Japan Expressway Holding and Debt Repayment Agency 2018
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JAPAN EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY 2018 President's Message The Japan Expressway Holding and Debt Repayment Agency was established in October 2005 for the purpose of holding and leasing expressway assets as well as quickly and steadily repaying debts while facilitating the smooth execution of expressway projects by six privatized expressway companies within the privatization framework for the highway public corporations. Our role is to hold expressway assets and lease them to expressway companies in order to collect leasing fees and use the funds to repay, steadily and within the legally-designated timeframes, inherited debts from highway public corporations as well as newly-incurred debts from new expressway construction. Interest rates are the most critical risk for long-term repayment schedules. We are managing this risk with diverse and effective liability management (such as issuing ultra-long-term bonds) during the recent low interest rate period. As a result, we have managed to steadily pay down our outstanding debt from 38.2 trillion yen at the start of privatization to 27.2 trillion yen at the end of FY 2017. We also exert public authority on behalf of the original highway administrators in a timely and appropriate manner in order to take expressway safety to the next level and ensure that future generations can continue to enjoy safe, high-quality expressways. In addition, we work in conjunction with the national government and expressway companies to systematically implement measures to address aging highway infrastructure and seismic resistance while raising management standards. Through our website we actively disclose business and operational information such as debt repayment Contents plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure ■Agency Overview ■Comparison of Debt Repayment Plan and results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the 1 About the Agency ………………………………………… 2 Performance transparency and accountability of our operations. 2 Establishment of the Agency ……………………………… 2 1 Comparison of FY 2017 Debt Repayment Plan and 3 Operation of the Agency ………………………………… 3 Performance ………………………………………………… 14 In FY 2017, we opened the section along the Shin-Meishin Expressway between the Takatsuki 〈目次〉4 Agreements with Expressway Companies and 2 Transition of the Debt Repayment Plan and junction/interchange and the Kobe junction, creating a double network for the Chugoku/Meishin route. This Business Implementation Programs ……………………… 4 Performance (Since the Agency was established) ……… 17 ■機構の概要 ■債務返済計画と実績の対比 has proven to enhance traffic distribution and greatly reduce congestion; it was also a way to better predict 5 Expressway Management ………………………………… 5 travel times along the Chugoku Expressway/Meishin route. Going forward, we intend to branch out into 6 Mid-range1 機構とは Targets………………………………………………… and Mid-term Plan … 1 ■1 平Overview成 27 年度における債務返済計画と実績の対 of FY 2017 Financial Statements比 ……… 11 wayside facilities, enhance core distribution routes and make them more convenient, stimulate tourism, and (FY2 設立の経 2018‒FY緯 2021)……………………………………………… …………………………………………… 61 1 Profit2 債務返済計画と実績の推 and Loss Statement移(機構発足時以降………………………………)………………1814 ensure redundancy in the event of a disaster. 3 機構の業務 ………………………………………………… 2 2 Balance Sheet ……………………………………………… 19 ■4 会社との協定及び業務実施計Status of Business Execution画 ……………………… in FY 2017… 3 ■平成 27 事業年度決算の概要 In June 2018, we also opened up the section along the Tokyo Outer Ring Road between the Misato-Minami 1 Holding5 協定締結・業務実施計画認可・事業許可の手続の and Leasing of Expressway Assets ……………… 7 ■Present1 損益計算書 Condition……………………………………………… of Expressways … 15 interchange and the Koya junction, linking four radial roads (the Higashi-Kanto Expressway, Joban Expressway, 2 Status流れ及び記載事 of Debt Repaymen項 ………………………………………t …………………………………… 84 2 貸借対照………………………………………………………………表 ……………………………………………………2016 Tohoku Expressway, and the Kan-etsu Expressway), opening up access between the Tokyo Bay area in Chiba 3 Interest-free6 高速道路の管 Loans理 …………………………………………to Companies ……………………………104 and various parts of northern Kanto without going through urban districts̶which in turn should greatly 4 Arrangements to Facilitate Reduction in Costs for ■Appendix■高速道路の状況 shorten travel times. In the future, we intend to help streamline urban transport and boost logistics ■平New成 Construction,27 年度の業務の実施状況 Reconstruction, Maintenance, ……………………………………………………………………………………………………………………………………2517 productivity, alleviate congestion in wayside areas (improving safety on everyday roads), and promote the 1 道路資産の保有及び貸付Repairs and other Expresswayけ Maintenanc……………………………e ………………115 flow of tourism throughout the region. 2 債務返済の状況 …………………………………………… 6 5 Exercise of Statutory Authority on Behalf of ■Expressway■参考資料 Network The various benefits brought by these and other expressway facilities are helping to further bolster 3 会社に対する無利子貸付け ……………………………… 8 ………………………………………………………………… 20 Road Administrators ……………………………………… 12 ………………………………………………………………… 32 socioeconomic prosperity. 6 Management4 高速道路の新設、改築、維持、修繕その他の管理に of Railway Facilities Connecting Honshu要する費用の縮減を助長するための仕組 and Shikoku ……………………………………み ………………138 ■全国路線図 5 道路管理権限の代行その他の業務 ……………………… 9 ………………………………………………………………… 27 We will do our utmost to realize a successful and efficient operation of 6 本州と四国を連絡する鉄道施設の管理 ………………… 10 the expressway business to enrich everyone’s lives. With your continuous support and guidance, every efforts will be made to meet our commitments. 〈表紙写真説明〉Cover Photos ①New Akabuchi River Bridge (Shin-Tomei Expressway) Central Nippon Expressway Co., Ltd. ●①●① ●②●② ②Koya①港大 Junction橋(阪神高速 (Higashi-Kanto4号・ Expressway/5号湾岸線・16号大阪港線East Nippon) 阪神高速道路株式会社 Expressway Co., Ltd. Metropolitan②レインボーブリッ Expresswayジ(1 Bayshore1号台場線 Route/) 首都高速道路株式会社 Hiroki Watanabe Tokyo-Gaikan Expressway) ③新佐奈川橋(新東名高速道路 岡崎東IC~新城IC) 中日本高速道路株式会社 President, ●③●③ ●④●④ ③Minato Bridge (No. 4 Bayshore Route/ Hanshin Expressway Co., Ltd. No.④瀬戸大 16 Osaka橋(瀬戸中央自動車 Port Route) 道 児島IC~坂出IC) 本州四国連絡高速道路株式会社 Japan Expressway Holding and Debt Repayment Agency ④Kumiyama Interchange (Keiji Bypass) West Nippon Expressway Co., Ltd. ⑤関門橋(関門自動車道) 西日本高速道路株式会社 ⑤No. 10 Harumi Route Metropolitan Expressway Co., Ltd. October 2018 ●⑤●⑤ ●⑥●⑥ ⑥Great⑥メップ川 Seto Bridge橋(道央自動車道 登別 (Seto Chuo Expressway)東 IC~白 老ICHonshu-Shikoku) 東日本高速道路株式会社 Bridge Expressway Co., Ltd. President's Message The Japan Expressway Holding and Debt Repayment Agency was established in October 2005 for the purpose of holding and leasing expressway assets as well as quickly and steadily repaying debts while facilitating the smooth execution of expressway projects by six privatized expressway companies within the privatization framework for the highway public corporations. Our role is to hold expressway assets and lease them to expressway companies in order to collect leasing fees and use the funds to repay, steadily and within the legally-designated timeframes, inherited debts from highway public corporations as well as newly-incurred debts from new expressway construction. Interest rates are the most critical risk for long-term repayment schedules. We are managing this risk with diverse and effective liability management (such as issuing ultra-long-term bonds) during the recent low interest rate period. As a result, we have managed to steadily pay down our outstanding debt from 38.2 trillion yen at the start of privatization to 27.2 trillion yen at the end of FY 2017. We also exert public authority on behalf of the original highway administrators in a timely and appropriate manner in order to take expressway safety to the next level and ensure that future generations can continue to enjoy safe, high-quality expressways. In addition, we work in conjunction with the national government and expressway companies to systematically implement measures to address aging highway infrastructure and seismic resistance while raising management standards. Through our website we actively disclose business and operational information such as debt repayment Contents plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure ■Agency Overview ■Comparison of Debt Repayment Plan and results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the 1 About the Agency ………………………………………… 2 Performance transparency and accountability of our operations. 2 Establishment of the Agency ……………………………… 2 1 Comparison of FY 2017 Debt Repayment Plan and 3 Operation of the Agency ………………………………… 3 Performance ………………………………………………… 14 In FY 2017, we opened the section along the Shin-Meishin Expressway between the Takatsuki 〈目次〉4 Agreements with Expressway Companies and 2 Transition of the Debt Repayment Plan and junction/interchange and the Kobe junction, creating a double network for the Chugoku/Meishin route. This Business Implementation Programs ……………………… 4 Performance (Since the Agency was established) ……… 17 ■機構の概要 ■債務返済計画と実績の対比 has proven to enhance traffic distribution and greatly reduce congestion; it was also a way to better predict 5 Expressway Management ………………………………… 5 travel times along the Chugoku Expressway/Meishin route. Going forward, we intend to branch out into 6 Mid-range1 機構とは Targets………………………………………………… and Mid-term Plan … 1 ■1 平Overview成 27 年度における債務返済計画と実績の対 of FY 2017 Financial Statements比 ……… 11 wayside facilities, enhance core distribution routes and make them more convenient, stimulate tourism, and (FY2