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Co-production group behind Valhalla and Vikings last year received €34m in film corporation tax credits from Revenue





A movie co-production group behind global hit shows, Valhalla and Vikings last year received €34m in film corporation tax credits from Revenue.

That is according to new accounts for Metropolitan Films International Ltd which show that revenues at the business increased almost six fold or 480 per cent from €12.38m to €71.9m in the 12 months to the end of April 2021.

The main activity of the group is that of producing films and TV series here, primarily by way of co-production of incoming European and international studio projects.

The €34m film credit for the firm last year compared to zero under that heading in the prior year.

Over the preceding three years, the Metropolitan Films International Ltd received movie tax credits totalling €85m that was made up of €22m in 2019, €25.47m in 2018 and €37.48m in 2017.

Figures released by Revenue earlier this year show that the amount of tax relief under section 481 of the Taxes Consolidation Act granted to Metropolitan Films International Ltd for the critically acclaimed The Last Duel starring Matt Damon was between €10m and €30m last year.

Metropolitan Films International Ltd also received tax relief last year between €10m and €30m in tax relief for Disney’s Disenchanted starring Amy Adams and Patrick Dempsey.

As the Metropolitan Films International Ltd last year ramped up its activities, numbers employed at the company increased from 66 to 424 as staff costs rose from €2.6m to €24.2m.

A note attached to the accounts states that the majority of workers employed are contract workers.

Some of the productions that Metropolitan is involved in include Badlands, Vikings and Valhalla.

The first series of Valhalla became available on Netflix in February and the filming here of the second series concluded late last year.

Underlining the increased production at Metropolitan Films last year, the firm’s production expenses last year increased from €8.7m  to €104.79m.

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The firm recorded a pre-tax loss of €34.05m and the corporation tax credit of €34.01m  resulted in a modest €38,420 pre-tax loss.

The business is led by James Flynn and movie industry veteran, Morgan O’Sullivan. Ronan Flynn resigned from the board in April 2021.

The company’s cash funds last year increased from €4.6m to €12.85m.

The Revenue Commissioners has confirmed that the value of payments to qualifying firms under the film corporation tax credit in 2021 was €137.1 million and this followed the value of payments totalling €138.7m in 2020.

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