2019- 20 ambitions (6) including IFRS 16 impact Total net investments (10) excluding acquisitions and ' 2019- 20 Group disposals' :~euros 15bn / year 2019- 2020 Group disposals: euros 2 to 3bn Net financial debt / EBITDA) (7) (10:2.7x Dividend: target payout ratio of Net income excluding non- recurring items (11.