Media Investment - Pinewood Studios

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Pinewood Shepperton plc
“A leading provider of services to the global film
and television industry”
Business Overview and Interim Results
27 November 2012

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PINEWOOD’S FACILITIES

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PRESENTATION TEAM
Ivan Dunleavy - Chief Executive, Pinewood Shepperton plc
Ivan Dunleavy has spent his career in media businesses, initially in finance roles. Prior to
his current role he was chief executive of VCI plc, until it was acquired by Kingfisher plc
in November 1998. He is a director of UK Screen Association Limited, the industry trade
body, and has been chief executive of Pinewood Shepperton since February 2000.
Nicholas Smith - Commercial Director, Pinewood Shepperton plc
Nicholas Smith joined Pinewood Shepperton in May 2002 and was appointed to the Board
in July 2005. In February 2012, Nicholas was appointed to the Board of Iskandar
Malaysia Studios SDN BHD. Previous positions include Head of European Sales for Nokia
(Home Communications), European Sales Director for beenz.com, Broadcast Director for
TSMS Ltd and Marketing Manager at London Weekend Television.
Chris Naisby - Group Finance Director, Pinewood Studios Group
Chris Naisby joined the Pinewood Studios Group in 2001 as finance manager, having
previously worked in financial roles at various media companies, including Reed
Elsevier. He was promoted to financial controller in April 2008 with key responsibilities for
supporting the finance director and the Board with strategic financial information,
preparation of statutory accounts and board reports, as well as managing the finance
team. In April 2012 he was appointed Group Finance Director of Pinewood Studios
Group.

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AGENDA
1. Company Overview and Strategy
2. Market Drivers
3. Operations for the Six Months Ended 30 September 2012 (“the period”)
• Film
• Television
• Media Park
• Media Investment
4. Financial Review
5. Summary

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1. COMPANY OVERVIEW AND STRATEGY

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1.1 COMPANY OVERVIEW –
REVENUE MODEL
Film
• Hire of stage space
• Provision of ancillary services
• Digital content services
• International
TV
• Dedicated TV studios
• Provision of film stages for light entertainment
• Filmed drama
• Provision of ancillary services
Media Park
• Rental of property on formal leases
• Service charge
Media Investment
• Pinewood Films
• Pinewood Pictures (Isle of Man Media Development Fund)

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1.2 COMPANY OVERVIEW
• Europe’s largest provider of stage and
studio space for film and television
(approximately 0.47 million sq ft) -
facilities are used interchangeably
• 34 stages, 5 television studios and 5
digital presentation studios in the UK
• Media Park comprises tenanted space
(266 tenants) forming cluster of
creative industries
• International – targeted expansion
leveraging the brand and utilising
expertise with limited capital
investment
• Media Investment – provide capital
and services to UK Film and Television
Productions
Feb 2000 – Pinewood
acquired by 3i backed
MBO from The Rank
Group plc
July 2011 – Peel offer
increased shareholding
to c. 71%
2000 2004 2011 2012
Film
£18.8m
May 2004 - Main Market IPO
raising c. £46m; mkt cap
£82.5m / EV £123m
Breakdown of Revenue for 6 month
period ended 30 September 2012
TV
£2.5m
Media Park
£3.1m
October 2012 –
change in
shareholding
July 2012 – AIM
listing and £5.4m
placing
Media
Investment
£2.7m

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1.3 COMPANY OVERVIEW –
STUDIOS
Pinewood
• 90 acres with 0.9m sq ft of built area plus 110 acres of adjacent greenbelt land
• Located at the M25 & M40 junction, 8 miles north of Heathrow
• Freehold NBV of £94.3m included at original acquisition or investment cost (less
depreciation)
• Existing planning consent for 0.7m sq ft of net additional new build floorspace
Shepperton
• 60 acres with 0.6m sq ft of built area
• Located inside the M25, 10 miles south of Heathrow
• Freehold within a 50/50 JV with Aviva with NBV of £19.7m
• Existing planning consent for 0.5m sq ft of net additional new build floorspace
Teddington Studios
• Leasehold expiring 2014

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1.4 COMPANY OVERVIEW – STRATEGY
Focused growth strategy
• Operational growth
• Increase in capacity through expansion of stage and studio facilities
• Transformational television investment programme
• Property development
• Media Park expansion demand led only – not speculative
• Development of existing site and adjacent land to give step change in
facilities – planning application December 2012
• Leveraging the brand
• Selective international growth through JVs, with limited capital
commitment
• Small scale, low risk film investment
• Management of third party film funds

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2. MARKET DRIVERS

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2.1 MARKET DRIVERS
Film - a growing international market
• Pinewood competing in a global market
• 2011 global film box office sales of US$32.6bn up 3% from 2010 (2010: US$31.6bn) (1)
• International box office is up 35% over five years (1)
• 2011 UK production spend was £1.26bn – the highest figure on record (2010: £1.25bn) (2)
• Market supported in the UK by fiscal incentives (until at least end of 2015)
Television – ongoing demand for creative content
• Spend on content by all UK TV channels in 2011 reached £5.5bn – up 1.6% year on year (2010:
£5.4bn) (3)
• UK television industry revenue £12.3bn in 2011 (2010: £11.7bn) (3)
• Rising advertising revenues will ultimately benefit production budgets
• Increasing demand for large studio based facilities
• BBC announced closure of Television Centre in 2013
• Proposed fiscal incentives for high end television production in the UK, potentially effective April 2013
Media Park – the appeal of creative hubs continues
• Consistent demand from screen industry tenants
(1) Source: MPAA Theatrical Market Statistics 2011
(2) Source: BFI 2012
(3) Source: Ofcom Communications Market Report UK: 2012

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2.2 CONTENT CONVERGENCE
VIDEO GAMES
TELEVISION
ADVERTISING COMMERCIALS
SCREEN
INDUSTRIES
FILM
ANIMATION

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3. OPERATIONS

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3.1 FILM
• Film revenues of £18.8m for the period (31 Dec 2011: £16.5m)
• A leading facility in an international market
• Premier and unique facilities
• Digital Content Services
– Cost efficient digital production
– Preservation, restoration and archive services
– International language versioning
– Original sound post production
Skyfall © 2012 Metro-Goldwyn-Mayer Pictures/
Columbia Pictures/EON Productions. All rights
reserved.
Les Misérables © Universal Pictures
Dracula Prince of Darkness © Hammer Films,
Studio Canal. All rights reserved.

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3.1 FILM (CONT’D)
Recent growth initiatives include:
• New Richard Attenborough stage at Pinewood
opened in 2012:
- 30,000 sq ft facility
- Increased capacity by 7%
- Flexible offering suitable for TV and film use
- £5.6m investment
• New £6.9m 45,000 sq ft, flexible use, studio
facility approved at Pinewood
- Construction to commence in January 2013
© Pinewood Studios Ltd.
© Pinewood Studios Ltd.

3.2 TELEVISION
• Revenues of £2.5m for the period (31 Dec 2011: £3.6m)
• Top three player in the UK television facilities market
• Following period of contraction, UK TV market now experiencing
growth in certain genres
• Increasing demand for larger audience television shows
• Potential fiscal incentives for high end TV – attraction for UK /
overseas production companies
• Provide a full service offering and the flexibility of large studios
Don’t Stop Me Now
© Sky 1 HD
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Love Machine © Sky Living / Andi Southam
The Magicians © BBC

3.3 MEDIA PARK
• Revenues of £3.1m for the period (31 Dec 2011:
£3.2m)
• Integral part of the creative industries cluster:
– Broad service offering
– Bespoke tenanted space
– Rental rates performing well
• 96% occupancy using 360,000 sq ft of existing
space
• Ongoing review and refurbishment of stock of Media
Park areas
• Existing consents to fulfil occupier led demand
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© Pinewood Studios Ltd.
© Pinewood Studios Ltd.

3.4 INTERNATIONAL
• Incremental and diversified income stream utilising
existing skills and experience
• Create opportunities with appropriate partners and
minimal capital commitment by leveraging Pinewood brand
• Target strategic, regional and growth areas
• Reviewing other potential growth areas
Pinewood Toronto Studios
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Pinewood Iskandar Malaysia Studios
Pinewood Studio Berlin Film Services
Pinewood Indomina Studios

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3.5 MEDIA INVESTMENT
• Revenues of £2.7m for the period
(31 Dec 2011: £1.3m)
• Pinewood Pictures (IOM £25m Media
Development Fund)
• New film investment
- Low capital risk
- Benefits to on-site and facility utilisation
- Attractive Government fiscal incentives
Last Passenger © Pathé Productions Ltd.
Belle © David Appleby

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4. FINANCIAL REVIEW

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4.1 FINANCIAL REVIEW -
INCOME STATEMENT
* Adjusted for exceptional items
6 months to 30 Sept 6 months to 31 Dec
15 months to
31 March
12 months to
31 Dec
£m 2012 2011 2012 2010
Revenue 27.1 24.6 63.0 43.4
Media Services:
Film 18.8 16.5 43.5 29.0
Television 2.5 3.6 10.1 8.2
Media Park 3.1 3.2 8.0 6.2
Media Investment
Services: 2.7 1.3 1.4 -
EBITDA * 8.1 5.7 17.9 12.8
Margin 30% 23% 28% 30%
EBIT * 6.1 3.7 13.2 9.1
Margin 22% 15% 21% 21%
Underlying PBT * 4.4 1.6 9.5 5.8
Underlying EPS * 6.7p 3.5p 14.6p 7.7p
DPS 0.5p - - 3.6p
ROCE 8.9% 8.7% 8.7% 7.7%

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4.2 FINANCIAL REVIEW - CASHFLOW
6 months to
30 Sept
6 months to
31 Dec
15 months to
31 March
12 months to
31 Dec
£m 2012 2011 2012 2010
EBIT 6.1 3.7 13.2 9.1
Share based payments - - 0.2 0.2
Depreciation 2.0 1.9 4.7 3.8
Working capital 2.8 (2.0) (0.1) 4.6
Other (0.9) 0.4 (1.8) (0.1)
Operating cashflow 10.0 4.0 16.2 17.6
Operating cash conversion 164% 108% 123% 193%
Interest paid (1.9) (2.0) (4.1) (3.0)
Tax received/(paid), net 0.1 (1.2) (3.0) (1.9)
Maintenance capex (1.7) (2.1) (3.7) (3.0)
Free cashflow 6.5 (1.3) 5.4 9.7
Expansionary capex (2.7) (5.7) (12.5) (3.7)
Dividend - - (1.2) (1.6)
Other - - - (0.5)
Net cashflow before financing 3.8 (7.0) (8.3) 3.9
Financing 1.6 4.8 8.2 (2.5)
Net increase / (decrease) in cash 5.4 (2.2) (0.1) 1.4
Net debt (41.9) (50.1) (50.4) (42.7)

4.3 FINANCIAL REVIEW - BALANCE SHEET
Balance Sheet
Assets
30
Sept
31
March
31
Dec
£m 2012 2012 2010
Property, plant and equipment 121.4 119.6 115.4
Investment property 6.1 6.2 6.4
Intangible & long term assets 5.9 5.9 5.9
Current assets 16.0 7.6 8.3
TOTAL ASSETS 149.4 139.3 136.0
Equity 80.4 73.1 75.1
Liabilities
Loans and borrowings 47.7 50.9 43.2
Deferred tax 1.1 1.2 1.3
Current liabilities 20.2 14.1 16.4
TOTAL EQUITY &
LIABILITIES 149.4 139.3 136.0
Gearing 53% 68% 56%
Interest Cover 2.7x 2.9x 2.8x
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Loans and borrowings
Existing committed bank facilities expire in November 2016.
Utilised Facilities
£m £m
RCF 20.0 35.0
Term Loan 15.0 15.0
Overdraft - 5.0
Asset financing 1.1 1.1
Other, net (0.4) -
35.7 56.1
Share of SSPP loan (50%) 12.0 20.0
47.7 76.1

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5. SUMMARY

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5. SUMMARY
• Proven business model providing significant value added services
to both UK and international clients
• Sound financial record
• Positive branding with a number of film productions secured for
2013
• Actively exploring further strategic opportunities within other
global sectors where content growth is set to increase
• Aggressive development and expansion proposals in the UK
• Major investor actively involved and supportive of Company’s
strategic growth plan

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