Retained earnings. SM Investments Corp. reported retained earnings of P283.039 billion as of end of the third quarter of 2019. Of the amount, P37 billion, or 13.072 percent, is “appropriated”, while the remaining P246.039 billion, or 86.927 percent, is “unappropriated.” The company, which belongs to the group of companies owned by the family of businessman Henry Sy Sr., tells the public to also read Note 18, which, in turn, informs them that it would use 72.973 percent of the retained earnings for debt servicing. In peso term, this amounts to P27 billion. Only P10 billion, or 27.027 percent of P37 billion would go to what SM described as “investments” in a filing.