Sodexo S.A. (EPA:SW)

AGM 2020

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Jan 21, 2020

Am I to start? Cesar Figbalon, Welcome. Welcome to all of you. I'm so delighted to see so many of you because last year, we had some snow and some of you, in fact, found it difficult to Welcome, ladies and gentlemen. I now officially declare this combined AGM open. It is being broadcast live on the company's website at, sodexo.com I'd also like to thank all the shareholders present and those who are represented. In addition, I would like to thank shareholders who are represented are those who voted by post, as well as all of you who are listening to us and watching us shareholders, customers, consumers, employees, or media. If you are a shareholder registered on the attendance sheet, you will be able to vote on the resolutions using the electronic tablet that was given to you at the entrance to this room, we're now going to compose the board. Before doing this, I would like to pass the floor to the person who'll give us our safety moment. Ladies and gentlemen, hello and welcome. My name is Maxim Robins, and the health and Anderson. Security and safety officer for this venue, we're delighted to welcome you here in this exceptional venue, and we present our best wishes for a happy New Year. Before this AGM starts, I will remind you of some safety instructions. If the general Fire alarm is sounded or upon instruction of the safety team, please go to the closest exit following the evacuation pictograms. Do not walk back if there is smoke, lower, lower yourself because fresh air is close to the ground. If you can't evacuate, then go to a secured waiting space and endorse the instructions, which are posted and do not use the lifts and elevators When you reach outside of the building, please go to the closest gathering point on the core course or, at the tip of the building. If you hear an alarm sounding for terrorist attack or assault, please keep calm respect the greatest silence, switch off your phone and vibrator on your phone. And abide by the safety instructions. Let us now watch a video of Sodexo employees which demonstrate how safety and security is first and foremost. I stay safe for Eliana because she means everything to me. She's the most precious gift and the mother have. And I love her so much. My work and everything I do, I have to make sure it's safe because I know I've lovely kids to go home and see. I stay safe for my sisters and my mother and father. I think family is everything. Covence with what will be viewed? It is important to the VLS security design results. I stay safe from Islam. I cherish him too much. It's my only boy. It's it's just everything to me. Everything to me. I stay safe with my only my 2 boys because I need to be there for them. I'm mindful when I drive, when I cook, and when I work that I have to stay safe for them. I feel like my family is strong because I'm strong. I feel I need to be safe for him every day and come back home to him. Most of my life will be dedicated to him. For Miami Queer. I stay safe for my dog. He's my everything. Why? It just prints the best start with me. This is someone I'll look after. Thank you for that safety moment. We're now going to compose the Bureau In compliance with our company's bylaws, I will preside over this AGM. Besides me, I have Denis Mashred, our Chief Executive Officer Mark Roland, our Chief Financial Officer, also have 2 tellers fulfilling the scrutineer functions. We have Francois Xavier Boulon, Chairman of the Board of Belon Esa, who represents the company, Belon Esa as well as Vislain Vargasier, who is a teller representing the group Sodexo Pep's fund for Sodexo employees. I also have Cindy Sacario, Secretary of the Board of Directors, who will be our meeting secretary. In addition, we have our statutory auditors present in the room represented here by Christophe Georgier of PwC And Carole Bruno Diaz of KPMG. Before I pass the floor to our meeting secretary, Cindy Carey, in order to establish the attendance sheet and to tell you what the agenda is, I'd like to invite you to join us at the end of this general meeting. Of course, once all of the resolutions will have been voted on, that we can enjoy a buffet that will be open once our meeting has concluded. Thank you very much. Cindy, the floor is yours. Hello, ladies. Hello, gentlemen. In order to not disturb the smooth running of this meeting, please switch off your mobile phones. All presentations during this general meeting will be provided in French. Simultaneous translation into English is available. Interpretation headsets are available at the entrance for non French speaking participants. Conducted in French. Accordingly, headphones are available at the entrance with translation into English. A sign language interpretation is also available. The attendance sheet is being prepared and will be finalized once the statutory drawings have made their presentation This will give time for late comers to be able to attend the general, meeting. I can already tell you that this attendance sheet currently shows a number of 1571 shareholders who are registered and who are present, represented, are having voted by post, who own a total of 121,000,000 70,000 shares of the 145,721,000 343 shares that give rights to a vote. That is to say a quorum of 83.08%. Thus, the Bureau notes at the General Meeting, gathering more than the legally required quorum, both for the ordinary and extraordinary resolutions can validly deliberate on all items on the agenda. I would like to underscore that pursuant to the simplification law number 2019 dash 44 July 19, 2019, the voting procedures at the general meeting have changed. From henceforth, the majority of votes will be calculated according to the votes cast from which extensions are excluded. However, these abstentions will be taken into account for the calculation of the quorum, The agenda of this general meeting as well as the draft resolution submitted for the approval of this meeting represented in the notice of meeting They were also published in the French Balo, B ILO, on November 22, 2019, and in the notice of meeting, published in the French Balo and in a French journal of legal announcements on December 30, 2019. I would also like to underscore that no request for the inclusion of items or draft resolutions on the agenda has been submitted by the shareholders. Furthermore, I'd also like to inform you that we have not received any written questions from our shareholders. I have before me all the documents and registered, required by law, they were made available to you within the legal deadlines. I'd also like to note that the Social And Economic Committee has been made aware of these documents and did not submit any comments. In the interests of the debates, so we would like to propose they exempt the chairman from the full reading of the report of the board of directors, This report can be found in the 2019 universal registration document for 2018, 2019, URED. The main items will be presented to you during this meeting. I would now like to give the floor to Sophie Belan, Chairman of the board director for her message to the assembly. Shareholders, board members, Employees, friends of Sodexxu. Thank you so much for joining us at our general meeting today. I'm surely delighted to welcome you here, yet again, in this magical place, La Senes Muscial Sidixview has been a proud partner of this venue since 2013, so welcome for this important moment in the life of our company. So what should we remember from the past year? What are the most memorable events? On an international level, 2019 has been a complex year. It has been marked by economic uncertainty, political instability, climate concerns social unrest as well as the twist and turns of the Brexit. For Sodexo, 2019 was characterized by sustained growth. And here, I would like to underscore that this is the strongest growth of the past 7 years. This is a very encouraging sign. Our model since the very beginning has been one of growth, and it should remain a model of growth. In 2020, we will contain, we'll continue to prioritize accelerating our growth possibility and sustainability in a profitable in sustainable manner. Opportunities are here. Our market represents EUR900 billion worldwide and offers tremendous opportunities for development. The market potential in the food services industry in particular, is huge over €300,000,000,000. In order to fully leverage this opportunity, we we will have offensive and targeted investments in order to continue developing our business activities In the 54 years since the creation of Sodexo, we have gained unparalleled expertise in the field of food services. At a time when food today is at the heart of many challenges, whether social, environmental or health related, as such, we will continue do our ability to promote healthy meals that preserve natural resources and promote social balance. In this digital age, we will continue to strengthen the direct link we have with our consumers who are asking for increasingly customized services. And this is how we will achieve our goal of improving the quality of life in the future of over 1 billion people around the world. In fact, I wish to reaffirm here the determination of the board of directors to support the company's Over the past few years, the board of directors has changed a lot. It has become more international, and today, this board is well balanced in terms of both age and diversity. We have complimentary branches of expertise that are represented some drawn from other sectors than ours. And now more than ever, the board is equal to the task of helping Sodexo make the choices that will enable us to go further and to do this faster In line with these changes, I would like to introduce Veronique Lohrey, who is going to be, his appointment is being proposed today. She will bring to the board a broad consumer and understanding as well as expertise in marketing and sales. We're also proposing the appointment of Luke Miss Ye. Luke will bring his North American viewpoint and his experience in international operations, particularly in the energy sector. You will be able to cast your vote on those appointments when we vote on the resolutions. I'd also like to take this opportunity on behalf of the board to warmly thank Robert Baccony, whose term of office is drawing to an end. Since 2005, As I was saying, since 2005, Mr. Baconier, Robert Baconier, has been making lasting contributions to the work of the board and the Audit Committee. For a very long time, he chaired over the Audit Committee. He generally shared his expertise with us as well as exactitude but always did so with a touch of humor that we shall not forget. I would also like to thank Astrid Belong Who has expressed her wish? As I was saying, Esprit de novo has expressed her wish to no longer be a board director or vold she has held since July 26, 1989, she wishes to fully develop herself to her role with the Pierre Belong Foundation as well as to her personal projects. During all of these years on the board, Ashreed contributed her unique viewpoint, very detailed analytical skills, her sensitivity, particularly in terms of our corporate values, as well as her common sense. As pleed, we'll continue to closely follow our work. My family's commitment is the cornerstone of our financial independence. Which guarantees our control over the very long term. The 50 year shareholder agreement that we signed in 2015 is a proof of that commitment, it enables us to do the following to ensure that our values and our mission continue, to guarantee the continuation of our strategy over the long term and to make the investments that we need in order to further our development. Today, I wish to reiterate that our family commitment has never been stronger and it supports our unique corporate model. Our distinctive feature is that our teams are present at the heart of each region at the most local level that proximity is actually an important part of the value that we bring. Our local, presence allows us to play a primary role in terms of maintaining social connections as well as for contributing to the vitality of these regional ecosystems. Our employees are our most valuable asset attracting, identifying, and developing talent is an essential element of differentiation for a company like ours that is made up of men and women. In fact, when we encountered difficulties in any of our activities, it's often because we we're not able to sufficiently anticipate the need for certain talents. In this year of technological progress, the human dimension that defines us is providing more and more value. And it's thanks to this human dimension that our clients choose us today. It's also why, thanks to this human dimension, that they will choose us in the future. As such, I wish to warmly thank The work that they do day in and day out for their customers, for their consumers, and in their regions, has made Sodexo the leading company that it is today. And I think that we can stand up in order to give a round of applause for our employees. I hope our employees are watching us over the internet and that they feel very proud. I am proud of them in any event. Like you, I keep seeing evidence that expectations on the part of companies are undergoing a profound shift Our political leaders as well as our clients, consumers, employees, the younger generations, and even public opinion, are calling companies out Not only are they questioning them about their business activities, but also on how they conduct business. And on their impact, on the world. It's the fact that beyond short term phenomena, we collectively need to take up major challenges. There's been an increase in inequality. There's been a questioning of a demographic balances we are confronted by a climate change. Increasingly, companies are becoming key players in terms of finding answers In fact, that's the whole purpose of the French So rather than simply making profits, companies need to focus on sharing the value they create. Companies must take into account the social and environmental impact of their business activities. As you are aware, the pact law encourages us to define our Brisons Edge, our purpose Actually, very few companies are as involved in the major issues facing our world today as Sodexo is. We are established in 67 countries around the world. We have 470,000 employees who day in day out care for 100,000,000 people every day. And thanks to this, we have a decisive impact. From the very beginning, this has been a central aspect of Sodexa's mission. This is an integral part of how we measure our performance. Certainly, we have a unique advantage. And that's because when our company was created, Pierre Belon blazed a visionary trail by giving the company the dual mission that we continue to embrace today. And that dual mission is to improve the quality of life for our employees and for the people we serve and to contribute to the economic, social and environmental development of the cities, regions, and countries in which we operate. As a reminder, we did not wait for the tax law to make a contribution. These concerns, in fact, are part of our DNA for 54 years now We have been translating this authentic vision into tangible actions day in, day out. We work to align all of our business activities, the choice of our partners and suppliers, and our employees' commitment, all around the world with this vision. Is something we do every day throughout our group, which is multi local, multi market, multi cultural, This is, of course, a huge challenge. It requires determination that is sustainable. It means wanting to prove improve all the time and continuously. One day, I have no doubt these commitments will be the focus of a raisondec or purpose that we will formally submit to you. However, rushing, making Hasty decisions is never an option. This task needs to be undertaken with the important deserves and it will require us to make I wish to strongly reaffirm our determination before you to build on our dual mission, which is which has been ours since the very beginning. Thank you so much. Thank you, Sophie. Ladies and gentlemen, dear shareholders, hello. I am very pleased to be here with you today, and I'm delighted to present to you our financial performance for fiscal 2019. 1st, the results of the past year were in line with our targets and objectives. Organic revenue growth stood at, plus 3.6 percent above the range of, an increase of 2 to 3 percent, which was announced in November 2018 and also in the above the upward revision to around 3%, which was given in July of 2019. The operating margin is 5.5%, which is in line with the information with your guidance given in July 2019, but it's at the bottom of the original target range. Now let us look at all of this in more detail. Revenue for last year increased by 7.6% to reach 1,000,000,000. The currency translation had a positive effect at 1.5% and was mainly connected to or with the appreciation of the dollar. The acquisitions contributed 2.6 percent to growth with the main impact being the full year effect of the consolidation of Centerplate but also the contribution of the acquisitions made in our personal and home services business. Organic growth, therefore, stands at 3.6%, which is the best growth rate in 7 years. On-site services increased by 3.3%. At Benefits And Rewards business grew by 8.5%. Now let's first look at the on-site services activity. In business administration, organic growth amounted to 3.5% It is driven by the Corporate Services segment, which benefited from a good level of business development, but also from same side sales growth. By progressive improvement in energy, resources and in government services. It is also driven by the buoyants from a season in Paris, which was better than expected in the sports and leisure segment to this, was also added the contribution of the contract for the Panam Games in last August in Peru, and then he will tell you more about this in a few minutes. Now turning now to the Healthcare And Senior segment. Organic growth was 2.1%, reflecting some contrasting trends. First, in Asia, in Latin America and in Brazil, growth remained very strong, double digit growth, benefiting from the startup of new contracts and from the strong growth of sales in existing sites. However, in Europe, the lack of business development opportunities hampered organic growth in most markets, although same side sales growth was quite solid. Finally, in North America, in health and seniors, growth slowdown in the 4th quarter, especially hit by contract losses, which began to weigh on the revenue. We also made the decision to terminate a major contract because we could not renew it with an acceptable level of profitability. This did not have a negative impact on fiscal 2019, but it will have an impact on fiscal 2020. In addition, the level of bizdev has remained too modest. Now let us move on to the Education segment, which recorded growth of 4.7%. Growth improved in North America, mainly due to solid same site sales growth. This was supported by the possibility to pass on inflation in our prices by a positive business impact and also by additional work services over the period of the summer retention levels have improved in education, but biz dev remains too weak. We therefore started fiscal 2020, in education in the U. S. With neutral net development outside of North America, growth was strong in Europe as in Asia. And it was driven by the startup of new contracts. In particular, the contract with the French, Italy and department in the French Paris region, which is the most important school contract ever signed in France, combining both catering services and facilities management services, but also it was driven by numerous contracts started in China, in Singapore and in India. Now let us go to the benefits and rewards business. First of all, Remember that the revenue of the benefits and reward services account for 4% of the group's total revenue. Organic growth was stronger at up 8.5%, despite the slowdown in the 4th quarter. This growth is very well balanced between the 2 major regions that is Europe and Latin America. At 8.6%, growth was good in Western Europe and even very good in Central Europe and in Turkey. It was also very strong in our diversification services, including the health care and wellness offerings. And of course, including a RIDU, our mobility solution. Now organic growth in Latin America was 8.3%, reflecting especially strong first half, thanks to a very high level of business activity in Brazil and to solid growth in Mexico and in Chile. However, In Q4, growth slowed down in Brazil due to a higher comparable basis, but also due to a more difficult business environment and due to falling interest rates. Now let us move on to the operating margin. The operating margin was stable at 5.5% at current and constant rates. This is in line with our expectations, as explained above. As planned within the framework of our strategic agenda called focus on growth, the initiatives we took to improve gross margin and to cut operating costs, as is the case for our fit for the future program, have on fruit and these productivity gains have been reinvested to accelerate growth. Now margin levels for on-site services remain stable at 5%. The margin in the B and A, the business administration segment also remained stable. Why that in Healthcare and seniors improved slightly? Reflected more disciplined execution by the new team. However, it deteriorated in the education segment as it was impacted by portfolio turnover. It was also impacted by strikes at some of our sites in France, and it was impacted by wage inflation in North America. And last year, inflation had been passed on to prices and it continued during the year, absorbing most of the productivity levels achieved during the year. The benefits and rewards, operating margin increased by 20 basis points at current rates, but at 110 basis points, excluding currency effects, reaching 31%. As a reminder, the margin for on-site services accounts for 79% of the group's underlying operating margin before management fees and intra group, eliminations, why that of the benefits and reward services represents 21%. Now I would like to come back to the contribution of acquisitions. Acquisition costs amounted last year to 1,000,000. The acquisitions were mainly focused on strengthening our positioning in catering with Nova in Switzerland in the Corporate Services segment and with AIP in the UK, in the school segment. We also accelerated our investments in home care and in childcare segments in our personal and home services business activity. Now cash generated from operations amounted to 1,000,000. This is a fine performance despite the significant increase in operational CapEx to 1,000,000 or 1.9% of the revenues. Versus 1000000000 in the previous year. This growth in our CapEx is mainly due to the increase in investments in sports and leisure and in education segments. On this occasion, I would like to remind you that our CapEx to turnover ratio should gradually increase to 2.5% over the medium term. As a result of the very high level of cash generated by operations, Our cash conversion ratio reached 136% compared to the record 165% recorded, the previous year and remains much higher than that of fiscal 2017, which stood at 123%. This fine performance was helped by major sports events in Japan and in particular by the anticipated sales of hospitality packages for the Rugby World Cup until the end of August relative to the gains taking place in the first quarter of fiscal 2020. This brings us to our balance sheet, which remains very strong, as can be seen from our financial rating, the net debt to EBITDA ratio stands point 9 and the gearing or net debt ratio, net debt ratio, that is which corresponds to net debt to equity, has fallen to 27%. As you can see, our net debt to EBITDA ratio has gradually increased over the last 5 years but nevertheless, remains below our target of 1 to 2, excluding the impact of IFRS 16. We will be applying IFRS 16 standard from September 1, 2019, with an impact on our debt ratio because our debt will be mechanically increased by 1,000,000,000. On the next slide, you can see that the dividend proposed by the board to the shareholders amounts to up percent over last year, while the net earnings per share increased by 3.6% at per share, The payout ratio is now 55 percent of underlying net earnings per share and 64% of reported net earnings per share. Now let us review our stock market performance. Over the last five years, the Sodexo stock increased by 38%. While over the same period, the CAC 40 index in France increased by 25% during fiscal 2019, the stock price increased by some 15% versus the CAC 40 index in France increased, increasing by 1% over the same period. Now conversely, since September 1, the performance curve reversed with a decrease of 2.2% versus the CAC40 increase index, rising by 11.4%. The increase in November linked to the publication of annual results was offset by the decrease in January following the announcement of Q1 sales results Now long term performance remained solid. Since it's first listing in 1983, the value of the stock was multiplied by a factor of 67 while over the same period, the CAC 40 index in France only multiplied by a factor of 15. So the growth of Sodexo is four point times 4.5 times greater than that code of CAC 40 index. I would like now to end my talk with a slide on the breakdown of capital equity of our group. As of August 31, 2019, market cap was 1,000,000,000. The stake or Benoit sale remained stable at 42.2% capital equity, accounting for 56.6 percent of exercisable voting rights. Our employees hold almost 1.1% capital equity are individual shareholders represent 4.1 percent of capital equity. Finally, institutional investors account for 51.6 percent of group's capital equity. Of which just under quarter French and 3 quarters are international investors. Now with this presentation, I hope I gave you a clear overview of the fine developments and performance of Sodexo in the past fiscal year. Thank you for your attention. I turn the floor over to Dennis Manuel. Thank you, Mark. Hello, everyone. Similarly to Sophie, I'm pleased to greet you all in this great venue of, Saint Michiqual. I'm also pleased to greet the directors of Sodexof who are with us today. And I would like also to recognize the presence of some 100 group employees many of whom are shareholders. Last year, when we gathered here in this very venue, Sodexo was facing headwinds. Although, optimistic at the time, I talked to you about some disappointing results and performance as well, however, as a firm desire to accelerate our growth by implementing our strategic agenda called focus on growth, which was based on 4 pillars, reinforcing a customer and consumer mindset number 1, number 2, improving operational efficiency, number 3, nurturing talents and number 4, anchoring or establishing further establishing corporate responsibility. All of this achievement is to come through, strengthening our fundamentals through empowering our teams and measuring our operational performance with the deployment of our step program now 1 year down the road. And as Sophie and Mark had just pointed out, it is clear that the strategic agenda is producing its first positive results. At 3.6% growth, the group's organic growth is at its strongest level since 2012. The return to growth is evidenced in the trust shown by several prestigious clients. In particular, the American company, Procter And Gamble, has renewed our major international contract We also have UNESCO in Paris, and we also have Victoria College in the UK and the Olympic and Paralympic Games, which are to take place in Tokyo in the summer of 2020, among others, of course. Now we remain focused on our strategic agenda because while this favorable return to growth, is encouraging. This growth level is still below our expectations, and we are still seeing disparities in our performance indicators. As an example, for on-site services, we have improved the profitability levels in some of our large contracts. And we have strengthened our commercial targeting, but Our customer loyalty and business development indicators are not yet on track at the expected levels. In North America, growth will be less in 2020 than we would have liked, mainly due to the voluntary termination a major large scale contract in the health care segment and due to the neutral net balance of new contracts signed in the education segment. We have a new education and health leadership team. And these our particular focus on client retention as well as on profitability of business developments so that they can take best advantage of the potential of these markets. There are still a number of challenges ahead of us, which we have to meet, yet I'm confident in our ability to meet these challenges because I've observed that the recovery in growth was supported and accompanied by greater discipline inside the organization. 1, our teams successfully reduced our overall injury rate with a time lost by 11.1%. This undeniably is a clear sign of a much better operational discipline day in, day out in our sights. We've also noted a number of points, which evidence some better commercial deployment. The retention rate of our contract in gross margin terms is higher over the year than the same rate in revenue, which is a good sign of a more profitable retention level. Our margin on new contracts has been 20 basis points higher than that of the previous year. In the Business Services segment, the share of local contracts is increasing and is now 80% of our sales and commercial pipeline, which is the result of better targeting. These smaller contracts increase in power and potency and profitability and are able to offset the impact of launch contracts which have a slower start up profile. Finally, achieving our operating margin target of 5.5% is the result of renewed managerial discipline, which has enabled us to reduce our off-site operating and management costs, while achieving operational productivity gains on our side. We are now counting on the rollouts and expansion of the fit for the future quote and quote initiatives on our off-site operating cost optimization program and on the accelerated deployment of our performance management system that is the so called step program in order to roll out this operational excellence and disciplines across all levels in the organization and in order to generate additional savings and productivity gains. We have made the choice to reinvest our productivity, efficiencies and gains in the fields of sales and marketing, in the fields of training and talent management and also in the development of digital And Information Technology so that we can accelerate our growth. Some of these investments have a long term objective, such as the groundwork, we are performing on our brand strategy. Others have a more immediate impact on our prices, for example, while others still will have a gradual impact, very much like our investments in the innovative food offerings and in our digital marketing initiatives. We also continue to invest in digitizing our offerings and in deploying back office systems in our benefits and rewards business activity. We also are pushing ahead with our acquisition strategy to further build our personal and home services business activity as evidenced by the acquisitions of a ProNet Home Care Specialist in Brazil and the Good Care Group in the UK or closer to home, crash de France, which has consolidated our French crash network. And with respect to talent management, in just three months, we deployed an innovative performance development plan one called Aspire, which is aimed at facilitating exchanges and interaction on target setting on performance skill development and feedback. This will help our 60,000 managers to grow and develop themselves and to map out their own individual and collective carrier path. Now the human factor is the Alpha and Omega that is the key critical asset in our organization. They're growing our employees, making sure that they have good control of the fundamentals of their business activities and operations, finding the right equilibrium between disciplined execution and the promotion of innovation from the field, bottom up, empowering everyone. Dane, day out, All these aspects are at the heart of our management issues and challengers. And our renewed growth track is a clear sign of the formidable energy and drive generated by teams and the trust they have in Sodexo and in his future. Now to create sustainable firm foundation for profitable and responsible growth over the long term. We must go even further. As Sophie mentioned to you, our market is valued at over 1,000,000,000, including 1,000,000,000 in catering services. We are not the only ones, of course, trying to take advantage of the opportunities the new regional players who operated in targeted niches, all the new startups that are changing the rules of the game. In the face of these challengers, we'll be able to gain further leverage from our unique business model We must thus combine a fine level understanding of our customer and consumer needs and expectations need to combine our ability sorry to use digital technology for the benefits of human beings and our deeply responsible corporate DNA. So that Sodexo be the obvious choice for customers and consumers. That would be a choice which combines meaning and purpose, economic rationale and the concerns for sustainable development. In catering, for example, we are convinced that its future will rely on the development of quality, healthy and responsible food, which will benefit both the quality of life of consumers as well as the local communities and the planet environment. We are launching several Avangard programs related to healthy and sustainable eating. For example, you have the program called Future 50, which offers 40 recipes including fifty foot stuffs of the future that are both nutritious and beneficial and positive for biodiversity. These recipes are in addition to the over 200 plant based menus that have been rolled out across 1000 sites across the world since 2018. Let me also share with you another concrete example that will give you a concrete example of what the catering industry will be in the future. For over a year, we've been working with a Spanish fashion giants Inditex. And together, we have developed a new concept of so called Circular Catering, for its logistics center in the city of Artexo in Northern Spain. And today, their restaurant currently serves more than 1600 meals a day, with 65% of the products being locally sourced, very often directly sourced from the local farmers and this includes more than 40 organic products. By sourcing products locally, we consequently reduce the environmental impact of supply chains logistics and packaging. This restaurant is plastic free. Plastic bottles and soda cans have been removed. And filtered water is available on tap. All organic waste is composted or is this posed off as biogas and only 2.5% of all waste is not recycled. And we have the objective of, becoming 0 waste very soon. We are and can be very proud of this new concept and we opened a few months ago a second similar restaurant for the same client, which demonstrates the robustness and success of our offer. This new approach to the catering industry can also be applied on a larger scale. Let me now show you how, as part of the Pan American and parapan American games, which were held in Lima in Peru in July August. Our teams came together to feed 10,000 people, including 6700 athlete. It's an amazing effort what the Peruvian team has achieved in such a short space of time. Agreement We will never close this building for 51 days. It's an incredible achievement, and I can honestly say that this has got to be the finest cuisine and the best service I've ever experienced. We had great teams, outstanding teams. I hope this video gave you good glimpse into what our teams are capable of producing. This concept containing high technological content that offers high quality and customized cuisine with a very fast, safe and low environmental impact service, with high volume is now rolled out for other customers and clients around the world. Now beyond catering services and driven by digital technology, OMS also continue to build on the synergy to be generated across our business operations to generate and create tailor made experiences that meet a growing need for sharing for simplification and for customization on the part of clients, customers and consumers. And on this point, let me say a few words about our investment in Zita, which is an Indian based company that produces technology platforms and digital payment solutions. By integrating our on-site catering offerings and those of partner restaurants, including the management of travel and associated expense notes and personal services, Zita enables us to create a virtual Sodexo One Stop shop for our clients, customers, and consumers. It is now currently being deployed in Asia and Pacific and we very much believe that it has a worldwide potential that is this platform has. Now Group wide, we are tapping into and leveraging these developments to stand out across all our markets and to accelerate our growth in a responsible manner. And on this topic, Sophie's message was very clear. Our growth must be meaningful. In a world that is becoming aware of the limits of hyper consumption, of the impact of digital technology on human beings, other causes of social and economic inequalities and of the climate crisis, our role and mission statement to improve the quality of life has never been as relevant. Of the meaningful battles, the one in which we engage with respect to the reduction of food waste, is particularly particularly topical. You probably know that 30% of the food produced on the planet is wasted. And if This where a nation, its global waste would represent the 3rd largest emitter of greenhouse gases after the United States and China. The waste is meaningless and our role Listen to the oil crackling, the timer ticking, the cutlery clinking, the blade chopping. Touch. Each fruit vegetable, herb, the hot, the cold, The ice, the texture, smell, the spice, the zest, sweet, spicy hot, the baking, and aroma, taste The seasonings, the cooking, the garnishes, the balance, the finesse, and the flavor Look. I still wasted food. All that's not used. Every leftover every scrap. Together, we can stop food waste. Let's open our eyes and act Food waste doesn't make sense. Join the Movement. We are committed to reducing food waste across all of our chain by 50% by 2025. So the progress we made in 2019 towards achieving this goal are significant. We've been rolling out WasteWatch, which is the largest program in cutting waste in our industry with 3000 sites targeted in just one year. And already more than 40% of the sites being covered have been engaged in this rollout. And we've been using artificial intelligence and so called predictive algorithms to better anticipate consumption and to prevent waste across our sites in France and in the United States. These 2 innovative and ambitious initiatives have earned us the e CAC 40 tech for good award this year in France. Finally, we have become the 1st global group to jointly link its funding to its objective of reducing food waste and which obtained certification for its target to reduce carbon emissions by a total of 34% by 2025, which is in line with the UN goals contain global warming to below 1.5 Degrees Celsius. These examples These initiatives and commitments demonstrate that our growth is not just an indicator of our financial performance. It is also an indicator of the merits and the relevance of our mission statement and of the positive impact of Sodexo. When all is said and done, everything I've said today boils down to 1 and the same thing. I strongly believe that with our sustainable an inclusive business model, we will be able to capture the growth opportunities in our markets. Our growth will be both profitable and responsible, with greater value being generated for our customers, clients and users, much more respectful of people and much more environmentally sustainable. To conclude, I would like to share with you our forecast for fiscal 2020. In terms of our growth, the headwinds in North America, which I mentioned earlier, should be offset by the contribution, positive contribution of the Rugby World Cup in the 1st quarter and that of the 2020 summer Olympics and Paralympics in the 4th quarter as well as the strong growth in developing economies and steady growth in Europe. With the continuation of our fit for the future initiatives with the aim of achieving additional savings. To supplement the operational efficiency gains resulting from greater discipline as reinforced by the rollout of our step program. And we will keep reinvesting the savings and cost cuttings generated into accelerating our growth. As a consequence, we account on the following goals and targets for fiscal 2020. We forecast organic revenue growth of around 4%, including major sporting events. We forecast a stable operating margin, excluding currency effects, and excluding any potential impact from the implementation of the IFRS 16 standard. Over the medium term, thanks to the investments and thanks to the initiatives I mentioned, thanks to the breakdown and distribution of our business operations and our balanced geographic presence, we are in a good position to capture the many growth opportunities, and we will be capable accelerating our organic growth in the coming years. And as organic growth improves, Investments in growth will be controlled so that efficiency gains and the benefits of increased discipline, sorry, shall contribute to improving our margins. Today thanks to the efforts then in the out of all of our employees through their discipline, their efficiency, and their commitment to achieving our focus on growth objectives, we are building up the pillars of this profitable and responsible growth. For this, similarly to Sophia, we'd like to give all of our employees everywhere in the world. My warmest thank yous. For their service spirit and for their deep and for reaching engagement day in, day out. I would like also to thank all of our customers, all of our clients and consumers, all of our partners and suppliers. And of course, a big thank you to all of you and all of our shareholders who are attending this meeting here today the trust you have taken Sodexo and for the commitment you have showed you have shown us for so many years, sorry. Now I returned the floor to Sophie. Thank you so much, Denis. So now I'd like to invite you to watch a video that will give you a brief overview of the board's work. There are 12 directors. Pierre Belan, the founder of Sodexo, is Chairman Emeritus. The board reflects the group's values in many ways. It is chaired by a woman, the only chairwoman in the French GAC 40 index. At the end of the fiscal year as of August 31, 2019, the board had 7 women directors out of 12 members, The international profile of the board of directors reflects the company's global footprint, with 4 nationalities represented. Directors are chosen for their ability to act in the interests of all shareholders, and for their expertise, experience, and understanding of the strategic challenges in the markets where the group operates. Sodexo's board of directors can thus draw on the varied and complimentary expertise of its members, including executive management of international companies, finance, sustainable development, societal commitment, human resources, digital and new technologies, marketing and sales, strategy, and mergers and acquisitions, as well as their overall knowledge of the services sector. Subject to approval of the resolution submitted shareholders during this annual shareholders meeting. The board of directors will welcome 2 new independent members, Veronic Lorre and Luc Messier, following the departure of Astrid Belon and Robert Backonier. The board of directors will then comprise 12 members, including 7 independent members, and 2 directors representing employees. In fiscal 2019, the board met 8 times, with a 91% attendance rate. This year, the board worked on the following topics, corporate governance on various subjects such as The membership structure of the board committees, the appointment of a director, the assessment of the director's independence, the review of the internal rules, an update on corporate responsibility issues. The group situation and its strategy, notably the review of various business activities and segments of the group, in particular in the United States, their growth outlook, and competitive environments. A regular monitoring and evaluation of management's strategic plan, an update on our performance in terms of client retention and sales effectiveness, the review of strategic opportunities in terms of external growth, compensation policy, and specifically this year, the review of the compensation of board members, the evolution of the compensation policy for corporate officers, the review of gender pay equality. In making decisions, the board relies on the preparation advice and recommendations from its 3 committees. All committees are chaired by independent directors, The audit committee is chaired by Sophie Stabil. It has 5 members, including 1 director representing the employees. 75% of its members are independent. The committee met five times during the year with an attendance rate of 97%. During fiscal 2019, in addition to the review of the consolidated financial statements, the committee reviewed the main risk and their related management and the internal audit plan. Given the contemporary issues, the audit committee worked on the implementation of new accounting standard the internal control system to combat cyber risks, the integration of newly acquired companies, and the monitoring of the group's financing. The nominating committee is chaired by Cecile Tondoda Masakh. It has 4 members of which 50% are independent, the committee met four times during the year with an attendance rate of 100%. During the year, the committee in particular examine proposals for potential new directors, succession plans for key leaders, the group's talent retention strategy, and a skills matrix for directors. The compensation committee is also chaired by Cecile Tondo Domarsack. It has 4 members, including one director representing the employees. 100% of its members are independent The committee met 5 times during the year with an attendance rate of 100%. During fiscal year 2019, the committee notably studied recent developments and new regulations concerning executive pay, including pension plans, the compensation policy for the group's main executives, and the group's restricted and performance share plans. All of this information on corporate governance can be found in the universal registration document available on sodexo.com. Thank you. So as you will have seen and as I told you previously, you will be asked to vote on the appointment of 2 new directors. And so now I'm going to give the floor to Veronique Lawrie, and she's going to introduce herself. Shareholders, employees, directors, good afternoon. I'm going to briefly present myself now. My name is Veronique Lawrie. I've worked for over 30 years in the sector of specialty retail for both French and international companies. That's where I was able to develop my expertise in terms of B2C Marketing, sales, and related services as well as brand management and communications. I joined LoRa Mail in 2008, and there I took over various functionalities in the marketing and sales field for about 15 years. In 2003, I joined Kingfisher, the European Do it yourself company in order to be in charge of the sales and marketing department for France and for UK. In 2013, I became Chief Executive serve Castorama France. And from 2014 to 2019, I was chief executive officer of Kingfisher, which is listed on the FTSE in the United Kingdom. As such, it's my hope that I have acquired a very it operational and strategic skills that I intend to offer to Sodexo. I'm already even after the short time, I'm very enthusiastic at the idea by the idea that I'm going to be joining the board of the leader global leader of quality of life services. During my different meetings at the head office and on the sites, I've seen how Pat that the men and women are Sodexo are regarding, their employment and their jobs. The values of service, team spirit of progress and innovation are deeply rooted in the company. These are major assets for your company. As are its size, its geographical presence, and its brand that is recognized around the world. As far as I'm concerned, I wish to give the board my skills in terms of offers, marketing and distribution. And more broadly, thanks to my general management experience, I hope to help Sodexo continuous development in the world that is undergoing major changes, both on the economical social and societal level. Eating and consumer habits have been changing, at a very rapid pace and in-depth. There are new expectations, there are new needs, and there are new talent challenges in terms of both supply and responsibility, as Sophia and Denis mentioned earlier. In the face of this, Sodexo must adapt its model in order to maintain its leadership position and to continue its growth. These are fascinating challenges. As such, I am very pleased to be able to join the board of directors. Thank you, Veronique. And now, I would like to invite Luc Mesier to come up and who's going to introduce himself. Hello, everyone, dear shareholders, dear employees and dear directors of Sodexcel. Hi. Before I introduce myself, I would like to say that in 2019, I was fortunate enough to visit a number of sites of Sodexo in the U. S. And in France. During my visits to these Sodexo sites, I've seen many employees work in the field. And I could see, how they would demonstrate their sense of pride, their service period to contribute to improving the quality of life of their clients and customers in my interaction with the leaders and directors of Sodexo, I was able to see how the concerns for corporate responsibility were taken very seriously at Sodexo, beat the social and community aspects be it the ethical and environmental concerns and issues. I'm delighted that I'm given this opportunity to serve as a board member of Sodexo. I was born in Canada. I've been living in the U. S. For 16 years after some studies in civil engineering. I joined a Pomerlo company and Bouygues the French construction company where I became, project manager and the CEO of some subsidiaries, managing large infrastructure projects, Then I went to Technip in the USA as a CEO and I became a Senior Vice President with ConocoPhillips in charge of Global Project Development And Supply Chain Management in the course of my career. I lived and worked in Hong Kong in South Africa, and I worked in more than 25 is today, a board member in 2 companies, 1 Norwegian company and 1 Canadian company. Also, I'm the manager of a small Windemaking company in California, and I've been providing a special support and assistance to some specialist startups, which specialized in developing new technology. In terms of my own skills, I will bring and contribute my own knowledge and exposure to the U. S. And to the international markets, my operational experience, my experience in project management and my knowledge of the supply chains. Also, I'm conversant with the energy industry, with the engineering industry and the building and construction industry, and I have a passion for sustainability and new technology. So Lexo is a company, which I greatly admire, and I feel deeply honored by the opportunity, which is given to me, to serve its shareholders. Thank you so much, Luca. I'd now like to invite Cecile Tondo Du Marc Sach to come up. She's the chairwoman of our compensation committee, and she's going to present a summary of the work of this committee for fiscal year 2019. Chairwoman, CEO, ladies and gentlemen, shareholders. Good afternoon. The compensation policy applicable to corporate officers is determined by the Board of Directors on the basis of recommendations made by the compensation committee. And as Sophie mentioned earlier, it is reviewed annually. The board of directors thus ensures that the compensation policy is adapted to the company strategy and, of course, to its operating context. It also ensures that its purpose is to enhance Sodexo's medium and long term performance and competitiveness. As you all seen in the video, this year, the compensation committee met 5 times. We endeavored to improve the policy by modifying slightly in order to ensure that it is in line with the group strategy. As such, it is compliant with new legal requirements. The work of the compensation committee is based on several simple principles that are listed here First of all, the compensation policy is, of course, compliant and is rather in accordance with the recommendations of the code. We also ensure that it has a certain degree of competitiveness, both on the French market. We compare we are aligned with the CAC 40 companies and we also ensure that it is competitive in terms of the international market. And that's because we have a lot of, directors who are based overseas. And here, we compare ourselves to our main competitors We try to find the most complete balance between the fixed and variable components of compensation We also achieve seek to achieve balance between financial and extra financial objectives, and we also seek to find a balance between short term and long term compensation, we have endeavored to ensure that interests of corporate directors, shareholders and other stakeholders, whether investors or employees are convergent. As such, the performance conditions set for Denise variable component are demanding, and they focus on profitable and sustainable growth in compliance with the announced objective financial objectives. We also have another rule, and that is transparency. Our policy must respect to clear and transparent rules that are straightforward and easy to communicate. Describing the compensation policy for the Chairwoman of the Board. This compensation package contains a fixed compensation It also includes a company car as well as collective health and benefit plans. As in the past, the chair, Sophie Biron does not receive any other form of compensation, let us just say she doesn't have any, variable compensation or exceptional compensation and she does not have any long term incentive plan. Sophie Belon does not receive any directors fees for attending board meetings or for attending any specialized committee meetings. In addition, she will not receive a termination benefit if her corporate office is terminated. And she will not receive any supplementary retirement plan either. Last year, you proved a fixed compensation of 1,000. This amount, as we announced, will remain stable and will remain unchanged for the duration of our term of office. Thus, the compensation committee has proposed to the board that it maintained without any changes. So if EBITDA wants fixed compensation as chairwoman of the board, Regarding the compensation policy for the CEO of Cedexo, it is going to change. For the full year of 2018, 29, the maximum amount of the variable compensation for the CEO was reduced from 200% to 150%. Denis Maestro will receive his first compensation for a complete full year as CEO. The performance shares are conditional to a stock market, a performance compared to a single peer group. And compensation that is paid in the context of his noncompete agreement will not exceed 24 months' worth of his fixed compensation. As for full year 2019, 2020, we will move the possibility further the CEO from receiving exceptional compensation. In addition, there will be a reduction of the vesting period for performance shares which will go from 4 to 3 years in line with market practices. In addition, No performance shares allocation will take place in November 2020. In addition, there will be a prorating of the effective attendance time for these performance chairs. In addition, we have implemented a new supplementary retirement plan, which I will detail later For fiscal year 2019, 2020, the compensation of the CEO will consist of a fixed compensation of an annual variable compensation, of a long term compensation, of a non compete agreement, of a supplemental pension plan of a company car, abnormal employment insurance as well as collective health and benefit plans. Denis Metro will not receive any multiyear or exceptional compensation and he will not receive any severance package the fixed compensation allocated to Denis Maestro for full year 2019, 2020 remains unchanged. And it is thus the amount of that is to say that is identical to the amount that was established when he took office on the 23rd January 2018, the CEO's annual variable compensation for full year 2019 2020. It is composed of the following For 70%, 70% is based on the financial objectives and 30% is based on achievement in non extra financial objectives. So for the financial objectives, we have external growth. We have the operating margin we have, the group net income as well as free cash flow generated by operations. In terms of the remaining 30% non financial targets, These are occupational health and safety at work, talent management, as well as the ranking on the Dow Jones Sustainability Index Now for full year 2019, 2020, 100% of the premium will be paid if the target is achieved and this target is exceeded of 150 percent of the premium will be paid. And however, it will not exceed 150 percent of his fixed compensation. Mr. Denis Metro's long term compensation is exclusively composed of share performance shares. That the allocation of these shares is conditional to the company's performance as well to as well as to a presence condition. These two conditions are now established for a 3 year period. As I mentioned earlier, Denis Maestro will not receive any performance share allocations for the full year 2019, 2020 since the next plan will take place in November 2020. The performance criteria for allocation of performance shares are directly related to the group's strategic priorities. Thus, for the next plan, the economic performance criteria will apply to 50% of share allocations. The market performance criteria will apply to 30% of share allocations and the remaining 20% will be conditioned conditional to, a criteria relating to the company's social performance. Allocation of pro- performance shares to the CEO will have a threshold of 150 percent of his total annual compensation this includes a fixed and variable compensation for objectives at each and will also include 5% of all the shares allocated Preachers allocated during the full year. Let's go back to full year 2018, 2019. The compensation paid or allocated to Sophie Biron as chairwoman of the Board of Director was exactly 607,739. And this includes her fixed compensation of EUR670,000 and a company car for the remainder. For the full year 2018, 2019, The compensation paid or allocated to Denis Maestro as a Chief Executive Officer is 1,800 this includes the fixed compensation of a variable compensation of to as well as benefits in kind amounting to and these are all described on this slide. The annual variable compensation paid or allocated to Denis Madrid as a Chief Executive Officer is thus 892,008 100 and you have a breakdown of the targets for the year and an achievement of these targets This compensation was based and 30% on non financial targets. By way of information, despite an over performance of internal growth for full year 2018, 2019 based on the target that was initially set, the board, by request of Denis Metro, has decided that given, the performance that has a lower end of the range or in terms of, operating margin, the payment the payout of this criteria will, be limited to 200% for himself as well as for members of the executive committee. Regarding the long term, compensation, by way of reminder, I'd like to tell you that, on 19th June, 2019, the board of directors allocated 22,000 performance shares to Denis Metro with evaluation IFR under IFRS rules of 1,000,830 1 100 percent of this allocation, as I mentioned earlier, is conditional to performance conditions over a 4 year period. So the 25% of the vesting of these performance shares is conditional to, achievement of an average of internal growth of revenue, 25% is related to the operating margin For 30%, it is conditional to the performance of TSR Sodexo compared to a group of pairs composed of 12 companies. And for the remaining 20% This is a target of diversity and inclusion set by Sodexo in order to promote women at the highest levels of the company uses. Hire our teams. Following the application of the PAC Law and of the law of 3 July 2019 that transposed the portability of retirement, the Compensation Committee reviewed in 2018, 29, the supplementary pension plan for the CEO and is going to propose a new plan, which I will detail later. By way of reminder, under the old plan based on a seniority of 5 years, it allowed for the payout of a pension that could reach up to 50% 15% of the average fixed compensation paid over the past 3 years prior to the cashing out of his base retirement. In addition, the board directors decided that the vesting of the annual rights under the retirement plan would become effective starting from a minimum, of 80% of achievement of the annual targets based on the annual variable compensation. If this rate was achieved, cent of contribution to the retirement plan would be vested for the current year. By way of information, the rights vested as of December 31, 2019, under the context of the former plan, were frozen on the basis of an amount decided on that same day. Therefore, as of January 1, 2020, a new plan, a new retirement plan will begin The company has thus implemented a new, retirement plan that is regulated by Article L 137 dash 11 dash 2 of the French social security code. Under this new plan, it is necessary to have 1 year of seniority within the Sodexo group in order to benefit from this plan. This plan will allocate annual rights of 5 point 0.5% of the fixed and variable compensation received during the 1st 5 years, then that number will go to 1% just up until the achievement of a total of 10%. The vesting of rights is conditional to the same performance conditions of the previous plan, that's to say the achievement of a minimum or rate of 8% of annual targets. The board of directors would thus, best propose to the AGM to approve the 12th resolution relating to this new retirement plan. Thank you for your attention. Thank you, Cecile. Thank you for those explanations on a very complex topic. Is a very technical topic, but it is also a very important topic. Before I pass the floor to the statutory auditors, I suggest that we read the resolutions that we will put to your vote. And I'd like to pass the floor to Cindy. Ladies and gentlemen, I will now The first two resolutions aim to approve the individual company and consolidated financial statements of Sodexo for the financial year ended August 31, 2019. Showing, respectively, a net income of 597,146,000 and a consolidated net profit attributable to equity holders of the parent of 1,000,000. By the 3rd resolution, you will be asked to approve the allocation of net income and the distribution of a dividend amount of per share for the financial year ended August 31, 2019. This proposal reflects an increase of 5.5% compared to the previous financial year. In accordance with the company bylaws, a 10% dividend premium, representing an additional per share will be allocated to shares registered in registered form for at least 4 years. That is from August 31, 2015, and until the dividend payment date. I remind you that the number of shares eligible for this dividend premium cannot exceed, will be paid according following the departure of Robert Baconier and Estree Belon as from today, we propose that you approve the appointment of 2 new independent directors, Veronique Lawrie and Luke Messou for a period of 3 years, their candidacy will enrich, enhance the skills of the board in the 6th and 7th resolution, the Board of Directors invites you to reappoint Sophista Ville and Cecile Tandor de Maersac for a further period of 3 years. The renewal of these appointments will enable the board to continue to benefit on one hand from the operational and financial expertise in the services and hospital sector provided by Sophie Sabile as well as her experience in major international mergers and acquisitions in the area of innovation and digital transformation. On the other hand, to also benefit from the international experience and skills in the area of human resource managing, marketing and sales, as provided by Cecile Tandou de Marceg. If the proposed renewals are approved by this meeting, so Fi Stabil will continue to chair the audit committee. She will also serve as a member of the compensation committee. Cecil Tandoah, for her part, we'll continue to chair the nominations committee as well as the compensation committee. You will then be asked in resolutions 89 to prove the components of compensation paid or awarded to corporate directors for the 2019 financial year. And in resolutions, 1011 to approve the compensation policies for the chairwoman of the Board of Directors as well as for the Chief Executive Officer for the fiscal year ending August 31, 2020. Any information related to compensation necessary for the proof of this resolutions was presented to you at this meeting by SAC and they're also available in the universal registration document. In Resolution number 12, we will ask due to approve a regulated committed commitment benefiting the CEO relating to the implementation of a supplemental pension plan, the changes regarding this pension plan was also presented to you by Cecile, Tondo de Marsac and is was also presented in the special report of the statutory auditors. In Resolution number 13, you'll be asked to renew for an 18 month period. The authorization provided to the board to enable the company to operate on its own shares out of public offering periods? Even though the law allows for the buyback of company shares in the limit of 10% of the capital, you'll be asked to limit these the amount to 5%. The maximum purchase price for the shares would be set at per share and the total amount allocated to the share buyback program may not exceed 1,000,000 This share buyback program will now be used to cover, the allocation of free shares to reduce the company's share capital and to provide liquidity in Sodexo shares under the liquidity contract concluded by the company with Kepler Cheuvreux. In resolutions, 14 to 19, you'll be asked to approve changes to the company bylaws. The 14th resolutions aimed to delete Article 6, which was integrated at the creation of the company, in order to, detail the various capital contributions. It no longer appears useful to date. The deletion of this article would result in the re numbering of the following articles of the company bylaws. Furthermore, 15th resolutions aims to modify Article 9-four of the bylaws in order to reinforce applicable rules regarding the declaration of, ownership interests. This would enable the company to have a more detailed understanding of the shareholder in order to engage more efficiently with its shareholders, we, therefore, suggest to decrease this disclosure is threshold to 1% of the company voting roads and, for each multiple of that. And 2, change the disclosure deadline to 5 trading days. These disclosure requirements would also apply intermediaries acting for shareholders that are not domiciled in France. In the 16th resolution, the shareholders are asked invited to decide on the modification of Article 11 dash 4 of the company bylaws in order to comply with the new requirements of the PAC's law. Indeed, companies whose board of director is made up of 8 directors or more as opposed to 12 are now obligated to appoint 2 directors representing employees. For your information, Sodexo already meets this requirement since 2015. The 17th resolution aims to modify Article 12 of the company bylaws in order to provide for the possibility for the board to make certain decisions through written consultation of the directors. The 18th resolution aims to modify Article 15 of the company bylaws to bring it into compliance with, the law CEPA 2. By, proposing the removal of the obligation to appoint a deputy statutory auditor when the principle of statutory auditor is not an individual or one person form, In the 19th resolution, the shareholders are called upon to remove transitional provisions linked to the introduction of a dividend premium in 2011, in which are no longer applicable. On an extraordinary basis, It is proposed that you adapt, in resolutions 20 to 20 3 financial resolutions. In the 20th resolution, you'll be asked to renew, for a new period of 26 months, the delegation allowing the board to issue at any time other than when a public tender offer for the company's share is in progress. Shares and or securities carrying rights to the company's shares or to the allocation of debt securities with preferential subscription rights for existing shareholders. The subscription price would be set by the board of directors in accordance with applicable legal and regulatory provisions and standard market practices. In addition, the maximum nominal amount of the capital increases would be and the maximum nominal amount of any debt securities issued would be set at 1000000000. The 21st resolution seeks the renewal for a period of 26 months but the delegation allowing the board to decide at any time other than when a public tender offer for the company shares us in progress, 1 or more capital increases by capitalizing eligible amounts as provided for in the applicable laws and company bylaws. The amount of the capital increases would be included in the maximum amount set in the 20th revolution The board would have full power powers to set the amount and the nature of the amounts to be capitalized as well as the number of new shares to be issued. In the 22nd resolution, The shareholders are called upon to approve the renewal of the board authorization for capital increases reserved for members of employee share purchase plans. Which could be used to align the the total number of shares that may thus may that may thus be issued may not represent more than 1.5 of the share capital and that amount aggregate amount of the capital increases would be included in the amount set in the 20th resolution. The 23rd resolution aims to renew for a period of 26 months. The authorization given to the board of directors to reduce the share capital through the cancellation of treasury shares, these, and this amount may not exceed 5% of the share capital, during a 24 month period. Finally, on an ordinary business, you will be called upon to rule on a standard resolution concerning the grant of powers required to complete all legal formalities and filings. And I would like to inform that we have taken into account your request made during last year's AGM. And for this AGM, we are giving all shareholders the possibility of receiving the notice of meaning and voting digitally via the VOT Access platform. We ran an information and subscription campaign with our shareholders with the help of our account manager in order to promote our shareholders' subscription to the econvening and to the evoning for this general meeting. It is thus with great pleasure that I would like to inform you that we've received very high number of votes by Internet for this general meeting. Mindful of environment, we strongly encourage you to join the VOTE Access System or to get your financial institution to do so, to check whether it is a member of this system in order to receive in the future the convening and to be able to vote online. Thank you so much for your attention. Thank you Cindy I would now like to pass the floor to Jean Christophe from PwC. He's going to present to the report of the College of Secretary Auditors. Hello, ma'am, President. Chairwoman, ladies, gentlemen, shareholders. Hello. I'm very happy to be here in front of you to report on our auditing assignments and on a report we issued for the year ended August 31, 2019. These reports have been made available to the company and are available in the universal registration document, which has been filed, which was filed with AMF on 20th November 2019 and is published on the website of the Sodexo company. According to practice, I will not read out all of the reports. I will just give you a summary set of excerpts. You will see here on top right, the pages of the universal registration document, references to these pages. Let us start with the report on the company financial statements and the consolidated financial statements. Our auditing is aimed at providing you with a reasonable assurance that the financial statements are free from material only statements that they've been prepared in accordance with the generally accepted accounting standards and which they give a true and fair view of the assets, liabilities and financial position. So we've conducted our assignments and auditing work in line with French gap and this work has been adapted to the specific and features of your group. They've covered the current operations and the one off items for the year. We have built upon whenever possible on and when was relevant on the internal control systems, procedures and processes. When they are embracing the group, we have sent out auditing teams to the main affiliates and subsidiaries of the group. And we have visited as many geographic areas as possible. Following our audit, we have presented our conclusions to the audit committee and to the Board of Directors. As a summary, we show an unqualified opinion on the company annual statement and the consolidated annual statements for the year ended 31st 29. Now we have one matter to report as respect to the consolidated financial statements, referring back to, an appendix note to the financial statements, describing the methods for the first application of the new accounting standards. That is IFRS 9. Related to the financial instruments and IFI 15 standard, which is related to the recognition revenue. Now, as you know, in our audit we highlight the key, facts and items in the auditing work that is the items, which required enhanced scrutiny and attention. Generally speaking, these are items which require enhanced scrutiny due to their very nature due to the risk of a material misstatement or due to the financial stakes and amounts and due to the degree of human judgment, which is conducted, we appreciate the assumptions and estimated. Our detail, our reports detail, the procedures we have implemented So I will now point out to some key points without going into too much detail for the company account, we have covered the valuation or equity investment for consolidated financial statements. We've covered the valuation of recoverable amounts of good and will, the any rebates and all types of discounts received from suppliers liabilities with respect to post employment benefits, the tax contingencies and a fair value valuation of the stake in the group of the, Belong company, all these items are built on a large degree of information and call upon expert judgment. Now our procedures were conducted as planned by law, were conducted on information required in the management report We have recapped the type and expense of these procedures, and we have no special matter to report following these procedures. Now with respect to 2, the related third party agreements, we have issued a special report unrelated eyes of any new related third party commitment or agreement, which would have been approved since the closure of the year. And before this AGM, we were advised of a new commitment, which has been approved, benefiting Denis Maxwell and which is subject to your approval in the context of the 12th resolution, which was just presented to you, your company decided to terminate a defined benefit pension plan, as at the 31st December 2019, in the context of the introduction of a new French law, which had transposes, the new European directive with respect to, the portability of pension rights. So as of the 1st January 2020, a new defined benefit pension plan will be introduced in line with the new legislation, and this was presented to you previously. Now with respect to the related third party agreements and commitments already approved by the shareholders in previous fiscal years, the bond has scrutinized and reviewed them in the course of the year to consider whether it was opportun to maintain them. It was the case for 3 such agreements. The first was with respect to the coordination and service agreement signed between the Belon essay and the Sodexo company, which gave rise to a billing of some 3,000,000 162,500 for fees, which is basically the billing of the compensation and payroll taxes for the Sodexo Corporate Officers, the second agreement was with respect to the supplemental health and benefit plan for Madam Sophie Belong, the chairwoman of the ball, Mr. Denis Machuelli or CEO. And the 3rd agreement was with respect to the defined benefits implemented pension plan, which was terminated as at the 30th December 2019, as was mentioned. And we, also mentioned that Denis Maxwell entered into a non compete agreement with your company. Finally, we issued 3 special reports, estimated by law, on draft resolutions related to delegated authority and improvements, which your Board of Directors have asked you to approve. With respect to capital equity operations, the 12, the 20th resolution, ask you to approve one or several issuances of ordinary shares and all other securities with preference subscription rights, the 22nd resolution, has your board asked that you approve a capital increase with the cancellation of subscription of preferential subscription rights such, shares or other securities being reserved for members of a company employee shareholding scheme. The 3rd agreement is with respect to the 23rd resolution, which asks that you approve a reduction of equity capital by cancellation of treasury shares. We have no matter to report. With respect to the first two resolutions, knowing that the final terms and conditions are not being yet set to conduct the issuances. We will proceed with issuing an additional report, in due time. Thank you. And Thank you for your attention. And I turn over to Madam Belo. Merced Thank you for that presentation. Ladies and gentlemen, shareholders, we'd now like to invite you join us for the Q and values. And last year, you asked us about creating a shareholders club. As you probably know, Sodexo took this step in 2019 to help you keep up to date on the company's latest news. Club membership is free. It's open to any individual shareholder who owns at least 1 Sodexo bear or registered share. Our teams are also here today at the interest to this room and at the reception to welcome you and to answer any questions you may have, or if you wish to sign up for this club. So now I'd like to by you to ask us the first question. We're going to take the first question. Good afternoon. My name is Kojetron. I'm a small shareholder. I have three questions. The first question I want to put to you is relative to the humanitarian activities. The house is on fire and everyone is looking elsewhere as a former president Jacques Hirac of France said in his time, what action are you taking to reduce the use of plastics? And do you have a plan to reduce the use of palm oil. My second question relates to the medium of the longer term I've observed that Sodexo as a company has not been actively present in the segment of meal delivery business. Recently, the French retailer carrefour signed an agreement with a startup company to offer a meal delivery service Knowing that you have a new board member on board who seems to have a passion for startup companies, can you tell us what action you want to take with respect to innovative action in the future. My third question is of a judicial nature. In October 2015, Octopus company filed a claim against Sodexo, with a claim on restaurant tickets, I want to know whether there's been a Complicity? Or with respect to the company, Eden Red Thank you, sir. Thank you for your questions. Regarding our environmental commitment, you brought up the use of plastic. And this is, of course, a topic that we have been focusing on a lot. We have conducted many initiatives locally. In fact, in France, law the law is on our side. In the U. K, there's a date set for the complete, for 0 plastic usage. So that is certainly a topic that we're working on. Perhaps, Denis wants to add something. Well, yesterday, We've taken initiatives to reduce plastics, covering some 70% of our revenues, quite a significant scope, as you can see, as a priority, we've taken action to reduce single use plastics, I, made reference to the Inditex, the Spanish Inditex restaurant. We have the same kind of initiatives in Belgium, in the UK and very shortly, we'll have them in France. So our action to reduce a single use plastics has been significant. And across our supply chain, I told you that these reduction activities have been covering 70% of our revenue. You asked us another question about meal deliveries following up on our recent acquisition of Carrefour In fact, or rather Kraf was acquisition of a startup. So we have acquired a startup food Sherry, which delivers meals. And these meals are produced in, the Paris region and they're delivered in Paris. So food sharing, also works in the Lyon Region, another city in France. We're also looking at other innovative solutions in the area of meal deliveries and new catering models in China with Meichuan, And this is a very innovative concept as well. We also have a Zeta experience. So Denis mentioned this, in his presentation, we have actions that are underway in Brazil and in United States in that particular area. So rest assured, we are very, actively engaged in the area of meal deliveries because as you rightly pointed out, This is a demand a request that is being made by our consumers. And of course, we must continuously adapt to the needs of our consumers worldwide. Denis, did you have any other examples? Yes, very simply. The benefits and rewards business has entered into a number of partnerships with meal delivery operators via the Zeta platform in France and in other countries We are convinced that meal delivery service will gain traction to deliver enhanced consumer experience knowing that our consumers want choice want immediacy, want simple ordering. So we won't be controlling the, meal chain end to end, but we will be able to have control of some of them in some geographies, having partnership with some operators. This will be strategy, which will be rolling out over time. We've told you about the Zita acquisition. We'll tell you in the next few years how successful we've been as well as on all of our initiatives on on-site services and benefits and rewards. Thank you, Denis. And then now to answer the 3rd part of your question, regarding, the decision made by the competition authority on 18th December, We are doing noted, their judgment. However, we firmly rejected And we are going to thus appeal the decision. We object that decision to the judgment, because for us, we believe that it reflects a completely erroneous assessment of current practices and of the market. As such, we completely refute the non competition aspect of the exchange of information contained in this judgment and thus we are going to appeal, that decision. Thank you. Another question? Yes. My name is Claude Deroche. I'm a member of the Sodexo Shareholder's Club from today onwards. I have two questions, which will not be relating to the 1,000,000,000 fine, which was handed down by the competition authority to Sodexo nor in, nor of the equity stake, which was mainly in the football club, Olympi De Marce, conducted by our chairperson, Mr. Belon. My first question will be on the food transition and the second will be on food waste. Now my conclusion will be a tribute I want to pay to our honored chairwoman who, to our honored chairperson who will turn 90. So the new food trends veganism organic eating, locally sourced products, local plant based and even insect based products are on increasing demand by the clients and consumers and the French local Egalin, which was adopted on 30th October, of 29, has introduced a vegetarian meal in schools per week. Can these legal initiatives have business and economic implications due to higher sourcing costs these new types of meals, will they be cost effective compared with more conventional types of meals? What about the levels of quality and profitability and to to quote a famous French saying, can we eat well with a little money? Quote, and this brings me to my second question. Sodexo demonstrated on several occasions that was actively involved in the reduction of food waste, which every year represents some 1 third of all food being produced for human consumption. This is one of the greatest scandals in our times if you consider the 842,000,000 people who suffer from hunger across the world. And you have mentioned this, Mr. Denis Maxwell, Sodexo, has deployed the waste watch program to reduce food waste based on beta management, which has very robust commitments to reduce the food waste levels by 50% by 2025 across all its restaurants and size, even better. Sodexo has been the 1st global catering company to link its funding with its action taken against food waste. And this is how the syndicated loan of 1,000,000,000 was renewed to now include a cost of credit adjustment mechanism based on performance aiming at reducing 50 percent of food waste by 2025. And again, I'm making reference to, the messengers passed on by Denis Manuel. Now in order to cut waste, we'll have to optimize and streamline our supply chains to by improving the planning ahead and patient of menus, but also it will involve educating clients and consumers so that they waste less now precisely how can big data or data management can help the company change food consumption habits and behavior for students in schools, for patients, in clinics and hospitals, for seniors, in nursing homes or military personnel in their barracks. How can we encourage people to live, to eat in order to improve their living standards rather than to spend their lives eating before paying a tribute to our honorable chair Chairman, I want to pay tribute to the chairwoman of the board who reported the who issued a special report and submitted this report to the French government, the so called Belon report, and then I want to, pay tribute to Maxwell. Our our CFO, who in December last, was awarded the finance transformation award, which is an award paying tribute to the efforts he conducted since 2016 to streamline to optimize the finance line inside Sodexo. And finally, and I don't want to forget this 3 days before he turns 90, I want to pay a tribute to our chairperson. So my father is not here. So why don't we answer the questions? And I think you might come back later. So thank you so much. You are very, very, very, very well informed about Sodexo Deersir. And thus, regarding your question on food waste, You gave us a lot of, data on our information on what we're already doing and also you capped what Denis said in his presentation. Certainly, food waste is something that is very dear to us. It's something that concerns all of us. It concerns It concerns our clients in terms of the specifications that they give us. And we really need to raise awareness. We need to educate, school children, our employees, healthcare personnel, patients as well. And it's by having discussions with one with each other that we can do then. I believe this transformation is really going to happen thanks to the younger generations a lot of our employees have, children who are young and they come back and say what should be done. And my children aren't quite as young, but also tell me what we can do. So I think data is going to help us, but we cannot only rely on data. Data is important, but it's also about behavior change And it really involves each and every one of us because as you mentioned, it is simply shameful that so much is wasted and that so many people over 800,000,000 people who go to bed hungry at night. So for the first point, I'll let Denis answer regarding the food trends and what we are doing in that particular aspect. Thank you, Sophie, and thank you for your questions. Food transition is dear to our hearts. It is critical for the future of the planet, of course, and food waste is part and parcel of this action we need to take to engage in food transition. You mentioned the economic and financial aspects well. We have been reinventing our supply chain models, of course, a number of our foodstuffs will be coming from a global sourcing processes and this will remain unchanged for a number of years, but we are seeing more and more consumers and clients wanting us to source more and more products locally and from organic products. And this is more and more recognized. But now, this means that consumers and clients will have to become more aware, cognizant of the value and importance of these locally sourced products with the appropriate pricing and at some point, we will be accommodating our pricing schemes to the organically and locally sourced products, we know that organic farming come with the costs and we'll, accommodate our pricing schemes based on that. Now we've always worked on being cost efficient on being cost effective. It's a question of changing the way and improving the way we are preparing our menus and this movement towards veganism and vegetarianism involves that we prepare our menus to remain competitive, to remain cost effective, a plant based menu is not any more costly than a meat based menu, But the pricing dynamics that we have to navigate, we will need to navigate to remain cost effective. So when you source your products locally, when you buy your products directly from local farmers, basically you do away with a number of intermediaries which have a tendency to pilot margin levels. So there is this makes a good business sense to source products locally. So we are convinced that the efforts we've made towards a full transition are meaningful, are relevance as they are good for the planet and they are, they make good business sense for the group. Question number 4 now. Hello, everyone. I won't dwell too much on the profitability of the company. Things the performance seems to be on track. And performance seems to be here. And so I don't want to split hair here. I have an observation to make. I can see that our founding chairman looks better than I feared he would be. But you've been persisting with this family tradition of being humble a few years ago, Changsham, got the, your CFO was awarded the award of the best CFO of the year. And Pierre Belon did not mention it at the time. This year, you got an award, on the occasion of a Paris euro place, and Sodexo was awarded the best company filing the best CSR report And it would have been desirable that you publicize this, if only to, tip your hats off to all those who contributed to obtaining this award because they were 3 runners up, to obtain this award, and it's a great achievement. Dear, sir, thank you so much for thanking us and thank you for reminding us that we are a company that is modest. But being humble is one of the qualities of Sodexo's leader. And so yes, perhaps sometimes we're a bit too modest, a bit too humble. And certainly, we have been awarded many prizes year. And in the future, we will certainly make sure that we boast about all the prizes that we have been awarded in different areas, whether it's in terms of diversity or corporate social responsibility or in the area of finance. But thank you. Truly, thank you so much for calling attention to our humbleness. And we will certainly endeavor to communicate in a more concise and transferred manner on any wars, awards we receive next year. So thank you for your suggestion. Do we have another question? My name is Olivier Schneider. I'm a member of the Sodexo shareholder's club. And have been a shareholder with Sodexo ever since the company was listed on the Paris Stock Exchange. Ever since. I have a comment. I'm surprised that board members are not talking about the family board members. I'm not talking about Mr. Maeschel. I'm not talking about the 2 board members who were just appointed. I'm talking about the other board members. I'm surprised that the only hold, very few shares of the company. Don't you believe that they should be encouraged to, buy more shares of the company or maybe that a rule should be set with a minimum number of shares. It's not normal that they should only have 200 to 400 shares. Well, in fact, we did set a minimum threshold and that's 400 shares. The problem that we encountered this year is that we worked on a project confidential project. As such, for a certain period of time, the directors were not well, they could they had to avoid insider trading. And as such, they were not allowed. They were not authorized to purchase any company shares So for incoming directors or Sophie Sadil or others who are going to begin their terms of office this year, will that period has now ended. And so they will have more opportunities to acquire company shares, but that's the reason why shares were not acquired. And thank you so much for your comment. So as of today, there is a minimum threshold of 400 shares that must be acquired by all new directors. Let me here add that they were, in a situation of insiders and not of insiders dealing there was no risk of insiders eating. Right. They wanted to avoid, having insider treating. They were insiders, and they could not purchase chairs or less they'd choose to be doing insider trading. Is there another question? Number 2. My name is Jean Pierre Enario. I've been a shareholder almost from the beginnings of the company. When you reported your quarterly results a few days ago, the markets were not very satisfied and the stock price went down some 7% during the day and recovered a tiny bit if I understand things well, it seems that the 4% growth announcement includes a 2 one offs which won't be persisting. That is the Rugby World Cup and the Olympics in Japan in July, which means that the fiscal 2020, which already is well engaged in. What about the organic growth that you are banking in 2021, which will be a lean year as they won't be such a major sporting event. I understood that you wanted to, to schedule, organic growth, but I found your, organic growth target quite modest. Well, we never release our forecast for the upcoming year. We do a forecast for the end of the fiscal year, but we do not provide a forecast projections for the upcoming year. I'm going to hand the floor to, Denis, who spoke recently with investors on the publication of the Q1 results. And so he will be better placed to answer that question. Well, it's never very pleasant to see your stock take a plunge after the earnings report, we had gone up 2.5% the day before. We had our stock collapse even more. As Sophie said, we don't make any forecast for fiscal 2021. Fiscal 2022, 2020, we mentioned that the major events will account for 100 basis points. 2020 will have 3% organic growth, not including one off events and the momentum we are generating today. As I told you earlier, was to focus on contract retention, large contract retention in the first quarter. I announced that the Healthcare And Education segment in the U. S. Was not totally up to par, if I may say. So there's still a degree of uncertainty with respect to renewing some contracts. And this generated some form of disappointment, I believe, but we have maintained our yearly guidance and I remain confident that we'll be able to, deliver our targets for the year. And of course, the year end momentum will determine whether we, post fine performance in 2021, but for the last 2 years, we've paid much attention to issuing guidance, which we could deliver. Is there another question from the audience? Apparently, there are no more questions. If there are no more questions and of course you can come and chat with us during the cocktail hour. But if you do not have any further questions, I suggest that we move on to the vote of the resolutions. We're going to run through this pretty quickly. Because Cindy gave you a detailed description of the resolutions. So we're going to vote and we're going to try to move through this as quickly as possible. And as effectively as possible. Thank you, Sophie. Before voting on the resolutions, we are going to show you a brief video explaining how your tablet works for Alain was divided in Resolution, Lavinet would devote Safish automatic mass of auto tablet. Maem Cicel Cieton Wei. Povote, Ariandou Prisampel. A previous or Okay, for valid debit, Rochewa, our own accluture developed. I would like to point sheet definitely, definitely finalized shows that 1775,750 Childers, present represented or having voted by post hold a total of 120,000,002 4957 shares out of the 145,721,000 343 shares with voting rights. That is a final quorum of 83.23%. [SPEAKER UNIDENTIFIED COMPANY REPRESENTATIVE:] So maybe okay on the bus de sales, Lemo Delierry. As mentioned at the start of the meeting, under the simplification law the voting procedures of the AGM Heavy Ball. From now on, the majority of votes will be calculated according to the votes cast from which extensions are excluded. On the other hand, extensions will be taking into account for the calculation of the quorum. We can thus proceed to vote on the resolutions, the full text of which can be found on pages 277 to 293 of the universal registration document, which was made available to shareholders at the entrance to this room and online at sodexo.com, we will only show you a summary of the resolution on the screen. Ordinary business. 1st, resolution, adoption of the individual company financial statements so essay for fiscal 2019 ending August 31, 2019. I open the vote. La Rote Club. The vote is closed. This resolution is adopted with 99 0.98% of votes. 2nd resolution, adoption of the consolidated financial statements for school year, 2019, 2018, 2019, ended August 31, 2019, I opened the vote. The vote is closed. This resolution is adopted with 99.96 percent of votes. 3rd resolution, appropriation of net income for fiscal 2018, 2019, and determination of the dividend at EUR 2.90 per share. I open the The vote is closed. This resolution is adopted with 99.99 percent of votes. 4th resolution appointment of Veronique Lori as director for a period of 3 years. I opened the vote. The vote is closed. Percent of votes. This resolution appointment of Luc Mesier as director for a 3 year term. The vote is open. The vote is closed. This resolution is adopted with 99.80 percent of votes. 6th resolution, renewal of Sophie Stebili's term of Office as a Director for a 3 year term. I open the vote. The vote is closed. This resolution is adopted with 97.0 0.8% of votes. 7th resolution, renewal of the appointment, Director of Cecile Trondack De Maersac, for a 3 year term, I open the vote. The vote is closed. This resolution is adopted with 95.70 percent of votes. 8th resolution. Approval of the components of the compensation paid or awarded for fiscal 2019 to Sophie Belon, Chairwoman of the Board of Directors. I open the vote. Vote is closed. This resolution is adopted with 99.21 percent of votes. 9th resolution The approval of the components of the compensation paid or awarded for fiscal 2019 to Denis Metro Chief Executive Officer. I open the phone. The vote is closed. This resolution is adopted with 99.30 percent of voice. 10th resolution, approval of the compensation policy for the Chairman of the Board of Directors. I opened the vote. The vote is closed. This resolution is adopted with 99.21 percent of votes. 11th resolution, approval of the Chief's Executive Officers Compensation Policy. I opened the vote. The vote is closed. This resolution is adopted with 99.30 3% of votes. 12th resolution, approval of a regulated commitment made in favor of the CEO, Denis Machrel relating to the new supplemental pension plan. I open the vote The vote is closed. This resolution is adopted with 85.09% of votes. 13th resolution, authorization for the board of directors to purchase shares of The vote is closed. This resolution is adopted with 99.72 percent of votes. Extraordinary business, 14th resolution, removal of Article 6 of the bylaws relating to contributions. I open the with 99.80 percent of votes. 15th resolution. Amendment of Article 9 dash 4 of the bylaws relating to disclosure thresholds for ownership interest. I open the vote. The vote is closed. This resolution is adopted with 72.62 percent of votes. 72.62 percent of votes. 16th resolution Amendment of Article 11 dash 4 of the bylaws in order to comply with the new legal requirements regarding the appointment of directors representing employees. I open the vote. The vote is closed. This resolution is adopted with 99.96 percent of votes 17th resolution Amendment of Article 12 of the bylaws in order to enable the board of directors to take decisions by way of written consultation as permitted by the applicable laws and regulations. I open the vote. The vote is closed. This resolution is adopted with 99.95 percent of votes. 18th resolution. Amendment of Article 15 of the bylaws in order to remove the obligation to appoint a deputy statutory auditor. I opened the vote. The vote is closed. This resolution is adopted with 99.79 percent of votes. 19th resolution amendment of Article 18 of the bylaws relating to the appropriation and distribution of net income order to remove the transitional provisions concerning the introduction in 2011 of a dividend premium. I open the boat. The vote is closed. This resolution is adopted with 99.95 percent of votes. 20th resolution, delegation of powers to the board of directors to increase the company's share capital by issuing, with preferential subscription rights, I open the vote. The boat is closed. This resolution is adopted with 99.70 percent of votes. 21st resolution, delegation of powers to the board of directors to increase the company's share capital by capitalizing premiums, reserves, or profits. I open the vote. The vote is closed. This resolution is adopted with 74% of votes. 22nd resolution, increase of capital for excuse me, Delekisha Council of the Board of Pratt to increase the company's share capital by issuing ordinary shares and or securities carrying immediate or deferred rights to the company's capital reserved for members of employees, share purchase plans without preferential rights. I opened the vote The vote is closed. This resolution is adopted with 99.94 percent of the votes. 23rd resolution authorization to the board of directors in order to reduce the share capital by cancelling treasury treasury shares. I open the vote. The vote is closed. This resolution is adopted with 99.98% of the votes. Ordinary business, 24th resolution, power to carry out formalities. I open the vote. The vote is closed. This resolution is adopted with 99.99 percent of votes. Thanks for your attention. I now give the floor to Sophie Benon. Ladies and gentlemen, I would like to thank you for, your trust, the trust that you have given to your board, through your votes, We have completed the agenda. I now declare this session over. Thank you so much for attending this general assembly. Please join us for a cocktail party that is prepared by Bruno Takedering Company and they are going to give us an offering that's fresh, and that respect our commitments in terms of recycling and food waste I'd also like to invite you to enjoy this cocktail so that you can meet the Steppinger teams. The foundation that was created in 1996 by Sodex employees in the United States, stop hunger, stop hunger works with over 70 countries in order to help build a world free of hunger, and their teams are here today to talk about their actions. And this is Stop hunger, ladies and gentlemen.

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