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$222 million. <table> <tbody> <tr><td></td><td>Financial Year ended 31 March</td><td></td><td></td></tr> <tr><td></td><td>2019</td><td>2018</td><td>Change</td></tr> <tr><td></td><td>(S$ million)</td><td>(S$ million)</td><td>(%)</td></tr> <tr><td>Net cash inﬂow from operating activities</td><td>5,368</td><td>5,955</td><td>-9.9</td></tr> <tr><td>Net cash outﬂow for investing activities</td><td>(2,329)</td><td>(1,951)</td><td>19.4</td></tr> <tr><td>Net cash outﬂow for ﬁnancing activities</td><td>(3,056)</td><td>(4,009)</td><td>-23.8</td></tr> <tr><td>Net change in cash balance</td><td>(16)</td><td>(5)</td><td>248.9</td></tr> <tr><td>Exchange effects on cash balance</td><td>4</td><td>(4)</td><td>nm</td></tr> <tr><td>Cash balance at beginning of year</td><td>525</td><td>534</td><td>-1.7</td></tr> <tr><td>Cash balance at end of year</td><td>513</td><td>525</td><td>-2.3</td></tr> <tr><td>Singtel (1)</td><td>1,242</td><td>1,126</td><td>10.3</td></tr> <tr><td>Optus</td><td>1,006</td><td>989</td><td>1.8</td></tr> <tr><td>Associates (net dividends after withholding tax)</td><td>1,402</td><td>1,492</td><td>-6.0</td></tr> <tr><td>Group free cash ﬂow</td><td>3,650</td><td>3,606</td><td>1.2</td></tr> <tr><td>Optus (in A$ million)</td><td>1,028</td><td>947</td><td>8.5</td></tr> <tr><td>Cash capital expenditure as a percentage of operating revenue</td><td>10%</td><td>14%</td><td></td></tr> </tbody> </table>

Question: How many major components are there in the cash flow (affecting net change in cash balance), if the net cash outflow for investing activities is 0?
Answer: 2

Question: What is the average net change in cash balance across the 2 years, if the net change in cash balance for 2019 was 80?
Answer: 37.5

Question: How much of the investing cash outflow was attributed to acquisitions in 2018, if Singtel did not acquire Videology assets?
Answer: 344