Production company Valhalla receives 34 million euros in film tax credits

A film production group behind global hit shows Vikings and Vikings: Valhalla received 34 million euros in film company tax credits from Revenue last year.

New accounts for Metropolitan Films International Ltd show that the company’s revenues increased almost sixfold or 480%, from €12.38 million to €71.9 million in the 12 months to the end of April 2021 .

The main activity of the group there is the production of films and television series, mainly in co-production of incoming projects from European and international studios.

The film credit of 34 million euros for the company last year, compared to zero under this heading the previous year.

Over the previous three years, Metropolitan Films International Ltd received film tax credits totaling €85 million, of which €22 million in 2019, €25.47 million in 2018 and 37.48 million euros in 2017.

Figures released by Revenue earlier this year show the amount of tax relief under Section 481 of the Taxes Consolidation Act granted to Metropolitan Films International Ltd for the critically acclaimed film The Last Duel starring Matt Damon was included between 10 and 30 million euros in 2021.

Metropolitan Films International Ltd also received a tax break of between 10 and 30 million euros last year for Disney’s Disenchanted starring Amy Adams and Patrick Dempsey.

As Metropolitan Films International Ltd ramped up operations last year, the number of employees in the business rose from 66 to 424 while payroll costs fell from 2.6 million euros to 24.2 millions of euros.

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

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The first series of Vikings: Valhalla became available on Netflix in February, and filming here for the second series wrapped up late last year.

Highlighting Metropolitan Films’ increased production last year, the company’s production spend last year rose from €8.7 million to €104.79 million.

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

The company is run by James Flynn and film industry veteran Morgan O’Sullivan. Ronan Flynn resigned from the board in April 2021.

The company’s cash increased last year from 4.6 million euros to 12.85 million euros.

The tax authority confirmed that the value of payments to companies eligible for the film companies tax credit in 2021 was €137.1 million. This follows the value of payments totaling €138.7 million in 2020.

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