THE CUBA REVIEW 



Havana Electric Railway, Light and 

 Power Company 



Annual Report to the Stockholders for the Year Ended 

 December 31, 1922 



To the Stockholders : 



Your Directors beg to submit their Eleventh Annual Report. 

 The Gross Earnings for the past five years were as follows: 



1918 1919 1920 1921 1922 



$8,176,544.76 89,397,452.46 811,477,937.27 812,882,652.56 812,910,707.17 



A condensed statement of the results of the operations during the same five years is: 



1918 1919 1920 1921 1922 



Gross Earnings 88,176,544.76 $9,397,452.46 $11,477,937.27 $12,882,652.56 812,910,707.17 



Operating E.xpenses 



and Taxes 4,376,655.65 4,979,685.22 6,448,451.78 7,376,343.65 6,308,968.10 



Net Income 83,799,889.1184,417,767.24 85,029,485.49 85,506,308.91 $6,601,739.07 



Miscellaneous income 



(Net) 140,894.91 64,538.26 47,783.85 122,766.56 189,052.87 



Total Net Income.... 83,940,784.02 $4,482,305.50 85,077,269.34 $5,629,075.47 86,790,791.94 

 First Charges 989,138.16 979,710.79 968,759.31 1,009,011.33 1,087,007.54 



Net Profits from 

 Operation and Mis- 

 cellaneous Income. . $2,951,645.86 83,502,594.71 $4,108,510.03 84,620,064.14 $5,703,784.40 



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



under review, namely $5,703,784.40 



there has been set aside as Reserve for Depreciation and Contingencies 2,900,000.00 



leaving a Balance of $2,803,784.40 



The Balance at Credit of Profit and Loss Account, January 1, 1922, was 3,781,039.92 



Total $6,584,824.42 



The following disposition was made thereof: 



Miscellaneous Accounts written off, net $120,467.05 



Amortization of Discount and Expenses on Funded Debt 130,556.24 



Provision for Sinking Fund in respect to English Bonds of Compafiia de Gas y 



Electricidad de la Habana 15,949.99 



Provision for Sinking Fund in respect to the Consolidated Mortgage Bonds of the 



Havana Electric Railway Company 131,666.00 



Provision for Sinking Fund in respect to the General Mortgage Bonds of Havana 



Electric Railway, Light & Power Company 135,513.54 



Premium on Redemption of Five- Year 7% Secured Convertible Gold Notes, dated 



September 1, 1921 33,750.00 



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



Stock) 2,155,261.38 



Balance carried forward to 1923 3,861,660.12 



Total $6,584,824.32 



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

 the year 1922: 



