Group

2017
£m
2016
£m
At the start of the year6,260.55,924.0
Net capital expenditure691.7681.6
Dividends (see note 8)263.1258.7
Loans to joint ventures109.0
Interest156.1166.8
Inflation uplift on index-linked debt (see note 5)80.737.9
Tax41.253.1
Other4.41.5
Fair value movements*(9.9)42.4
Cash generated from operations (see note A1)(1,018.1)(905.5)
At the end of the year6,578.76,260.5

* Fair value movements includes net fair value gains on debt and derivative instruments of £24.3 million (2016: £26.3 million losses), less £14.4 million (2016: £16.1 million) of net receipts on swaps and debt under fair value option (see note 5).

Net debt comprises borrowings, net of cash and short-term deposits and derivatives.