The Knowledge of Human Existence Perception, Empiricism, and Reality An Analysis Contrived Through The Matrix and The Prestige free essay sample

Movies provide the audience with a unique experience. Not only do they entertain, they allow the audience to explore their own preconceptions. The most vital preconception that movies allow the viewer to explore and interact with is the definition and formation of knowledge. For centuries man has grasped for the true definition of knowledge. In this struggle many have fought for a unifying definition, this great conflagration of discourse and study did not lead to a unified definition of knowledge. Moreover, it leads to the question that still beats in the hearts of the philosopher and the movie-goer. What can human beings know about the experience of existence? How do we define it? Man’s struggle with the definition of knowledge and how we define existence is a driving force behind the questions asked by philosophers throughout history. From Plato to Descartes, from Aristotle to Kant, the understanding of existence became nearly an obsession of the great philosophical minds. We will write a custom essay sample on The Knowledge of Human Existence: Perception, Empiricism, and Reality An Analysis Contrived Through The Matrix and The Prestige or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It is this â€Å"obsession† that drives Hugh Jackman’s character, Robert Angier in Christopher Nolan’s The Prestige. In this â€Å"obsession† Angier finds his match with Keanu Reeves’ character, Neo in Andy and Larry Wachowski’s The Matrix, whose transformation from computer hacker to an almost God like position of knowledge, stems from his obsession with defining his existence. While it is the character Neo who is lead or rises to a position where it is possible to fathom the nature of existence, it is the audience whom Christopher Nolan guides to this level in The Prestige. Before an understanding of existence can be examined, it is important to define the role of the audience in Nolan’s The Prestige. While Nolan’s characters are subject to an â€Å"obsession† directed towards the knowledge of each other’s methods, the true character receiving knowledge is the viewer. Cristel Russell in a piece titled, â€Å"Rethinking Television Audience Measures: An Exploration into the Construct of Audience Connectedness,† written for Marketing Letters in 1999 discusses the degrees of connection a television audience has. While Russell’s piece  is intentioned for an understanding of the relationship between a television audience and the images on screen in the sense of how to market to the audience, the similarity of the mediums allow for this to be an example for the filmic experience as well. Russell’s study asserts the strength of the connection the audience has, â€Å"viewers often reported that they imitate some of the intangible aspects of their television show, from the lifestyle of the actors to the philosophy portrayed by the character,† (Russell, 1999, p.401). Russell chooses the word â€Å"their† to suggest a possessive, included, position that the viewer takes with the images portrayed on the screen. It this suggestion of inclusiveness that suggests that the viewer becomes part of â€Å"their,† show. No longer is the viewer simply an audience member; they are a part of the cast chosen by the director and as such they become a necessary medium for explication of â€Å"philosophy† as is suggested by Russell. Nolan’s audience is not simply viewing, they are interacting with the film, and as such they are guided by Nolan to a realization, just as Robert Angier is. While, Angier’s â€Å"obsession† for knowledge is limited by his insatiable desire for revenge, he ascends on a philosophical scale. While this may seem reminiscent of the story of Plato’s cave, where a man trapped is freed by realization that his existence is limited to projections on the wall of his cave, Plato’s example does not serve Angier. It isn’t until his death at the hands of his old enemy that Angier is able to transcend to the realm of knowledge necessary to understand existence. It is in this moment that he realizes that all the tangible evidence of how his rival’s tricks were performed, were not the true illusion. The truth that Angier in his final moments is lead to believe, is that sacrifice is a necessity for perception to become actual existence. In his dying moments Angiers defines his own understanding of his purpose, while the film-maker paints it in a romantic sense, it provides the viewer with the true understanding of individual existence. It is just that. Individual. While shaped by the collective experience, the only thing a human being can say for certain is t hat their existence is their own, folding too completely into an empirical collective experience is as unfulfilling as life without death. Hence, Angier must die by the end of the film. (Nolan, 2006). Knowledge cannot be limited solely to a scientific explanation of why things are and why things aren’t. John Cottingham’s piece, â€Å"The Question,† from The Meaning of Life provides the  seeker of knowledge with an explanation for the limitedness of scientific inquiry. In the piece Cottingham highlights â€Å"religious discourse† throughout time as necessary force for further investigation into the why that creates the human need for knowledge of existence. While â€Å"religious discourse† may not provide an exact answer to what existence is, this is inconsequential as according to Cottingham, â€Å"But its advocates would urge that it none the less assuages the nausea, the ‘nausea’ as Jean-Paul Sartre called it, that we feel in confronting the blank mystery of existence,† (Cottingham, 2003, p.9). Here Cottingham’s inclusion of â€Å"religious discourseâ₠¬  as essential in understanding the â€Å"blank mystery of existence,† seems to undermine a definition of existence based entirely on science. â€Å"Science† as discussed in Cottingham’s discourse should be understood as empirical knowledge. Based upon Cottingham, this empirical knowledge, the tangible is limited in its ability to assist human beings in their understandings of existence. It is into this gladiatorial arena where Rene Descartes jumps as a opponent of a solely empirical understanding of existence. Rene Descartes provides a rational approach to the problem of understanding existence. Descartes rationalism is based upon his definition of the â€Å"material† of existence. Rather than being bogged down in the definition of â€Å"material,† Descartes comes to the conclusion that, â€Å"Consciousness is the essential property of mind substance,† (Collinson, 2006, p.81). Descartes’ definition of the â€Å"essential property† as espoused in Diane Collinson’s Fifty Major Philosophers opens the door for how human existence is defined. The â€Å"essential property† of existence is not based on tangible experience. Collinson highlights Descartes suggestion that the mind experiences the empirical sense of the body, but not because of direct physical experience, rather that, â€Å"ideas of primary qualities are not derived from sense experience but are innate,† (Collinson, 2006, p 83.). This idea of â€Å"primary qualities† can be applied to the question of existence as experienced by Neo in The Matrix. Neo’s character ascends from a plateau of empirical existence in the beginning of the film. He does not know that he is actually being deceived, that his definition of existence is a computer created dream state. This dream state although realized to be a manifestation of a computer program, is seen by Neo in his earliest iteration as real. He does not know he lives within a deception, because the computer-generated Matrix  maintains all the â€Å"essential qualities† of existence in Neo’s mind. It is not until he meets Morpheus that what he considers existence is a faà §ade.

Venus at Vulcan essays

Venus at Vulcan essays A French painter named Francois Boucher, well-known for his rococo style paintings that commonly portrayed rustic and mythological scenes. Francois Boucher was born in France. He was the son of a lace designer. His greatest influence when growing up was Antoine Watteau. He admired his delicate style of painting. When Bocher grew up he decided to leave France and off to Rome. In Rome he studied with the painter Francois Le Moyne. In 1723 won the Prix De Rome. He studied in Rome from 1727 to 1731. When Bocher returned to France he created over hundreds of paintings. Bouchers work caught the eye of the royals, he was made first painter to the king. He became the director of the Royal Academy, and designer for the Royal Porcelain Works. Bouchers work also was a delight to the public, they enjoyed his delicate depictions of divinities. He was also considered the most fashionable painter of his time. One of his greatest paintings is the Venus at Vulcans Forge. Boucher was very ill while in the process of painting this work, and he had only a year to live. His illness did not effect the outcome of his painting. This painting was inspired by Virgils narrative in the eighth book of The Aeneid, in which Venus induces Vulcan to forge the arms for her mortal son Aeneas, champion of the Torjans against the the Greeks. Vulcan strains forward, presenting the sword toward Venus with a sense of urgency and yearning clearly visible on his face. Seized by passion, he is totally under the sway of Venus , a fact Boucher stresses by the doves and putto reclining on his lap and by the putto on Venuss side, who aims his arrow directly at Vulcans heart. Vulcan has succumbed to love, a fire more subtle and more powerful that that with which he forges s ...

Help with Essays in English for International Students at a Budget-Friendly Cost

Help with Essays in English for International Students at a Budget-Friendly Cost Are you an International Student? Are you an International Student? Writing homework assignments in English is not an easy task for an international student. Failure to write good essays and term papers in English can affect your grade. Too much homework in English? Read how over 125 000 students have solved this problem! Over 8000 students from China have been unable to continue their study in the universities of the United States in one year, according to a recent study* *Source: White Paper on Dismissed Chinese Students in the United States Are you finding it difficult to write essays and term papers in English? Are you busy with other projects? Outsource your homework to and leave your worries behind! Since 2005 provides professional writing assistance for international students. Over 10 000 students from China, Hong Kong, Saudi Arabia, UAE and Qatar buy custom-written assignments from Private Writing Services every year. Every paper is custom-written from scratch. It means that each assignment is unique and individually written. Every paper you hand in goes through a college plagiarism-check system. If you copy/paste it from the web you will most likely be expelled from your college or university for plagiarism. That is why it is so important to write papers from scratch. This is how we can make your life easier: pick any assignment that is due sometime this semester. Fill out the form below and we will get back to you with the price quote. You will see for yourself and complete the purchase if our services fit your budget. This is a no-obligation quote, free of charge. .random-faqs { margin: 20px 0; } .random-faqs h3 { border-top: none; } .random-faqs-block { padding: 20px; } .faq-wrapper { display: flex; justify-content: space-between; } @media only screen and (max-width: 991px) { .faq-wrapper { flex-direction: column; } } .faq-block { width: 100%; padding: 0 30px; border-left: 1px solid #fff; } @media only screen and (max-width: 991px) { .faq-block { padding: 20px 0; border: none; border-top: 1px solid #fff; } .faq-block:first-child { padding-top: 0; border: none; } .random-faqs .field-row { padding-bottom: 0; } } .faq-block:first-child { padding-left: 0; border-left: none; } .faq-block:last-child { padding-right: 0; } .random-faqs .field-row { max-width: none; text-align: center; align-items: center; } Random FAQ : What if someone finds out? We are in business of writing essays for students. Safety of our customers is the key factor of our business reputation. That is why we host our websites on our own dedicated servers and regularly perform a PCI compliance audit: yes, we are actually hiring people to find out if we can get hacked. That is why our company retains a status of the most trusted bullet-proof confidential essay writing service in the world. So, you know what you pay for! How can I be sure my homework will be done right? For almost 12 years we have been working with thousands of writers from around the world. When our editorial staff sees the assignment criteria we know exactly which writer is the best fit for the job. We are focused on satisfaction of our customers: when you are happy with our product you will order with us again. It is exactly why you should buy your assignment from . How does your service work? Our system is completely automated and adjusted to the degree of maximum user convenience. All you have to do is give us your assignment requirements and pay at the time of placing the order. Once we are notified of your payment we start to work on your paper immediately. Each project is assigned a unique identification number which gives you the possibility to track your order online. It also allows you to log into your personalized control panel and communicate with the writer whos doing the job for you. Once the paper is completed it is delivered to your email. Please read more on the ordering procedure. See more

W4a2-modernism Assignment Example | Topics and Well Written Essays - 1000 words

W4a2-modernism - Assignment Example dings constructed during the modernism period were designed to accommodate modern architectural elements including little ornamentation, factory made parts, man-made materials such as metal and concrete. Mies believed that for one to be successfully fulfilled, he or she should co-exist with the culture if his or her time. Emphasis was also put on the purpose of the building being built. Mies designed a simple house that served as a weekend retreat and also intended to create a space whereby life would unfold freely and interdependently with the nature. Mies acted as both the architect and the general contractor (Mies van der Rohe Society). Philip Johnson designed the Glass house in 1949 as a residential house. He was the owner of the building that he built on a dairy farm land he bought in Connecticut. The Glass house is similar to Mies Farnsworth house with only a few differences. He was inspired byMies design of the Farnsworth. Johnson designed the building taking maximum economization and transparency into consideration. The design of the building also employed the modern architectural elements including little ornamentation, factory made parts, man-made materials such as metal and concrete just as Mies design of the Farnsworth. The building has with two parallel planes suspended between the earth and the sky by eight w-shaped steel columns. The design seems simple, but it incorporates a thorough attention to detail. Since, in the design, the floor and the roof of the building were suspended, strong steel structures and high grade concrete were necessary for its construction. Precast concrete slabs formed the roof and the floor and steel frame construction supported the uninterrupted floor and roof planes. The steel frames were accurately welded to minimize their visibility.In the interior, Mies incorporated a continuous curtain rack that allowed for the occupants defined privacy. Mies used an extensive clear glass than span from the floor to the ceiling to

Sports economic about Revenue Variation of four major league Assignment

Sports economic about Revenue Variation of four major league - Assignment Example In terms of the NHL, the NHL has the least along with the NBA. According to the result of the Standard Deviation of NHL is 20.89767077, the standard deviation of NBA is 45.53190116. The standard deviation of NFL is higher at 60.8456452 and the SD of the MLB is slightly lower than the MLB’s Standard deviation of 58.84399793. As shown in the graph above, there a consistent relationship, positively related with both curves indicating an upward relationship all together. There is a consistent relationship between the standard deviation of the revenue in these leagues form part A. This is because as the table of Revenue and the year assumes an upward trend, it shows an increasing standard deviation as well as an increasing inflation rate that compares to2012. Considering the major league income and expenses, the 2003-2012 data reveals on the team name, revenue of 2004 and for 2003 and to the revenues of 2004 as well. According to the chart of NFL, there is a steady flow of revenue until the inflationary and the revenue balances remain adjusted over time. The difference between the inflation adjusted outcomes measures the outcome of the period’s inflation rate, thereby revealing the investments after removing the effects of the inflation. The unadjusted outcome relates to the increasing prices that offset demand. So it is safe to say that anytime during that period that the price of gas was above $2.60 in inflation adjusted terms it was expensive and whenever it was below that price it was cheap.   So obviously when it reached $4.00 a gallon in July 2008 it was expensive. And with the average for 2013 at $3.51 we are once again expensive. From the table of revenues for the NFL, it has a downward sloping pattern whereby the revenues reduce with time. This is an indication is reduced fanatics and it is not good for fan perspective. In business, when a competitor miss strategic success, then the business benefit. In game theory, it is

Solutions to Problems with the No Child Left Behind Act :: Teaching Education Essays Schools

The No Child Left Behind Act (NCLBA) deals with student achievement standards by holding schools accountable for the achievement of their students (Implementation 11). The NCLBA uses standardized tests to chart the success of students. If students are not meeting standards, the school is required to offer tutoring, which is funded by the state with Title I, the education mandate passed in which granted all public schools access to federal grants, money (No Subject 7). The Act itself is not the problem; the problem is that the Adequate Yearly Progress (AYP) standard which is a big part of the NCLBA is not being met. The AYP standard is not being met because schools are not changing their methods quickly enough. It was said in the NCLBA that schools nationwide were to have 100% proficiency of the AYP standard within 12 years (Implementation 9). Since the passing of the NCLBA in 2001, most public schools, nationwide have not improved at all. Solutions There are a number of ways that this problem can be solved. To start, teachers could have to have higher credentials, thus giving them a better understanding of the subject areas in which they teach, and giving the students more and better sources (Facts). Right now teachers are only required to have a bachelor’s degree and be certified to teach, have a teaching certificate. Also, schools could require a minimum amount of studying per week for each student (Implementation 8). As of now, the only schools that require a certain amount of study time are private schools. In each class, there is scheduled time each day/week set aside for studying. Basically, it is a study hall. A lot of schools have study halls already set in place, but, for example, Aransas Pass High School is one of the many schools across the nation which do not enforce studying during that time (Crenshaw). There is one very obvious, but extremely flawed solution to this problem. Schools need to change their curriculums and start focusing more on the

Meralco Financial Analysis

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 reorg anized as the Company’s vehicle for potential entry into power generation. COMPANY PROFILEMERALCO 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 and 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.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 alway s 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 fulfil 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 agen cies 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) Lighthouse 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 | Customer's refund| 7,131. 0 | 9,147. 00 | Current portion of interest – bearing long-term financial liabilitie s| 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 | Customer's 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 Acquisit ion 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 | Equity 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| | | Adjustments 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 o f 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 customer's 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 investment 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 | | Customer's re fund| (2,241. 00)| (2,889. 00)| | Customer's 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 ACTIVITIES| | | 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 | 2,936. 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 EQUIVALE NTS| 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| | | | | =| 22126 3. 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 PROFITABILITY| | | | | | 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 stockholder's equity =| Net income| | | Average common stockholder's 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 Company’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 yea r 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 TURNOVERThe 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 n or 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 revenu e 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 EQUITYA 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 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.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 salar ies 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 as sets 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.