Annual Report & Accounts 2013 - Pinewood Studios

8 Pinewood Shepperton plcAnnual Report & Accounts 2013Operating review continuedPinewood and Teddington television studios played host to new and repeat business from Would I Lie To You (Zepperton),The Rob Brydon Show (talkbackTHAMES), Not Going Out (Avalon), Count Arthur Strong (talkbackTHAMES) and BedtimeLive (Twofour). During the year, television productions such as Got To Dance (Princess Productions), Love Machine(Shine) and I Love My Country (Avalon) utilised large film stages at Shepperton and Pinewood Studios.In addition, complete service packages – incorporating stages, sound and picture post production – were delivered toproductions such as the latest series of the BBC’s comedy panel show Would I Lie to You (Zepperton) and the perioddrama series The Paradise (BBC).In April 2013, the Company welcomed the introduction of new fiscal incentives for high-end filmed television drama.Pinewood was also pleased to welcome Camelot on-site in January 2013. Pinewood will broadcast the National Lottery liveeach week for a minimum of four years, with an option for a further two years, and is constructing a purpose built facility,TV3, for Camelot to take possession of from August 2013.Teddington Studios Limited has exercised an option to terminate its leasehold interest in Teddington Studios on24 December 2014. The Group has elected to consolidate the activity from this site with the activities at Pinewood during2013 and as a result has determined the lease on the Studio is an onerous contract. The estimated costs under theonerous lease are fully provided for in the income statement for the year ended 31 March 2013, although the estimatemay vary as a result of changes in the utilisation of the leased premises.Media HubDuring the year the Company’s Media Park offering was rebranded the ‘Media Hub’. Gross revenues for the year(including the Company’s 50% interest in the Shepperton Studios Property Partnership) were £6.3m (15 month periodended 31 March 2012: £8.0m).The total number of Media Hub companies accommodated during the year was 241 at Pinewood and Shepperton Studios;occupancy at the end of the 12 month period was 97% (15 month period ended 31 March 2012: 276 companies, 92%occupancy). The Company continued to rationalise and refurbish its stock of buildings available for both Media Huboccupiers and productions.The Pinewood Studios Development Framework (“PSDF”)PSDF is a £200m proposed long-term scheme of national significance designed to address increasing global demand forcapacity in the UK and deliver growth for the next 15 years. It comprises a substantial expansion of the existing PinewoodStudios by adding a total of 100,000 sq m of new facilities, including 15 studios and stages, workshops, production officesand streetscapes for filming. Once complete, this would make a major contribution to achieving Government priorityobjectives to grow the UK’s creative industries, promote growth and create an estimated 3,100 new jobs. South BucksDistrict Council Planning Committee rejected the application on 15 May 2013. The Company lodged an appeal againstthe decision on 31 May 2013 and the Public Inquiry will start on 19 November 2013.Total costs incurred since the inception of PSDF to 31 March 2013 were £1.8m, and have been capitalised within‘Property, plant and equipment’.