Financial Year ended 31 March
Financial Year ended 31 March
Financial Year ended 31 March
2019
2018
Change
(S$ million)
(S$ million)
(%)
Net cash inﬂow from operating activities
5,368
5,955
-9.9
Net cash outﬂow for investing activities
(2,329)
(1,951)
19.4
Net cash outﬂow for ﬁnancing activities
(3,056)
(4,009)
-23.8
Net change in cash balance
(16)
(5)
248.9
Exchange effects on cash balance
4
(4)
nm
Cash balance at beginning of year
525
534
-1.7
Cash balance at end of year
513
525
-2.3
Singtel (1)
1,242
1,126
10.3
Optus
1,006
989
1.8
Associates (net dividends after withholding tax)
1,402
1,492
-6.0
Group free cash ﬂow
3,650
3,606
1.2
Optus (in A$ million)
1,028
947
8.5
Cash capital expenditure as a percentage of operating revenue
10%
14%
management discussion and analysis .
cash flow .
" nm " denotes not meaningful .
note : -1 refers to singtel group excluding optus .
the group ’ s free cash flow grew 1 .
2 % to s $ 3 .
65 billion .
the increase was driven by lower capital expenditure partly offset by lower operating cash flow higher cash taxes and lower associates ’ dividends .
net cash inflow from operating activities declined 9 .
9 % to s $ 5 .
37 billion .
dividends received from the associates fell 6 .
0 % mainly from telkomsel the southern cross consortium and netlink trust .
net cash inflow from operating activities declined 9 .
9 % to s $ 5 .
37 billion .
dividends received from the associates fell 6 .
0 % mainly from telkomsel the southern cross consortium and netlink trust .
the investing cash outflow was s $ 2 .
33 billion .
during the year singtel received proceeds of s $ 118 million from the disposal of a property in singapore .
payments of s $ 123 million were made for the acquisition of videology assets in august 2018 and s $ 344 million for the acquisition of a 5 .
7 % equity interest in airtel africa in october 2018 .
capital expenditure totalled s $ 1 .
72 billion comprising s $ 587 million for singtel and s $ 1 .
13 billion -a $ 1 .
14 billion for optus .
in singtel major capital investments in the year included s $ 215 million for fixed and data infrastructure s $ 183 million for mobile networks and s $ 189 million for ict and other investments .
the investing cash outflow was s $ 2 .
33 billion .
during the year singtel received proceeds of s $ 118 million from the disposal of a property in singapore .
payments of s $ 123 million were made for the acquisition of videology assets in august 2018 and s $ 344 million for the acquisition of a 5 .
7 % equity interest in airtel africa in october 2018 .
capital expenditure totalled s $ 1 .
72 billion comprising s $ 587 million for singtel and s $ 1 .
13 billion -a $ 1 .
14 billion for optus .
in singtel major capital investments in the year included s $ 215 million for fixed and data infrastructure s $ 183 million for mobile networks and s $ 189 million for ict and other investments .
in optus capital investments in mobile networks amounted to a $ 633 million with the balance in fixed and other investments .
in optus capital investments in mobile networks amounted to a $ 633 million with the balance in fixed and other investments .
net cash outflow for financing activities amounted to s $ 3 .
06 billion .
major cash outflows included net interest payments of s $ 385 million and payments of s $ 1 .
75 billion for final dividends in respect of fy 2018 and s $ 1 .
11 billion for interim dividends in respect of fy 2019 partly offset by increase in net borrowings of s $ 222 million .

Question: What was the increase in free cash flow from 2018 to 2019 driven by?
Answer: lower capital expenditure partly offset by lower operating cash flow, higher cash taxes and lower associates’ dividends

Question: What are the major capital investments in 2019?
Answer: S$215 million for fixed and data infrastructure, S$183 million for mobile networks and S$189 million for ICT and other investments

Question: What was the total amount paid out in final dividends (for FY2018)?
Answer: S$1.75 billion

Question: How many major components are there in the cash flow (affecting net change in cash balance)?
Answer: 3

Question: What is the average net change in cash balance across the 2 years?
Answer: -10.5

Question: How much of the investing cash outflow was attributed to acquisitions in 2018?
Answer: 467