PILE CUBA REVIEW 
to 
Or 
HAVANA ELECTRIC RAILWAY, LIGHT & POWER 
COMPANY 
Ninta ANNUAL REPORT OF THE DIRECTORS FOR THE YEAR ENDED DECEMBER 31, 1920, 
FOR SUBMISSION AT THE ANNUAL MEETING OF THE STOCKHOLDERS 
CALLED FOR May 19, 1921 
To THE STOCKHOLDERS: 
Your directors beg to submit their Ninth Annual Report. 
The gross earnings for the past five years were as follows: 
1916 1917 1918 1919 1920 
$35,017,708. 59 $6,989,599 . 33 $8,176,544. 76 $9,397 452.46 $11,477,937 . 27 
A condensed statement of the results of the operations during the same five years is: 
1916 1917 1918 1919 1920 
Gross earnings... . .$6,017,708.59 $6,989,599.33 $8,176,544.76 $9,397,452.46 $11,477,937 .27 
Operating expenses 
and taxes....... 2,443,885.33 3,385,469.83 4,376,655.65 4,979,685.22 6,448,451.78 
Net income....... $3,573,823 .26 $3,604,129 .50 $3,799,889.11 $4,417,767.24 $5,029,485.49 
Miscellaneous  in- 
come (net)...... 144,561.49 149,754.70 140,894.91 64,538.26 47,783 .85 
Total net income. .$3,718,384.75 $3,753,884.20 $3,940,784.02 $4,482,305.50 $5,077,269 .34 
First charges...... 1,297,093 .23 1,138,623.30 989,138.16 979,710.79 968,759.31 
Net profits from 
operation and 
miscellaneous in- 
COMER Ars $2,421,291.52 $2,615,260.90 $2,951,645.86 $3,502,594.71 $4,108,510.03 
Out of the net profits from operation and miscellaneous income for the year 
ENS CEI VIG WANT AMC YAiwe ss caren eae yoke TL a See oe ne ik | ace ny on $4,108,510.03 
There has been set aside as Reserve for Depreciation...................... 1,222,987 .38 
eae NEN se tsa PVA EERE CC: Ops Sef oc ry oa oa ig ee Ree ee cer ae $2,885,522 65 
The balance at credit of Profit and Loss Account, January 1, 1920, was..... 3,158,503 . 32 
SRataliapte teeters De atop e Were se MEE Nira it utes $6,044,025 .97 
and the following disposition was made thereof: 
Amortization of bond discount and expenses....................---------- $24,250.04 
Provision for sinking fund in respect to English bonds of Compafiia de Gas y 
bicepieidac de barkbabanan cee eh ie eS ae, wie aS SO seen ae fhe aes 14,500.00 
Provision for sinking fund in respect to the Consolidated Mortgage Bonds of 
WersLavans Hlectric Railway Company. 2). 222.02 ee 120,195.17 
Provision for sinking fund in respect to the General Mortgage Bonds of 
Havana Electric Railway, Light & Power Company..................... 99,572.62 
Dividends paid during the year (6% on the Preferred and Common Shares).. —2,155,609.38 
Profit and Loss Account—Balance carried forward to 1921................. 3,629,898 .76 
OU ET TEL Sete aay ROR ees SPE ne ae Ate en es af RE tee nee, Po eee aa Tete ga $6,044,025 .97 
The following is a summary of the operation of the various departments during 
the year 1920: 
Operating 
Gross Expenses and 
Earnings Taxes (not Per Cent. Net Earnings Per Cent. 
from including of Gross from of Gross 
Departments Operation First Charges) Earnings Operation Earnings 
Electric Railway. ase. $5,079,734.53  $3,559,026.86 70.06 $1,520,707.67 19.94 
Electric Light & Power... 4,564,576.73 ROARS > Eat Se oOnes 2,893,225.58 63.38 
Gee. Aa an narie a: 1,786,675.82  1,176,214.15 65.83 610,461.67 34.17 
Oyamii WR S Saker, bs wear 46,950.19 41,859.62 89.14 5,090.57 10.86 
$11,477,937.27 $6,448,451.78 56.18  $5,029,485.49 43.82 
