SM Investments Cash Flow Statement

Financials in millions PHP. Fiscal year is January - December.

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	86,110	82,609	76,989	61,654	40,412	23,890
Depreciation & Amortization	27,490	26,508	24,707	23,654	20,936	18,995
Loss (Gain) From Sale of Investments	30.43	30.43	-386.34	577.96	-579.68	1,019
Loss (Gain) on Equity Investments	-52,698	-50,873	-45,857	-37,003	-27,356	-17,403
Provision & Write-off of Bad Debts	70.77	70.77	252.94	-	-	-
Other Operating Activities	57,003	57,437	54,340	47,999	27,806	28,439
Change in Accounts Receivable	-20,428	-21,279	-16,883	-7,502	-5,231	-6,224
Change in Inventory	2,224	-2,185	-24,275	-40,686	-37,303	-16,078
Change in Accounts Payable	1,516	9,732	14,195	34,082	36,544	10,117
Change in Other Net Operating Assets	5,711	5,599	7,797	1,909	-7,493	-2,877
Operating Cash Flow	107,029	107,650	90,880	84,684	47,735	39,878
Operating Cash Flow Growth	12.52%	18.45%	7.32%	77.40%	19.70%	-44.36%
Capital Expenditures	-11,667	-12,749	-12,362	-9,678	-13,286	-7,588
Sale of Property, Plant & Equipment	41.68	318	52.74	241.91	365.86	58.9
Cash Acquisitions	-	-	-	-88.61	-5,685	-
Sale (Purchase) of Intangibles	1.15	-	-	-	-	-
Sale (Purchase) of Real Estate	-79,214	-66,963	-68,131	-33,906	-41,241	-38,412
Investment in Securities	233.71	14,333	8,877	-27,542	-3,189	-2,459
Other Investing Activities	20,717	19,951	30,209	19,778	22,141	-4,213
Investing Cash Flow	-69,887	-45,109	-41,354	-51,194	-40,894	-52,612
Short-Term Debt Issued	-	105,535	45,600	66,878	53,296	82,881
Long-Term Debt Issued	-	112,876	107,591	100,257	129,529	75,254
Total Debt Issued	210,712	218,411	153,190	167,135	182,826	158,134
Short-Term Debt Repaid	-	-94,961	-52,907	-73,264	-53,510	-77,465
Long-Term Debt Repaid	-	-136,962	-108,563	-77,484	-97,317	-40,043
Total Debt Repaid	-211,570	-231,923	-161,470	-150,749	-150,827	-117,508
Net Debt Issued (Repaid)	-857.72	-13,512	-8,279	16,387	31,999	40,627
Common Dividends Paid	-29,839	-20,435	-17,335	-12,714	-9,653	-10,159
Other Financing Activities	-21,550	-19,819	-26,709	-19,910	-18,413	-17,539
Financing Cash Flow	-55,084	-53,766	-52,323	-16,237	3,933	12,928
Foreign Exchange Rate Adjustments	43.1	8.17	-17.35	-44.27	-82.12	205.63
Net Cash Flow	-17,899	8,782	-2,816	17,208	10,692	399.42
Free Cash Flow	95,362	94,901	78,518	75,006	34,449	32,290
Free Cash Flow Growth	17.61%	20.87%	4.68%	117.73%	6.69%	-49.72%
Free Cash Flow Margin	14.14%	14.49%	12.74%	13.56%	7.98%	8.13%
Free Cash Flow Per Share	78.07	77.66	64.25	61.89	28.60	26.81
Cash Interest Paid	21,847	22,224	22,834	19,910	18,413	17,539
Cash Income Tax Paid	18,079	16,488	15,748	13,357	7,583	7,156
Levered Free Cash Flow	75,757	89,045	104,677	50,310	22,209	40,025
Unlevered Free Cash Flow	89,828	103,864	119,730	63,777	34,170	51,534
Change in Working Capital	-10,977	-8,132	-19,166	-12,197	-13,483	-15,062

Source: S&P Global Market Intelligence. Standard template. Financial Sources.