Pinewood Shepperton plc Annual Report ... - Pinewood Studios

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10 Pinewood Shepperton plc Annual Report & Accounts 2010Operating review continuedProject PinewoodProject Pinewood is a long-term scheme of national significance to create a living and working community for the creativeindustries. Project Pinewood is aimed at building upon the creative hub developing at Pinewood Studios. The Companybelieves that Project Pinewood will benefit individuals, the creative industries and more widely ‘UK plc’, through jobcreation, its emphasis on skills and training and access to affordable housing. Project Pinewood’s green credentials willalso enable film and television productions significantly to reduce their carbon emissions and it is a project of nationaland regional significance which will be of long-term benefit to all stakeholders.The Coalition Government has recognised that the creative industries have a crucial role to play in driving economicrecovery in the UK. Their significance to future economic prosperity has been recognised by the Prime Minister whohighlighted the need to support the growth of the creative industries in his speech “Transforming the British economy:Coalition strategy for economic growth” on 28 May 2010. Private sector initiatives such as Project Pinewood are animportant contribution to the process of economic recovery.The Company’s appeal by way of Public Inquiry against the initial refusal by South Bucks District Council of planningpermission for Project Pinewood will commence on 5 April 2011. The decision will be made by the Secretary of Statefor Communities and Local Government. Separately an application by local residents in opposition to Project Pinewoodto register part of the proposed site as a Town or Village Green was heard in September 2010. On 21 December 2010the Buckinghamshire County Council Rights of Way Committee unanimously upheld the recommendation from theIndependent Inspector appointed by Buckinghamshire County Council to reject this application. Total costs incurredsince the project inception to 31 December 2010, including the Town or Village Green defence costs were £6.0m(2009: £4.8m).Return on Capital Employed (“ROCE”)As we set out in the overview section of this report, since its IPO in May 2004 the Company has followed a clearly definedstrategy for developing its business. This long-term strategy and the Company’s significant and integral property assetsdistinguish the Company from other businesses in the media sector.The Company’s long-term property investments add to the capital employed by the Company and returns from theseinvestments will impact the ROCE measure whilst the Company continues to build out its Studios in accordance with theconsented Masterplan. It is therefore particularly pleasing to see that ROCE has grown to 7.7% for 2010 (2009: 6.6%).The Board is always mindful of the need to improve ROCE as one of a basket of measures of performance and seniormanagement remains incentivised accordingly.DividendThe Board is recommending an increased final dividend of 2.50p (2009: 2.40p) making a total dividend for the year of3.60p (2009: 3.45p).OutlookThe year has begun positively. The Company is hosting a number of international big budget films and has also attractedlarge television shows such as Dancing on Ice (ITV) and Got to Dance (Sky). Media Park revenues continue to beconsistent, reflecting the value of the Company’s offering in the market place.As a result of this performance to date, and the visibility of contracted revenues from major films for the rest of the year,the Company expects continuing growth in revenues in 2011.Looking to the longer term, the Company intends to add to its film stage capacity to help meet an increasing demand forits services in the UK. The Company looks to the future with confidence.Ivan DunleavyChief Executive7 March 2011
Pinewood Shepperton plc Annual Report & Accounts 2010 11Operating review continuedVirgin Atlantic commercial "Your airline's either got it or it hasn't" by ad agency RKCR and Partizan, shot atPinewood Studios
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