THE CUBA REVIEW 



Havana Electric Railway, Light & Power 



Company 



ANNUAL REPORT 



To the Stockholders for the Year Ended December 31, 1921 



To The Stockholders: 



Your Directors beg to submit their Tenth Annual Report. 

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



1917 1918 1919 1920 1921 



$6,989,599.33 88,176,544.76 89,397,452.46 811,477,937.27 812,882,652.56 



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



1917 1918 1919 1920 1921 



Gross Earnings 86,989.599.33 88,176,544.76 89.397.452.46 811.477.937.27 812,882,652.56 



Operating Expenses and 



Taxes 3.385.469.83 4,376,655.65 4.979.685.22 6.448,451.78 7,376.343.65 



Net Income 83.604,129.50 83.799.889.11 84.417.767.24 85.029,485.49 85,506,308.91 



^liscellaneous Income 



(Net) 149.754.70 140,894.91 64,538.26 47.783.85 122,766.56 



Total Net Income 83,753,884.20 83,940,784.02 84,482,305.50 85,077,269.34 85,629,075.47 



First Charges 1.138.623.30 989.138.16 979.710.79 968,759.31 1,009,011.33 



Net Profits from Opera- 

 tion and ^Miscellane- 

 ous Income 82,615,260.90 82,951,615.86 83,502,594.71 84,108,510.03 84,620,064.14 



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



review, namely 84,620,064 . 14 



there has been set aside as Reser\-e for Depreciation and Contingencies 1,923.878.76 



leaving a Balance of 82,696,185.38 



The Balance at Credit of Profit and Loss Account. January 1, 1921, was 3,629,898.76 



Total 86,326,084.14 



.\nd the following disposition was made thereof: 



Miscellaneous accounts written off, net 897,446.21 



Amortization of Discount and Expenses on Funded Debt 36,229.70 



Provision for Sinking Fund in respect to English Bonds of Compania de Gas y Electri- 



cidad de la Habana 14,983.34 



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



Havana Electric Railwa\' Company 125,861 .83 



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



Electric Railway. Light & Power Company 1 14.943 . 76 



Dividends paid during the vear f 6*^ c on the Preferred Stock and 6% on the Common 



Stock) '. 2,155,579.38 



Balance carried forward to 1922 3,781,039.92 



Total 86,326.084.14 



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



ye^"^ 1921: Operating 



E.xpenses and 



Gross Taxes (not Per Net Per 



Earnings including Cent Earnings Cent 



from First of Gross from of Gross 



Departments Operation Charges) Earnings Operation Earnings 



Electric Railwav 85,993.610.70 84.350,231.25 72.58 81,643,379.45 27.42 



Electric Light & Power 5,034.466.94 1,673,462.34 33.24 3,361,004.60 66.76 



Gas 1,828.355.52 1,327.440.51 72.60 500,915.01 27.40 



Omnibus 26,219.40 25,209.55 96.15 1,009.85 3.85 



812,882652.56 87.376,343.65 57.26 S5,506,.508.91 42.74 



