Japan Expressway Holding and Debt Repayment Agency

Profit and Loss Statement(Note: The values are rounded down to the nearest unit, so

Accounts title

FY 2019 (A)FY 2020 (B)Balance (B)-(A)100 million yen

100 million yen

100 million yen

14,021

14,082＋ 61

10,587

10,867＋ 280

Depreciation costs related to leased road assets, loss on retirement offixed assets, taxes and public dues, etc.

Grant for management efforts

23＋0

Granted amount for management efforts to help reduce the cost of roadconstruction

Railways facility usage fee8686▲0Depreciation costs related to railway facilities, taxes and public dues, costfor consigning payment management, etc.

Administrative expenses(Labor cost)(Expense)

14(9)
(4)

20(9)
(10)

＋5
(▲ 0)
(＋ 5)

2,813

2,632

▲ 180

Necessary expenses for procurement and redemption of interest andfund

Road asset acquisition
related cost

505445▲ 59

Company's labor costs, expenses, and interest rate during road
construction, which are accounted as period expenses at the time of asset
attribution

Miscellaneous losses

1126＋ 15

20,807

16,558▲ 4,24820,493

16,221▲ 4,271

Railway facility usage fee

66▲0Miscellaneous income

138158＋ 19

Occupation charge, consolidated fee related to SA/PA, etc.

Reversal of contraaccounts for assets

8388＋5The amount equivalent to depreciation expenses related to road assets
accounted as a reversal of contra-accounts for assets, which is monetizedby reversing the contra-accounts

Reversal of contraaccounts for railway
facilities

7979▲0The amount equivalent to depreciation expenses related to railway
facilities accounted as a reversal of contra-accounts for construction,which is monetized by reversing the contra-accounts

Financial income

12＋1

Received interest

Miscellaneous income

41▲26,785

2,476▲ 4,309

Extraordinary losses

23＋0

Extraordinary income

265294＋ 29

7,048

2,768

▲ 4,280

11▲07,050

2,769▲ 4,280

Ordinary expenses
Road asset leasing expenses

Financial expenses

Ordinary income
Road asset leasing fee

Ordinary profit

Annual net profit
Reversal of reserve fund carried overfrom the previous mid-term target
periodAnnual gross profit

Details of accounts title

Leasing fee of road assets
Leasing fee of railway facilities

Reversal of reserves for the Project to Promote the Effective Utilization ofExpressways etc.

The amount equivalent to a depreciation of fixed assets acquired by own
income during the previous mid-term target period etc.

Ordinary expenses
The total amount of ordinary expenses is 1,408.2 billion yen. Most of the amount is (a) 1,086.7 billion yen for "road asset leasing expenses", which isdominated by the depreciation expense for road assets, and (b) 263.2 billion yen for "financial expenses" such as interest on bonds and borrowings. The total
amount of (a) and (b) is 1,349.9 billion yen, accounting for about 96% of the total.
Ordinary income
The total amount of ordinary income is 1,655.8 billion yen. Most of this is "road asset leasing fee", which is 1,622.1 billion yen, accounting for about 98% of thetotal.
This "road asset leasing fee" is the agreed planned amount of 1,890.9 billion yen subtracted by the variable leasing fee of 268.7 billion yen.
Ordinary profit
As a result, the ordinary profit became 247.6 billion yen.
Extraordnary losses
The extraordinary loss is 0.3 billion yen due to the sale of land and other fixed assets.
Extraordinary income
Extraordinary income was 29.4 billion yen. The main reason for this is the "reversal of contra-accounts for the Project to Promote the Effective Utilization ofExpressways" of 26.9 billion yen, accounted to cover the decrease in the leasing fee due to the project.
Annual gross profit
The annual gross profit is 276.9 billion yen as a result of adding an extraordinary loss of 0.3 billion yen, an extraordinary income of 29.4 billion yen, and areversal of reserve fund carried over from the previous mid-term target period of 0.1 billion yen to the ordinary profit of 247.6 billion yen.