Annual Report & Accounts 2013 - Pinewood Studios

Pinewood Shepperton plc 15Annual Report & Accounts 2013Financial review continuedTaxationThe total corporation tax credit for the year, based on profit before tax of £1.3m, was £0.4m (15 month period ended31 March 2012: £1.1m charge).The corporation tax credit for the year includes £1.5m of UK film tax relief for film production companies (15 month periodended 31 March 2012: £0.3m) which reflects the accounting treatment of the Group’s FPCs and offsets the operating lossfrom Media Investment in respect of Film Production Companies.The underlying rate of tax on profit before accounting for UK film tax relief from film production companies, prior yearadjustments and exceptional items is 26% (15 month period ended 31 March 2012: 23%).Going concernIn assessing the going concern basis, the Directors consider the Group’s business activities, the financial position of theCompany and the Company’s financial risk management objectives and policies. The Directors consider that the Companyhas adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriateto adopt the going concern basis in preparing these consolidated financial statements.The Business review contains forward-looking statements that are made by the Directors in good faith. This informationis based on the view of the Board of Directors at the date of approval of this Annual Report and based on knowledge andinformation at that time together with what are considered to be reasonable judgements. By their nature, forward-lookingstatements involve risks and uncertainties because they relate to events and depend on circumstances that will occur inthe future. There are a number of factors which could cause actual results and developments to differ materially fromthose expressed or implied by these forward-looking statements, including factors outside of the Group’s control. Anyforward-looking statements speak only as of the date that they are made, and the Group gives no undertaking to updateforward-looking statements to reflect any changes in its expectations with regard thereto or any changes to events,conditions or circumstances on which any such statement is based.Ivan DunleavyChief Executive26 June 2013