EBITDA. But this was, of course, impacted with by IFRS 16 €18,400,000 negative effect there.
Operating profit is at 46 €1,000,000 as well, which has enabled us to stabilize our operating margin at 6.8%. Net profit 17 up 17 percent. Net income group share up 14%, of €17,800,000 which has enabled us to increase the earnings per share euros 2.7 versus €2 last year. Investment in Industrial Investment CapEx is under control as we'll come back to that later. And also the net banking debt is up, which is a Clear reflection of our acquisition strategy.
As we have already said, investments in growth were decided based on our operating cash flow performance. Today, we generate free cash flow in the black, which means that we can deleverage excluding acquisitions. Very briefly on the business. Published revenue, euros 604,400,000 up 23% over last year. Non contributive revenue, €13,600,000 No need to come back to that.
That's down 9.3 €1,000,000 over last year. So contributive revenue plus 22.7 percent, up 4.4 Like for like, EUR 0.4 like for like, so excluding scope effects overall. Business like for like is good, €13,700,000 positive effect, which is due to French and international effects due to the industrial markets, which have held solidly throughout the year and also the solidity of the markets with local authorities that have maintained their appetite for Circular Economy Business. Comparing France To international business, international business was very buoyant last year, €161,000,000 25 percent of our revenue, as As you mentioned, €102,500,000 in scope effect, €64,000,000 from interway, slightly down over 2018. This is due to the closing of a storage center, €35,000,000 For MiCOMA, only over 9 months though, the 2019 business being particularly Strong for me, comma, with an increase of revenue from NEM of about 40% over 2018, A very poor year for Cannae.
We were expecting some depollution contracts that didn't end up coming through due to the economy in Peru. Excluding scope effects, we have seen an increase of 6 point 7%. So this is like for like with Waste Management particularly up, Chile being a significant contributor to that performance. Valuation was impacted also by our Spanish subsidiary as well with business there that was slightly slower than in 2018. And services with Solarca mainly being the impact here, slightly down but versus 2018, which as you may remember was particularly good.
In France, all businesses are accretive. We have Organic growth going up plus 4.1 percent, so a positive strong contribution of French business to overall business. Treatment is particularly dynamic. So this is recycling of waste also in services. As Maxine mentioned, this is mainly due to emergency depollution contracts, which are classified as hazardous weight treatment in the 2nd semester.
We explained during the Investor Day that this was a significant growth driver for us, and that was shown through the second half of the year. We mentioned Lubrizol, Notre Dame as well for lead depollution and other things as well. Moving very quickly on to the quarterly breakdown. What's interesting to take away We've already shown you the first part of the year. The second half of the year, as you can see, also was strong, especially Q4.
If you split between hazardous waste and nonhazardous waste, you can see very strong performance in Q4 for hazardous waste for the reasons that I just explained and also business that remains Solid and recurring in the Nonhazardous Waste segment. Broken down by business line, again, this is like for like, no scope change for these graphs. If you look at treatment, recycling, recovery, Treatment accounts for 50% of our business today. It's up €13,300,000 Roughly split between hazardous waste and nonhazardous waste. Hazardous waste has seen strong growth, especially on our platforms in France.
A strong dynamic, as I said, on our treatment equipment in Chile. On non hazardous waste, the storage centers of non hazardous waste have seen particularly good business as well. On recovery, 15% of our overall business, we have seen an increase of €5,900,000 As I explained during the Investor Day, we are not specifically seeking out any new business in this field, but we're looking for Higher added value activities such as solvent treatment and purification. For non hazardous waste, we are at plus €4,500,000 with an increase in energy recovery there in our sorting centers and our combustible treatment plants. Services account for 35% of our overall activity.
We have seen an increase of €5,500,000 there with a drop in the first half of the year, as we mentioned during the Investor Day. On the work side of things, which explains the drop in non hazardous waste business, but that has been offset by a significant increase in our services through our emergency interventions for hazardous waste treatment. So after business, moving on to operational performance, so profitability. Starting with EBITDA. EBITDA is strongly up at +25 percent with scope and business effects that remain strong.
The increase of 26.7 €1,000,000 is due to the +8,300,000 from the application of IFRS 16 to the account. This is a correction of the rent effects on EBITDA, which is coming into play. This is simply an accounting effect. It has no relation to our operational performance. €18,400,000 scope effects, so 18% of earned revenue.
This is mainly from interwaste with about €10,000,000 and another €10,000,000 from Mikami, with a slower performance, as I explained, of CanE. KEENE, as Maxime explained, does have synergies that need to come in with tariffs and also a business plan action that will be implemented in 2020. They did suffer from their lower activity. Remember that at Caney, the scope effects give us a 20.2% margin effect in the 1st year, which contributes to an accretive impact on international EBITDA, which remains interesting and relevant. Like for like at constant scope, so inside the box on the graph, you can See that the volume effect is up €15,600,000 Significant, 1 third in France, 2 thirds abroad, mainly in Treatment and Services, as I explained.
Price effects Very strong, euros 28,100,000. This comes mainly from France. This is related to the changes in business and in prices, which affect all of our activities and that's very good for us. However, EBITDA was weighed down by variable operational expenses, which went up. This is related to waste being sent to external sites when our own ovens weren't available.
So this is mainly an impact on the second half. We did discuss The revamping of Sales II, these were periods during which we had to take the waste and send that waste to elsewhere, which meant that, of course, we weren't able to Take advantage of them. There was also an increase in our maintenance and repair costs under other expenses. There was also the fire at Le Brousseau, which led to an impact on our Roan oven. We also had the calibration period for so between the repairs and the revamping and everything else, there was a negative effect.
So about €4,000,000 of non recurring effects as we explained previously due to non recurring operational expenses, which did have a negative impact on our performance in 2019. On this graph, we don't need to dwell on it. This is A drill down on S2, you can see that EBITDA is at €72,100,000 This shows the very good and highly contributive effect of the second half with an IFRS 16 impact of €4,000,000 Acquisitions for about €11,800,000 19 0.9% therefore of the EBITDA margin. Coming back to the operating income, we have here a breakdown based on France and and international operating income. For France, you can see the impact of the positive impact of EBITDA, €1,100,000 A negative impact of amortization, up €5,500,000 2.8 €1,000,000 of which you can see right on the right side.
So that's the Alveol amortization, which is a non recurring effect that will not have any impact on 20 20. And this is due to the early phases of Massif, which Cost more than expected, a nonrecurring effect, therefore, in the 2019 books. For international operating income, so the second rectangle on your screens, you can see a scope effect of €13,500,000 This is important and Positive because 13 it's a 13.2% contribution to the acquired revenue. So as you can see, once Again, our acquisitions were accretive to our operating income. However, the international part did suffer from the intangible asset amortization.
What this comes from is when we carried out the acquisitions, we recognized the Intangible portfolio on the client side, then we applied IFRS 3 to that because we use the IFRS standards. IFRS 3 standard requires us to amortize that intangible asset, so the client portfolio over between 4 7 years. So that has an impact on our operating income. From a business standpoint, this does not mean that the client portfolio has gone down in value at all since the acquisition. In fact, on the contrary, as I It actually increases our business.
So actually, the portfolio probably went up in value, but this is an accounting effect due to the booking of the acquisitions and the recognition of intangible assets. So overall, excluding the nonrecurring effects of the amortization of Alveol, when you go back to recurring operating income. So basically, operating performance, as I would like to describe, is 7 point 8% of our turnover contributed in terms of the operating margin. Continuing to move down the account, About €1,000,000 difference with the group net income, the implementation of the IFRS 16 standard accounts €500,000 of that and then further acquisitions, which account for the further €600,000 euros 17,500,000 part of that due to IFRS €69,000,000 thanks to the increase in financing. Basically, we increased financial debt.
We refinanced for 80 €1,000,000 over longer maturities, we will be coming back to that later and also the financing rate is 3.4%. We have a variation €1,800,000 which is related to After an effect that came recently and that had and impact of driving down the financial impact in 2018. Taxes, €8,800,000 Our tax rate is still stable at about 35 percent. This is slightly higher than the standard rate. This means that our net income group share at €18,900,000 17.8 minute excuse me, net income before minority interest, 18.9 percent net income, 17.8 percent, so So an increase over the second half, which did, however, experience the €400,000 impact of the implementation of IFRS 16.
An increase in minority interest, €1,100,000 This came from Interways, the subsidiaries within Interways from MiCOMMER as well as well with €200,000 from Solarca as well. So the net income will enable us to go to the next GM and maintain the dividend at 0.95 euros with a payout ratio of 82%, 42%, excuse me. We have industrial investment at €72,500,000 €48,400,000 of which is recurring CapEx stable at 7% of contributive revenue. This is a target that we explained during the Investor Day. Excluding IFRIC 12, which was an impact on the 2018 accounts, we have €14,400,000 We said that we needed to Renovate the Celles Oven and other investments, €5,400,000 in already acquired companies into waste, alveol and transport equipment.
So these are investments that are under control and overall reflect our overall growth strategy. Operating cash flow is up 42%. And this is mainly due to The changes the increases in EBITDA, WCR is down €5,000,000 which is due to the Lubrizol event, the company still owe us money and this means that available cash flow Before development CapEx and before financial investment is at €56,700,000 and the conversion rate is at 42%, which is in line, if not higher than our 35% stated target. Coming back to net banking debt. All in all, changes in net banking debt reflect our acquisitions policy.
We have €70,000,000 in investment, euros 27,000,000 in debt and a free cash flow, which is at in a positive With €23,000,000 as you can see on the left side, just on the operational side of things, If you remove IFRS 16, that's €15,000,000 So debt at the end of the year at 39 €4,000,000 Regarding capital structure, this is an important component of our accounts. Liquidity is strong, euros 287,000,000 with debt maturities that are even over the period and average maturity at 5.5 years. A low number of debts will come to maturity in 2020 but have been refinanced already. A positive change on the credit impact of 5 basis points. So the rate was improved since July 1st 2019 and the ratio as I said 3.1 which is an improvement over the mid year point which was 3.2.
Remember that this only takes into account 9 months of MiCOMA. So the financial ratio is around 3, which is properly under control for the full year if you include the Q1 of Micomar. And this slide comes from the Investor Day. These are the Development investments that we're planning over 2020. We do have a lot of opportunities ahead of us.
We presented During the Investor Day internationally in South Africa, Micomera in Italy as well to increase capacity in Chile after the acquisition of Cyclo. To be clear, these investments are flexible. What I mean by that is that the kickoff of these investments can be adjusted and tweaked depending on The situation, this has always been our policy to make sure that we match the operating cash flow and our investment. If we were to see an impact of the coronavirus on our operating cash flow, which is not the case today, in that case, we could simply Adjust the go date on these investments and transactions. The Chile plan is being deployed over 3 years.
So CapEx €5,000,000 for 2020. As Joel and Maxime mentioned, the important takeaway here is We are maintaining our targets for 2020. In December, we described our ambitious 2020 roadmap. It's ambitious for business activity, also increases in profitability. We are maintaining those targets.
And if we needed to come back to some components of this road map. Basically, for 2020, we are expecting growth in our activity, High quality growth at that. And internationally, we are expecting dynamic growth even with operating profitability at 20 50 percent of our contributive revenue and an investment plan, which will be maintained at a high rate, which, As I explained, we'll depend on changes in our cash flow. We will continue to prioritize liquidity. And we continue to prioritize cash generation.
We can reconfirm our leverage ratio target at 3 times. For 2022, as I said, we're expecting between €750,000,000 euros 800,000,000 contributed revenue, 30% of which comes from abroad. EBITDA between 20% 21% of contributed revenue. Investment, as I explained, for maintenance investment, we were at 7%. We're expecting between 7% 8% in investment, the rest of that part being flexible.
And we are going to keep Our 30% EBITDA free cash flow target with a target again of the financial leverage ratio being below 3 times. Thank you.
Thanks, Betty, for that very detailed presentation on financial performance. In conclusion, I'd like to recall that Cich's business model is not just an efficient financial model. When I created CECE Environment 35 years ago, it was on the bedrock of human and corporate values with the aim of creating environmental and societal value for territories. My approach was simple. Planet's resources are getting scarcer.
There's greater need for them to increase our living standard or simply because there are more of us living on this planet. It's from there that I resolved to devote my company to the circular economy so that the waste of some become the resources of other with strong commitments in terms of protection, biodiversity and combating climate change. We developed around environmental challenges and then the company accumulated expertise. It supplied raw material resources for value added industries, green energy and all renewables for territories. It became a player in combating greenhouse gases through the GHGs that it can avoid and its initiatives to reduce GHGs produced by other economic players.
Therein lies primarily our core business. It's fully consistent with the anti waste law for a circular economy adopted last February. Recycle materials, that's our priority, in particular scarce resources, vital for value added 3 secondly, recover energy. That's a strong focus. So the vital energy for human Activity reduces its carbon footprint.
3, maintain and control waste Hazardous notice, it's our specialty. No human society can flourish in a soiled and contaminated environment. Through these operations Of energy recovery, that's to say to produce scarce resources or renewable green energy Treatment, that's to say to reduce hazardousness, 3 confined ways, that is installation of the biodiversity. Seche is involved at the Crossroads of Human Impact on Economic life, addressing health and well-being issues 2, the preservation of biodiversity and natural resources because as it masters the consumption of resources and the impact linked to discharge into the environment. It's to this global value creation, both financial and non financial, that I plan to assess our performance and the success of our development strategy, economic performance, financial performance, energy performance.
Performance in combating greenhouse gases, performance in favor of biodiversity are the key and inseparable metrics assessing our progress as a corporate citizen serving the planets on the basis of all these indicators that I would like our company to be globally assessed and recognized by its stakeholders. In closing, I'd like to thank you for joining us this morning because I know that it wasn't easy. And secondly, Thank you for coming in your numbers. Slightly more of you than expected and we're now happy to take your questions. Hi.
I'm from MainFirst. I have a few Brief questions. For the 2022 targets EBITDA margin, do we take an IFRS 'sixteen impact of around €8,000,000 like in 'nineteen, a bit more, a bit less if we could have an idea of The EBITDA margin targeted, excluding IFRS 16, I'd also like to pick up on Micomerc. You said that to date. Thus far, there's no coronavirus impact, but I assume that I don't know if it's here, it's stopped.
Orpheus, just the situation today. If I could have more color on Milan. On Cannae, I wanted to know if the losses were reduced in H2. On Sales, to the €4,000,000 in revenue in addition is that As of 2020, I also wanted to have an idea of total revenue for the Sellez II facility, also the revenue that you generate in emergency interventions. I know it's not a lot, but the change is quite significant.
On Lubrizol, I also wanted to know what's left for the insurance company. Is everything resumed operational? Are there still activities that have stopped. And on the deconsolidated factoring, is that increased? Or is it of the order of last year?
I think it was 20 €2,000,000 Thanks. Answer to your first point, Micomera. So Mykamae, as we indicated, Italy, Milan, Northern Italy, so in Quarantine in Lombardia now, it affects the full country in quarantine. Today, No absentees from work. This morning, we can say that so no absentees because we had communication this morning before no absentees.
The activity continues because it's A stoppage of travel for individuals, not people who are working today, but we'll see how the Krievov. Those who are working can still move about because on our side, that is to say in the Mykomay activity. There's an activity of public interest because we also deal with processing medical waste for hospitals in Milan. So we'll see how things develop. But for the time being, there's no impact as things stand on Macomerc in Italy.
For Lubrizol now, Lubrizol for our part, activities resumed. Then of course, There are some financial issues that were mentioned by Baptiste with the insurance front. I'll let you speak to that. Here. So on Lubrizol, activity has resumed.
Basically, you saw the WCR changes about half as external. And so that's receivable that's due 2020 from the insurers. We're currently finalizing the issue of steam production that impact our profitability. But on the operation of the site and the Rouen furnace. All that's working on deconsolidated stream.
We're at €24,000,000 We were at €23,000,000 last year. So it's the rounding of the changes, but no impact on our cash flow linked to deconsolidate factoring. On the EBITDA margin. Well, we're in a year of transition with IFRS 16. We'll have turned the page next year because we're with IFRS 16 because we'll have the IFRS financial statements for 2019.
So if So yes, the 'twenty one, 'twenty two target incorporates IFRS 16. If we had to Straplaid, there's no need because these targets are like for like the very different impacts of 8,300,000 euro EBITDA impact. Turning to Canne. Was the loss reduced in age 2, slightly, we're not talking anything material here. We're working on commercial and operational action plans in order to improve that.
So you, but we haven't secured a significant improvement in activity in H2 or even marginal. I won't give you the revenue by business line because It will confuse things if I start giving you the figures by unit and especially not by sectors within a subsidiary. However, what we can say on Selle's 2 There is an important point is that the revamping has been completed. Maxime said it was delivered without delay, without cost overrun. So we can say that Even if there's a time for fine tuning, there's a significant improvement in the availability rate that's expected as of 2020.
ODDO BHF. First question on the EBITDA margin. Can we return. The reasons that if we reason excluding IFRS 16, The deterioration in the margin, is that linked to the nonrecurring items? In other words, it won't be repeated in 2020?
2nd question, you mentioned solid growth in France and strong international growth in 2020. Can we try and quantify that when we look at your 2022 targets, average top line growth of between 3.5% and 5%. 5% were for in organic 2019. Where to locate you? Where do you stand in 2020?
So Chris, we have a margin that's Slower 18% for the SCOOPAK1 2019, so we have a dilutive impact some in 2019. How do you see that margin trending? Can We expect an improvement into 2020 beyond. And you guided on EBITDA margin, 2081, 20 2, what are your margin EBIT margin, please? Bati says I'll answer that.
So first half, the we were very Clear and transparent on the split in terms of EBITDA margin, in terms of how the EBITDA is It's trending with how the operating costs are developing and operating and maintenance costs. There are one offs that directly impact the EBITDA that we can clearly identify to the tune of €4,000,000 They're clearly one offs, non recurring as such. So if Restating those €4,000,000 we can readily find at what would have been an EBITDA model. I won't say normative because every year is somewhat different. But I deliberately isolated IFRS 16.
I clearly identified the €4,000,000 so that we can rebuild. If you put a growth rate on the top line, what our EBITDA margin would be in 2019 beyond. On the margin of the Earned scope 18% for our 1st year. Our acquisition strategy, we try and be pretty explicit. That's to say we acquire scoped.
We transfer our expertise on those scopes and we try and grow them on the basis of our skill sets, our expertise in treatment services in order to grow That EBITDA margin to buy and to already have an 18% margin, we're very pleased. Objectively, we're already very happy that, we're going to try and do better. We're going to continue to do better because it must be accretive going forward on our EBITDA. That is by 2022. As you said, the 21%, 22% in our minds, of course, those growth platforms are contributed and don't have a margin lower than the average EBITDA.
But the 1st year, year 1, have 18%. We recall acquisitions back in 2017. We were lower than 18%. So it's a starting point that's significant. Let's not forget that when we have different development, but MACOMET is strongly contributive via vertical integration.
They're different stories because, Of course, when we buy Micom Air, we're benefiting immediately from the hazardous waste for our facility. So it's immediately contributed. It's different in interwaced where we have to transfer the skills, the expertise. I know how that takes longer. It's even more different for CanE, as we mentioned, where clearly the integration between Tares and CanE and building a base development base in Peru with a fully fledged commercial strategy and operational strategy built in.
That takes time. We guided on an EBITDA margin 21%, 22 percent. Barring exceptional or normative events, logically, the Improvement will be found in the EBIT margin. But be careful this year. We're in a situation where the IFRS 3 that impacts the amortization of intangible assets.
That's why all that logically will accrue to the EBIT margin barring unforeseen events that would contaminate the reading of the EBIT margin. On the top line growth, I think today we have to be prudent. That's to say that you see in the 2020 guidance we maintain and we continue to be confident. But objectively. Given what's happening in other industries and throughout the world, even if we find that waste We'll be impacted probably more towards the end because compared to other industry because we're at the end of the chain of the I mean that encourages given what's happening today in the world, even if as we said, there's no impact on our activities thus far.
It could indirectly have an impact on global growth, on industrial output in areas where we're present. And so indirectly, fleet. We might we could be impacted, so we would urge caution. We're really getting ready to weather the storm. Once said, I mean, that was important.
That's why I took All precautions, that's to say that today the priority is to manage our operations in full autonomy, Flexibility of CapEx and operational cash flow continues to be key.
Nicolas Royo. Maybe we can come back to some of the reasons why the performance in the end of the year was so good, Lubrizol and Notre Dame, the de pollution efforts there. What are we looking at for an end of those contracts? Is it going to be Q1, Q2 of this year? Senegal as well, is that back to normal at this point?
And to come back to Mecommerce as well, the growth in 2019 of course is a Poor base for comparison, but will we see similar effects as we saw for Salaka with 2020 that is Sluggish because of what we're seeing in Italy today. And what is the share of net profit today that comes from France? For Cinnaball, business will resume resumed in August 2019. From August 2019, it ramped up over the second half of twenty nineteen so that the incineration activity gets back Normal levels for the first half of twenty twenty, we're working at energy production. We should be back to normal in the second half of twenty twenty for Cenavall.
On Metcoma, once again, the situation leads me to improvement in my predictions. There won't be any volume effect because we're already topping that out. In 2019, the pricing effects were heavily contributive, and that explains a lot of the growth that we booked. As a base for comparison, it remains relevant and good today. But remember, We're in March today.
And even if traffic is business as usual today, we may see an impact further down the line of simply the closure of part of the industries that work with MedComer in Italy. And that would have a ripple effect that could be direct or indirect on Medcoma. Now I can't give you any figures at this point. But like for like, without coronavirus, yes, we would Have been looking at, given the pricing effects, a strong dynamic in Italy that would have seen significant growth in 'twenty, yes. Given the current paradigm, we don't know what the impact is going to be on Italian industry.
But we It's fair to assume that there will be some kind of impact. On Lubrizol Notre Dame, These are spot contracts. What that means is that they're a shot in the arm of 2,009 business. This is emergency intervention business, Which is something that we're working to develop anyway. We're giving that activity as as many means as possible so that they can get recurring contracts and framework contracts.
But don't expect to see Lubrizol in Notre Dame every year. So yes, nonrecurring activity there. Lupisol is coming to an end. And Notre Dame, there were some lead depollution things that needed to be done in schools and other public buildings that are ongoing. But it's not regular.
They're simply out there. On net profit, what I I can say is that you're looking at about 60% France and 40% abroad.
Anir Gagne. Two questions from my side. Firstly, on the Competitive environment a few days ago Veolia presented its new strategic plan. 1 of its pillars is precisely hazardous waste. For them, it's not very contributive.
It's about 10% of EBITDA at the end of their plan. By 2023, it'll be reaching almost 20%, all this to say that they have high ambitions on hazardous waste today. Do you See the competitive environment intensifying? Do you see the impact on your business? Is there pressure more generally.
How do you view the interest of kind of mainstream players moving into specialty waste areas. How are you gearing up for that? And how do you respond to this new competition? The second question, could you give us a feel for your utilization rates, saturation of your facilities on nonhazardous waste. And what's your capacity today to pass on new price hikes to your industrial clients.
Sorry, To answer on the competitive landscape environment, I think there's a spotlight on hazardous waste. We see that Clearly, in France, these are players we're talking in Veolia, but we could also mention SUEZ. These are players who are part of the competitive landscape. What's interesting is that There's a kind of societal factor around Sustainable Development and Waste, I mean all that's very positive for our business. I mean we're not going to change at TAC.
Our the course we charted is clear, set out at First Investor Day and repeated at the December Investor Day, we have strategic plans that are very clear. We're positioned in countries and geographies where we're going to continue to expand. Today, the competitive market in France, I mean, we're not expecting any significant changes And the world's a big place. So I mean, I don't know what the development strategies taken by our competitors. I mean hazardous waste covers a great many things.
We saw development of the unit you mentioned in the United States. We're not present in the United States, so they have lots of ways to develop, to expand. We're not going to define our strategy based on the competition. We define our strategy by playing to our strengths. We're describing it to you.
We're going to grow our growth platforms. It doesn't in any way in P and R strategy. On the utilization of our on D and D, I mean, I'm not quite sure that I understand Your question or what I can say, These are nonhazardous waste incinerators that you're well, nonhazardous waste incinerators. These are our DSR public service contracts. We have one at Cinerval.
We have We mentioned the issue on Senegal is more to ensure swiftly that we have a utilization and availability rate That is at the optimum. 2019, we had the OS2 settings because we put back into service this Public service contract at the end of August and then there was the adjustment phase. It's operational. We have steam production issues that we're working on to optimize. So the increase in utilization is really linked to the resumption.
The other public service is at Nantes. Alsea is working very well, and we have a rate. That's very high. So on that, we're going to maintain our target is to maintain high availability rate.