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Financial Statements

FY 2024 Financial Statements

Consolidated financial statement

Consolidated balance sheet (March 31, 2025)

(Unit: ¥100 million)

Total assets

  • item
    amout
  • Highway assets in process
    1,859
  • Other current assets
    1,613
  • Total current assets
    3,472
  • Total non-current assets
    679
  • Total assets
    4,151

Total liabilities net assets

  • item
    amout
  • Total current liabilities
    622
  • Road-building bonds payable
    1,500
  • Long-term borrowings for road-building
    842
  • Other non-current liabilities
    385
    • Total non-current liabilities
      2,727
    • Total liabilities
      3,349
    • Share capital
      135
    • Capital surplus
      135
    • Retained earnings
      462
    • Total accumulated other comprehensive income
      54
    • Non-controlling interests
      14
    • Total net assets
      801
  • Total liabilities and net assets
    4,151

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Individual financial statements

Balance sheet (March 31, 2025)

(Unit: ¥100 million)

Total assets

  • item
    amout
  • Highway assets in process
    1,854
  • Other current assets
    1,418
  • Total current assets
    3,273
  • Total non-current assets
    577
  • Total assets
    3,851

Total liabilities net assets

  • item
    amout
  • Total current liabilities
    601
  • Road-building bonds payable
    1,500
  • Long-term borrowings for road-building
    842
  • Other non-current liabilities
    391
    • Total non-current liabilities
      2,733
    • Total liabilities
      3,335
    • Share capital
      135
    • Capital surplus
      135
    • Retained earnings
      246
    • Total net assets
      516
  • Total liabilities and net assets
    3,851

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Consolidated statement of income

(April 1, 2024 to March 31, 2025)

(Unit: ¥100 million)

  • item
    amout
  • Operating revenue
    3,912
  • Rent expenses on highway assets
    1,889
  • Administration costs of highway business and cost of sales
    1,880
  • Selling, general and administrative expenses
    120
  • Operating profit
    22
  • Non-operating income
    4
  • Non-operating expenses
    1
  • Ordinary profit
    25
  • Extraordinary losses
    0
  • Profit before income taxes
    24
  • Total income taxes
    12
  • Loss attributable to non-controlling interests
    △0
  • Profit attributable to owners of parent
    13

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Statement of income

(April 1, 2024 to March 31, 2025)

(Unit: ¥100 million)

  • item
    amout
  • Fare receipts
    2,760
  • Sales of completed highway construction contracts
    985
  • Revenue - management
    0
  • Other sales
    0
  • Rent expenses on highway assets
    1,889
  • Cost of sales of completed highway construction contracts
    988
  • Administrative expenses
    880
  • Fiduciary business operating expenses - management
    0
  • Operating loss from highway business
    △11
  • Operating revenue - related operations
    104
  • Operating expenses - related operations
    99
  • Operating profit from related operations
    4
  • Operating loss - all businesses
    △6
  • Non-operating income
    9
  • Non-operating expenses
    0
  • Ordinary profit
    1
  • Extraordinary losses
    0
  • Profit before income taxes
    1
  • Total income taxes
    1
  • Profit
    0

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Record of Our Debt Issuance

Bond No. 1
10 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 07/3/26
  • 12/3/19
  • 1.29%
  • -
  • -
  • -

Bond No. 2
10 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 08/2/27
  • 12/12/20
  • 1.17%
  • -
  • -
  • -

Bond No. 3
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 08/10/14
  • 13/9/20
  • 1.23%
  • -
  • -
  • -

Bond No. 4
15 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 09/10/14
  • 14/9/19
  • 0.69%
  • -
  • -
  • -

Bond No. 5
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 10/3/1
  • 14/12/19
  • 0.67%
  • -
  • -
  • -

Bond No. 6
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 10/10/14
  • 15/9/24
  • 0.315%
  • -
  • -
  • -

Bond No. 7
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 11/2/28
  • 15/12/18
  • 0.654%
  • -
  • -
  • -

Bond No. 8
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 11/10/13
  • 16/9/20
  • 0.439%
  • -
  • -
  • -

Bond No. 9
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 12/2/23
  • 16/12/20
  • 0.448%
  • -
  • -
  • -

Bond No. 10
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 12/10/12
  • 17/9/20
  • 0.336%
  • AA+
  • A1
  • -

Bond No. 11
35 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 13/2/27
  • 17/12/20
  • 0.279%
  • AA+
  • A1
  • -

Bond No. 12
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 14/3/7
  • 18/12/20
  • 0.293%
  • AA+
  • A1
  • -

Bond No. 13
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 14/10/16
  • 19/9/20
  • 0.223%
  • AA+
  • A1
  • -

Bond No. 14
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 15/2/24
  • 19/12/20
  • 0.273%
  • AA+
  • A1
  • -

Bond No. 15
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 15/10/14
  • 20/9/18
  • 0.210%
  • AA+
  • A1
  • AAA

Bond No. 16
15 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 16/2/25
  • 20/12/18
  • 0.100%
  • AA+
  • A1
  • AAA

Bond No. 17
50 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 16/7/22
  • 21/6/18
  • 0.030%
  • AA+
  • A1
  • AAA

Bond No. 18
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 16/10/14
  • 21/9/17
  • 0.030%
  • AA+
  • A1
  • AAA

Bond No. 19
34 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 17/2/23
  • 21/12/20
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 20
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 17/10/13
  • 22/9/20
  • 0.090%
  • AA+
  • A1
  • AAA

Bond No. 21
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 18/2/9
  • 22/12/20
  • 0.090%
  • AA+
  • A1
  • AAA

Bond No. 22
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 18/10/12
  • 23/9/20
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 23
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 2
  • 19/2/22
  • 21/2/22
  • 0.001%
  • AA+
  • A1
  • AAA

Bond No. 24
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 19/2/22
  • 23/12/20
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 25
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 19/10/10
  • 24/9/20
  • 0.030%
  • AA+
  • A1
  • AAA

Private placement bond No. 1
60 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • 1
  • 20/1/29
  • 21/1/29
  • 0.001%

Bond No. 26
36 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 20/10/8
  • 25/9/19
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 27
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 21/2/17
  • 25/12/19
  • 0.060%
  • AA+
  • A1
  • AAA

Bond No. 28
50 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 21/10/7
  • 26/9/18
  • 0.040%
  • AA+
  • A1
  • AAA

Private placement bond No. 2
45 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • 1
  • 22/1/26
  • 23/1/26
  • 0.001%

Bond No. 29
25 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2022/2/17
  • 2026/12/18
  • 0.125%
  • AA+
  • A1
  • AAA

Bond No. 30
28 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2022/10/20
  • 2027/9/17
  • 0.335%
  • AA+
  • A1
  • AAA

Bond No. 31
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2023/1/24
  • 2027/12/20
  • 0.608%
  • AA+
  • A1
  • AAA

Bond No. 32
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2023/10/18
  • 2028/9/20
  • 0.528%
  • AA+
  • A1
  • AAA

Bond No. 33
35 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2024/2/22
  • 2028/12/20
  • 0.523%
  • AA+
  • A1
  • AAA

Bond No. 34
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2024/10/24
  • 2029/9/20
  • 0.759%
  • AA+
  • A1
  • AAA

Bond No. 35
35 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2025/2/13
  • 2029/12/20
  • 1.108%
  • AA+
  • A1
  • AAA

  • *No. 1 - 5 will be FILP agency bonds
  • *No. 1 - 30 & Private placement bond No.1-2 handed over to Japan Expressway Holding and Debt Repayment Agency (JEHDRA) as of the end of March, 2025