The balance of “Deferred Income” totalled EUR 1,037 million at the end of 2017 (2016: EUR 1,118 million), of which EUR 1,033 million correspond to grants related to assets received from the infrastructure concession grantors, primarily in the Toll Roads Division (EUR 1,012 million) and in the Services Division (EUR 8 million).

Within the Toll Roads Division, these grants are mainly broken down into the following projects: LBJ Infrastructure Group (EUR 399 million); NTE Mobility Partners (EUR 487 million); NTE Mobility Partners Segments 3 LLC (EUR 81 million); and, lastly, I-77 Mobility Partners (EUR 45 million).

The main change in 2017 took place at NTE Mobility Partners Segments 3 and I-77 Mobility Partners, subsidiaries of Cintra in the US, which received additional grants in 2017 amounting to EUR 24 million and EUR 33 million, respectively, offset by a decrease of EUR 74 million and EUR 60 million as a result of the grants being taken to profit or loss in the framework of the NTE Mobility Partners and LBJ Infrastructures projects.

There was also a decrease of EUR 137 million at the US companies due to the depreciation of the US dollar with respect to the euro.

These grants related to assets are recognised in profit or loss over the periods and in the proportions in which depreciation expense on those assets is recognised. The impact of these grants on cash flows is presented as a reduction of cash flows from investing activities.

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