28. Deferred credits

(in millions of euros)

December 31, 2017

December 31, 2016

Lump sum payments

228

249

Adjustment mechanism for the main rail network concession

121

119

Deferred credits

349

368

Less: current

-40

-40

Total non-current as at 31 December

309

328

The lump-sum payment for wage increases resulting from making SPF independent in 1994 is expected to be released up to 2035, and be credited to the income statement. The franchise fee adjustment mechanism is included in the implementation agreement for the main rail network franchise (see note 31); the amounts will be released in equal instalments and be credited to the income statement during the term of the franchise up to 2024.

Accounting policies

This income concerns amounts received in one go under agreements with terms extending to future years. The proceeds are credited to the income statement over the term of the agreements to which they relate. The proceeds are measured at amortised cost.