text: Management Discussion and Analysis
text: Cash Flow
text: "nm" denotes not meaningful
text: Note: (1) Refers to Singtel Group excluding Optus.
text: 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.
text: 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.
text: 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.
text: 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.
text: 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:
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%

Questions:
question: How many major components are there in the cash flow (affecting net change in cash balance)?
answer: 3
derivation: operating##investing##ﬁnancing
question: What is the average net change in cash balance across the 2 years?
answer: -10.5
derivation: (-16-5) / 2
scale: million