However, our team continued to deliver across an exciting range of visual storytelling, with feature films, drama series, entertainment formats, TVCs and print campaigns visiting our Spanish and Portuguese shores over the course of the year.<\/p>\n
These headwinds impacted our financial performance, albeit with an improvement on most 2023 metrics, with billings at 53.9M\u20ac (64.63M\u20ac), revenues at 25.13M\u20ac (20.59M\u20ac) and EBITDA at 583K\u20ac (315K\u20ac) for the Palma Pictures Media Production Group.<\/p>\n
We shot projects throughout Spain and Portugal, with units enjoying the varied backdrops of locations in areas such as; Mallorca, Barcelona, Madrid, Malaga, Ronda, La Palma, Tenerife, Gran Canaria and Lisbon.<\/p>\n
Our Portuguese office, led by Vita Lains, also continued to build momentum with advertising work for the likes of; Maui Jim and Air Canada<\/em> shooting with us.<\/p>\n Our staff and freelance crews worked tirelessly to deliver \u2018Picture Perfect Service\u2019<\/em> to our varied clients and we were happy to enhance our talent base by welcoming Jose Maria Delgado (CFO), Belen Garau (Head of Production \u2013 Advertising), Steve Evans (Executive Producer \u2013 Photo & Motion) and Pilar Amer Fuster (Deputy Head of Production – Scripted). Miquel Ferrer was also promoted to Technical Director.<\/p>\n Despite the slow-down of US work flows due to the strike action, we still hosted a sizeable slate of Scripted projects including; Eleventh Hour \/ Amazon MGM \/ BBC \u2018Nine Bodies in a Mexican Morgue\u2019<\/em>, Sister Pictures \/ ITV \u2018The Split Special\u2019<\/em>, Orchid Pictures \/ Netflix \u2018Seven Dials\u2019<\/em>, Left Bank Pictures \/ BBC \u2018This City is Ours\u2019<\/em>, Bad Wolf \/ Disney+ \u2018The War Between\u2019<\/em> and Alcon Entertainment \/ Amazon Studios \u2018Bladerunner 2099\u2019<\/em>.<\/p>\n The Spanish government continued to show strong support for the audiovisual sector by increasing the Tax Rebate for Scripted Television productions to an episodic basis, making it ever more competitive.<\/p>\n We also finished the year with several confirmed projects for early \u201925 and with a significant pipeline of work going forwards over the course of the year.<\/p>\n Our entertainment formats had a strong year, with both ITV UK and ITV Australia\u2019s \u2018Love Island\u2019<\/em> shooting with us again in Mallorca during the summer. We also played host to Disney+ \u2018Limitless\u2019<\/em> with Chris Hemsworth, Netflix\u2019s \u2018Cheaters\u2019<\/em> and Studio Lambert\u2019s \u2018Gossip Games\u2019<\/em>.<\/p>\n Our advertising teams worked on projects for brands such as; Facebook<\/em>, Disney<\/em>, Macys<\/em> and Orangina<\/em> whilst with photo we captured eye-catching campaigns for brands such as; Rolls Royce<\/em>, Goldman Sachs<\/em> and Uniqlo<\/em>.<\/p>\n Our dedicated talent agency, continued to gather momentum and delivered another strong year for billings.<\/p>\n CSR activities continued apace and we passed our environmental audit for the thirteenth year running, retaining both our ISO 14001 and EMAS certifications. Other activities included our ongoing support for local charities.<\/p>\n Our annual investment program remained solid with CAPEX of 350K\u20ac in 2024, as we looked to position our broad inventory for increasing demand.<\/p>\n Our mainland offices in Barcelona and Madrid serviced some great TVC work for brands such as \u2018Rexona\u2019<\/em>, \u2018Cerutti\u2019<\/em> and \u2018Breitling\u2019<\/em>.<\/p>\n Overall and despite the general uncertainty in the marketplace, an action-packed year and one which paved the way for the year ahead.<\/p>\n I will look forward to sharing both our challenges and successes in the next edition of our Palma Pictures Annual Report.<\/p>\n Mike Day, CEO[\/vc_column_text][\/vc_column][\/vc_row][vc_row disable_element=”yes”][vc_column width=”1\/2″][vc_column_text el_class=”destacado”]We welcomed production teams from 9 territories to shoot their projects throughout Spain.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][\/vc_column][\/vc_row][vc_row disable_element=”yes”][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text]Our staff and freelance crews worked tirelessly over the course of the year to deliver \u2018Picture Perfect Service<\/em>\u2019 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<\/em>), Peter Steinzeig (Executive Producer \u2013 USA<\/em>), Soeren Schmidt (Executive Producer \u2013 Germany & Head of Barcelona Office), <\/em>Kristyna Podolska (International Producer \u2013 Eastern Europe & UK Market<\/em>) and the Goya winning Yousaf Bokhari (Head of Production Film and Television<\/em>) all having joined our team.<\/p>\n 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.<\/p>\n 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.<\/p>\n Film & TV workflows were our strongest to date with projects including Leftbank \/ Netflix \u2018The Crown – Season 3\u2019<\/em>, NBC Universal \/ Amazon \u2018Hanna<\/em>\u2019, BigTalk \/ SkyOne \u2018Living the Dream\u2019<\/em>, Clerkenwell Films \/ BBC \u2018The Mallorca Files<\/em>\u2019 and BBC Studios \u2018MotherFatherSon<\/em>\u2019, 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.[\/vc_column_text][\/vc_column][\/vc_row][vc_row disable_element=”yes”][vc_column width=”1\/2″][vc_column_text el_class=”destacado”]Film & TV workflows were our strongest to date with projects for Netflix, Amazon, SkyOne and BBC.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][\/vc_column][\/vc_row][vc_row disable_element=”yes”][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text]We hosted three \u2018Love Island<\/em>\u2019 shows for ITV Studios with versions for the UK, Germany and even Australia.<\/p>\n 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.<\/p>\n We maintained our annual investment program to keep our studio complex and equipment inventory abreast of ongoing technical innovations in content capture with 500K\u20ac allocated over 2018 \/ 2019.<\/p>\n We overhauled our IT architecture with new human resources and customer relationship management software.<\/p>\n 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 \u2018Audi<\/em>\u2019, \u2018Head & Shoulders<\/em>\u2019 and \u2018Hotels.com<\/em>\u2019.<\/p>\n So, all in all, an exciting and action packed twelve months with great teamwork delivering a great result. We\u2019ll look forward to sharing our latest news with you in the next edition of our Palma Pictures Annual Report.[\/vc_column_text][vc_column_text]\n Palma Pictures CEO[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":" [vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text] CEO Comment [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][vc_column width=”2\/3″][vc_column_text el_class=”intro-txt” css=”.vc_custom_1702652690706{margin-bottom: 10px !important;padding-top: 20px !important;}”] Dear Colleagues, [\/vc_column_text][vc_column_text]2024 was another challenging year with the global advertising market remaining soft and the ripple effects from the US Actors and Writers\u2019 strikes continuing…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":58,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false},"_links":{"self":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/pages\/62"}],"collection":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/comments?post=62"}],"version-history":[{"count":4,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/pages\/62\/revisions"}],"predecessor-version":[{"id":214,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/pages\/62\/revisions\/214"}],"up":[{"embeddable":true,"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/pages\/58"}],"wp:attachment":[{"href":"https:\/\/annualreport.palmapictures.es\/annualreport2024\/wp-json\/wp\/v2\/media?parent=62"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Mike Day<\/h4>\n