Annual Report & Accounts 2013 - Pinewood Studios

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110 Pinewood Shepperton plcAnnual Report & Accounts 2013Company UK GAAP financial statements continuedNotes to the financial statements continued12. Share capital continuedCompany Long-Term Incentive Plan (“LTIP”)The Group had an LTIP under which Executive Directors and senior managers were granted annual equity awards upto a maximum value of 250%, and 100% respectively, of basic salary. Please see the Director’s report on page 18 foradditional information. Awards issued vested subject to performance criteria, based 50% on Total Shareholder Returnand 50% on annual average Return on Capital Employed and minimum performance criteria. The contractual life of eachaward was ten years. The awards were equity-settled and there were no cash settlement alternatives.The following table illustrates the number (“No.”) and movements in LTIP awards during the year.Yearended31 March2013No.15 monthsended31 March2012No.Outstanding at the beginning of the year – 1,882,448Forfeited during the year – (1,341,808)Exercised during the year – (987,992)Granted during the year – 447,352Outstanding at the end of the year – –The weighted average fair value of the awards granted during the year was £nil (15 month period ended31 March 2012: 111p).As a result of the Offer by Peel Acquisitions becoming unconditional on 21 June 2011, 987,992 shares were issuedon 8 July 2011 under this scheme and the scheme closed.The fair value of equity-settled options and grants were estimated as at the date of grant using binomial and Monte Carlomodels taking into account the terms and conditions upon which the options or grants were awarded.13. Reconciliation of shareholders’ funds and movements on reservesSharecapital£000Sharepremium£000Capitalredemptionreserve£000Mergerreserve£000Fair value ofcash flowhedgereserve£000Retainedearnings£000Total equity£000At 1 January 2011 4,623 43,692 135 348 (1,186) 2,535 50,147Profit for the period – – – – – (781) (781)Dividend paid (Note 7) – – – – – (1,156) (1,156)New shares issued 102 155 – – – (86) 171Fair value of cash flow hedges – – – – 454 – 454At 31 March 2012 4,725 43,847 135 348 (732) 512 48,835Profit for the year – – – – 436 436Dividend paid (Note 7) – – – – – (247) (247)New shares issued 216 4,871 – – – – 5,087Fair value of cash flow hedges – – – – 404 – 404At 31 March 2013 4,941 48,718 135 348 (328) 701 54,515
Pinewood Shepperton plc 111Annual Report & Accounts 2013Company UK GAAP financial statements continuedNotes to the financial statements continued14. Related party disclosuresThe Company has taken the exemption available to it under FRS 8 Related party disclosures not to disclose itstransactions with related parties as the disclosures are included in the financial statements of the consolidated Group.15. Ultimate parent undertakingThe ultimate holding company in the year to 31 March 2013 was Tokenhouse Limited, a company incorporated in theIsle of Man.Tokenhouse Limited is controlled by the 1997 Billown settlement trust.The largest group of companies, of which the company is a member that produces consolidated accounts is Peel HoldingsGroup Limited, a company incorporated in the Isle of Man.The smallest group of companies, of which the company is a member that produces consolidated accounts isGoodweather Holdings Limited, a company incorporated in the Isle of Man.16. Post balance sheet eventsOn 17 April 2013, the Group announced that it had entered into a 50:50 joint venture agreement with Seven Stars MediaLimited, one of China’s leading private media groups which provides content creation and distribution, media services andevents. The joint venture, to be called ‘Song Lin’, initially will assess a number of business proposals in the growingentertainment market in China. Under the terms of the joint venture, Pinewood will provide its expertise with limitedcapital investment and therefore there will be limited financial impact to the Group from the venture.On 29 April 2013, the Group announced a new joint venture, Pinewood Atlanta LLC, which will work to initially develop288 acres of land south of Atlanta, Georgia, USA, into world-class studio facilities for the production of film, television,music and video games. The business will operate under the Pinewood trademark and Pinewood has received 40%of the shareholding in the joint venture. Pinewood will provide the joint venture with sales and marketing services.Construction has commenced on the Pinewood Atlanta Studio build. Phase 1 will comprise 100,000 sq ft of film stagespace, 50,000 sq ft of workshops and 200,000 sq ft of production facility and media campus space. Phase one scheduledfor completion in mid 2014.Transaction costs incurred in relation to these two new joint ventures have been capitalised as long-term assets.See Note 8 for further details.
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Annual Report & Accounts 2013 - Pinewood Studios

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