The Creatures Of The Mountains Of Ankar - 1220 Words

High up on the mountains of Ankar, resided an ancient breed of dragon. They were fire dragons, and were used to the frosty, high peaks they inhabited. Living for thousands upon thousands of years, these creatures ruled atop their mountain. Ruling as they please, and doing as they liked to the beings below them. They soared high in the sky without a fear in the world. For a long while, however, a dragon egg has not appeared. Until one day, as if a gift from heaven, a dragon egg appeared at the foot of the mountain. The egg was smaller and differently colored than the ones that they were used to. The dragons brought the egg atop the mountain and awaited for the appearance of another of their kin. They kept the egg inside a cave. Every day,†¦show more content†¦It was a feeling of happiness. They watched in awe as the first crack appears. Light emanated from the egg. Finally, the baby poked its head out of its shell. Its eyes were closed as it breached the shell but then they w ere wide open. Its eyes were filled with curiosity as it surveyed its surroundings. It made a small purring sound and yawned. The dragons awed, making a sound of approval. Some ran outside and blew scorches of fire into the air, signifying the appearance of another dragon. Other dragons flying through the air looked towards the commotion and joined the crowd. When everything had quieted down, one dragon began to speak. His scales were a bright red-orange and his eyes were furrowed in concentration, even to the point of seeming like anger. His voice resonated and sounded like he was talking through water. â€Å"Look, his scales aren’t even red.† The other dragons were so excited about the birth of a baby dragon that they didn’t see that what he said was true. The cave began to be filled with concerned murmurs. One of the dragon elders stepped forward, Grandine, and grabbed the baby dragon gently. She cradled him in her arms and spoke to the crowd. â€Å"We cannot judge the child now, we can only wait and see.† The noise quieted down, but there was still murmurs. Decades passed by and the dragon slowly grew. He adapted well into the colony of fire dragons and everyone had called him Criosis but there was still others who saw him as an outsider.

Analysis Of Why Congress Should Legalize Pot By Jeffery Miron

In the article, â€Å"Why Congress Should Legalize Pot† by Jeffery Miron, he lists many different reasons why he thinks marijuana should be legalized by the federal government for recreational use in the United States. Throughout the article Miron uses a consistent amount of logos in an effort to persuade or convince the readers that his opinion is correct. By continuously listing facts and logical statements supporting federal legalization he hopes that the reader will understand and be able to eventually agree with his opinion. Miron uses a very minimal yet effective amount of pathos towards the end of his article. He talks about how marijuana can help with various medical issues including the chemotherapy process of cancer. This appeals†¦show more content†¦Shortly after, Miron starts reffering to and talking about the state of Colorado, which in 2012 became the first state to legalize recreational use of marijuana. Miron states, â€Å"Since commercialization of m edical marijuana in 2009, and since legalization in 2012, marijuana use, crime, traffic accidents, education and health outcomes have all followed their pre-existing trends rather than increasing or decreasing after policy liberalized† (Miron 1). Expressing this fact in his article is very crucial to Miron’s argument, because one of the big issues some people fear when talking about legalizing marijuana is that things like crime and traffic accidents will increase, but this fact proves them wrong. Shortly following this point he changes his perspective a little, in an attempt to further prove his argument. Miron quickly moves to talking about legalization from a more personal standpoint, while still using mostly logos in his arguments. He starts talking about how one of the biggest pros that Colorado has seen after legalization is that people simply have easier access to the drug. Miron was very smart to put this in his article, because this is something people have bee n striving for, especially medical users that need marijuana to keep living comfortably that now don’t have to worry about using or buying it illegally. Not too long

Formalist Protagonist and Character Vs Essay - 1215 Words

A Formalist Interpretation of Windows by Bernice Morgan Conflict: * Character vs. Character (Leah vs. Ruth) – she feels unwanted by Ruth; unwelcome in her home. She has little respect for Ruth’s lifestyle which is filled with second-hand drama, meaningless shopping – little overall purpose. * Character vs. Self (Leah = old and tired, misses Estonia, misses husband) Protagonist - Leah * Changes throughout story * At the story’s start, she feels at peace, even grateful for the notion of death * When the window breaks at climax, she becomes motivated, has a renewed sense of hope and vigor for life * She is a definitely dynamic character Antagonist – Ruth * Makes little effort to interact with Leah *†¦show more content†¦Rising action – The boy tries to answer the whispers of the house for more money – and begins riding his horse/predicting the names of winning horses/betting on races/bringing in funds. Climax – The boy goe s on his feverish last ride and becomes seriously ill afterwards. Falling action – The boy continues to become more and more sickly as his predictions on the horse race come into fruition. Resolution – the boy dies, and his Uncle Oscar points out the fact that his mother now has the money, but has lost her son. Symbols The house – could symbolize a physical manifestation of greed, the rocking horse could symbolize death, his desire to help his family (there are many possibilities, which could be argued. Point of View The story is told in the 3rd person omniscient – the narrator is all-knowing. A Formalist Summary of A Devoted Son by Anita Desai Conflict Character vs. Character – between Rakesh (the devoted son) and his father Varma. We see what is initially a loving relationship turn sour in Varma’s eyes as he views that his son’s actions are no longer done out of love. He begins to feel that Rakesh is fighting against nature to keep him alive, and all the while denying him the pleasures of life (like sweet and fried foods). Setting India – This is significant as it explains the culture described throughout the novel – the ceremony, the etiquette, and the various foods, which are typical of an Asian culture, not WesternShow MoreRelatedClassical Hollywood Cinema1786 Words   |  8 Pagessynchronised sound in cinema. The feature film was a huge success at the box office and it ushered in the era David Bordwell describes as ‘Classical Hollywood Cinema’; Bordwell and two other film theorists (Janet Staiger and Kristin Thompson) conducted a formalist analysis of 100 randomly selected Hollywood films from the years 1917 to 1960 in order to fully define this movement. Their results yielded that most Hollywood made films during that era were centred on, or followed, specific blueprints that formedRead MoreMedia3066 Words   |  13 PagesChristopher P. Jacobs Movies are entertainment. Movies are documents of their time and place. Movies are artistic forms of self-expression. Movies we see at theatres, on television, or home video are typically narrative films. They tell stories about characters going through experiences. But what are they really about? What is the content of a film? DIGGING DEEPER: FOUR LEVELS OF MEANING Recounting the plot of a movie, telling what happens, is the simplest way to explain it to someone else. But thisRead MoreEssay on Like water for chocolate6961 Words   |  28 Pagesof the real and addresses the reader in such a manner as to incite a â€Å"Yes. That’s it, that’s how it really is† response. Realists are often impelled by social reform, often focus on people in social situations that require compromise, develop characters that are unheroic— flawed and unable to be â€Å"true to themselves†--, and often emphasize external, material reality, yet recognize the complexity of human psychology. In the mid 20th century magical realism reared its head as an influential, ifRead More Destiny, Fate, Free Will and Free Choice in Oedipus the King3894 Words   |  16 PagesRex  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚        Ã‚  Ã‚  Ã‚   To the first-time reader of Sophocles’ tragedy, Oedipus Rex, it seems that the gods are in complete domination of mankind. This essay will seek to show that this is not the case because the presence of a tragic flaw within the protagonist is shown to be the cause of his downfall.    In the opening scene of the tragedy the priest of Zeus itemizes for the king what the gods have done to the inhabitants of Thebes:    A blight is on our harvest in the ear, A blight

A Skate Lesson Essay Research Paper A free essay sample

A Skate Lesson Essay, Research Paper A Skate Lesson Have you of all time sat down in the park during the summer? Opportunities are you will see small kids, adolescents and grownups in-line skating. If you have no experience in-line skating, you may believe to your ego # 8220 ; I wish I could make that! # 8221 ; Well, don # 8217 ; t merely wish, do! After reading Alfie # 8217 ; s # 8220 ; A Skate Lesson # 8221 ; anybody may bask in-line skating. Safety is the most of import consideration when larning how to skate. Safe skating is gratifying skating. Get downing skaters should buy proper cushioning, as the hazard of hurt is rather high. Investing in quality cushioning will guarantee that your first experience will concentrate on skating, non trouble. Proper embroidering equipment includes: helmet, carpus guards, kneepads, and elbow tablets. Quality embroidering cost about 15-30 dollars per tablet, so budget 60-120 dollars for the whole bundle. It is really of import that you slip on your cushioning before you strap on the skates. Kneepads and elbow tablets have elastic sets that hug closely against your organic structure. Since these tablets need to be slipped on, they can # 8217 ; t be put on after your skates. Now it is clip to take a brace of skates. Even though you are a novice, it is of import to buy a quality brace because hapless quality skates do non offer a great trade of comfort and flexibleness. I recommend skates by Rollerblade or Roces. Rollerblade has good skates for novices because the boot has a flexible mortise joint. Besides, it is equipped with a particular easy to utilize braking system called the ATB brake. The ATB brake plants when you are in gesture and want to halt. To halt, merely unbend your articulatio genus and leg to go perpendicular to the land and the brake will come in contact with the land. To set on the skate: do certain that the lingua is inside the boot, wear long socks plus Don # 8217 ; t bury to set the tablets on first. Learning how to skate can be a fantastic experience if it is done with a friend. The benefit of skating with friends will do the experience more interesting and exciting. If you or your friend were to fall you know that there will ever be person at that place to express joy at you. They will ever be helpful and cry out gags and encouragement when needed. The mere presence of a friend will do larning a batch more merriment so if you were by your ego. Besides, in the event of exigencies, it is good to hold person with you for safety interests. Now that all of your skates and all of your tablets have been acquired, it is clip to larn how to skate. An easy manner to larn to skate is to get down on a level surface. A level surface will assist you to larn how to keep your balance and prevent you from turn overing backwards. Since it is about inevitable that you will fall, do certain you have something sturdy to catch on to. When you stand up you might experience imbalanced. Keeping on to a wall or another individual will assist you better your opportunities of returning to the unsloped place safely. The best manner to acquire started is to angle your pess like a pigeon. This will fix you to travel frontward. Indicating your toes off from each other will help in keeping your balance and assist forestall you from falling over. Traveling frontward is best accomplished by taking your natural lead pes, allow # 8217 ; s say your left pes. Push off with your left pes and utilize your right to take towards the way you want to travel. When you begin to decelerate down, force off with your right pes and lead with your left, this will convey your organic structure to the left. Since this gesture is done with an jumping form, it will maintain traveling in a forward way and let you to see the basic gesture of in-line skating. Once the forward gesture has been mastered, turning is following. A good method for larning how to turn is the side measure. Get down by traveling frontward utilizing the above stairss to steer you. As you want to do a bend, Lashkar-e-Taibas say left bend, lead with your left pes and force off with you right-except this clip wear # 8217 ; t to the full extend the leg to acquire the full gesture. Just take the small stairss good plenty to acquire you around the corner. Once these basic stairss have been mastered, here are a few advanced stairss for disputing your ego. An betterment to our basic forward gesture is the velocity crouch. The velocity crouch is an extension to the forward gesture of in-line skating. To make the velocity crouch, you must get down with the forward gesture. When get downing with your left pes, force off with your left and lead with right widening you left foot all the manner out supplying the most momentum. During this gesture, flex your organic structure frontward to diminish air current opposition, while singing your left manus all about parallel to your thorax with your right manus behind your dorsum. Alternating this gesture will let you to do usage of all of your impulse and impel up to maximum velocity. The crossing over move is an tickle pinking version of the side measure. The cross over can be accomplished if you have proper balance and a tolerance to falls. Falling during the crossing over is really common, minimized merely by pattern and finding. To make the cross over you need to pick up some velocity. Once you have gathered adequate velocity, and desire to turn left, put your right pes in forepart of your left pes. This will let you to pick up your left pes and convey in forepart of your right pes doing your organic structure to tilt into the bend. Making the crossing over will let you to turn with more velocity and efficiency so turning with the side measure. Practicing these stairss will enable you to bask skating entirely and with others. Now that you are equipped with this desirable accomplishment, you can pattern it all the clip and even venture into different subdivisions of the athletics such as off-road skating, aggressive skating and velocity skating, possibly the subject of my following essay.

Meralco Financial Analysis Essay Example

Meralco Financial Analysis Essay INTRODUCTION MERALCO is the Philippines’ largest electric power distribution company, with franchise service area covering 9,337 square kilometres. It provides power to 4. 8 million customers in 31 cities and 80 municipalities, which include the whole of Metro Manila, the provinces of Rizal, Cavite and Bulacan, and parts of Pampanga, Batangas, Laguna and Quezon. Business establishments in the franchise area account for almost 46% of the country’s Gross Domestic Product or GDP. Through Clark Electric Distribution Corporation or CEDC, a 65%-subsidiary, it holds the power distribution franchise for Clark Special Economic Zone in Clark, Pampanga. CEDC franchise area covers 32 square kilometres and 1,611 customers. The Company is organized into three major operating segments, namely, power distribution, real state and contracts, services and others. In 2010, MERALCO PowerGen Corporation or MPG (formerly Asian Center for Energy Management), a wholly owned subsidiary, was reorganized as the Company’s vehicle for potential entry into power generation. COMPANY PROFILE MERALCO marches on to its 108th year of service in 2011. Consistently in the list of the Philippines’ top five corporations and cited among Asia’s finest, MERALCO today serves over 4. 8 million residential, commercial and industrial customers. It is strategically located to serve the country’s center of commerce and industry and its hub of government services and infrastructures. It services about 30 manufacturing economic zones, which also compete in the global market. Likewise, the Company caters to providers of outsourced business process, both domestic and international. MERALCO’s 9,337 sq. km. ranchise area overs 31 cities and 80 municipalities including Metro Manila, the entire provinces of Bulacan, Rizal and Cavite; parts of the provinces of Laguna, Quezon, Batangas and Pampanga. Electrification level in the franchise area is 99%. MISSION to provide our customers the best value in energy, products and services. VISSION to be a world-class company an d the service provider of choice. OBJECTIVES: To protect and enhance the interest of its stakeholders by committing itself to the following principles. 1. The Customers are its reason for being, and therefore, they should always be treated with dignity. We will write a custom essay sample on Meralco Financial Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Meralco Financial Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Meralco Financial Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The Company must be fully responsive to their needs. The Company has the responsibility to: * Provide the customers with the highest quality products and services, consistent with their requirements and with international standards; * Treat the customers fairly, courteously and with integrity in all of its business transactions; * Act promptly on their immediate concerns and be receptive to their long-term needs and interest; and * Make every effort to ensure that the health, safety and general well-being of its customers are enhanced by its products and services. 2. The Employees are its most valued asset, and therefore, they should always be treated with dignity and with full consideration of their interest. The Company has the responsibility to: * Provide its employees with incentives and opportunities for professional growth and advancement; * Provide its employees with just and competitive compensation, and benefits that improve their living conditions and incentives * Guarantee fairness, equal treatment and opportunity and avoid discriminatory practices; and * Provide suitable and safe working conditions to protect employees from avoidable injury and illness in the workplace. . Its Investors are its principals, and therefore, the trust they have placed in the company must be honoured. The company has the responsibility to: * Apply professional and diligent management to ensure the financial viability of the company and maintain a fair and competitive return for its investors; and * Conserve and enhance its investors’ assets, and fulf il and safeguard their interest. 4. The Suppliers and Creditors are its business partners and, therefore, the relationship with them must be based on mutual respect and benefit. The company has the responsibility to: * Foster long-term stability, direct relation and continuous development with suppliers to attain quality, competitiveness, process efficiency and performance reliability; * Seek fairness, truthfulness, integrity and transparency in all of its business dealings with them; and * Seek encourage and prefer suppliers whose business practices respect human dignity and the environment. . The Competitors are its catalyst toward continuing service excellence and, therefore, the competition with them should be fair and honest, a basic requirement for national development in the distribution of products and services to the community. The Company has the responsibility to: * Promote behaviour that demonstrates mutual respect among competitors; and * Maintain the highest level of business ethics and integrity. . The Community is its business environment and the society it serves. The Company has the responsibility to: * Uphold and maintain at all times the highest standards of business ethics; * Fulfil with dedication and commitment its social responsibilities; * Undertake activities that support and contribute to the economic and social development of the country; 7. Employ proactive measures and cooperate with the government and non-government institutions in activities to serve society towards a collective benefit. * Help the government in its efforts and programs in its efforts and programs towards raising investor confidence, developing the capital market, and ensuring high sustained economic growth through good corporate governance. Observe and comply at all times with the orders, rules and regulations of the government, its agencies and instrumentalities, in the pursuit of its utility objectives and other corporate endeavors; * Institutionalize sound environmental practices in collaboration with the concerned government agencies and encourage other corporations/organizations to support all programs for an effective environmental management system. SUBSIDIARIES AND AFFILIATES * Meralco Powergen Corporation (MPG) * Clark Electric Distribution Corporation (CEDC) * Radius Telecoms, Inc. * Meralco Financial Services Corporation (FINSERVE) Lighth ouse Overseas Insurance Limited (LOIL) * Meralco Energy, Inc. (MEI) * Rockwell Land Corporation (ROCKWELL) * Republic Surety and Insurance Company, Inc. (RSIC) CONSOLIDATED FINANCIAL STATEMENTS MANILA ELECTRIC COMPANY AND SUBSIDIARIES| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION| | | | | December 31 | | 2010 | 2009 | | (amounts in millions) | ASSETS| | | | | | Current Assets| | | Cash and Cash equivalents| Php 24,370. 00 | Php 17,068. 00 | Trade and other receivables net| 25,609. 00 | 21,600. 0 | Inventories at lower cost or net realizable value| 2,043. 00 | 1,857. 00 | Land and development costs at lower of cost or net realizable value| 1,708. 00 | 1,191. 00 | Other current assets| 2,027. 00 | 2,969. 00 | TOTAL CURRENT ASSETS| 55,757. 00 | 44,685. 00 | | | | Noncurrent Assets| | | Utility plant and others net| 101,009. 00 | 98,231. 0 | Construction in progress| 2,241. 00 | 3,627. 00 | Investments in associates and a joint venture| 321. 00 | 1,203. 00 | Investments properties net| 8,037. 00 | 8,021. 00 | Deferred pass through fuel costs| 1,222. 00 | 3,161. 00 | Deferred tax assets net| 42. 00 | 17. 00 | Other noncurrent assets net| 10,339. 0 | 13,184. 00 | TOTAL NONCURRENT ASSETS| 123,211. 00 | 127,444. 00 |   | Php 178,968. 00 | Php 172,129. 00 | | | | | | | LIABILITIES AND EQUITY| | | Current Liabilities| | | Notes Payable| Php 149. 00 | Php 513. 00 | Trade payables and accrued expenses| 31,138. 00 | 28,261. 00 | Income tax payable| 413. 00 | 133. 00 | Customers refund| 7,131. 0 | 9,147. 00 | Current portion of interest bearing long-term financial liabilities| 5,574. 00 | 4,069. 00 | TOTAL CURRENT LIABILITIES| 44,405. 00 | 42,123. 00 | | | | Noncurrent Liabilities| | | Interest-bearing long-term financial liabilities net of current portion| 15,498. 00 | 17,234. 00 | Customers deposits net of current portion| 23,761. 00 | 25,063. 0 | Deposits from pre-selling of condominium units| 741. 00 | 343. 00 | Deferred tax liabilities net| 3,322. 00 | 4 ,230. 00 | Long-term employee benefits| 9,547. 00 | 10,987. 00 | Provisions| 12,875. 00 | 7,492. 00 | Advances for construction net of current portion| 3,271. 00 | 2,989. 00 | Other noncurrent liabilities| 2,352. 0 | 522. 00 | TOTAL NONCURRENT LIABILITIES| 71,367. 00 | 68,860. 00 |   |   |   | TOTAL LIABILITIES| 115,772. 00 | 110,983. 00 | | | | Equity Attributable to Equity Holders of the Parent| | | Common Stock| 11,273. 00 | 11,273. 00 | Subscriptions receivable| (738. 00)| (960. 00)| Additional paid-in capital| 4,111. 0 | 4,112. 00 | Excess of Acquisition cost over carrying value of non-controlling interest acquired| (328. 00)| (328. 00)| Employee shared-based payment plan| 743. 00 | 569. 00 | Unrealized fair value gains on available-for-sale investments| 96. 00 | 71. 00 | Share in cumulative translation adjustment of a subsidiary and an associate| 12. 00 | 684. 0 | Retained earnings:| | | Appropriated| 6,000. 00 | 4,198. 00 | Unappropriated| 37,800. 00 | 37,750. 00 | Equ ity Attributable to Equity Holders of the Parent| 58,969. 00 | 57,369. 00 | | | | Non-controlling interests| 4,227. 00 | 3,777. 00 | TOTAL EQUITY| 63,196. 00 | 61,146. 00 | | | | | | | Php 178,968. 00 | Php 172,129. 00 | MANILA ELECTRIC COMPANY AND SUBSIDIARIES| CONSOLIDATED STATEMENTS OF INCOME| | | | | Years Ended December 31 | | 2010 | 2009 | | (amounts in millions, except per share data) | | | | REVENUES| | | Sale of electricity| 239,077. 00 | 178,686. 00 | Sale or real state| 3,375. 00 | 2,877. 00 | Sale of contracts, services and others| 3,009. 00 | 2,987. 00 |   | 245,461. 0 | 184,550. 00 | | | | | | | EXPENSES (INCOME)| | | Purchased power| 200,916. 00 | 150,928. 00 | Operations and maintenance| 15,711. 00 | 13,611. 00 | Depreciation and amortization| 6,219. 00 | 5,064. 00 | Provision for probable charges and expenses from claims| 5,750. 00 | 3,351. 00 | Cost of real estate sold| 2,640. 00 | 2,230. 0 | Interest and other financial income| (2,690. 00)| (4,246. 00)| Cost of services| 1,996. 00 | 1,803. 00 | Provision (reversal of provision) for probable losses from refund net| (1,632. 00)| (1,179. 00)| Interest and other financial charges | 493. 00 | 3,328. 00 | Equity in net earnings of associates and a joint venture| (283. 00)| (245. 0)| Accretion of present value impact on customers refund | 225. 00 | 555. 00 | Foreign exchange losses (gains) net| 51. 00 | (266. 00)| Taxes, fees and permits| 974. 00 | 421. 00 | Others| 654. 00 | 216. 00 |   | 231,024. 00 | 175,571. 00 | | | | INCOME BEFORE INCOME TAX| 14,437. 00 | ,979. 00 | | | | PROVISION FOR (BENEFIT FROM) INCOME TAX| | | Current| 5,233. 00 | 3,218. 00 | Deffered| (913. 00)| (595. 00)|   | 4,320. 00 | 2,623. 00 | | | | NET INCOME| Php 10,117. 00 | Php 6,356. 00 | MANILA ELECTRIC COMPANY AND SUBSIDIARIES| CONSOLIDATED STATEMENTS OF CASH FLOW| | | | | | | 2010| 2009| | | (Amounts in Millions)| CASH FLOW FROM OPERATING ACTIVITIES| Php 14,437. 0 | Php 8,979. 00 | Income before income tax| | | A djustments for:| | | | Depreciation and amortization| 6,219. 00 | 5,064. 00 | | Provision for probable charges and expenses from claims| 5,750. 00 | 3,351. 00 | | Interest and other financial income| (2,690. 00)| (4,246. 00)| | Interest and other financial charges| 493. 0 | 3,328. 00 | | Provision (reversal of provision) for probable losses from refund net| (1,632. 00)| (1,179. 00)| | Loss on disposal of utility plant and others net| 1,033. 00 | | | Provision for doubtful accounts, net of recoveries| 982. 00 | 886. 00 | | Cost of guaranteed service levels pay-out| 388. 00 | 216. 0 | | Loss from disposal of investment| | 46. 00 | | Equity in net earnings of associates and a joint venture| (283. 00)| (245. 00)| | Present value impact on customers refund| 225. 00 | 555. 00 | | Employee share-based payments| 174. 00 | 301. 00 | | Reversal of write-down of inventory to net realizable value| (3. 0)| (41. 00)| | Gain on disposal of investment property| (4. 00)| | | Donation of investm ent property| 2. 00 | |   | Foreign exchange loss (gain)| 51. 00 | (266. 00)| Operating income befor working capital changes| 25,412. 00 | 16,749. 00 | Decrease (increase) in:| | | | Trade and other receivables| (10. 0)| 15,601. 00 | | Inventories| (130. 00)| (168. 00)| | Land and development costs| (517. 00)| (531. 00)| | Deferred pass-through fuel costs| 1,939. 00 | 631. 00 | | Other current assets| 955. 00 | (1,854. 00)| Increase (decrease) in:| | | | Trade payables and accrued expenses| 41. 0 | 8,798. 00 | | Customers refund| (2,241. 00)| (2,889. 00)| | Customers deposits| 1,298. 00 | 2,913. 00 | | Deposits from pre-selling of condominium units| 398. 00 | 307. 00 | | Long-term employee benefits| (1,424. 00)| (1,555. 00)|   | Provisions| (140. 0)| (4,935. 00)| Net cash generated from operations| 25,311. 00 | 33,067. 00 | Income tax paid| (4,953. 00)| (3,797. 00)| Net cash flows generated from operating activities| 20,358. 00 | 29,270. 00 | CASH FLOW FROM INVESTING ACTIVITIE S| | | Additions to:| | | | Construction in progress| (5,769. 00)| (7,914. 0)| | Utility plant and others| (2,741. 00)| (187. 00)| | Intangibles| (300. 00)| (127. 00)| | Investments properties| (110. 00)| (662. 00)| Interest and other financial income received| 1,058. 00 | 1,332. 00 | Proceeds from:| | | | Return of investment| 752. 0 | | | Disposal of utility plant and others| 82. 00 | | | Disposal of investment property| 28. 00 | | | Settlement of deliverable currency forwards| 5. 00 | | Dividends received from associates| 96. 00 | 445. 00 | Dividends paid by subsidiaries attributable to non-controlling interests| (15. 00)| | Decrease (increase) in:| | | | Other noncurrent assets| 622. 0 | (1,657. 00)| | Other receivables| | | Net cash used in investing activities| (6,292. 00)| (8,770. 00)| CASH FLOW FROM FINANCING ACTIVITIES| | | Proceeds from:| | | | Interest-bearing long-term financial liabilities, net of issue costs| 10,528. 00 | 12,398. 00 | | Notes payable| 380. 00 | 2,93 6. 00 | | Collection of subscriptions receivable| 222. 0 | 445. 00 | Payments of:| | | | Interest-bearing long-term financial liabilities| (10,748. 00)| (8,295. 00)| | Dividends| (6,187. 00)| (2,820. 00)| | Interest and other financial charges| (2,044. 00)| (1,524. 00)| | Notes payable| (744. 00)| (12,251. 00)| | Stock transaction costs| (1. 0)| | Increase(decrease) in other noncurrent liabilities| 1,830. 00 | 277. 00 | Net cash flow used in financing activities| (6,764. 00)| (8,834. 00)| NET INCREASE IN CASH AND CASH EQUIVALENTS| 7,302. 00 | 11,666. 00 | CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR| 17,068. 00 | 5,402. 00 | CASH AND CASH EQUIVALENTS AT END OF YEAR| Php 24,370. 0 | Php 17,068. 00 | MANILA ELECTRIC COMPANY AND SUBSIDIARIES| RATIO ANALYSIS| | 2010| 2009| TEST OF LIQUIDITY| | | | | | A. Current Ratio =| Current Assets| | | Current Liabilities| | | | | =| 55757. 00 | 44685. 00 | | 44405. 00 | 17234. 00 | | | | =| 1. 26| 1. 06| | | | B. Acid-test Ratio =| Cash + Short -term investments +receivables (net)| | | Current Liabilities| | | | | =| 49979. 00 | 3048. 00 | | 44405. 00 | 17234. 00 | | | | =| 1. 13| 0. 18| | | | C. Receivables turnover =| Net credit sales| | | Average net receivables| | | | | =| 245461. 00 | 184550. 00 | | 36409. 00 | 36409. 00 | | | =| 6. 74| 5. 07| | | | Average Collection period =| 365 days| | | receivable turnover| | | | | =| 365 days| 365 days| | 6. 74| 5. 07| | | | =| 54. 15 days| 72. 01| | | | D. Inventory turnover =| COGS| | | Average inventory| | | | | =| 221263. 00 | 168572. 00 | | 2971. 50 | 2971. 50 | | | | =| 74. 46 times| 56. 73| TEST OF SOLVENCY| | | | | | A. Debt to total assets ratio =| total debt| | | total assets| | | | | =| 115772. 00 | 110,983. 00| | 178968. 00| 172,129. 00| | | | =| 0. 65| 0. 64| | | | B. Times interest earned =| Income before income taxes and interest expense| | | interest expense| | | | | =| 14,437. 0 | 8979. 00 | | 493. 00 | 3328. 00 | | | | =| 29. 28| 2. 70| | | | TEST OF PROFITABIL ITY| | | | | | A. Profit Margin =| Net income| | | Net sales| | | | | =| 10,117. 00 | 6356. 00 | | 245,461. 00| 184550. 00 | | | | =| 4%| 3%| | | | B. Asset Turnover =| Net Sales| | | Average assets| | | | | =| 245,461. 00 | | | 175,548. 50 | | | | | =| 1. 40| | | | | C. Return on assets =| Net Income| | | Average Assets| | | | | =| 10,117. 00 | | | 175,548. 50 | | | | | =| 6%| | | | | D. Return on common stockholders equity =| Net income| | | Average common stockholders equity| | | | =| 10,117. 00 | | | 11,273. 00 | | | | | =| 90%| | | | | E. Earnings per share =| Net Income| | | Weighted average common shares outstanding| | | | | =| 10,117. 00 | | | 1,127. 00 | | | | | =| 8. 98| | | | | F. Price-earnings ratio =| Market price per share of stock| | | earnings per share| | | | | =| 10| | | 8. 62| | | | | =| 1. 16| | | | | G. Pay-out Ratio =| Cash Dividends| | | Net income| | | | | =| 7,834. 00 | | | 10,117. 00 | | | | | =| 77. 43| | ANALYSIS HORIZONTAL AND VERTICAL ANALYSIS REVENUES For the year end December 31, 2010 MERALCO procured a Php245, 461 million revenues, 33. 0% higher than previous year revenues worth Php184, 550 million. Sales from the three major operating segments increased during the year 2010 with the power distribution as the top performing operating segments. Php178,686 million sales from electricity was a 96. 82% of Php184,550 million. EXPENSES Expenses for the year 2010 amounted to Php231,024 million was increased by Php55,453 million or 31. 58% due to higher purchased power that was increased by 33. 12%. In support to this, purchased power got 86. 97% of the total Php231,024 worth of expenses. NET INCOME Php10,117 million net worth of income of 2010 was 59. 7% higher than 2009 it’s because of the higher sales of electricity for the year 2010. Eventhough the net income for the year 2010 is just a 4. 12% of the total sales the company still achieved its higher net income compare to 2009. CURRENT ASSETS As of December 31, 2010, the Com pany’s consolidated cash and cash equivalents amounted to Php24,370 million, Php7,302 million or 42. 78% higher compared with the balance of Php17,068 million of December 31, 2009. In addition, cash and cash equivalents achieved 13. 62% of its Php178,968 million total assets. This is due to a higher average collection period from 29 days to 24 days. Other increase in current assets may be due to higher sales for the year 2010. CURRENT LIABILITIES Current liabilities had increased by 5. 42% or Php2,282 million by the year ended December 31, 2010 with trade payables and accrued expenses having the highest increase worth Php2,877 million, achieving 20. 52% of its total liabilities. Decreases in the current liabilities was due to payments of some payables and some customer’s refund. NONCURRENT ASSETS Most of the noncurrent assets had decreased by the year 2010, this is due completion of major electric projects and due to consumption of fuel gas. NONCURRENT LIABILITIES A total of Php4,789 million increase in noncurrent liabilities of the company may due to issuance of long term obligations that could result in an increase in working capital. This increase was due to pre-termination of some loan deposits received from units sold on instalment contracts. EQUITY The employee shared-based payment plan had increased by 31% as of December 31, 2010. This is due to recognition of the provisions of PFRS2, â€Å"Shared-based Payments† related to Employee Stock Puchase Plan. And a decrease of 98. 5% of the share in cumulative translation adjustment of a subsidiary and an associate was resulted from the return of capital related to the Company’s investment in FPPC. RATIO ANALYSIS CURRENT RATIO A total of Php55,757 million worth of current assets definitely means a capability of the Company to pay its current liabilities worth Php44,045. This means a 1. 26 current ratio is an indicator of a slightly strong financial position . ACID-TEST RATIO A 1. 13:1 acid-test ratio of the company simply portrays that its most liquid assets can settle its current liabilities. RECEIVABLE TURNOVER The Company can collect its receivables 6. 74 times in a year with an average of 54. 15 days or less than two months collection period. This situation is favourable to the company’s present position. INVENTORY TURNOVER As inventory is being concern, the company is efficient in managing its inventories. A 74. 46 times inventory turnover is a proof of the latter statement. It is not too high nor too low indicating a better liquidity. DEBT TO TOTAL ASSET RATIO More than half of the company’s assets are financed through the company’s debts. This is proven by a 0. 65 ratio of debt to total asset. TIMES INTEREST EARNED Since the earnings of the company, Php14,437, is higher than its total interest expense, Php493, the company has the capability to settle its debts. Getting a 30. 28 ratio means that the company is able to meet its interest obligations because its earnings is significantly greater than its annual interest obligations. PROFIT MARGIN Compare to 2009 profit margin of 3%, the company got 4% profit margin which indicates that the revenue earned, Php245, 461million by the company was effectively converted into actual profit, Php10,117 million, despite of Php231, 024 total expenses . ASSET TURNOVER The 1. 4 asset turnover ratio of 2010 is relatively higher than 2009 meaning despite of Php178,968 million total assets the company still gained a total revenue of Php245,461 million with a total net profit of Php10,117 million meaning the company is efficiently utilizing its assets to produce a favourable profit. RETURN ON ASSETS The company has a total 6% return on assets of 2010 which is 2% higher than 4% return on assets of 2009 indicates that the company can make an intelligent choice on how to spend its money on new assets. RETURN ON COMMON STOCKHOLDER’S EQUITY A 6% increase in return on common stockholder’s equity simply indicates that the company is generating profits on its common stock investment meaning it is generating an income for the benefit of common stockholders. EARNINGS PER SHARE With an 8. 62 earnings per share which is higher than the 2009 EPS, 5. 74, the company is getting a higher earnings, meaning a strong financial position. PRICE-EARNINGS RATIO The 1. 16 price-earnings mean that investors are ready to pay 10 times earnings. The company has a chance in getting numerous investors. PAY-OUT RATIO A 77. 3% of the total Php7834 can be paid back to shareholders. Investors will increase its confidence to the company. CONCLUSION MERALCO is the Philippines’ largest electric power distribution company, with franchise service area covering 9,337 square kilometers. It provides power to 4. 8 million customers in 31 cities and 80 municipalities, which include the whole of Metro Manila, the provinces of Rizal, Cavite and B ulacan, and parts of Pampanga, Batangas, Laguna and Quezon. Business establishments in the franchise area account for almost 46% of the country’s Gross Domestic Product or GDP. The Company registered consolidated revenues for the year ended December 31, 2010 amounted to P=245,461 million, 33% higher compared with the P=184,550 million for the same period last year. Sales from all operating segments increased during the year with the highest registered by power distribution. The increase in electricity spending is attributable to (i) increased number of customers across all customer classes, (ii) growth in various industries as restocking activities resume after the global economic crisis, (iii) unusually warmer temperature during the first half of the year and, (iv) election spendings. Sales from electricity amounted to P=239,077 million, an increase of P=60,391 million, or 34%, from P=178,686 million for the year ended December 31, 2009. Consolidated costs and expenses amounted to P=231,024 million for the year ended December 31,2010, P=55,453 million higher than the P=175,571 million last year, primarily due to higher purchased power costs, increased provision for doubtful accounts, accrual for compensation and employee benefits. The 2010 consolidated full year results reflect higher recurring net income compared with 2009 mainly as a result of increased volume of energy sold. Revenues generated from power distribution amounted to P=239,164 million for the year ended December 31, 2010, higher by 34% compared with P=178,752 million in 2009. Pass-through charges increased by P=48,442 million, or 33% to P=195,435 million compared with P=146,993 million in 2009, as a result of higher average generation charge during the year, partially offset by the decrease in the average recoverable system loss charge to P=11,567 million from P=16,108 million. Costs and expenses of the power distribution segment increased by P=55,211 million, or 32%, to P=225,905 million in 2010 compared with P=170,694 million in 2009. For the year ended December 31, 2010, purchased power costs amounted to P=200,916 million, an increase of 33% from P=150,928 million in 2009 brought about by the higher electricity consumption particularly from the industrial customers and increased in average purchased power cost per kWh. Operations and maintenance expense increased by P=2,100 million, or 15%, to P=15,711 million for the year ended December 31, 2010 compared with P=13,611 million for the year ended December 31, 2009 brought about by the increases in salaries and wages and provision for doubtful accounts. MERALCO’s liquidity increased as the current and quick ratio rose in 2010. On the other hand, the company’s collection of receivables had dropped down from 72 days of 2009 to 54 days of 2010. This means the company is having a good turnover when it comes to it receivables. in this connection, the company achieved the 74. 46 times of inventory turnover that resulted to a higher sales. 0. 65 debt to total asset ratio and 30. 28 times interest earned proved that the company is solvent and able to meet its interest obligations. Revenue earned was effectively converted into actual profit despite of a higher total cost of expenses still the company gained a 59% increase in net income. As far as asset is concern, the company is efficiently utilizing its asset that resulted to a favourable profit. And because of the increase, we can say that the company is profitable and this could gain the trust of shareholders and may attract investors. RECOMMENDATION MERALCO’s total performance could be the basis of prospective investors to invest and it could be the reason why present stockholders will continue to do business with the company. A favourable increase in sales as well as the increase in net income may not be an indicator of a total good performance of a company. The management should still preserve its good turnover on assets and inventories to preserve its stockholders and the legacy that MERALCO had started ever since. The company should sustain its good performance since it’s the number one electricity supplier here in the Philippines. The service should be enhanced and be improved as well. Customer’s refund should be minimized as well as the receivables. The company should think of a better way of reducing refunds and receivables without sacrificing it’s service and trust of the customers. Assets should continue to increase and be utilized in the right manner. Acquiring of assets should be done in the right time so that the company will not suffer in paying its unwanted debts. Continuous improvement and innovation when it comes to service is highly recommended for the company to hold its present position in the market. MERALCO should continue to give light and power to the entire archipelago.

Dino Compagnis notion that internal discord was the result of Florentine discord.

Dino Compagnis notion that internal discord was the result of Florentine discord. In Dino Compagni's diatribe of the Florentine demise, it is clear that he believes the internal strife among her citizens was the backbone of a beautiful city's undoing. Contemporaries who have read Machiavelli's works, without a proper grasp of Italian life at his time, tend to think Machiavelli a cruel and ruthless man. Comparing Machiavelli's thoughts and beliefs on the subject of human nature with that of Compagni, however, lead to a very converging view of mankind. As Compagni disserts, he believes the citizens of Florence to be intrinsically wicked and duplistic. Thus, the 'wicked citizens' and 'wicked deeds' were the main cause of discord, coupled with the universal truth that men of different classes have different political and economic agendas. Compagni's fault however lies in his limited view and perspective. As a citizen at the time his writing concerns, he has tunnel vision which modern historians today do not.English: via dino compagni Italiano: via dino comp...Compagni has not felt the rule of an absolute monarch like other Europeans of his time, nor was he brought up in a part of medieval Europe where power was thought to radiate downward, from God, to the clergy, and finally to the king or emperor. In the communes that Compagni inhabited, power radiated upward from the popolo to its leaders. Compagni's belief that bad politics caused Florentine discord was true, but the guilt is misplaced on corrupt and irresponsible leaders, rather than a flawed political system.Though Italian communes were extremely patriotic and incredibly loyal, they were wrent apart by internal discord. If a commune was threatened by an outside force they would quickly ban together. However, in times of peace they were quick to quarrel with each other. Internal division is essentially the internal history of Italian communes. Compagni detests both the Guelf and Ghibelline parties...

English Essay Example | Topics and Well Written Essays - 1750 words - 3

English - Essay Example n reputation and familial obligations subsequently struggled with his attraction to the middle-class Elizabeth Bennet, who despite such, refuses to marry for convenience, but for love. This sets Jane Austen’s remarkable literary masterpiece Pride and Prejudice. In this novel, Austen fosters insurmountable learning and wisdoms to its readers, especially on the perspective of the conditions of women and femininity as set in the 19th century England. It does not merely entertain and captivate the readers on the romance shared by its characters, but deeply embedded is Austen’s portrayal of women’s circumstance during this era. An analysis will then be provided on women especially that of Austen’s women characters’ condition in the aspect of social ranks and courtship and marriage as showcased in the novel grounded in true to life women conditions in England. The novel commenced with the arrival of the wealthy Mr. Charles Bingley, his family and his friend Mr. Darcy. The Bennets, with five daughters, were more than thrilled for their arrival since this will mean an opportunity for any of the Bennet sisters to covet a young and rich bachelor. The newcomers arrived at a ball, in which Austen establishes the characters by highlighting on Mr. Darcy’s perception and behaviour to those not from his social strata, and Elizabeth’s perception or prejudice of arrogance towards Mr. Darcy. Mr. Bingley forged a relationship with Jane, the eldest of the Bennet sisters. Mr. Darcy, on the other hand, also acknowledged his attraction towards Elizabeth. Several circumstances ensued as Elizabeth has the opportunity to travel to Mr. Darcy’s residence, wherein she received Mr. Darcy’s first proposal, which Elizabeth has refused due to prior prejudice. Elizabeth’s sister, Lydia, has then elopes with Elizabeth’s soldier friend, who used Lydia to emancipate money from his agreement to be married to the sister. However, it was Mr. Darcy who paid Wickham instead of their