Dear Colleagues,

Reflecting back on another year, the Palma Pictures’ team found itself working across an increasingly broad spectrum of content, driven by the demands of our diverse client base.  Helping them realize their visual stories via traditional TVC spot advertising, print and branded content projects, reality shows, television series and feature films kept us busy, energized and inspired over the course of 2017.

This breadth of work, combined with a tightening up of our cost profile, saw revenues of 17.33M€ (15.98M€) with EBITDA at 1.18M€ (513K€) for the Palma Pictures Media Production Group.

On the advertising front, clients from 17 territories elected to shoot their TVC spots with us across Spain.  The UK remained our strongest performing market and contributed significant volumes of shoot days (25%), followed by France (13%), with USA (12%), Germany (12%) and Italy (11%) also performing well.

Studio occupancy saw a significant uptick with regular clients such as Ogilvy London and Trivago shooting multiple campaigns at our Mallorca based HQ throughout the course of the year.

Our staff and freelance crews worked tirelessly over the course of the year to deliver ‘Picture Perfect Service’ to our varied clients.  We were delighted to bolster our talent base and made a spate of new hires including; Jeremy Barnes (Producer UK & Ireland), along with Eli Ortuño and Jesús Barrios both joining our production team.

Better communication, tighter collaboration and a wealth of shared experience also helped drive our internal team satisfaction poll to its highest level.

We also spent time busting silos, with our production, locations and photo teams all joining forces to create our production pool.  Better communication, tighter collaboration and a wealth of shared experience also helped drive our internal team satisfaction poll to its highest level since we launched it some years ago.

Palma Pictures ‘Photo & Motion’ had a quieter year with revenues at 984K€ (1.55M€), but with some great work being shot for clients such as: H&M, Amex and John Lewis.

Film & TV workflows were strong with projects including Amazon’s ‘The Grand Tour’, Metro Goldwyn Mayer’s feature film ‘Scoundrels’ and ITV Studios ‘Love Island’ all choosing to shoot against the backdrop of our Spanish locations.  We also took advantage of the enhanced 20% national rebate for long form projects helping to make Spain an even more competitive shooting destination.

CSR activities continued apace and we passed our environmental audit for the eighth year running, retaining both our ISO 14001 and EMAS certifications.  Other activities included our ongoing support for local charities, with forty of our team also spending the day planting trees at the beautiful bird sanctuary of Albufera.

We maintained our annual investment program to keep our equipment inventory abreast of ongoing technical innovations in content capture, as well as installing solar paneling on our studio roof in order to further reduce our electricity usage and environmental impact.

Our Spanish mainland office, based in Barcelona, shot in multiple destinations across the country and serviced some great work for brands such as ‘Adidas’, ‘Skoda’ and ‘Amstel’.

All in all, an action packed twelve months and we’ll look forward to sharing our latest news with you in the next edition of our Palma Pictures Annual Report.

Mike Day

CEO