The deferred income of €694 million (2017: €246 million) consists largely of season ticket payments received in advance. The increase is caused by the advance payments received for the 2019 student card received at the end of 2018.

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.