Pinewood Studios: Business Case and Economic Impact Assessment
Pinewood Studios: Business Case and Economic Impact Assessment
Pinewood Studios: Business Case and Economic Impact Assessment
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<strong>Pinewood</strong> <strong>Studios</strong> Ltd<strong>Pinewood</strong> <strong>Studios</strong>: <strong>Business</strong> <strong>Case</strong> <strong>and</strong> <strong>Economic</strong> <strong>Impact</strong> <strong>Assessment</strong>January 20132.5.15 <strong>Pinewood</strong>’s balance sheet has a high level of asset backing. The Group’s tangible assets had anet book value of £119.6 million as at the 31 st March 2012. Of which £48.8 million was freeholdl<strong>and</strong> <strong>and</strong> £58.4 million freehold buildings. Set against the value of <strong>Pinewood</strong>’s property, theGroup had net debt of £50.4 million as at the same date, made up of £38.4 million of net debtwithin the Group itself <strong>and</strong> £12 million consolidated as the Group’s share of joint venture debt.2.6 Recent productions2.6.1 A production will usually be completed within 18 months from pre-production commencement,but this will depend upon the range of sets, complexity of script, location filming, special effects,post production required <strong>and</strong> availability of actors <strong>and</strong> funding. This makes any comparison ofproductions year-to-year very difficult with productions often spanning the calendar year end.2.6.2 During 2011 <strong>and</strong> 2012 a number of major films have been produced, or were part way throughbeing produced at <strong>Pinewood</strong>. The largest film production during this period was Maleficient(Disney), but a number of others, many of which had budgets in excess of $100million included:Sherlock Holmes: A Game Of Shadows (Warner Bros; Village Roadshow; Silver Pictures)Harry Potter <strong>and</strong> The Deathly Hallows Part 2 (Warner Bros)Captain America: The First Avenger (Marvel Films)Hugo (GK Films);X-Men: First Class (Bad Hat Harry; Donners’; Marvel)Pirates Of The Caribbean: On Stranger Tides (Jerry Bruckheimer Films, Walt Disney Pictures)Les Misérables (Working Title/Universal);Maryl<strong>and</strong> (Paramount);Fast <strong>and</strong> Furious 6 (Universal);Kick Ass 2 (Marvel Films/Kick Ass 2 Productions); <strong>and</strong>Skyfall – the 23 rd James Bond Film (EON Productions/MGM/Sony Pictures).2.6.3 Given the size <strong>and</strong> duration of these films, the productions often use a wide range of facilities atthe studio. For example, the major Universal / Working Title production of Les Misérables,directed by The King’s Speech’s Oscar-winning director, Tom Hooper, recently finished filmingat <strong>Pinewood</strong> using Stages F, L, M, the Richard Attenborough Stage <strong>and</strong> the Underwater Stage,as well as TV 1 <strong>and</strong> 2, South Dock <strong>and</strong> Car Park 3.2.6.4 Many of the films made at <strong>Pinewood</strong> are what the industry terms ‘manufactured films’, whichinvolve substantial set construction. Box 2.1 uses a case study of Pirates of the Caribbean: OnStranger Tides to illustrate the extensive sets involved.12
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