Corporate TSE:FTS On an annual basis, corporate expenses were $13.8 million compared to $11.5 million in 2000. The $2.3 million increase in corporate expenses was primarily attributable to business development costs and a full year of financing costs associated with acquisitions made in 2000. Financing costs were $7.8 million in 2001 compared to $7.4 million in 2000. Administration expenses for the year were $3.2 million compared to $2.0 million in the prior year. Corporate costs also included dividends on preferred shares and the amortization of goodwill.  Liquidity and Capital Resources Operating Activities: Cash from operations, before working capital adjustments, increased 51.1 per cent to $120.7 million in 2001 from $79.9 million in 2000. The increase in cash from operations in 2001 was primarily attributable to the growth in earnings as well as the deferral of future income taxes by Fortis Properties associated with asset growth in the last fourteen months. Cash from operations by operating segment is presented in the following table. ($ millions) 2001 2000 Newfoundland Power 56.6 47.5 Maritime Electric  (2) 24.2 9.2 BECOL 8.7 - Belize Electricity 16.5 15.5 Canadian Niagara Power 7.7 6.4 Fortis Properties 13.9 8.3 Corporate and Other (6.9) (7.0) TOTAL 120.7 79.9 Cash from Operations by  Operating Segment  (1) Financing Activities: Cash from financing activities was $141.4 million compared to $150.2 million last year.  During the fourth quarter of 2001, BECOL successfully secured $71.7 million in long-term debt financing to replace a portion of the $93.0 million short-term bridge financing put in place in early 2001 to finance the Corporation’s investment in BECOL.  Newfoundland Power redeemed its 11.5 per cent Series AB Bonds in 2001. These bonds, originally due in 2005, were redeemed in light of more favourable financing rates available. None of Newfoundland Power’s remaining bond issues have similar favourable redemption terms. Belize Electricity successfully issued $15.6 million in 9.5 per cent unsecured debentures in 2001. The securing of the BECOL financing represents the Corporation’s first successful negotiation of US dollar  long-term financing to finance foreign acquisitions. This demonstrates the confidence of the lending community  in the operations of BECOL and the growth opportunities of the country of Belize.  Short-term debt and cash on hand is initially used to finance capital programs, projects and acquisitions. Fortis and its operating companies have $255.0 million in short- term credit facilities to support financing requirements. Short-term debt is subsequently refinanced with an appropriate balance of long-term debt, preferred shares and common shares. FORTIS Inc. 2OO1 Annual Report 37 (1) Before working capital adjustments (2) Cash flows of Maritime Electric include those of FortisUS Energy.