Table:
|  | 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% |  |
Paragraphs:
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 is the average net change in cash balance across the 2 years?
Answer: (-16-5) / 2 = -10.5