CEO Comment

Dear Colleagues,

Reflecting back on another year, the Palma Pictures’ team found itself working across the usual broad spectrum of content.  Helping producers 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 2018.

This diversity and breadth of work saw billings in 2018 surge to 30M€ and revenues reach a record of 19.82M€ (2017 – 17.33M€) with EBITDA at 1.65M€ (1.18M€) for the Palma Pictures Media Production Group.

We welcomed production teams from 15 territories to shoot their projects throughout Spain, with units in Mallorca, Barcelona, Madrid, Marbella, Valencia, Sevilla and Almeria, as well as even venturing to Morocco.  Our Mallorca based studio facility also enjoyed strong usage over the course of the year.

We welcomed production teams from 15 territories to shoot their projects throughout Spain.

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; Cat Isaakson (Head of Production), Peter Steinzeig (Executive Producer – USA), Soeren Schmidt (Executive Producer – Germany & Head of Barcelona Office), Kristyna Podolska (International Producer – Eastern Europe & UK Market) and the Goya winning Yousaf Bokhari (Head of Production Film and Television) all having joined our team.

We also welcomed some fabulous new chefs to our studio restaurant, in the form of Yann and David, to keep both our team and clients happy and well fed.

We continued ‘busting silos’, with our production, locations and photo teams all working hand in hand within 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.

Film & TV workflows were our strongest to date with projects including Leftbank / Netflix ‘The Crown – Season 3’, NBC Universal / Amazon ‘Hanna’, BigTalk / SkyOne ‘Living the Dream’, Clerkenwell Films / BBC ‘The Mallorca Files’ and BBC Studios ‘MotherFatherSon’, as well as a host of others choosing to shoot against the diverse backdrop of our Spanish locations.  We also continued to take advantage of the 20% national tax rebate for long form projects helping to make Spain an even more competitive shooting destination.

Film & TV workflows were our strongest to date with projects for Netflix, Amazon, SkyOne and BBC.

We hosted three ‘Love Island’ shows for ITV Studios with versions for the UK, Germany and even Australia.

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

We maintained our annual investment program to keep our studio complex and equipment inventory abreast of ongoing technical innovations in content capture with 500K€ allocated over 2018 / 2019.

We overhauled our IT architecture with new human resources and customer relationship management software.

We opened an office in the capital of Madrid that, alongside our existing office in Barcelona, strengthened our mainland offering and serviced some great work for brands such as ‘Audi’, ‘Head & Shoulders’ and ‘Hotels.com’.

So, all in all, an exciting and action packed twelve months with great teamwork delivering a great result.  We’ll look forward to sharing our latest news with you in the next edition of our Palma Pictures Annual Report.

Mike Day

Palma Pictures CEO