24 THE -CUBA REVIEW 



HAVANA ELECTRIC RAILWAY, LIGHT & POWER 



COMPANY 



ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1918 



To the Stockholders : 



Your Directors beg to submit their seventh animal report. 



The Gross Earnings for the years 1915, 1910, 1917 and 1918 were as follows : 

 1915 1916 1917 1918 



$5,541,302.72 $0,017,708.59 $0,989,599.33 $S,170,544.7G 



A condensed statement of the result of the operations during the same four 

 years is : 



1918 1917 191G 1915 



Gross Earnings $8,170,544.70 $0,980,599.33 $0,017,708.59 $5,541,302.72 



Operating Expenses and Taxes 4,370,055.05 3,385,409.83 2,443,885.33 2,337,500.05 



Net Income $3,799,889.11 $3,604,129.50 $3,573,823.26 $3,203,796.67 



Miscellaneous Income 140,894.91 149,754.70 144,561.49 147,874.95 



Total Net Income $3,940,784.02 $3,753,884.20 $3,718,384.75 $3,351,071.02 



First Charges 989,138.16 1,138,623.30 1,297,093.23 1,115,413.99 



Net Profit from Operation and 



Miscellaneous Income $2,951,045.80 $2,015,200.90 $2,421,291.52 $2,236,257.63 



Out of the Net Profits from Operation and Miscellaneous Income for the 



year under review, namely $2,951,645.86 



There has been set aside as Reserve for Depreciation 203,000.00 



Leaving Balance of $2,748,045.80 



The Balance at credit of Profit and Loss Account January 1, 1918, was.. 2,270,290.19 



Total $5,018,936.05 



and the following disposition was made thereof: 



Provision for Sinking Fund in respect to English Bonds of Compania de 



Gas y Electricidad de la Ilabana 13,052.33 



Provision for Sinking Fund in respect to the Consolidated Mortgage 



Bonds of the Havana Electric Railway Company 109,703.50 



Reserve for Bad and Doubtful Debts 101,541.82 



Dividends paid during the year (0% on the Preferred and Common 



Shares) 2,155,612.98 



Profit and Loss Account — Balance carried forward to 1919 2,039,025.42 



Total $5,018,93G.05 



The following is a summary of the operation of the various Departments during 

 the year 1918: 



Operating 



Gross Expenses and Per Cent. Net Earn- Per Cent. 



Departments Earnings Taxes (not of Gross ings from of Gross 



from including Earnings Operation Earnings 



Operation First Charges) 



Electric Railway ... $3,977,868.39 $2,174,059.69 54.65 $1,803,808.70 45.35 



Electric Light 2.851,030.01 1,170.510.24 41.25 1.074,520.37 58.75 



Gas 1,169,432.02 856,451.47 73.24 312,980.55 20.70 



Omnibuses 178.213.74 109,034.25 95.18 S,579.49 4.82 



$8,176,544.76 $4,376,655.65 53.53 $3,799,889.11 40.47 



The report of the General Manager shows not only an enormous increase in the 

 cost of materials and supplies required for the maintenance and operation of your 

 property, the difficulties which attended the securing of them and the scarcity of 



