Annual Report
2017

• Introduction
• To Our Shareholders, Investors, and All Other Stakeholders
• Aiming for Sustainable Growth in Corporate Value
  • A Business Model for Achieving Sustainable Increases in Corporate Value
  • Milestones to Be Passed in Increasing Corporate Value
  • CFO Interview
• The Merchants Creating Synergies Indefinitely
• Management Resources Supporting Sustainable Value Creation
  • Sustainability
• Corporate Governance
• Business Portfolio
  • Segment Overview