Japan Expressway Holding and Debt Repayment Agency

Balance Sheet(Note: The values are rounded down to the nearest unit, so the calculation results may be different.)
Accounts title

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

100 million yen

100 million yen

ⅠCurrent assets

26,801

28,483＋ 1,681

Cash deposit

23,212

12,970▲ 10,242-

13,480＋ 13,480

3,424

1,737

▲ 1,686

Accounts receivables related to road asset leasing fee, occupancy fee, etc.

165295＋ 130

Accounts receivables, short-term loans, stored goods, advanced payments, etc.

Details of accounts title

AssetsSecurities
Accounts receivables such asroad asset leasing fee
Others
ⅡFixed assets

417,211414,822▲ 2,389事 業fixed
資 assets
産Tangible

410,115

408,733▲ 1,382

Intangible fixed assets

2,731

2,805

＋ 73

Investment and other assets

4,364

3,283

▲ 1,081(Investment securities)

(27)

(750)

(722)

(Long-term deposit)(4,300)(2,500)(▲ 1,800)(Long-term leasing fee)

(36)

(32)

(▲ 3)

444,013443,306▲ 707

Total assets

Certificate of deposit investment utilizing financial loan funds

Buildings/structures/land/construction in progress, etc. of road assets and railway facilities
Leasehold right, software, etc.

Fixed deposit
Interest-free loans etc. funded by investment received from the government or local public entities

Debts
ⅠCurrent debts

34,55840,102＋ 5,544

Agency bonds scheduled to berepaid within one year

26,96930,431＋ 3,461Long-term loans scheduled tobe repaid within one year

5,074

5,167＋ 92

Borrowings scheduled to be repaid within one year

Accounts payables, expenses payables, deposits, etc.

Bonds scheduled to be redeemed within one year

Others

2,513

4,504＋ 1,990

ⅡFixed debts

267,623

258,867▲ 8,756

Agency bonds

219,262

200,171▲ 19,091

Bonds with a maturity of more than one year

(Long-term loans)

40,11850,961＋ 10,843

Borrowings with a maturity of more than one year

(Long-term accounts payables)

4,664

4,191

▲ 472

Balance of installment principal related to the purchase of Trans-Tokyo Bay Highway

Others

3,578

3,543

▲ 35

Long-term deposit subsidies, long-term expenses payables, contra-accounts for railway
facilities, long-term deposit donations, etc.

5,582

5,310

▲ 272

5,5165,247▲ 269

Reserves for the purpose of optimizing the Agency's period profit and loss calculation in
implementing the Project to Promote the Effective Utilization of Expressways

6562▲3

Reserves for leveling the railway facility usage fee collected from railway operators for therailway facility (Honshi-Bisan Line) management fee

307,764

304,280▲ 3,484

294,865290,541▲ 4,324

Ⅰ Capital

56,49156,505＋ 14

Ⅱ Capital surplus

8,409

8,403

▲5ⅢReserves based on laws etc.
Reserves for the Project to Promote
the Effective Utilization ofExpressways

Reserves for management of
償還準備金
railway facilities
Total debts
Year-end book value ofinterest-bearing debts
Net assets

Ⅲ Profit surplus

71,34874,116＋ 2,768

Total net assets

136,249

139,025＋ 2,776

Total debts and net assets

444,013443,306▲ 707

Investment from government and local public entities

Assets
The total amount of assets is 44,330.6 billion yen. Most of the amount is "tangible fixed assets" of road assets, railway facilities, etc., which is 40,873.3 billion yen, accounting for about
92% of the total.
The assets decreased by 70.7 billion yen compared to the end of the previous fiscal year. The main reasons are (a) an increase of 323.8 billion yen in "Cash deposit and Securities" due tothe acceptance of financial loan funds, while (b) a decrease of 168.6 billion yen in "Accounts receivables such as road asset leasing fee", (c) a decrease of 138.2 billion yen in "Tangible
fixed assets" (breakdown: (i) decrease of 1,020.2 billion yen due to depreciation, etc., (ii) increase of 926.4 billion yen due to attribution of assets from expressway companies, etc.), and(d) a decrease of 180 billion yen in "Long-term deposit".
Debts
The total amount of debts is 30,428 billion yen. Most of the amount is "Agency bonds (including those redeemed within one year)", which is 23,060.2 billion yen and "Long-term loans(including those redeemed within one year)", which is 5,612.8 billion yen, 28,673.1 billion yen in total accounting for about 94% of the total.
The debts were decreased by 348.4 billion yen compared to the end of the previous fiscal year. The main reasons are (a) a decrease of 3,204.5 billion yen due to the redemption orrepayment of "Agency bonds" and "Long-term loans", and (b) a decrease of 26.9 billion yen due to the withdrawal of the "Reserves for the Project to Promote the Effective Utilization ofExpressways", while (c) an increase of 1,680 billion yen due to new procurement of "Agency bonds" and "Long-term loans", and (d) an increase of 1,050.9 billion yen due to undertakingof debts from expressway companies.
Net assets
The total amount of net assets is 13,902.5 billion yen.
It increased by 277.6 billion yen compared to the end of the previous fiscal year, and the main reason is (a) an increase of 1.4 billion yen due to the acceptance of capital funds from thenational and local governments in "Capital", (b) a decrease of 0.5 billion yen due to depreciation and retirement related to specified assets (railway facilities) based on AccountingStandards for Incorporated Administrative Agencies 87 in "Capital surplus", and (c) an increase of 276.8 billion yen due to the accumulation of annual gross profit in "Profit surplus".
"Profit surplus" and accumulated depreciation, which are the cumulative amount of gross profit for each fiscal year, are the source of debt repayment. Therefore, the profit surplus will
increase as the amount of debt repayment increases. This means that the road assets held as debts (liabilities) have been replaced by holdings by profit surplus (capital) on the balance
sheet.