| Financial Year Ended 31 March | |||
| GROUP | 2013 (S$ million) | 2012 (S$ million) | Change (%) |
| Net cash inflow from operating activities | 5,818 | 5,710 | 1.9 |
| Net cash outflow for investing activities | (2,557) | (2,809) | -9.0 |
| Net cash outflow for financing activities | (3,702) | (4,264) | -13.2 |
| Net decrease in cash balance | (442) | (1,363) | -67.6 |
| Exchange effects on cash balance | 6 | (29) | nm |
| Cash balance at beginning of year | 1,346 | 2,738 | -50.8 |
| Cash balance at end of year | 911 | 1,346 | -32.3 |
| Free cash flow | |||
| Singapore | 1,491 | 1,170 | 27.4 |
| Australia | 1,367 | 1,451 | -5.8 |
| Australia (in A$) | 1,068 | 1,111 | -3.9 |
| Associates (net dividends after withholding tax) | 900 | 841 | 7.1 |
| Group | 3,759 | 3,462 | 8.6 |
| Cash capital expenditure as a percentage of operating revenue | 11% | 12% | |
“nm” denotes not meaningful.
The Group’s net cash inflow from operating activities for the year was S$5.82 billion, up 1.9% or S$107 million. Increased dividends from associates and lower tax payments partially offset the higher working capital in Australia.
The investing cash outflow was S$2.56 billion. During the year, payments of S$698 million were made for acquisitions of subsidiaries, namely Amobee Inc., Vividwireless Group and Pixable Inc. This was partly offset by S$337 million from the sale of a stake in FET and the initial sale proceeds of S$87 million from the divestment of Warid Pakistan. Capital expenditure totalled S$2.06 billion, and represented 11% of the Group’s operating revenue, 1 percentage point lower than last year. Major capital expenditure for the year included investments in satellites as well as fixed and mobile networks including 4G deployment in Singapore and Australia.
Net cash outflow of S$3.70 billion for financing activities comprised mainly the payment of S$1.43 billion for final dividends in respect of the previous financial year ended 31 March 2012, and S$1.08 billion for interim dividends in respect of the current financial year. Other major financing cash outflows included S$805 million for the net repayment of borrowings and S$343 million for interest payments.
The Group generated strong free cash flows at S$3.76 billion, higher by 8.6% or S$297 million from last year. Free cash flow from Singapore grew 27% due to higher operating cash flow from favourable movements in working capital and lower tax payments, as well as lower capital expenditure. Free cash flow from Australia declined 3.9% to A$1.07 billion as a result of higher working capital reflecting higher receivables from increased accrued handset repayments, partly offset by lower tax payments and capital spend.