|At the start of the year||6,260.5||5,924.0|
|Net capital expenditure||691.7||681.6|
|Dividends (see note 8)||263.1||258.7|
|Loans to joint ventures||109.0||–|
|Inflation uplift on index-linked debt (see note 5)||80.7||37.9|
|Fair value movements*||(9.9)||42.4|
|Cash generated from operations (see note A1)||(1,018.1)||(905.5)|
|At the end of the year||6,578.7||6,260.5|
* 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.