JAPAN EXPRESSWAY HOLDING AND DEBT ......The Japan Expressway Holding and Debt Repayment Agency was...

JAPAN EXPRESSWAY HOLDINGAND

DEBT REPAYMENT AGENCY

2016

November, 2016



Japan Expressway Holding and Debt Repayment AgencyYokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku,Yokohama City, Japan 220-0011TEL. +81-45-228-5977http://www.jehdra.go.jp

Contents■Agency Overview１　About the Agency ………………………………………… 1２　Establishment of the Agency……………………………… 1３　Operation of the Agency ………………………………… 2４　Agreements with Expressway Companies and

Business Implementation Programs……………………… 3５　Procedural Flow …………………………………………… 4６　Expressway Management ………………………………… 4

■Status of Business Execution in FY 2015１　Holding and Leasing of Expressway Assets……………… 5２　Status of Debt Repayment ………………………………… 6３　Interest-free Loans to Companies………………………… 8４　Arrangements to Facilitate Reduction in Costs for

New Construction, Reconstruction, Maintenance,Repairs and other Expressway Maintenance …………… 8

５　Exercise of Statutory Authority on Behalf ofRoad Administrators ……………………………………… 9

６　Management of Railway Facilities ConnectingHonshu and Shikoku ……………………………………… 10

■Comparison of Debt Repayment Plan andPerformance

１　Comparison of FY 2015 Debt Repayment Plan andPerformance ………………………………………………… 11

２　Transition of the Debt Repayment Plan andPerformance (Since the Agency was established) ……… 14

■Overview of FY 2015 Financial Statements１　Profit and Loss Statement ………………………………… 15２　Balance Sheet ……………………………………………… 16

■Present Condition of Expressways　 ………………………………………………………………… 17

■Appendix　 ………………………………………………………………… 20

■Expressway Network　 ………………………………………………………………… 27

Cover Photos

●① ●②

●③ ●④

●⑤ ●⑥

①Minatooohashi（Route 4 & 5 Bayshore Line・ Hanshin Expressway Co., Ltd.　Route 16 Osaka Port Line）②Rainbow Bridge（Route 11 Daiba Line） Metropolitan Expressway Co., Ltd.③Shin-Sanagawa Bridge（Shi-Tomei Expressway Central Nippon Expressway Co., Ltd.　Okazaki Higashi IC ～ Shijo IC） ④Seto Bridge（Seto-Chuo Expressway Kojima IC Honshu-Shikoku Bridge Expressway Co., Ltd.　～Sakaide IC） ⑤Moji-ko IC, Kanmon Bridge（Kanmon Expressway） West Nippon Expressway Co., Ltd.⑥Kuki-Shiraoka JCT（Ken-Ō Expressway） East Nippon Expressway Co., Ltd.

President's MessageThe Japan Expressway Holding and Debt Repayment Agency was established in October 2005 with six

privatized expressway companies within the privatization framework of the highway public corporations.

The missions are to hold and maintain the expressway assets in a good condition and to repay inherited debts from the highway public corporations as well as incremental debts due to new construction of expressway assets. We commit to the steady and full repayment of the debts as well as maintaining the safety and high quality of expressway assets by working closely with the six expressway companies. The repayment scheme is based on utilization of the fees paid by the expressway companies for the lease of the expressway assets. Further, in cooperation with the expressway companies, we exercise our authority as road administrator in a timely and appropriate manner to ensure the safe and efficient operation of the expressways. For regional assets we also oversee the detailed maintenance and management works appropriate to local conditions thus ensuring that we hand over safe and high quality expressways to the next generation.

Interest rate rises are the most critical risk for long-term repayment schedules. We have dealt carefully with this risk by effective liability management such as issuing ultra-long-term bonds during the recent historically low interest rate period in Japan. As a result, we have been outperforming the debt repayment with the current balance well below the original forecast.

Through our website we actively disclose business and operational information such as debt repayment plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the transparency and accountability of our operation.

The Shin Tomei Expressway between Hamamatsu-Inasa junction and Toyota-Higashi junction was opened in February, 2016. The opening made us to extend double expressway networks of Tomei Expressway and Shin Tomei Expressway by 200 km, and has significantly reduced the congestion of Tomei Expressway.

New expressway toll system was established in Tokyo metropolitan area in April, 2016. The system accompanying with the development of network in a beltway around greater Tokyo area have led to a decrease of the heavy traffic in central Tokyo. Additionally, these have led to a positive outcome such as an increase of many new distribution facilities built along the beltway.

We will do our utmost to realize a successful and efficient operation of the expressway business to enrich everyone's lives. With your continuous support and guidance, every efforts will be made to meet our commitments.

Hirotada SeyamaPresident,Japan Expressway Holding and Debt Repayment AgencyOctober 2016

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Agency Overview

Agency Overview１．About the Agency The objectives of the Agency are to reduce the burden of the general public relating to expressways and to

support the successful implementations of the expressway business by the Companies, by holding and leasing

expressway assets related to expressways and repaying debts in a reliable and swift manner.

２．Establishment of the AgencyThe Japan Expressway Holding and Debt Repayment Agency (hereafter referred to as “the Agency”) was

established on October 1, 2005, along with six expressway companies (hereafter referred to as “the Companies”),

under four laws regarding the privatization of four highway public corporations, which were enacted in accordance

with the Japanese Government's policy of privatizing the four public corporations, as spelled out in the Reorganization

and Rationalization Plan for Special Public Corporations (approved in a Cabinet meeting on December 19, 2001)

◆ Framework of the Privatization of Highway Public Corporations　

Companies: Construction, renewal and managementof expressways and collection of tolls

● To secure the repayment of interest-bearing debts amounting to about 40 trillion● To construct, without delay, genuinely needed expressways with minimum fiscal burden on the general

public, while paying due respect to the autonomy of the Companies● To offer diverse and flexible prices and services to expressway users by utilizing the private sector’s know-how

Objective of Privatization

− 1 − − 2 −

Agency Overview

３．Operation of the AgencyThe Agency concludes agreements with each of the Companies, receives approval by the Minister of the Ministry of

Land, Infrastructure, Transport and Tourism (MLIT), and formulates business implementation plans that include lease

fees and a debt repayment plan.

On the basis of this agreement, the Agency will fully repay the debts inherited from the public corporations and new

debts accepted from the Companies before the expiration date of toll collection duration*, with the lease fees paid by

the Companies. Upon full repayment of the debts, the expressways will be transferred to the Companies, which are

the original road administrators.

Until the handover of expressway management, the Agency will exercise statutory rights on behalf of them.

◆ Scheme for the Implementation of Expressway Business Activities by Agency and Companies

Funds raised

Authorization by the minister of MLIT

*Partial revision of the Road Law, etc. that was executed on June 30, 2014 changed the expiration date of collection duration of expressway tolls leasedby the Agency to before September 30, 2065, to allow prompt and deliberate renewals(construction such as specified renewal)corresponding to the aging of expressways.

◆ Scope of Business Activities (prescribed in Article 12 of the Japan ExpresswayHolding and Debt Repayment Agency Law)　

1. Holding of expressway assets and their leasing to the Companies2. Repayment of inherited debts3. Acceptance of debts borne by any the companies to pay the cost of new construction, reconstruction, repair or restoration of

expressways following disasters under the Agreement, and the repayment of such debts4. Provision of interest-free loans, financed with subsidies granted by the national government or local public entities as

prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd., and/or Hanshin Expressway Co.,Ltd., to partially cover funds to pay the cost of new construction or reconstruction of the Metropolitan Expressway and/or Hanshin Expressway

5. Provision of interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover funds to pay the cost of the restoration of expressways damaged by disasters

6. Provision of interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover funds to pay the cost of construction of junctions connecting the said expressways and roads(excluding expressways)specified by the Ordinance of the Ministry of Land, Infrastructure and Transport and Tourism.

7. Provision of interest-free loans, financed with subsidies granted by local public entities, as prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd., and/or Hanshin Expressway Co., Ltd., to partially cover funds to pay the cost of new construction, reconstruction, repair or restoration of Metropolitan Expressway Co., Ltd., and/or Hanshin Expressway Co., Ltd., following disasters

8. Subsidization required to facilitate a reduction in costs of the new construction, reconstruction, maintenance, repair and other aspects of management of expressways through the Companies’ own effort

9. Where any of the Companies is to engage in new construction work, reconstruction, maintenance, or repair work or perform other aspects of expressway management, the Exercise of Statutory Powers on Behalf of Road Administrators under the Law concerning Special Measures for Highway Improvement

10. Operations prescribed under the Law Concerning Special Measures regarding general marine passenger liner service operations, etc., in relation to the construction of the Honshu-Shikoku Bridge

11. Management of railway facilities linking Honshu and Shikoku12. Making available railway facilities under item 11 above for use by the railway service operator for the charging of fees

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Agency Overview

４．Agreements with Expressway Companiesand Business Implementation Programs

When intending to undertake a business operation, under Article 13, Item 1 of the Japan Expressway Holding

and Debt Repayment Agency Law (hereafter referred to as the “Agency Law”), the Agency is required to enter in

advance into an agreement with the Company concerned, prescribing the lease fees and other conditions of lease

regarding the expressway assets the Agency is to lease to the Company for each expressway belonging to the

national expressway network, the regional expressway networks or independent general toll roads.

When an agreement has been entered into, under Article 14, Item 1 of the Agency Law, the Agency is required to

formulate a business implementation program that specifies details of the income and expenditure budget(debt

repayment plan)of the Agency, in addition to the item prescribed in the agreement(excluding the toll amounts to

be collected by the Company and the duration of collection), and submit it to the Minister of Land, Infrastructure

and Transport for his or her approval.

A Company that enters into an agreement with the Agency is required to carry out its business activities

under the agreement subject to approval by the Minister of Land, Infrastructure and Transport with regard to

construction details, toll amounts, and other items.

◆ Business Unit　

◆ List of Agreements　

As of October 2016

Agreement / Approval for Business Activities Business Implementation Programs

Nationalexpressway

network

Expressways within the national expressway network for・East Nippon Expressway Co., Ltd.,・Central Nippon Expressway Co., Ltd.,・West Nippon Expressway Co., Ltd.,・Honshu-Shikoku Bridge Expressway Co., Ltd.,

: 4 agreements

Expressways within the national expressway network : 1 program

Regionalexpressway

networks

・Metropolitan Expressway,・Hanshin Expressway (Hanshin area)・Hanshin Expressway (Kyoto area) : 3 agreements

・Metropolitan Expressway・Hanshin Expressway (Hanshin area)・Hanshin Expressway (Kyoto area) : 3 programs

Independentgeneral toll

roads *

Respective independent general toll roads outside thenational expressway network : 9 agreements

Respective independent general toll roads outside the　national expressway network : 9 programs

As of October 2016

Name of Agreement Party to the Agreement withthe Agency

National

expressway

network

Agreement Regarding the National Expressway Hokkaido Crossing Route, Hakodate-Nayoro Line East Nippon

Agreement Regarding the National Expressway Chuo Expressway Fuji-Yoshida Line Central Nippon

Agreement Regarding the National Expressway Chuo Expressway Nishinomiya Line West Nippon

Agreement Regarding General National Road Route 28 (Honshu-Shikoku Expressway (Kobe-Naruto Route)) Honshu-Shikoku

Regionalexpressw

ay netw

orks

Agreement Regarding the Metropolitan Expressway Line 1 Metropolitan

Agreement Regarding the Osaka Prefectural Expressway Osaka-Ikeda Line Hanshin

Agreement Regarding the Kyoto City Expressway Line 1 Hanshin

Independent general toll roads *

Agreement Regarding General National Road Route 158 (Chubu Crossing Route, Abotoge Road) Central Nippon

Agreement Regarding General National Road Route 31 (Hiroshima-Kure Road) West Nippon

Agreement Regarding General National Road Route 165 and 166 (Minami-Hanna Road) West Nippon

Made free of charge

Agreement Regarding General National Road Route 45(Sanriku Jukan Expressway (between Naruse-Okumatsushima and Ishinomaki-Kanan)) * January 24, 2008 East Nippon

Agreement Regarding General National Road Route 1 (Hakone Bypass) * July 16, 2011 Central Nippon

Agreement Regarding General National Road Route 16 (Hachioji Bypass) * October 31, 2015 Central Nippon

Agreement Regarding General National Road Route 139 (Nishi-Fuji Road) * April 1, 2012 Central Nippon

Agreement Regarding General National Road Route 201 (Yakiyama Bypass) * October 1, 2014 West Nippon

Agreement Regarding General National Road Route 506 (Naha Airport Expressway (Haebaru Road) * March 28, 2009 West Nippon

・(*) indicates the start date of toll-free For information on individual agreements and business implementation programs, please see the Agency website (http://www.jehdra.go.jp/kyouteigyoumujisshi.html)

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Agency Overview

５．Procedural Flow

６．Expressway ManagementAgency and companies share management roles and closely communicate with each other to manage the

expressway system based on Special Measures Act on Road Preparation.

Companies play a role in maintenance and repair of road condition, and charging fee to keep the expressway’s

function satisfactory all the time.

On the other hand, the Agency plays a role in exerting public authorities that were delegated from the original

administrators (the Minister of Land, Infrastructure, Transport and Tourism, and leaders of local authorities),

specifically, administrative measures such as prohibition and restriction of traffic (mostly prohibition), providing

special permissions (road occupancy/passage permission of special vehicles), issuing orders (orders for action

toward the violation of vehicle restriction and etc.,). Also the Agency receives reports on implementation status of

road management from the companies, and checks on the employment implementation situation as necessary.

The collected information regarding the implementation of expressway management will be shared to develop

the management system.

For individual agreement and implementation programs, please refer to the Agency's website(http://www.jehdra.go.jp/kyouteigyoumujisshi.html)

− 5 − − 6 −

Status of Business Execution in FY2015

Status of Business Execution in FY2015１．Holding and Leasing of Expressway Assets

(1) Holding and Leasing of Expressway AssetsIn FY2015, 74.5km of holding and leasing of expressway assets increased because the use of Shin-

Tomei expressway was started, and 4.5km decreased because of expansion of fee-free area for Hachioji bypass. As a result, the holding and leasing of expressway assets became 10,061km for opened section and 10,159km for combined total length including new sections.

◆ Status of Holding and Leasing of Expressway Assets　

(2) New Opened SectionThe following Expressway sections newly opened

in FY2015.　　　　　　　　　　　　　　　　　　　　　

February 13th, 2016Shin-Tomei Expressway(between Hamamatsu-Inasa JCT and Toyota-Higashi JCT)

As of March 31, 2016 (Unit: km)

Total East NipponExpressway

Co.,Ltd.

Central NipponExpressway

Co.,Ltd.

West NipponExpressway

Co.,Ltd.

MetropolitanExpressway

Co.,Ltd.

Hanshin Expressway Co.,Ltd. Honshu-Shikoku Bridge

Expressway Co.,Ltd.Hanshin area Kyoto area

Length of holding and leasing 10,159 ［10］ 3,863 ［14］ 2,037 ［-5］ 3,492 ［0］ 321 ［0］ 263 ［0］ 10 ［0］ 173 ［0］

Of which are a length opened to traffic 10,061 ［70］ 3,840 ［21］ 2,029 ［50］ 3,449 ［0］ 311 ［0］ 249 ［0］ 10 ［0］ 173 ［0］

Of which are a length under construction (492)98

［-75］［-60］

(146)23

［-21］［-6］

(211)8

［-54］［-54］

(102)43

［0］［0］

(19)11

［0］［-3］

(14)14

［0］［0］ - - - -

(Breakdown)

National expressway netwotk National expressways Highways other than national expressways

9,5318,2951,236

［14］［0］

［14］

3,8633,376

487

［14］［0］

［14］

2,0311,829

202

［0］［0］［0］

3,4643,090

374

［0］［0］［0］

- - - - - -173

-173

［0］-

［0］

Of which are a length opened to traffic 9,457 ［75］ 3,840 ［21］ 2,023 ［54］ 3,421 ［0］ - - - - - - 173 ［0］

National expressways 8,228 ［54］ 3,360 ［0］ 1,821 ［54］ 3,047 ［0］ - - - - - - - -

Highways other than national expressways 1,229 ［21］ 480 ［21］ 202 ［0］ 374 ［0］ - - - - - - 173 ［0］


［-75］［-60］

(146)23

［-21］［-6］

(211)8

［-54］［-54］

(102)43

［0］［0］ - - - - - - - -

National expressways (320)67

［-54］［-54］

(83)16

［0］［0］

(135)8

［-54］［-54］

(102)43

［0］［0］ - - - - - - - -

Highways other than national expressways (139)7

［-21］［-6］

(63)7

［-21］［-6］

(76)0

［0］［0］

(0)0

［0］［0］ - - - - - - - -

Regional expressway networks 594 ［0］ - - - - - - 321 ［0］ 263 ［0］ 10 ［0］ - -

Of which are a length opened to traffic 570 ［0］ - - - - - - 311 ［0］ 249 ［0］ 10 ［0］ - -


［0］［0］ - - - - - - (19)

11［0］［0］

(14)14

［0］［0］ - - - -

Independent general toll roads 34 ［-5］ - - 6 ［-5］ 28 ［0］ - - - - - - - -

Of which are a length opened to traffic 34 ［-5］ - - 6 ［-5］ 28 ［0］ - - - - - - - -

Of which are a length under construction - - - - - - - - - - - - - - - -

Note1 : Figures in parentheses denote the increase or decrease in value over figures for March 31, 2015Note2 : Length figures have been obtained by totaling all the sections that contain assets held by the Agency with the distance between ICs as the minimum unit.

However, figures in parenthesis for "Of which are a length under construction" are the total distance of length for expressway sections undergoing new construction by expressway companies under agreements with the Agency, including sections for which the Agency already holds assets.

Note3 : There may be discrepancies in figure totals due to the treatment of fractions.

General National Road Route 468 (Ken-O-Expressway)Kanzaki IC - Daiei JCT 9.7km

General National Road Route 468 (Ken-O-Expressway)Okegawa-Kitamoto IC – Shiraoka-Shobu IC 10.8km

National Expressway Daini Tokai Expressway Yokohama-Nagoya LineHamamatsu-Inasa JCT – Toyota-Higashi JCT 54.0km

Total 74.5km

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２．Status of Debt Repayment(1) Changes in the Debt Balance(Financial Statement Basis)Changes in the debt balance of the Agency in FY2016 are shown in the table below.The total amount of debt as of the beginning of the term(April 1, 2015)was 29.3925 trillion yen, but

decreased to 28.8153 trillion yen at the end of the term(March 31, 2016)as the result of acceptance of 1098.1 billion yen in debt(debt accepted from expressway companies together with expressway assets), repayment of 3.3050 trillion yen in debt and the issuance of 1.621 trillion yen in bonds.

◆ Changes in debt balance in FY2015　

◆ Changes According to Debt Category　

(100 million yen)

FY2015 (Reference)FY2014Debt balance at start of the period A 293,925 299,829Debt accepted B 10,981 9,881Debt repaid C 33,050 40,630Fund raised D 16,210 24,750Increase in book value from the amort ization of thediscount on bonds payable E 86 95

Debt balance at end of the period A+B-C+D+E 288,153 293,925Note1: The above figures do not include capital and inherited accounts payable relating roads (90.7 billion yen at the end of FY2014, 50.7 billion yen

at the end of FY 2015).Note2: There may be discrepancies in figure due to rounding of fractions.

(100 million yen)

Debt Category

Loans payable and bonds (face value)

Balance indiscounton bondspayable

Book indiscount on

bondspayable

(Reference)At time of

establishmentBalance

at start ofperiod

Increase during periodDecrease

duringperiod

Balanceat end of

periodNew loan Debt

acceptedRepayme

nt

Long-term loans

payable

Government borrowing(interest-free) 3,554 －－ 504 3,050 － 3,050 7,800

Government borrowing(Interest-bearing) 3,557 －－ 522 3,035 － 3,035 87,693

Private borrowing 5,795 350 2,646 3,494 5,298 － 5,298 31,784

Total 12,906 350 2,646 4,521 11,382 － 11,382 127,276

Bonds

Government guaranteedbonds 215,096 12,510 661 21,809 206,458 132 206,325 59,424

Government subscribedbonds －－－－－－－ 145,832

FILP agency bonds 53,819 3,350 － 3,650 53,519 775 52,744 23,925

Privately offered bonds －－－－－－－ 18,080

Other bonds 8,300 － 7,675 3,050 12,925 － 12,925 －

Total 277,215 15,860 8,336 28,509 272,902 907 271,995 247,261

Long-term accounts payable(Long-term accounts payablerelating to the construction of

Tokyo Wan Aqua-Line)

4,796 －－ 20 4,775 － 4,775 7,239

Total debt 294,917 16,210 10,983 33,050 289,059 907 288,153 381,775

(Of which interest-bearingdebts) 291,362 16,210 10,983 32,545 286,010 907 285,103 373,976

Capital 55,035 372 － 55,407 － 55,407 43,712

Total of debts and capital 349,952 27,565 33,050 344,466 907 343,559 425,487

Note1: The above figures do not include inherited accounts payable relating roads.Note2: Capital in terms of the expressway account is shown in the Capital section.Note3: There may be discrepancies in figure due to rounding of fractions.

− 7 − − 8 −


(2)Status of Raised FundsThe Agency's strategy for fund-raising is characterized as "long term and fixed" to reduce the risk

of increased interest rates and to ensure debt repayment. In line with the current climate of low- interest rates, the Agency has also decided to increase the proportion of ultra-long-term loans (i.e. over 10 years) to its fund-raising measures.

Implementing a large range of IR and exploring of new investors, several 40 years bonds were issued for the first time in six years. And the borrowing limit was extended for twenty years.

As a result, though the ratio of long term debt is increased, average procurement interest rate for the total amount of 1,621,000 million yen stably scored at low interest, 0.88%.

Moreover, the average fund-raising cost of interest-bearing debt at the end of that period decreased to 1.37%.

◆ Status of raised funds in FY 2015　

◆ Average fundraising costs for interest-bearing debt　

Category Term Number ofissuance

Amount of fundraised

(Unit: 100million yen)

Interest rate(average)

Governmentguaranteed

bonds

10years 12 7,110 0.37%20years 12 4,000 1.07%30years 4 1,200 1.41%40years 2 200 1.63%

Total 30 12,510 0.71%Private

borrowing 20years 3 350 1.08%

FILP agencybonds

15years 2 200 0.90%20years 10 1,300 1.20%30years 5 750 1.54%40years 3 1,100 1.89%

Total 20 3,350 1.49%Total 53 16,210 0.88%

Average financing period 18.4yearsAverage remaining period of outstanding debts 7.8years (5.1years at the time of establishment)Note1: Interest rate (average) is presented as the simple weighted average of funds raised and the average subscriber's yield at the time of bond

issuance.Note2: There may be discrepancies in figure totals due to rounding of fractions.

Total amount(Unit: 100million yen) Cost

Balance of interest-bearing debt at time of Agency establishment (October 1,2005) 373,976 1.80％

Balance of interest-bearing debt at the start of FY 2015 290,371 1.40％

Changesduring theperiod

Debts accepted 10,981 0.51％Debts redeemed or repaid △ 32,545 1.05％Raised funds 16,210 0.88％Increase in book value from the amortizationof the discount on bonds payable 86 －

Balance of interest-bearing debt at the end of FY 2015 285,103 1.37％Note1: The above figures do not include inherited accounts payable relating to roads.Note2: Costs for loan financing shown in the above Balance of interest-bearing debt are presented as the simple weighted average of the loan

amount and the loan interest rate, while the funding cost of bonds is presented as the simple weighted average subscriber's yield at the time of bond issuance (funding cost of bonds included in "Debts accepted" is indicated by the simple weighted average of accepted book value and coupon rates.)

Note3: There may be discrepancies in figure totals due to rounding of fractions.

− 7 − − 8 −


３．Interest-free Loans to CompaniesWe accepted 37,200 million yen of subsides from the national government or local public entities

to partially cover funds to pay the cost of new construction and/or reconstruction of Metropolitan Expressway and/or Hanshin Expressway and provided interest-free loan to Metropolitan Expressway Co., Ltd., and/or Hanshin Expressway Co., Ltd. Also accepted 120 million yen of subsides from the national government to partially cover funds to pay the cost of development of Smart Interchange system to East Nippon Expressway Co., Ltd., Central Nippon Expressway Co., Ltd., and West Nippon Expressway Co., Ltd..

４． Arrangements to Facilitate Reduction in Costs for New Construction, Reconstruction, Maintenance, Repairs and other Expressway Maintenance

(1) Utilization of Subsidy ProgramSubsidization Program is established to encourage the companies to reduce their expense. Subsidy is

provided to the company that makes a great effort on reducing their expense. In FY2015, meeting called “Subsidy program for reducing expense on new construction of expressway” was held for three times.33 projects were recognized for their management effort, and 18 of those projects were completed its entire project and determined that approximately 940 million yen of the expense was reduced.

(*see page 20 “Subsidies Granted in FY2015” for subsidy provision record)

Also, the recognized project including ones have new technics are publicized on Website so the other companies can learn the method. Additionally, some of the methods are incorporated into their standard and positively utilized to reduce the cost.

◆ Subsidy Program Proccess　

(2) Improvement on Subsidy ProgramRegarding repair projects, it is harder than new/renovation projects to utilize the program, we

revised the system, reconsidering submission due of plan and its contents at March, 2016. In addition, control measures for future maintenances are revised to encourage the utilization of

the program for Special upgrade construction projects

○ Cost reduction achieved (2007 〜 2016)

Number of Projects recognized Cost reduction Amount204 projects Approximately 11,000 million

Construction Cost

Limit on Debt Assumption

≪Plan≫ ≪Outcome≫

Subsidy Standard Amount

Provision of Subsidy

Cost Reduction

Breakdown of cost reduction

Debt Assumption

Case1 Case2

AX

E.g..) Change of soil and/or ground condition

e.g. resulted by new technique applied

The amount of subsidy to the companies shall be 1/2 the amount of reduction resulted by the management effort recognized out of the amount that is lower than the standard amount

X shall be the reduction resulted by the management effort(Case1) if X≧A Subsidy＝A／ 2(Case2) if X＜A Subsidy＝X／ 2

Cost Reduction not resulting from Managing

Effort

Provision of Subsidy

１／２assisted

Cost Reduction by the

ManagementCost Reduction

by the Management

Cost Reduction not resulting from Managing Effort

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５．Exercise of Statutory Authority on Behalf of Road Administrators(1) Prohibition and restriction of traffic (Road Act No.46)

For expressway, traffic prohibition standard is established based on regional characteristics and the road structure. Upon occurrences of accident or disaster, The Agency exerts the prohibition of traffic after receiving of the traffic prohibition request from the company designated by the standard.

In the event of earthquake or heavy weather, traffic prohibition method and request procedure are determined before head and this allows the proper action to be implemented when the condition reaches a certain point determined. Furthermore, for the area where the risk of secondary disaster is high, more strict reference value will be set to prevent expansion of damage.

(2) Permission for passage of special vehicles (Road Act No.47-2)Road Act (vehicle restriction) regulates limitation (standard limit) for weight, length, width, and

height of vehicles. For those vehicles that exceed the standard limit need to meet the requirement (specified time for passing and etc.) and obtain permission (permission for passage of special vehicle)from the administrator to prevent any potential hazards to the traffic and the road structure. The companies are in charge of receiving application and The Agency issues the permission.

(3) Regulations for the control of special vehicle violating restriction (Road Act No. 47-4)The Agency implements a control of vehicles violating the regulation and restriction in

cooperation with the companies. The Agency executes orders for non-conforming vehicles to leave the expressway and implements instructions as necessary.

① Development and enhancement of administrativeorderIn addition to the original regulation, new standards

such as limit of passage and order to reduce their load to establish much severe regulation.

② Enhancement on instruction towards those who often violates the regulationIn order to enhance the instruction towards those

who often violated the regulation, The Agency issues warning letters for malicious cases and implement interview and give them a corrective action instruction after reviewing of violation records (numbers of time violated, and its contents) with 6 companies. For those personnel who does not comply the instruction, the system which publicized the correction instruction/order on the website is developed.

And also severer order that can cancel the passage permission for more vicious cases is established.

③ Implement of immediate accusationAccusation had only been implemented upon

ser ious accident, however, i t is revised to be implemented for very vicious case as weight exceeds more than double of the regulation. This case is reported to police when the Agency confirms this vicious violation.

◆ Enhancement on instruction towards those who often violates the regulation

◆ Regulations for the control of special vehicle violating restriction

Vehicle violating restriction

Corrective order shall be issued・Dismmision・Reduction of the load・Prehibition of passage

Control(on-site-spot)

Correctiveorder dispatch

Violationreport

The Agency

Company (Regulatory Control team)

Corrective order(warning can be executed upon serious infraction)

(for repeated violation)・Corrective instruction・Publication・Removal of passage permission

Prosecution

・Serious case such as overweight for more than twice of the standard

− 9 − − 10 −


(4) Permission for road occupancy (Road Act No.32)Permission for road occupancy is provided to those

who have physical facility within the expressway area. Entrustment of administrative affairs for occupancy

has been started in 2015.Local company that is familiar with road condition is assigned to inspect the adequacy. The Agency issues the permission based on the inspection result. This system helps the operation efficiently. Additionally, for popular cases prospected to be competitive, bidding system is applied.

(5) Coupling permission (Road Act No.48- 4, National Expressway Law No. 11)Coupling permission is provided to private business personnel who operate rest station, gas service

station, commercial facility and recreation facility at SA and/or PA at expressway. The fee for coupling has been revised based on national government and The Agency’s operating procedure in 2015.

○ Main cases of exercise of statutory authority on behalf of road administrators

６．Management of Railway Facilities Connecting Honshu and ShikokuHonshu‐Shikoku Highway (Hayashima 〜

Sakaide) straight is a road and railway bridge (hereinafter common-use space), and the operation of railway facility is managed by The Agency.

The Agency charges administration fee from West Japan Railway Company and Shikoku Railway Company (hereinafter JR-Shikoku),to operate the facility within the common-use space with a cooperation from Honshu-Shikoku Bridge Expressway Company.

Additionally, seismic strengthening project for railway leased facility and railway limited part within common-use space was steadily conducted upon agreement between The Agency and JR-Shikoku.

◆ Entrustment of administrative affairs for occupancy

the Agency

Delivery ofpermission

Delivery ofpermission

Application Application

Application AcceptanceInvestigation, etc.(entrustment)

Permission

Investigation, etc.

Consignment

Company

Applicant

Honshu‐Shikoku Highway(Hayashima ～ Sakaide) strait

Section diagram of common-use space

Expressway useJR useCommon use

Measures Number of cases

Prohibition and restriction of traffic Annual number : 2,147

Permission for passage of special vehicles Annual number : 3,368

Order for action against violation of the Cabinet Order on Vehicle Restriction

Annual number : 6,059

Permission for road occupancyTotal number of permission outstanding at theend of fiscal year : 16,930Annual number of permissions given : 3,254

Coupling permission Total number (as of the end of FY2015) : 710

− 11 − − 12 −

Comparison of Debt Repayment Plan and Performance

Comparison of Debt Repayment Plan and Performance１．Compasrison of FY 2015 Debt Repayment Plan and Performance

◆ Comparison of FY 2015 Debt Repayment Plan and Performance (General Overview) 〔Agency〕〔Unit : 100 million yen〕

TotalNational

expresswaynetwork


Hanshin Expressway

(Hanshin area)

Hanshin Expressway(Kyoto area)


roadsOutstanding balance (start of FY 2015)

Debts excluding construction such as specified renewalPlan (A) Performance (B) Difference (B) - (A)

346,709346,114

△ 595

257,863257,863

0

51,57851,089△ 489

35,57435,457△ 118

1,5111,575

64

182130

△ 52Debt balance (start of FY 2015)

Plan (A) Performance (B) Difference (B) - (A)

291,668291,080

△ 588

220,932220,932

0

40,91840,429△ 489

28,58328,465△ 118

1,0531,123

70

182130

△ 52Interest-bearing debt


288,133287,545

△ 588

219,628219,628

0

38,73038,241△ 489

28,54028,423△ 118

1,0531,123

70

182130

△ 52Infrastructure debt


2,2312,231

0

000

2,1882,188

0

4343

0

000

000

Interest-free debtPlan (A) Performance (B) Difference (B) - (A)

1,3041,304

0

1,3041,304

0

000

000

000

000

CapitalPlan (A) Performance (B) Difference (B) - (A)

55,04155,035

△ 6

36,93136,931

0

10,66010,660

0

6,9926,992

0

458452△ 6

000

Debts related to construction such as specified renewalPlan (A) Performance (B) Difference (B) - (A)

000

000

000

000

---

---

Debt balance (start of FY 2015)Plan (A) Performance (B) Difference (B) - (A)

000

000

000

000

---

---

Interest-bearing debtPlan (A) Performance (B) Difference (B) - (A)

000

000

000

000

---

---

Debt accepted from CompaniesDebts excluding construction such as specified renewal


14,93810,630

△ 4,308

13,9529,519

△ 4,433

270342

72

703763

60

210

104



14,85010,542

△ 4,308

13,9529,519

△ 4,433

270342

72

615675

60

210

104



000

000

000

000

000

000


8888

0

000

000

8888

0

000

000


68740

△ 647

23017

△ 213

36619

△ 347

914

△ 87

---

---


68740

△ 647

23017

△ 213

36619

△ 347

914

△ 87

---

---


68740

△ 647

23017

△ 213

36619

△ 347

914

△ 87

---

---

Other debtsPlan (A) Performance (B) Difference (B) - (A)

000

000

000

000

---

---

Debts related to construction such as specified renewalAmount of consumption tax pertaining to obligated assumption before the repayment of debts

Plan (A)Performance (B)Difference (B) - (A)

△ 51△ 3

48

△ 17△ 1

16

△ 27△ 1

26

△ 7△ 0

6

---

---

Amount equivalent to interests before debt repayment startedPlan (A) Performance (B) Difference (B) - (A)

10

△ 1

10

△ 1

000

000

---

---

− 11 − − 12 −


〔Unit : 100 million yen 〕

TotalNational

expresswaynetwork


Hanshin Expressway

(Hanshin area)

Hanshin Expressway(Kyoto area)


roadsIncome

Plan (A)Performance (B)Difference (B) - (A)

19,07721,810

2,733

15,11317,971

2,858

2,2602,261

1

1,5981,488

△ 110

5727

△ 30

506314

Leasing feesPlan (A) Performance (B) Difference (B) - (A)

18,53221,106

2,573

15,06417,653

2,589

1,9881,988

0

1,3741,374

0

5727

△ 30

506314

Charges for occupation*Plan (A) Performance (B) Difference (B) - (A)

156328172

32314282

1010

1

1144

△ 110

000

000

Capital*Plan (A) Performance (B) Difference (B) - (A)

389376

△ 13

174

△ 13

262262

0

110110

0

000

000

ExpenditurePlan (A)Performance (B)Difference (B) - (A)

4,9695,232

263

3,3873,727

340

955915

△ 41

580566

△ 13

4218

△ 23

561

Management expenses*Plan (A) Performance (B) Difference (B) - (A)

382838456

189655466

134128△ 5

5248

△ 4

42

△ 2

342

Paid interestPlan (A) Performance (B) Difference (B) - (A)

4,1984,018

△ 180

3,1813,067

△ 114

560524

△ 35

417408△ 9

3716

△ 21

22

△ 1Interest-free debt


389376

△ 13

174

△ 13

262262

0

110110

0

000

000

Income / expenditure differencePlan (A)Performance (B)Difference (B) - (A)

14,10816,578

2,470

11,72614,244

2,519

1,3051,346

41

1,018921

△ 97

159

△ 6

445713

Outstanding balance (start of FY 2016)Debts excluding construction such as specified renewal


347,823340,450△ 7,373

260,090253,138△ 6,952

50,80550,347△ 459

35,28235,321

39

1,4981,568

70

14877



292,410285,044△ 7,366

223,159216,207△ 6,952

39,88339,424△ 459

28,18028,219

39

1,0401,116

76

14877



289,375282,009△ 7,366

222,029215,077△ 6,952

38,01237,554△ 459

28,14628,185

39

1,0401,116

76

14877



1,9051,905

0

000

1,8711,871

0

3434

0

000

000


1,1301,130

0

1,1301,130

0

000

000

000

000


55,41355,407

△ 6

36,93136,931

0

10,92210,922

0

7,1027,102

0

458452△ 6

000


63737

△ 601

21415

△ 199

33918

△ 321

854

△ 81

---

---

Debt balance (start of FY 2016)Plan (A) Performance (B) Difference (B) - (A)

63737

△ 601

21415

△ 199

33918

△ 321

854

△ 81

---

---


63737

△ 601

21415

△ 199

33918

△ 321

854

△ 81

---

---

Total unpaid amountPlan (A) Performance (B) Difference (B) - (A)

348,461340,487△ 7,973

260,304253,153△ 7,151

51,14450,365△ 780

35,36635,325

△ 42

1,4981,568

70

14877



293,048285,081△ 7,967

223,373216,222△ 7,151

40,22239,442△ 780

28,26528,223

△ 42

1,0401,116

76

14877



290,013282,046△ 7,967

222,243215,092△ 7,151

38,35137,572△ 780

28,23128,189

△ 42

1,0401,116

76

14877



1,9051,905

0

000

1,8711,871

0

3434

0

000

000


1,1301,130

0

1,1301,130

0

000

000

000

000


55,41355,407

△ 6

36,93136,931

0

10,92210,922

0

7,1027,102

0

458452△ 6

000

Note1 : The outstanding balance at the beginning of FY 2016 includes capital invested and fluctuation in infrastructure debt during the term.Note2 : There may be discrepancies in figure totals due to rounding of fractions.※ " Charges for occupation" refer to charges for occupation defined in Article 3 of the Order for Enforcement of the Agency Law,consolidation fees,

income from selling land, etc., "Capital" refers to capital from the national government and subsidies for the disaster recovery defined in the Article 25 of the Agency Law, etc., and "Management expenses" refer to Agency's management expenses and consumption tax.

− 13 − − 14 −


(1) Debts excluding construction such as specified renewalThe debt balance at the beginning of FY 2015 was 29.108 trillion yen. As a result of the income/

expenditure difference of 1.6578 trillion yen and the debt accepted from expressway companies of 1.0542 trillion yen, the debt balance at the beginning of FY 2016 was 28.5044 trillion yen, which was 603.6 billion yen lower than at the beginning of FY 2015 and was 736.6 billion yen less than planned for FY 2014.

A summary of income and expenditure in the debt repayment is as follows:

(Debt accepted from Companies)The debt accepted from expressway companies (debt accepted upon attribution of road assets

excluding interest-free debt) was 1.0542 trillion yen, which was 430.8 billion yen less than planned. This was because the completion of the Shin-Meishin Expressway (between Yokkaichi JCT and Shin- Yokkaichi JCT) was changed from FY 2015 to FY 2016, and also because some projects in previously opened sections are still due.

(Income)With the gradual recovery of the economy, there was increase in leasing fee income due to the

solid increase of expressway use, the total income was 2.181 trillion yen, which was 273.3 billion yen higher than planned.

(Expenditure)Due to the low interest rate of the fund raised, paid interest was lower than planned. On the

other hand, management expenses, etc. were higher than planned, because debt accepted from expressway companies was lower and the lease fee income was higher than planned. As a result, the total expenditure was 523.2 billion yen, falling the plan by 26.3 billion yen.

(2) Debts related to construction such as specified renewalAssumption of obligation was newly started for specified renewal projects in FY 2015. In FY 2015, obligated

assumption form the companies resulted 4 billion yen and amount of consumption tax pertaining to obligated assumption before the repayment of debts was minus 0.3 billion yen so the total amount of outstanding obligations resulted 3.7 billion yen for FY 2016 which is 6.01 billion yen lower than the plan.

(3) The gross amount of debtResults of the above, the gross amount of debt became 28,508.1 billion yen which is 796.7 billion

yen lower than the plan.

Conceptual diagram offloor slab replacement work

Temporaryoperated intwo lanes outof four lanes

Repair construction

◆ Specified Renewal Project　

Specified renewal work is performed for the hazardous part that can lead serious damages such as traffic prohibit. The work includes large-scale renewal and/or large-scale repair.

Large-scale renewal is to reconstruct bridges and civil structure. It develops the entire structure.

Large-scale repair is to repair entirestructure for damage, corrosion or any kind of degradation.

− 13 − − 14 −


2. Transition of the Debt Repayment Plan and Performance(Since the Agency was established)

The following is a comparison between planned and actual figures since the Agency was established.

Total amount of outstanding obligations was 28.5 trillion yen in 2016 (the amount is a result as of the end of FY2015). The debt repayment made by the balance of an account since the establishment of the Agency scored 14.1 trillion yen, and net reduction debt amount scored 6.8 trillion yen from the acceptance commitment of 7.3 trillion yen since the establishment of the Agency As a result of considering the debt assumption to the national government of 2.9 trillion yen for convenience improvement projects (note), the gross reduction debt amount since the establishment of the Agency resulted 9.7 trillion yen.

◆ Transition of the debt repayment plan and performance (outstanding obligations)

* Some part of debt repayment plan has deferent calculating system than the others. Therefore when you compare with plan and performance value, you need to correct closing account value based on debt repayment plan. For example, cash, outstanding account, and outstanding unpaid account are treated differently. Also, consumption tax, and depreciation expense are treated differently for individual items.

(note) Expressway convenience improvement project is to encourage the development project such as conduction of additional function construction for smart interchange and rate cutting of expressway basing on “the Act on Special Financial Measures for Expressway Convinience Improvement Project (revised on May 2008)”

38.2

37.2

36.235.4

31.8 31.7 31.530.7

31.1 30.930.5

29.3

38.2

37.1

35.935.1

31.3 31.130.6

30.2 30.429.7

29.128.5

26.0

28.0

30.0

32.0

34.0

36.0

38.0

40.0

Establishment

of the Agency

October 2005

the end

of 2005

the end

of 2006

the end

of 2007

the end

of 2008

the end

of 2009

the end

of 2010

the end

of 2011

the end

of 2012

the end

of 2013

the end

of 2014

the end

of 2015

trillion yen

Plan

Performance

△9.7 trillion yen

Net decrease in obligations

△6.8 trillion yen

Succession obligation to theNational government due tothe Project to Promote theEffective Utilization ofExpressways△2.9 trillion yen

Debt acceptedfrom companies＋7.3 trillion yen

Debt repayment

△14.1 trillion yen

− 15 − − 16 −

Overview

of FY 2015 Financial Statements

Overview of FY 2015 Financial Statements１．Profit and Loss Statement

Income from expressway asset lease fees was 1.9542 trillion yen.Financial expenses amounted to 401.8 billion yen, a decrease of 27.6 billion yen over the previous

fiscal year.

▶ Ordinary expendituresThe total amount for ordinary expenditures was 1.4401 trillion yen, most of which comprised (1) expressway asset leasing expenses of 988 billion yen, which are mainly depreciation expenses on expressway assets, and (2) financial expenses of 401.8 billion yen, which is interest paid on debentures and debts, amounting to 1.3898 trillion yen, approximately 96% of total ordinary expenditure.▶ Ordinary incomeThe total amount for ordinary income was 2.0034 trillion yen, most of which comprised expressway asset leasing income of 1.9542 trillion yen, approximately 97% of total ordinary income.This expressway asset leasing income corresponds to the amount projected in the agreements with expresswaycompanies (1.7159 trillion yen) plus the amount subject to the variable lease fee system (238.2 billion yen).▶ Ordinary profit or lossAs a result, an ordinary profit of 563.2 billion yen was posted.▶ Non-recurring lossesNon-recurring losses amounted to 24 billion yen, mostly comprised of an 22.7 billion yen "Losses from transferring fixed assets" by delivering the complete product, “Hachioji Bypass” to the national government.▶ Non-recurring profitNon-recurring profit amounted to 29.8 billion yen, most of which comprised a return of 29.1 billion yen of reserves for the Project to Promote the Effective Utilization of Expressways, which was intended to compensate for a reduction in leasing fee income under the project.▶ Gross profitGross profit amounted to 569.1 billion yen, which was an aggregate total of 563.2 billion yen in ordinary income, 24 billion yen in nonrecurring losses, 29.8 billion yen in nonrecurring profit and 60 million yen in reversal of carried-over provision from previous mid-term target period.

〔Unit : 100 million yen〕

Account items FY2014(A)

FY 2015(B)

Increase/decrease

(B)-(A)Account item details

Ordinary expenditures 14,677 14,401 ▲ 275

Expressway asset leasing expenses 9,657 9,880 ＋222 Depreciation expenses, fixed asset disposal expenses, and taxes and dues etc. related to leased expressway assets

Managerial effort support activity expenses 11 3 ▲ 7 Subsidy expenses for managerial efforts to encourage reduction of expressway construction costs

Railway facility utilization expenses 85 86 ＋0 Depreciation expenses, taxes and dues, and expenses for outsourcing payment management related to railway facilities

General administrative expenses 15 14 ▲ 0(Personal expenses) (9) (9) (＋0)(Other expenses) (5) (5) (▲ 0)Financial expenses 4,294 4,018 ▲ 276 Expenses required for procuring and repaying funds and interest

Expressway asset acquisition-related expenses 610 395 ▲ 215

Among personnel expenses, other expenses, and interest incurred by expressway companies during the construction of expressways, the amount that is attributable to the Agency at the time of the transfer of assets

Sundry losses 1 3 ＋1

Ordinary income 19,845 20,034 ＋189

Expressway asset leasing income 19,079 19,542 ＋462 Lease fee income related to Expressway assetsRailway facility utilization income 8 7 ▲ 1 Usage fee income related to railway facilities

Other income 598 315 ▲ 282 Earinings such as occupation fee income, and SA/PA coupling fee income.

Refunds of asset collateral debts 69 71 ＋1 Collateral debts equivalent to depreciation on collateralized highways that were withdrawn and accounted as income

Reduction of debts as contra to railway facility construction 79 79 ▲ 0

Collateral debts for railway facility construction equivalent to the depreciation on those facilities that were withdrawn and accounted as income

Financial income 9 2 ▲ 6 Interest receivedSundry income 0 15 ＋15

Ordinary profit 5,167 5,632 ＋464

Non-recurring losses 201 240 ＋38 Losses from transferring fixed assets

Non-recurring profit 249 298 ＋49 Return of reserves for “Project to Promote the Effective Utilization of Expressways”

Net income 5,215 5,690 ＋475

Reversal of carried-over provision fromprevious mid-term target period 0 0 ＋0

Gross Profit 5,215 5,691 ＋475

Note : There may be discrepancies in total amounts because unit fractions have been disregarded.

− 15 − − 16 −

Overview

of FY 2015 Financial Statements

２．Balance SheetThe interest bearing debt balance at the end of FY 2015 was 28.5102 trillion yen, a decrease of

526.8 billion yen from the previous fiscal year.

▶ AssetsTotal amount of assets was 40.877 trillion yen, mostly comprised of tangible fixed assets of 39.9074 trillion yen (approximately 97% of the total).Assets decreased by 50.4 billion yen from the previous fiscal year. The main reasons for this were a decrease of 55.6 billion yen in tangible assets (including ① A 1.0008 trillion yen due to depreciation and ② An increase of 945.2 billion yen in assets transferred from the Companies).▶ DebtTotal debts were 29.9713 trillion yen mostly comprised of Agency bonds of 27.1994 trillion yen (including those redeemable within one year), and long term debts of 1.1381 trillion yen (including those payable within one year), adding up to 28.3375 trillion yen, which is approximately 94% of the total.Debts decreased by 656.2 billion yen from the previous fiscal year, mainly owing to (1) a decrease of 3.3029 trillion yen due to redemption of Agency bonds and repayment of long term loans, (2) a decrease of 291.0 billion yen by the reversal of reserves for "Project to Promote Effective Utilization of Expressways", (3) an increase of 1.6210 trillion yen arising from issuance of new Agency bonds, (4) an increase of 1.0981 trillion yen from the acceptance of debts from expressway companies.▶Totale quityThe total amount of equity was 10.9057 trillion yen, marking an increase of 605.7 billion yen over the previous fiscal year. The reasons for this were an increase billion yen in retained earnings via accumulation of gross income.Retained earnings, the accumulation of net income of each business year, and the cumulative total of depreciation are the resources for debt repayment. Therefore, along with the increase in the amount of debt repayment, retained earnings will also increase. This is shown on the Balance Sheet as though the expressway assets owed by debts are owed by retained earnings (capital) instead.

〔Unit : 100 million yen〕

Account itemsEnd of

FY 2014(A)

End ofFY 2015

(B)

Increase/decrease

(B)-(A)Account item details

AssetsⅠ Current assets 5,303 6,823 ＋1,519

Cash and deposits 521 807 ＋285Marketable securities 999 - ▲ 999Accrued revenue including expressway asset leasing 3,692 4,146 ＋454 Accounts receivable related to expressway assets and charges for

occupation

Other 90 1,869 ＋1,778 Amounts receivable, short-term loans, inventory goods, and deposits

Ⅱ Fixed assets 403,971 401,946 ▲ 2,024

Tangible fixed assets 399,630 399,074 ▲ 556Buildings, structures and equipment, land, and construction suspense accounts related to expressway assets and railway facilities

Intangible fixed assets 2,624 2,624 ＋0 Leaseholds and utility rightsInvestments and other assets 1,716 247 ▲ 1,468

(Long-term loans) (1,714) (247) (▲ 1,467) Non-interest bearing loans provided from the national and/or local governments

(Deposit) (1) (0) (▲ 1)

Total assets 409,274 408,770 ▲ 504

DebtsⅠ Current debts 34,682 30,085 ▲ 4,597

Agency bonds redeemable within 1 year 28,106 26,743 ▲ 1,363 Bond redeemable within a yearLong-term debt payable within 1 year 4,520 1,748 ▲ 2,772 Debt repayable within a yearOther 2,055 1,594 ▲ 461 Accounts payable, expenses payable, and amounts deposited

Ⅱ Fixed debts 264,661 262,992 ▲ 1,669Agency bonds 248,116 245,251 ▲ 2,864 Bonds with a redemption period exceeding one yearLong-term debts 8,385 9,633 ＋1,247 Debt with a payment period exceeding one year

Long-term accrued expenses 4,775 4,754 ▲ 21 Outstanding balance on installment payment debt for the Tokyo Wan Aqua-Line

Other 3,383 3,352 ▲ 31 Asset collateral debts and debts collateralized by the construction of railway facilities

Ⅲ Reserves, etc., required by law 6,931 6,635 ▲ 296

Reserves for the Project to Promote the Effective Utilization of Expressways 6,841 6,549 ▲ 291

Reserve for optimizing the Agency’s periodical accounting of profit and loss, toward the implementation of the Project to Promote the Effective Utilization of Expressways

Reserve for railway facilities management 89 85 ▲ 4Reserve for equalizing railway facility usage fees collected from railway service operations in regard to the management fee for a railway facility ( Seto Ohashi Bridge ).

Total debts 306,275 299,713 ▲ 6,562

EquityⅠ Capital 55,340 55,713 ＋372 Funds contributed by national and local governmentsⅡ Capital surplus 8,432 8,426 ▲ 5Ⅲ Retained earnings 39,226 44,916 ＋5,690

Total shareholders’ equity 102,999 109,057 ＋6,057

Total debts and shareholders’ equity 409,274 408,770 ▲ 504

Note : There may be discrepancies in total amounts because unit fractions have been disregarded.

− 17 − − 18 −

Present Condition of Expressways

Present Condition of ExpresswaysThe Agency establishes the common objective indicator between companies 機構は、(Outcome

indicator: comprehensive customer satisfaction, fatal and injury accident ratio, and etc.) for users and customer to see the management status of each accompanies, and compares the results between companies and confirms and reviews the status to develop management standard and the convenience of the system they have.

◆ Outcome Indicators of Plan and Performance

Indicator definitionsEast

NipponCentral Nippon

West Nippon

Honshu-Shikoku

Metropolitan Hanshin

Users’ Perspective

Degree of overall customer satisfaction[Unit : Points]Degree of satisfaction indication by results of CS surveys, etc. (5-level evaluation)

FY 2014 Results 3.5 3.5 3.5 4.0 3.4 3.6

FY 2015 Targets

(Mid-range target＊1)

3.5

(3.7)

3.6

(3.6)

3.5

(3.5)

4.0

( - )

3.4

(3.5)

3.7

(3.7)

FY 2015 Results 3.6 3.6 3.6 4.0 3.5 3.6

Yearly number of users by vehicles[Unit :10,000 vehicles hours per year]Number of vehcles which passed the tollgates.＊2

FY 2014 Results 998 670 957 40.3 344 268

FY 2015 Results 1,026 692 981 41.9 354 273

Time lost due to mainline traffic congestion[Unit : Hours per km year]Loss of time per year of highway users due totraffic congestion.＊3

FY 2014 Results 662 1,238 475 4 2,320 800

FY 2015 Results 618 1,057 526 4 2,190 919

Roadwork time[Unit : Cases per 100 million vehicles km]Time per year of traffic restrictions due to roadworks per kilometer of road.

congestion loss time occurred by construction [unit：10,000 vehicles ・per hour]

FY 2014 Results

(Excluding intensiveconstruction＊4)

＜ congestion loss time occurred by construction ＞

77

(77)

＜23＞

94

(83)

＜225＞

104

(96)

＜39＞

107

(107)

-

234

(230)

-

144

(107)

＜26＞

FY 2015 Results

(Excluding intensiveconstruction＊4)

＜ congestion loss time occurred by construction ＞

83

(83)

＜16＞

118

(113)

＜188＞

105

(90)

＜62＞

115

(115)

＜ - ＞

214

(212)

＜ - ＞

170

(147)

＜24＞

Hours of closure[Unit : Hours]Yearly number of hours of closure due to rain,snow, accidents, constructions, etc.＊5

FY 2014 Results 34 23 38 18 9 20

Disaster/ weather,

Accident and the others

Construction

13

5

16

12

3

8

16

2

20

16

1

1

1

6

2

6

1

13

FY 2015 Results 30 22 59 13 5 25

Disaster/ weather,

Accident and the others

Construction

6

4

20

6

1

15

33

2

24

12

1

0

2

1

2

4

0

21

※1： Fiscal year shown for mid-range target: FY 2016 for East Nippon Expressway Co., Ltd.; FY 2017 for Central Nippon Expressway Co., Ltd.; FY 2015 for West Nippon Expressway Co., Ltd.; FY 2017 for Metropolitan Expressway Co., Ltd.; FY 2016 Hanshin Expressway Co., Ltd. (only comprehensive customer satisfaction).

※2： The numbers of vehicle were counted as one time if the same vehicle go through the tollgate multiple times for Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd.

※3： As for East Nippon, Central Nippon and West Nippon, the data collection period was from January 1 to December 31. As for Honshu-Shikoku, Metropolitan, Hanshin, the data collection period was from April 1 to March 31.

※4： Shown times in “excluding intensive construction” are calculated excluding the time for road construction which had been publicized of its project before head so that the customers could avoid going into construction area.

※5： The numbers were calculated by the following formula. (Hours of closure for both tracks)×(Distance)＝Yearly total hours, distance (Yearly total hours, distance)÷(Length of routes in service)＝total hours of closure

− 17 − − 18 −


◆ Outcome Indicators of Plan and Performance

Indicator definitions East NipponCentral Nippon

West NipponHonshu-Shikoku


Traffic Safety

Rate of fatal and injurious accidents[Unit :Cases per 100 million vehicles kkm]Number of cases of death or injury per 100million vehicles per kilometer＊6

FY 2014 Results 5.1 7.1 7.7 4.8 16.5 22.0

FY 2015 Targets

（Mid-range target＊1)

5.1

(6.7)

6.7

(6.7)

7.4

(7.4)

5.7

( - )

16.0

(15.0)

21.9

( - )

FY 2015 Results 4.9 6.7 7.6 5.0 14.3 21.8

Rate of vehicle restriction violations[Unit : Vehicles]Number of pull-overs on the expressway during the crackdown for vehicle restriction violations

FY 2014 Results 12,958 13,990 8,012 223 1,256 1,297

FY 2015 Results 13,163 17,018 7,233 991 1,030 1,217

Rate of wrong-way driving[Unit : Cases]Number of traffic accidents or vehiclesseizures＊6

FY 2014 Results 67 37 81 6 2 5

FY 2015 Results 74 47 99 6 11 5

Rate of trespassing[Unit : Cases]Number of trespasses on expressway by pedestrians, bicycles, and small motor vehicles,etc.＊7

FY 2014 Results 1,686 1,274 1,177 189 426 318

FY 2015 Results 1,753 1,297 1,348 183 440 307

Ro

ad Safety

Rate of comfortable travel on roads[Unit : %]Percentage of the road that is suitable for comfortable traveling

FY 2014 Results 97 96 96 93 97 96

FY 2015 Targets 97 95 97 90 97 96

FY 2015 Results 97 96 97 92 97 97

Rate of bridges needing repair[Unit：Numbers of bridge or span]Numbers of bridge within soundness category III/IV out of bridges inspected on FY 2014 〜 FY 2015＊8＊9＊10

Brid

ge U

nit

FY 2014 Results

[Numbers of bridge within category IV]

Bridges inspectedTotal numbers of bridge

87

[0]

968/8,389

80

[0]

507/5,567

94

[0]

1,965/8,215

2

[0]

137/470

8

[0]

14/118

27

[0]

45/318

FY 2015 Results

[Numbers of bridge within category IV]

Bridges inspectedTotal numbers of bridge

154

[0]

2,342/8,573

233

[0]

1,598/5,577

256

[0]

3,911/8,282

2

[0]

229/470

13

[0]

25/120

37

[0]

167/318

Span

Un

it

FY 2014 Results

[Numbers of span within category IV]

Spans inspectedTotal numbers of Spans

－

－

－

－

－

－

－

－

277

[0]

2,985/11,896

72

[0]

2,460/9,955

FY 2015 Results

[Numbers of span within category IV]

Spans inspectedTotal numbers of Spans

－

－

－

－

－

－

－

－

451

[0]

5,752/11,917

148

[0]

4,766/9,955

※1： Fiscal year shown for mid-rang target: FY 2016 for East Nippon Expressway Co., Ltd.; FY 2017 for Central Nippon Expressway Co., Ltd.; FY 2015 for West Nippon Expressway Co., Ltd.; FY 2017 for Metropolitan Expressway Co., Ltd.; FY 2016 Hanshin Expressway Co., Ltd.（only comprehensive customer satisfaction).

※6： Annual data from January 1 to December 31.※7： numbers of report received and action taken for East Nippon Expressway Co., Ltd., Central Nippon Expressway Co., Ltd., West Nippon Expressway

Co., Ltd., West Nippon Expressway Co., Ltd., counted numbers of report received and action taken, and Metropolitan Expressway Co., Ltd., and Hanshin Expressway Co., Ltd. counted numbers of action taken for this item.

※8： The bridge is diagnosed based on the public notice regarding soundness result category for tunnel issued on July, 2014. ※9： ”Span” means distance between two points on viaduct and/or bridge (bridge pier or abutment)※10： The numbers of targeted bridge is counted as of December 31, 2014（Note: Bridges transferred by the end of FY 2015 are excluded)

− 19 −


Indicator definitionsEast

NipponCentral Nippon

West Nippon

Honshu-Shikoku


Users’ Perspective

Points where traffic counterplan were conducted[Unit：Points]

FY 2015 ResultsNew conduction points

(Conducted points)

＜Completed points＞

0

(2)

＜0＞

5

(5)

＜2＞

0

(0)

＜0＞

0

(0)

＜0＞

2

(4)

＜0＞

0

(1)

＜0＞

Utilization rate of ETC２．０[Unit：％]

Results as of April FY 2016

1.5 1.7 1.0 1.1 2.5 1.5

Numbers of enforcement of scheme discount [Unit：Numbers of enforcement] Numbers of sales[Unit：1000 cases ]

FY 2015 ResultsNumbers of conduction

(Numbers of sales )

13

(76)

13

(23)

5

(39)

1

( - )

0

(0)

3

(59)

Traffic Safety

Control of offending vehicles for vehicle limit regulation[Unit：Cases]

FY 2015 ResultsNumbers of

Administrative Order

(Numbers of immidiate prosecution)

1,805

(2)

2,023

(7)

1,199

(4)

79

(0)

371

(0)

582

(0)

Vacant space at gas stations※1※2※3

[Unit：Numbers of area]O

ver 100km

area

FY 2015 ResultsOver 100km area

(area where straddling the companies)

42

(0)

10

(4)

29

(16)

12

(12)

-

-

-

-

Over 150km

area

FY 2015 ResultsOver 150km area

(area where straddling the companies)

11

(0)

5

(4)

4

(4)

-

-

-

-

-

-

Road Safety

Inspection rate of bridge※4

[Unit：％]

FY 2015 ResultsEach bridge

(Each span)

28

-

29

-

48

-

49

-

21

(48)

53

(48)

Inspection rate of tunnel※4

[Unit：％]FY 2015 Results 40 27 58 37 31 27

Inspection rate of accessories to roads※4

[Unit：％]FY 2015 Results 57 37 50 51 40 78

Solidarity with local

comm

unityNumbers of welcome board installed[Unit：Installation points]

FY 2015 Results 53 124 66 0 - -

Occupancy income[Unit：Million yen]

FY 2015 Results 327 240 257 79 980 378

Conduction of bidding for occupancy[Unit：Cases]

FY 2015 Results 0 0 0 0 0 0

Others

Provision of incentives Numbers of recognization/ Numbers of provision [Unit：Cases] Provided amount[Unit：Million yen]

FY 2015 ResultsNumbers of

recognization

(Numbers of provision)

＜Provided amount＞

8

9

＜85＞

14

3

＜52＞

11

6

＜211＞

0

0

＜0＞

0

0

＜0＞

0

0

＜0＞

※1： Numbers of area are calculated for each directions (separated between up and down)※2： There are 4 areas in total straddling Central Nippon Expressway Co., Ltd., and West Nippon Expressway Co., Ltd. in over100 km area and over 150

km area, and 12 areas in total straddling West Nippon Expressway Co., Ltd. and Honshu-Shikoku Bridge Expressway Co., Ltd. in over 100 km area ※3： Vacant space at gas stations in over 150km area is aimed to be zero by FY 2017.※4： Inspection rate from FY 2014 to present to numbers of administrative facilities as of December 31, 2014 (Note: Bridges transferred by the end of

FY 2015 are excluded）

− 20 − − 20 −

Appendix

Appendix◆ Subsidies Granted in 2015

In order to help the Companies construct and manage expressways with lower cost, the Agency grants subsidies for individual improvements if they satisfy the requirement for the Companies' managerial efforts.

Subsidy provision record for FY 2016 is as follows

Company Sections Description of managerial effort Amount

East Nippon Expressway

Co., Ltd.

HOKKAIDO JUKAN EXPRESSWAY Hakodate-Nayoro Line,Onumakoen IC - Otoshibe IC

Reviewing embankment shapes through discussions with local communities

8 million yen

Changing displacement measure of tunnel excavation 8 million yen

Reuse of plants by relocating of plants sprouted at site. 8 million yen

Development of a new installation method for porous ceramic pipes in tunnels

1 million yen

Development of a new type of lightning equipment for tunnels

7 million yen

Applying a new contracting system (cost-on system). 4 million yen

Direct procurement of materials (guard rail) 38 million yen

Early opening of HOKKAIDO EXPRESSWAY (Onumakoen IC - Otoshibe IC)

11 million yen

GENERAL NATIONAL ROAD ROUTE 468 (KEN-O-EXPRESSWAY),Shiraoka-Shobu IC - Kuki-Shiraoka IC

Adoption of a new gantry structure ETC 1 million yen

Central Nippon

Expressway Co., Ltd.

TOKAI-HOKURIKU EXPRESSWAYGifu-Yamato IC - Shiratori IC（ modify to 4 lanes ）

Development of a new type of lightning equipment for tunnels

1 million yen

GENERAL NATIONAL ROAD ROUTE 475 (TOKAI-KANJO EXPRESSWAY)Ogaki-nishi IC - Yoro JCT

Improved material procurement utilizing cost-on method 2 million yen

GENERAL NATIONAL ROAD ROUTE 1 (SEISHO BY-PASS ),Seisho-Ninomiya IC - Kozu IC

Development of a new electrolytic protection method, with labor- saving works, such as ditching

48 million yen

West Nippon Expressway

Co., Ltd.

HIGASHI-KYUSHU EXPRESSWAYKanda IC - Yukuhashi IC

Changing assembly method for bottom structure of bridge 34 million yen

Reducing transportation distance by securing adjusting land. 24 million yen

Changing transporting method of tunnel debris. 64 million yen

Developing tunnel support method with high standard materials.

59 million yen

HIGASHI-KYUSHU EXPRESSWAYTsuno IC - Takanabe IC

Adoption of steel slags to paved roadbed materials 28 million yen

Early opening of HIGASHI-KYUSHU EXPRESSWAY (Tsuno IC - Takanabe IC)

2 million yen

Total Numbers of provision: 18 (New technologies employed in 6 cases) 348 million yen

New technical resolution was applied

− 21 − − 22 −

Appendix

◆ Details of Income and Expenditure Budget (Debt Repayment Plan)The Agency has formulated a highly reliable debt repayment plan by utilizing the latest expertise

and information available at the time of formulation to make reasonable and conservative forecasts of both the growth rate of the economy, which is a major precondition for lease income, and long-term interest rates, which significantly affect outlays. By doing so, it has formulated a highly reliable debt repayment plan. Details of the preconditions for debt repayment and changes in the Agency's outstanding balance are as follows.

(1) Preconditions

Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for the volume of total vehicular traffic in future in respective agreements.

Reference : Estimation of the volume of total vehicular traffic in future used to change the agreement in June 2016

(The growth rate of the Japanese economy and future population used for the estimation)・Growth rate of the economy

・Future population : "Population Projections for Japan" issued by the National Institute of Population and Social Security Research in December 2006

Regarding the yield rate of 10-year government bonds, an average of approximately 4% is estimated for FY 2020 in the "Mid-, Long-Term preliminary calculation of economy and finance (announced by the Cabinet Office)". On the other hand, lower percentage is estimated by a private think tank, with an average of 1.8% for FY 2020, and approximately 2% for mid-and long-term estimation.

Regarding the prediction of traffic demand in future, the economic growth rate which has a positive co-relation to interest rates, will remain up to 1% in FY 2016 and onward. The Agency has deemed it appropriate for the future interest rate to not exceed 4%, from the perspective of correlation between economic growth and interest rates.

Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for interest rates in future in respective agreements.

① Forecasts of vehicular traffic volume in the futureIn estimating the total volume of vehicular traffic in future, in association with the changed

agreement, we calculated the use rate of each expressway using the estimation of Total Traffic Demand in Future prepared by the Ministry of Land, Infrastructure and Transport and Tourism.

② Future interest ratesWe have assumed future interest rates up to 4% as previously.

FYItem

FY 2015（actual figure） FY 2020 FY 2030 FY 2050

Total distance traveledby all vehicles

(in billion kilometers) 7,690 7,330 7,200 6,210

FY2015 FY 2016 〜 FY2030 FY 2031 〜Growth rate of the economy 2.9％ 0.9% 〜 0.8% 0％

H17 H32 H42Population Projections for Japan 127.8in millions 122.7in millions 115.2in millions

FY 2015 Prospected rate based on “Economic trend of FY 2015 (cabinet office midyear estimation)”

After FY 2016 Prospected growth rate which Ministry of Land, Infrastructure and Transport premises based on “future traffic demand estimation method, November, 2010”

− 21 − − 22 −

Appendix

(2) Changes in the Agency's Outstanding Balance (Combined Income and Expenditure Budget Statement Figures)

Changes in the Agency's outstanding balance (combined income and expenditure budget statement figures for the national expressway network, regional expressway networks and independent general toll roads) are as follows.

◆ Changes in the Agency's outstanding balance (total)　

(As of October 2016) Unit : trillion yen (consumption tax included)Outstanding balance on April 1

Debt balance＊2Capital＊3 TotalInterest-bearing debts Infrastructure debts Interest-free debts

FY 2006 36.4 0.5 0.3 4.4 41.6FY 2007 35.2 0.4 0.3 4.6 40.5FY 2008 34.4 0.5 0.3 4.7 39.8FY 2009 30.7 0.4 0.2 4.8 36.2FY 2010 30.4 0.4 0.2 5.0 36.1FY 2011 30.0 0.4 0.2 5.1 35.7FY 2012 29.6 0.3 0.2 5.2 35.4FY 2013 30.0 0.3 0.2 5.4 35.8FY 2014 29.3 0.3 0.1 5.5 35.1FY 2015 28.8 0.2 0.1 5.5 34.6FY 2016 28.3 0.2 0.1 5.5 34.2FY 2017 28.5 0.2 0.1 5.6 34.3FY 2018 29.0 0.1 0.1 5.6 34.9FY 2019 30.1 0.1 0.1 5.6 35.9FY 2020 29.4 0.1 0.0 5.6 35.2FY 2021 31.3 0.1 0.0 5.6 37.0FY 2022 30.7 0.0 0.0 5.6 36.4FY 2023 30.0 0.0 0.0 5.6 35.7FY 2024 30.0 0.0 0.0 5.6 35.7FY 2025 29.4 0.0 0.0 5.6 35.0FY 2026 28.6 0.0 0.0 5.6 34.3FY 2027 28.1 0.0 0.0 5.6 33.7FY 2028 27.5 0.0 0.0 5.6 33.1FY 2029 27.2 0.0 0.0 5.6 32.8FY 2030 26.6 0.0 0.0 5.6 32.2FY 2031 25.9 0.0 0.0 5.6 31.5FY 2032 25.0 0.0 0.0 5.6 30.7FY 2033 24.2 0.0 0.0 5.6 29.8FY 2034 23.4 0.0 0.0 5.6 29.0FY 2035 22.5 0.0 0.0 5.6 28.1FY 2036 21.6 0.0 0.0 5.6 27.3FY 2037 20.8 0.0 0.0 5.6 26.4FY 2038 19.9 0.0 0.0 5.6 25.5FY 2039 19.0 0.0 0.0 5.6 24.6FY 2040 18.1 0.0 0.0 5.6 23.7FY 2041 17.2 0.0 0.0 5.6 22.8FY 2042 16.2 0.0 0.0 5.6 21.9FY 2043 15.3 0.0 0.0 5.6 20.9FY 2044 14.3 0.0 0.0 5.6 19.9FY 2045 13.3 0.0 0.0 5.6 18.9FY 2046 12.6 0.0 0.0 5.2 17.9FY 2047 12.0 0.0 0.0 4.9 16.8FY 2048 11.3 0.0 0.0 4.5 15.8FY 2049 10.9 0.0 0.0 3.8 14.8FY 2050 11.4 0.0 0.0 2.4 13.7FY 2051 11.0 0.0 0.0 1.7 12.7FY 2052 10.0 0.0 0.0 1.7 11.7FY 2053 9.0 0.0 0.0 1.7 10.7FY 2054 7.9 0.0 0.0 1.7 9.6FY 2055 6.8 0.0 0.0 1.7 8.6FY 2056 5.7 0.0 0.0 1.7 7.5FY 2057 4.6 0.0 0.0 1.7 6.3FY 2058 3.4 0.0 0.0 1.7 5.2FY 2059 2.2 0.0 0.0 1.7 4.0FY 2060 1.1 0.0 0.0 1.7 2.8FY 2061 0.8 0.0 0.0 1.7 2.6FY 2062 0.6 0.0 0.0 1.7 2.3FY 2063 0.4 0.0 0.0 1.7 2.1FY 2064 0.2 0.0 0.0 1.7 2.0FY 2065 0.1 0.0 0.0 1.7 1.8FY 2066 0.0 0.0 0.0 1.7 1.7

Note1：The Agency's outstanding balance at the time of privatization

Note2： The debt balance shown in the table above reflects the Agency's debt succeeded to the general account in FY 2008 for the Project to Promote the Effective Utilization of Expressways based on the "Law Concerning Special Measures for National Financing of Road Construction (Law No.34 of 1958)". The debt balance is currently under review along with changes in plan for the Project in FY 2010, FY2011, and FY 2013.

Note3： The balance of capital in fiscal 2051 (1.7 trillion yen) is related to the Honshu-Shikoku Bridge Expressway. How it is to be settled will be decided by the time of the Agency's dissolution.

Note4：There may be discrepancies in figure totals due to the treatment of fractions.

Interest-bearing debts Infrastructure debts Interest-free debts Capital Total37.4 trillion yen 0.5 trillion yen 0.3 trillion yen 4.4 trillion yen 42.6 trillion yen

− 23 − − 24 −

Appendix

◆ Income and Expenditure Budget Statement (Agency)　

Note : The amount of capital after FY 2015 (1.7 trillion yen) is related to Honshu-Shikoku Bridge Expressway Company. It is a matter to be discussed before the dissolution of the Agency.

＊ In order to distinguish debts related to construction such as specified renewal, we split it into two tables, [Budget statement showing outstanding debts (excluding construction such as specified renewal)] and [Budget statement showing outstanding debts related to construction such as specified renewal]. The total of "Outstanding balance" can be found at Total of outstanding balance].

(As of October 2016)[Budget statement showing outstanding debts (excluding construction such as specified renewal] Unit : million yen (consumption tax included)

Outstanding balance on April 1 Debts accepted from the companies Income Expenditure

Income/expenditure

balanceDebt balance

Capital（注）

Interest- bearing debts

Infrastructure debts

Interest-free

debtsRrent Charges for

occupation Capital Administrative expenses

Interest paid

Interest-free

debtsInterest- bearing debts

Infrastructuredebts

Interest-free

debts

FY 2006 36,404,584 468,811 260,505 4,442,984 144,515 0 22,332 1,971,213 23,913 132,700 89,541 615,504 52,700 1,370,080FY 2007 35,224,295 423,582 260,458 4,575,684 531,986 80,861 34,158 1,974,616 13,129 134,369 66,687 556,143 54,369 1,444,915FY 2008 34,370,103 454,086 252,077 4,707,203 482,898 0 21,290 1,863,381 23,999 133,071 75,607 543,278 53,071 1,348,496FY 2009 30,689,382 406,125 234,696 4,834,601 720,850 73,559 25,311 1,486,457 19,044 128,307 36,952 521,919 48,307 1,026,630FY 2010 30,449,669 430,997 217,315 4,962,908 560,321 0 46,761 1,521,237 10,747 131,208 47,720 486,898 51,208 1,077,367FY 2011 29,995,079 384,114 199,935 5,094,116 452,088 0 12,989 1,550,011 5,967 153,092 305,927 459,531 73,092 870,519FY 2012 29,638,374 339,777 182,553 5,234,866 1,532,263 0 81,610 1,655,882 4,996 157,886 6,429 463,884 97,633 1,250,818FY 2013 29,979,638 297,341 165,173 5,355,303 549,194 0 61,887 1,704,758 70,323 109,673 57,007 460,367 48,326 1,319,057FY 2014 29,267,597 258,710 147,792 5,464,976 1,054,167 0 86,676 2,060,908 56,168 39,158 74,644 432,051 39,158 1,610,379FY 2015 28,764,408 223,068 130,412 5,504,100 1,142,025 0 8,759 2,112,164 41,307 37,645 80,084 409,553 37,645 1,663,834FY 2016 28,292,590 190,456 113,031 5,541,298 1,481,924 0 209,177 1,981,565 4,756 49,593 41,735 397,862 49,593 1,546,726FY 2017 28,275,634 159,972 95,670 5,586,842 1,819,212 0 36,574 1,948,042 4,756 32,118 24,011 393,043 32,118 1,535,744FY 2018 28,604,913 131,498 78,333 5,615,597 2,377,552 0 8,704 1,973,290 4,756 14,860 -7,264 406,016 14,860 1,579,294FY 2019 29,446,752 105,252 61,000 5,623,419 392,804 0 17,005 1,979,089 4,756 9,049 122,242 434,791 9,049 1,426,814FY 2020 28,454,578 80,751 43,667 5,627,647 3,088,522 0 11,832 1,978,662 4,756 7,118 -56,580 449,826 7,118 1,590,172FY 2021 29,992,048 58,967 26,333 5,631,103 402,124 0 32,533 2,022,205 4,751 1,888 122,048 539,700 1,888 1,365,207FY 2022 29,064,538 40,726 9,000 5,632,965 243,599 0 0 2,050,417 4,751 156 137,828 572,055 156 1,345,284FY 2023 27,986,003 26,575 0 5,633,056 1,026,222 0 210 2,076,252 4,751 488 96,479 605,462 488 1,379,061FY 2024 27,644,760 14,978 0 5,633,459 219,934 0 0 2,108,579 4,751 344 143,889 663,582 344 1,305,859FY 2025 26,566,764 7,050 0 5,633,803 176,918 0 0 2,111,023 4,751 62 146,349 693,616 62 1,275,811FY 2026 25,472,811 2,112 0 5,633,865 179,208 0 0 2,129,688 4,751 63 147,559 733,021 63 1,253,859FY 2027 24,400,271 0 0 5,633,928 185,292 0 1,853 2,131,251 4,751 65 147,087 776,322 65 1,212,594FY 2028 23,372,970 0 0 5,633,993 179,379 0 0 2,122,868 4,751 0 147,040 797,610 0 1,182,970FY 2029 22,369,378 0 0 5,633,993 180,655 0 0 2,120,218 4,751 0 146,752 787,821 0 1,190,397FY 2030 21,359,637 0 0 5,633,993 321,529 0 0 2,116,027 4,751 0 136,001 763,501 0 1,221,276FY 2031 20,459,890 0 0 5,633,993 182,083 0 0 2,103,572 4,751 0 145,408 737,817 0 1,225,099FY 2032 19,416,873 0 0 5,633,993 185,181 0 0 2,079,106 4,751 0 143,364 708,699 0 1,231,794FY 2033 18,370,260 0 0 5,633,993 182,308 0 0 2,059,441 4,751 0 142,121 671,314 0 1,250,757FY 2034 17,301,809 0 0 5,633,993 182,516 0 0 2,041,093 4,751 0 140,751 636,874 0 1,268,219FY 2035 16,216,106 0 0 5,633,993 182,452 0 0 2,027,411 4,751 0 139,736 599,939 0 1,292,487FY 2036 15,106,072 0 0 5,633,993 183,338 0 0 2,005,197 4,751 0 138,025 560,069 0 1,311,856FY 2037 13,977,554 0 0 5,633,993 185,558 0 0 1,984,023 4,751 0 136,293 519,269 0 1,333,212FY 2038 12,829,900 0 0 5,633,993 183,759 0 0 1,963,234 4,751 0 134,885 474,629 0 1,358,471FY 2039 11,655,187 0 0 5,633,993 183,580 0 0 1,948,182 4,751 0 133,786 424,837 0 1,394,310FY 2040 10,444,458 0 0 5,633,993 184,340 0 0 1,922,264 4,751 0 131,807 377,585 0 1,417,623FY 2041 9,211,175 0 0 5,633,993 184,586 0 0 1,905,528 4,751 0 130,550 329,729 0 1,450,000FY 2042 7,945,760 0 0 5,633,993 184,668 0 0 1,888,454 4,751 0 129,279 282,020 0 1,481,905FY 2043 6,650,906 0 0 5,631,608 184,920 0 0 1,875,982 4,751 0 128,337 230,968 0 1,521,428FY 2044 5,320,415 0 0 5,625,591 183,112 0 0 1,853,235 4,751 0 126,790 180,277 0 1,550,919FY 2045 3,999,887 0 0 5,578,311 181,210 0 0 1,832,773 4,751 0 125,411 135,246 0 1,576,867FY 2046 2,954,138 0 0 5,228,403 181,046 0 0 1,818,528 4,751 0 124,369 95,504 0 1,603,406FY 2047 1,879,732 0 0 4,880,449 181,677 0 0 1,807,181 4,751 0 123,481 51,576 0 1,636,874FY 2048 768,934 0 0 4,536,049 181,358 0 0 1,784,684 4,751 0 121,840 7,565 0 1,660,030FY 2049 0 0 0 3,826,310 181,236 0 0 1,765,323 4,751 0 120,441 0 0 1,649,632FY 2050 0 0 0 2,357,915 78,051 0 0 746,576 2,054 0 50,889 0 0 697,742FY 2051 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2052 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2053 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2054 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2055 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2056 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2057 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2058 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2059 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2060 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2061 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2062 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2063 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2064 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2065 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0FY 2066 0 0 0 1,738,225

Total 23,002,159 154,420 719,662 86,161,590 433,204 1,272,913 4,903,334 20,987,272 671,313 61,305,788

− 23 − − 24 −

Appendix

[Budget statement showing outstanding debts related to construction such as specified renewal] [Total outstanding balance] Unit : million yen (consumption tax included) Unit : million yen (consumption tax included)

Outstandingbalance

Debts accepted from

the CompaniesConsumption

tax on accepted

debts priorto

debt repayment

Interest expenses

prior to debt

repayment

Income Expenditure

Income/expenditure

balance

Outstanding balance on April 1

Debt balance Interest-bearing

debts

Rent Charges of occupation

Administrative expenses

Interest paid

Debt balance

Capital*Interest- bearing debts

Interest- bearing debts

Infrastructure debts

Interest-free

debts

Debts related to

construction such as

specified renewal

Other debts

FY 2006 0 0 0 0 0 0 0 0 0 0 FY 2006 36,404,584 468,811 260,505 4,442,984FY 2007 0 0 0 0 0 0 0 0 0 0 FY 2007 35,224,295 423,582 260,458 4,575,684FY 2008 0 0 0 0 0 0 0 0 0 0 FY 2008 34,370,103 454,086 252,077 4,707,203FY 2009 0 0 0 0 0 0 0 0 0 0 FY 2009 30,689,382 406,125 234,696 4,834,601FY 2010 0 0 0 0 0 0 0 0 0 0 FY 2010 30,449,669 430,997 217,315 4,962,908FY 2011 0 0 0 0 0 0 0 0 0 0 FY 2011 29,995,079 384,114 199,935 5,094,116FY 2012 0 0 0 0 0 0 0 0 0 0 FY 2012 29,638,374 339,777 182,553 5,234,866FY 2013 0 0 0 0 0 0 0 0 0 0 FY 2013 29,979,638 297,341 165,173 5,355,303FY 2014 0 0 0 0 0 0 0 0 0 0 FY 2014 29,267,597 258,710 147,792 5,464,976FY 2015 0 47,863 0 -3,549 30 0 0 0 0 0 FY 2015 28,764,408 223,068 130,412 5,504,100FY 2016 44,344 160,204 0 -11,869 1,053 0 0 0 0 0 FY 2016 28,336,934 190,456 113,031 5,541,298FY 2017 193,732 242,582 0 -17,971 3,232 0 0 0 0 0 FY 2017 28,469,366 159,972 95,670 5,586,842FY 2018 421,576 284,497 0 -21,076 6,700 0 0 0 0 0 FY 2018 29,026,489 131,498 78,333 5,615,597FY 2019 691,696 296,551 0 -21,969 10,856 0 0 0 0 0 FY 2019 30,138,448 105,252 61,000 5,623,419FY 2020 977,134 350,878 0 -25,993 17,581 0 0 0 0 0 FY 2020 29,431,712 80,751 43,667 5,627,647FY 2021 1,319,600 334,902 0 -24,809 26,840 0 0 0 0 0 FY 2021 31,311,648 58,967 26,333 5,631,103FY 2022 1,656,534 335,494 0 -24,852 37,972 0 0 0 0 0 FY 2022 30,721,072 40,726 9,000 5,632,965FY 2023 2,005,148 363,461 0 -26,926 50,487 0 0 0 0 0 FY 2023 29,991,151 26,575 0 5,633,056FY 2024 2,392,170 363,442 0 -26,923 64,617 0 0 0 0 0 FY 2024 30,036,930 14,978 0 5,633,459FY 2025 2,793,304 289,725 0 -21,463 80,936 0 0 0 0 0 FY 2025 29,360,068 7,050 0 5,633,803FY 2026 3,142,502 444,576 0 -32,933 98,615 0 0 0 0 0 FY 2026 28,615,313 2,112 0 5,633,865FY 2027 3,652,760 369,096 0 -27,343 125,859 0 0 0 0 0 FY 2027 28,053,031 0 0 5,633,928FY 2028 4,120,372 579,210 0 -42,638 150,646 0 0 0 0 0 FY 2028 27,493,342 0 0 5,633,993FY 2029 4,807,591 220,668 0 -16,347 181,984 0 0 0 0 0 FY 2029 27,176,969 0 0 5,633,993FY 2030 5,193,897 0 0 0 199,374 0 0 0 0 0 FY 2030 26,553,534 0 0 5,633,993FY 2031 5,393,271 0 0 0 208,943 0 0 0 0 0 FY 2031 25,853,161 0 0 5,633,993FY 2032 5,602,214 0 0 0 219,396 0 0 0 0 0 FY 2032 25,019,087 0 0 5,633,993FY 2033 5,821,610 0 0 0 228,950 0 0 0 0 0 FY 2033 24,191,870 0 0 5,633,993FY 2034 6,050,560 0 0 0 239,642 0 0 0 0 0 FY 2034 23,352,369 0 0 5,633,993FY 2035 6,290,202 0 0 0 250,531 0 0 0 0 0 FY 2035 22,506,308 0 0 5,633,993FY 2036 6,540,732 0 0 0 261,381 0 0 0 0 0 FY 2036 21,646,804 0 0 5,633,993FY 2037 6,802,113 0 0 0 272,539 0 0 0 0 0 FY 2037 20,779,667 0 0 5,633,993FY 2038 7,074,651 0 0 0 283,800 0 0 0 0 0 FY 2038 19,904,551 0 0 5,633,993FY 2039 7,358,452 0 0 0 294,852 0 0 0 0 0 FY 2039 19,013,639 0 0 5,633,993FY 2040 7,653,304 0 0 0 305,430 0 0 0 0 0 FY 2040 18,097,762 0 0 5,633,993FY 2041 7,958,733 0 0 0 317,468 0 0 0 0 0 FY 2041 17,169,908 0 0 5,633,993FY 2042 8,276,202 0 0 0 332,701 0 0 0 0 0 FY 2042 16,221,962 0 0 5,633,993FY 2043 8,608,903 0 0 0 343,213 0 0 0 0 0 FY 2043 15,259,809 0 0 5,631,608FY 2044 8,952,117 0 0 0 357,052 0 0 0 0 0 FY 2044 14,272,532 0 0 5,625,591FY 2045 9,309,168 0 0 0 372,551 0 0 0 0 0 FY 2045 13,309,055 0 0 5,578,311FY 2046 9,681,719 0 0 0 394,601 0 0 0 0 0 FY 2046 12,635,857 0 0 5,228,403FY 2047 10,076,321 0 0 0 417,222 0 0 0 0 0 FY 2047 11,956,053 0 0 4,880,449FY 2048 10,493,543 0 0 0 441,661 0 0 0 0 0 FY 2048 11,262,477 0 0 4,536,049FY 2049 10,935,203 0 0 0 447,159 0 0 0 0 0 FY 2049 10,935,203 0 0 3,826,310FY 2050 11,382,363 0 104,254 0 191,802 996,898 2,697 67,858 251,686 680,051 FY 2050 11,382,363 0 0 2,357,915FY 2051 10,998,370 0 183,047 0 0 1,723,833 4,751 117,202 416,278 1,195,104 FY 2051 10,998,370 0 0 1,738,225FY 2052 9,986,312 0 183,445 0 0 1,699,682 4,751 115,382 375,691 1,213,360 FY 2052 9,986,312 0 0 1,738,225FY 2053 8,956,397 0 184,194 0 0 1,680,042 4,751 113,872 334,317 1,236,604 FY 2053 8,956,397 0 0 1,738,225FY 2054 7,903,987 0 183,377 0 0 1,660,994 4,751 112,526 292,024 1,261,194 FY 2054 7,903,987 0 0 1,738,225FY 2055 6,826,169 0 182,543 0 0 1,645,558 4,751 111,440 248,658 1,290,211 FY 2055 6,826,169 0 0 1,738,225FY 2056 5,718,500 0 182,634 0 0 1,623,444 4,751 109,794 204,185 1,314,216 FY 2056 5,718,500 0 0 1,738,225FY 2057 4,586,918 0 182,108 0 0 1,605,230 4,751 108,485 158,672 1,342,823 FY 2057 4,586,918 0 0 1,738,225FY 2058 3,426,202 0 182,106 0 0 1,586,972 4,751 107,134 111,972 1,372,617 FY 2058 3,426,202 0 0 1,738,225FY 2059 2,235,691 0 182,183 0 0 1,470,835 4,751 98,528 65,710 1,311,348 FY 2059 2,235,691 0 0 1,738,225FY 2060 1,106,526 0 53,117 0 0 388,979 1,635 25,973 38,249 326,393 FY 2060 1,106,526 0 0 1,738,225FY 2061 833,250 0 40,270 0 0 350,810 1,326 23,906 27,930 300,300 FY 2061 833,250 0 0 1,738,225FY 2062 573,219 0 30,921 0 0 256,421 1,136 17,467 18,965 221,125 FY 2062 573,219 0 0 1,738,225FY 2063 383,015 0 22,775 0 0 203,764 970 14,048 12,106 178,580 FY 2063 383,015 0 0 1,738,225FY 2064 227,210 0 22,775 0 0 201,490 970 13,881 5,798 182,781 FY 2064 227,210 0 0 1,738,225FY 2065 67,204 0 11,420 0 0 85,197 486 5,786 1,273 78,624 FY 2065 67,204 0 0 1,738,225FY 2066 0 FY 2066 0 0 0 1,738,225

Total 4,683,149 1,931,165 -346,660 7,237,677 17,180,149 51,979 1,163,283 2,563,513 13,505,331 Total＊ There may be discrepancies in figure totals due to the treatment of fractions. For individual income and expenditure budget statement, please see the Japan Expressway Holding and Debt Repayment Agency website (http://

www.jehdra.go.jp/syusiyosanmeisai.html)

− 25 − − 26 −

Appendix ◆ Income and Expenditure Budget Statement (Companies)　

（As of October 2016） Unit : million yen (consumption tax included)Part unrelated to the

creation of new assets Part related to the creation of new assets

Income ExpenditureIncome

/Expenditurebalance

Income Expenditures Debts

Toll income

Plannedadministrative

expensesRent

paymentInterestbearing

debtsinterestfree

debts

Cost of newconstruction

andreconstructi

on

Cost ofrepairs

Cost ofrenewal

Cost ofpost-disasterreconstructio

n

Debt balanceat the

start ofthe term

Debts transferred to the AgencyInterest-bearing debts

DebtsInfrastructure

debtsInterestfree

debtsrelated to

constructionsuch as

specifiedrenewal

Other debts

FY 2006 2,531,645 530,147 1,971,213 617,650 95,076 679,244 73,346 0 6,514 1,057,146 144,515 0 144,515 0 22,332FY 2007 2,530,033 537,734 1,974,616 769,880 85,957 731,202 89,920 0 7,885 1,603,023 531,986 0 531,986 80,861 34,158FY 2008 2,401,821 529,826 1,863,381 798,336 53,071 645,923 104,559 0 12,210 1,811,857 482,899 0 482,899 0 21,290FY 2009 2,033,908 541,418 1,486,457 869,163 48,307 807,449 132,708 0 3,093 2,159,167 720,850 0 720,850 73,559 25,311FY 2010 2,093,879 569,147 1,521,237 711,203 51,208 657,007 123,160 0 4,924 2,256,918 560,320 0 560,320 0 46,761FY 2011 2,126,899 575,242 1,550,011 752,505 73,092 694,651 119,629 0 20,309 2,412,248 452,088 0 452,088 0 12,989FY 2012 2,262,974 605,803 1,655,882 804,252 97,633 804,013 148,842 0 47,665 2,772,767 1,532,263 0 1,532,263 0 81,610FY 2013 2,312,068 615,879 1,704,759 844,226 48,326 670,552 216,256 0 4,056 2,060,779 549,194 0 549,194 0 61,887FY 2014 2,690,466 634,298 2,060,908 1,014,261 39,158 820,728 263,241 2,695 15,308 2,342,250 1,054,167 0 1,054,167 0 86,676FY 2015 2,781,139 647,317 2,112,165 1,460,138 37,645 1,034,449 369,463 52,176 11,830 2,254,827 1,189,888 47,863 1,142,025 0 8,759FY 2016 2,677,967 696,403 1,981,565 2,098,680 49,593 1,394,464 369,945 189,479 194,125 2,553,962 1,642,128 160,204 1,481,924 0 209,177FY 2017 2,651,793 703,751 1,948,042 2,191,600 32,117 1,645,691 308,007 269,885 0 2,850,932 2,061,794 242,582 1,819,212 0 36,574FY 2018 2,673,367 700,078 1,973,290 1,799,214 14,860 1,205,309 290,749 318,022 0 2,976,281 2,662,049 284,497 2,377,552 0 8,704FY 2019 2,688,566 709,476 1,979,089 1,404,598 9,049 767,104 313,070 333,594 0 2,119,601 689,355 296,551 392,804 0 17,005FY 2020 2,687,167 708,505 1,978,662 1,540,667 7,118 931,457 247,172 369,454 0 2,826,889 3,439,400 350,878 3,088,522 0 11,832FY 2021 2,709,213 687,009 2,022,205 750,909 1,888 169,578 201,428 381,788 0 923,440 737,026 334,902 402,124 0 32,533FY 2022 2,735,416 685,000 2,050,417 709,379 156 117,968 192,227 399,334 0 906,678 579,093 335,494 243,599 0 0FY 2023 2,757,234 680,983 2,076,252 733,356 488 121,072 193,561 419,219 0 1,037,119 1,389,683 363,461 1,026,222 0 210FY 2024 2,788,661 680,081 2,108,579 605,140 344 1,302 200,634 403,548 0 381,070 583,376 363,442 219,934 0 0FY 2025 2,785,573 674,550 2,111,023 541,711 62 245 190,449 351,079 0 403,177 466,643 289,725 176,918 0 0FY 2026 2,802,398 672,710 2,129,688 551,248 63 251 193,279 357,781 0 478,309 623,784 444,576 179,208 0 0FY 2027 2,804,756 673,505 2,131,251 531,683 65 822 194,188 336,737 0 405,835 554,388 369,096 185,292 0 1,853FY 2028 2,794,982 672,113 2,122,868 505,882 0 0 194,595 311,288 0 381,341 758,589 579,210 179,379 0 0FY 2029 2,791,311 671,094 2,120,218 383,550 0 0 196,478 187,072 0 128,634 401,323 220,668 180,655 0 0FY 2030 2,787,615 671,589 2,116,027 210,668 0 0 210,668 0 0 110,861 321,529 0 321,529 0 0FY 2031 2,773,676 670,103 2,103,572 182,083 0 0 182,083 0 0 0 182,083 0 182,083 0 0FY 2032 2,747,875 668,768 2,079,106 185,181 0 0 185,181 0 0 0 185,181 0 185,181 0 0FY 2033 2,727,999 668,558 2,059,441 182,308 0 0 182,308 0 0 0 182,308 0 182,308 0 0FY 2034 2,706,284 665,191 2,041,093 182,516 0 0 182,516 0 0 0 182,516 0 182,516 0 0FY 2035 2,692,238 664,827 2,027,411 182,452 0 0 182,452 0 0 0 182,452 0 182,452 0 0FY 2036 2,666,710 661,513 2,005,197 183,338 0 0 183,338 0 0 0 183,338 0 183,338 0 0FY 2037 2,646,757 662,734 1,984,023 185,558 0 0 185,558 0 0 0 185,558 0 185,558 0 0FY 2038 2,626,612 663,379 1,963,234 183,759 0 0 183,759 0 0 0 183,759 0 183,759 0 0FY 2039 2,612,504 664,323 1,948,182 183,580 0 0 183,580 0 0 0 183,580 0 183,580 0 0FY 2040 2,587,178 664,914 1,922,264 184,340 0 0 184,340 0 0 0 184,340 0 184,340 0 0FY 2041 2,567,516 661,988 1,905,528 184,586 0 0 184,586 0 0 0 184,586 0 184,586 0 0FY 2042 2,547,885 659,432 1,888,454 184,668 0 0 184,668 0 0 0 184,668 0 184,668 0 0FY 2043 2,533,754 657,771 1,875,982 184,920 0 0 184,920 0 0 0 184,920 0 184,920 0 0FY 2044 2,508,737 655,502 1,853,235 183,112 0 0 183,112 0 0 0 183,112 0 183,112 0 0FY 2045 2,489,253 656,479 1,832,773 181,210 0 0 181,210 0 0 0 181,210 0 181,210 0 0FY 2046 2,469,704 651,176 1,818,528 181,046 0 0 181,046 0 0 0 181,046 0 181,046 0 0FY 2047 2,455,447 648,265 1,807,181 181,677 0 0 181,677 0 0 0 181,677 0 181,677 0 0FY 2048 2,430,748 646,064 1,784,684 181,358 0 0 181,358 0 0 0 181,358 0 181,358 0 0FY 2049 2,411,283 645,960 1,765,323 181,236 0 0 181,236 0 0 0 181,236 0 181,236 0 0FY 2050 2,387,573 644,099 1,743,474 182,307 0 0 182,307 0 0 0 182,307 0 182,307 0 0FY 2051 2,368,106 644,273 1,723,833 183,047 0 0 183,047 0 0 0 183,047 0 183,047 0 0FY 2052 2,343,884 644,202 1,699,682 183,445 0 0 183,445 0 0 0 183,445 0 183,445 0 0FY 2053 2,324,917 644,875 1,680,042 184,194 0 0 184,194 0 0 0 184,194 0 184,194 0 0FY 2054 2,306,130 645,137 1,660,994 183,377 0 0 183,377 0 0 0 183,377 0 183,377 0 0FY 2055 2,292,469 646,911 1,645,558 182,543 0 0 182,543 0 0 0 182,543 0 182,543 0 0FY 2056 2,269,123 645,679 1,623,444 182,634 0 0 182,634 0 0 0 182,634 0 182,634 0 0FY 2057 2,250,857 645,627 1,605,230 182,108 0 0 182,108 0 0 0 182,108 0 182,108 0 0FY 2058 2,232,678 645,705 1,586,972 182,106 0 0 182,106 0 0 0 182,106 0 182,106 0 0FY 2059 2,219,457 748,623 1,470,835 182,183 0 0 182,183 0 0 0 182,183 0 182,183 0 0FY 2060 622,280 233,301 388,979 53,117 0 0 53,117 0 0 0 53,117 0 53,117 0 0FY 2061 459,257 108,447 350,810 40,270 0 0 40,270 0 0 0 40,270 0 40,270 0 0FY 2062 358,466 102,044 256,421 30,921 0 0 30,921 0 0 0 30,921 0 30,921 0 0FY 2063 271,474 67,710 203,764 22,775 0 0 22,775 0 0 0 22,775 0 22,775 0 0FY 2064 269,092 67,602 201,490 22,775 0 0 22,775 0 0 0 22,775 0 22,775 0 0FY 2065 133,730 48,533 85,197 11,420 0 0 11,420 0 0 0 11,420 0 11,420 0 0

Total 139,212,519 35,793,386 103,341,741 28,688,039 745,277 13,900,482 10,625,719 4,683,149 327,918 29,616,473 4,683,149 24,933,324 154,420 719,662

*There may be discrepancies in figure totals due to the treatment of fractions.For individual income and expenditure budget statement, please see the Japan Expressway Holding and Debt Repayment Agency website (http://www.jehdra.go.jp/syusiyosanmeisai.html)

− 25 − − 26 −

Appendix

◆ About the Agency(1) Basic Management Policy

(2) General Information of the Agency・Name Japan Expressway Holding and Debt Repayment Agency・Corporate Status An independent administrative corporation based on Act on the

Japan Expressway Holding and Debt Repayment Agency, Independent Administrative Agency

・Establishment October 1, 2005・Representative Hirotada Seyama, President・Board members 6・Staff members 83・Organization Chart

・Address Yokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku, Yokohama City, Kanagawa, Japan 220-0011 TEL : 045-228-5977 (Kansai Department) 3-5-7, Hommachi, Chuo-ku, Osaka City, Osaka, Japan 541-0053 TEL : 06-6265-9360

(As of October 1, 2016)

We will continue to do our best to enhance the transparency of our business, reduce the burden on the nation, and to securely pass on the next generation a safe and excellent expressway network.

Board memberAuditor

General AffairsDepartment

General Affairs Division

Management Division

Accounting Division

Funding Division

Plannin Division

Project Planning andCoordination Division

Management Division

Coordination Division

Finance Department

Planning Department

Kansai Department

− 27 − − 28 −

Honshu-Shikoku

West Nippon

Hanshin Metropolitan

The Metropolitan areaThe Keihanshin district area

East Nippon

Central Nippon

Saitama

Tokyokyoto

OsakaKobeChiba

Aomori

Sendai

Niigata

TokyoNagoya

OsakaTakamatsu

HiroshimaFukuoka

Naha

Kagoshima

Yokohama

LEGENDEast・Central・WestNippon Expressway Co., Ltd.

Honshu-Shikoku Bridge Expressway Co., Ltd.

Metropolitan Expressway Co., Ltd.

Hanshin Expressway Co., Ltd.

Others

As of 1st Oct, 2016

Sections highlighted in blue have been made available.

Section under construction

Sections highlighted in green have been made available.

Section made availableSection under construction

Section made availableSection under construction

Section made availableSection under construction or investigationIC・JCT names in sections under construction are temporary names.

6 lanes 4 lanes 2 lanes

6 lanes 4 lanes 2 lanes

Expressway Network



2016

November, 2016



Japan Expressway Holding and Debt Repayment AgencyYokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku,Yokohama City, Japan 220-0011TEL. +81-45-228-5977http://www.jehdra.go.jp

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