THECUBAREVIEW 23 



HAVANA ELECTRIC RAILWAY, LIGHT & POWER 



COMPANY 



ANNUAL REPORT TO THE STOCKHOLDERS FOR THE YEAR ENDED 



DECEMBER 31, 1919 



To THE Stockholders : 



Your directors beg to submit tlieir eiglitli annual report. 

 The gross earnings for the past five shears were as follows : 



1915 1916 1917 1918 1919 



$5,541,302.72 $6,017,708.59 $6,989,599.33 $8,176,544.76 $9,397,452.46 



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

 years is : 



A condensed statement of the results of the operations during the same five 

 years is : 



1919 1918 1917 1916 1915 



Gross Earnings $9,397,452.46 $8,176,544.76 $6,989,599.33 $6,017,708.59 $5,541,302.72 



Operating Expenses 

 and Taxes 4,979,685.22 4,376,655.65 3,385,469.83 2,443,885.33 2,337,506.05 



Net Income $4,417,767.24 $3,799,889.11 $3,604,129.50 $3,573,823.20 $3,203,796.67 



Miscellaneous Income 64,538.20 140,894.91 149,754.90 144,561.49 147,874.95 



Total Net Income. . .$4,482..305.5O .$3,940,784.02 $3,753,884.20 $3,718,384.75 $3,351,671.62 

 First Charges 979,710.79 989,138.16 1,138,623.30 1,297,093.23 1,115,413.99 



Net Profits from Oper- 

 ation and Miscella- 

 neous Income $3,502,.594.71 $2,951,645.86 $2,615,260.90 $2,421,291.52 $2,236,257.63 



Out of the Net Profits from Operation and Miscellaneous Income for 



the year under review, namely $3,502,594.71 



There has been set aside as Reserve for Depreciation 622,121.24 



Leaving a Balance of $2,880,473.47 



The Balance at Credit of Profit and Loss Account, January 1, 1919, was. 2,639,025.42 



Total $5,519,498.89 



and the following disposition was made thereof : 



Amortization of Bond Discount and Expenses $24,250.68 



Provision for Sinking Fund in respect to English Bonds of Compaf.ia j 



de Gas y Electricidad de la Habana 13,533.32 



Provision for Sinking Fund in respect to the Consolidated Mortgage 



Bonds of the Havana Electric Railway Company 114,870.17 



Provision for Sinking Fund in respect to the General Mortgage Bonds 



of the Havana Electric Railway, Light & Power Company 52.728.42 



Dividends paid during the year (6% on the Preferred and Common 



shares) 2,155,612.98 



Profit and Loss Account — Balance carried forward to 1920 3,158,503.32 



Total $5,519,498.89 



The following is a smnmary of the operation of the various departments during 

 the year 1919: 



Operating 

 Gross Expenses and 



Earnings Taxes (not Per Cent. Net Earn- Per Cent, 



from including of Gross ings from of Gross 



Departments Operation First Charges) Earnings Operation Earnings 



Electric Railway $4,363,098.11 $2,539,711.65 58.21 $1,823,386.47 41.79 



Electric Light 3,484,394.58 1,294,437.43 37.15 2,189,957.15 62.85 



