Annual Report & Accounts 2013 - Pinewood Studios

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2 Pinewood Shepperton plcAnnual Report & Accounts 2013Dom Hemingway – Nick Wall © Recorded Picture Company
Pinewood Shepperton plc 3Annual Report & Accounts 2013Chairman’s statementPinewood Shepperton plc has again delivered a strong performance with revenues of £55.6m for the year ended31 March 2013 (15 month period ended 31 March 2012: £63.0m).The Company continued to invest in its facilities to ensure it remains the preferred destination for the screen-basedindustries. These investments have included a new 45,000 sq ft facility which will comprise a state-of-the art 30,000 sq ftstage, together with 15,000 sq ft of workshops and offices designed to accommodate television and film productions.The £7.5m facility will be completed by September 2013. The Company also completed a £2.1m investment programmeto expand its digital offering and high definition (“HD”) television facilities.The Company signed an agreement with the Isle of Man Treasury (“IOMT”) to source and advise on film investmentopportunities for the £25m fund established by the IOMT and to monitor and capitalise on UK distribution rights in filmsand television programmes funded by the IOMT. Since signing the agreement, the fund, known as Pinewood Pictures,has co-invested in three films, including one investment made post year end.South Bucks District Council Planning Committee refused planning permission for the Pinewood Studios DevelopmentFramework (“PSDF”), a £200m project expected to create 3,100 new jobs. The Company remains fully committed to thePSDF, a long-term scheme of national significance designed to address increasing global demand for capacity in the UKand deliver growth for the next 15 years. The Company lodged an appeal against the decision and a Public Inquiry willbegin on 19 November 2013.The Company’s international strategy has also continued to progress, announcing two major new initiatives in China andthe United States of America post year end. These new partnerships add to the Company’s existing presence in Canada,the Dominican Republic, Germany and Malaysia and give the Company access to regions of the world where contentproduction is growing.The Company completed a successful refinancing of its main banking facilities in May 2012. Pinewood’s shares weredelisted from the Official List and admitted to trading on AIM on 23 July 2012, alongside a £5.4m placing of new ordinaryshares. The Company now has three major shareholders, Goodweather Investment Management Limited (58.05%),Warren James Holdings Ltd (26.69%) and the Treasury Department of the Isle of Man Government (9.90%). All threemajor shareholders have independently stated their long-term support for the Company.On 25 October 2012, Steve Christian joined the Board as Executive Director responsible for coordinating the investmentadvice to the Isle of Man Treasury and on 27 November 2012, Ruth Prior joined the Board as an Independent Non-Executive Director and chairs the Audit Committee. Subsequent to the year end, on 29 April 2013, Thomas Allisonwas appointed to the Board as a Non-Executive Director replacing Mark Senior, as a Peel Holdings (the parent companyof Goodweather Investment Management Limited) nominated Non-Executive Director. Mark Senior was appointedas a Non-Executive Director in 2011. I would like to thank Mark for his valuable contribution to the Board.The Board is committed to paying dividends in line with its dividend policy of not less than three times cover and as aresult the Board has decided to recommend a dividend of 1.5p per share.Pinewood Shepperton’s results for the year were achieved following major contributions by my fellow Directorsand especially the staff. I thank them for their continued support.Lord Grade of Yarmouth, CBEChairman26 June 2013
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Annual Report & Accounts 2013 - Pinewood Studios

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