Valhalla and Vikings, a film co-production group behind global hit shows, received €34 million in tax credits from Revenue film corporations last year.
That’s according to new accounts from Metropolitan Films International Ltd, which show revenue in the business rose almost sixfold or 480 per cent, from €12.38m to €71.9m in the 12 months to end. April 2021.
The main activity of the group is the production of films and television series here, mainly through the co-production of projects from incoming European and international studios.
The €34m film credit to the company last year compared to zero under that title in 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 in 2017.
Figures released by Revenue earlier this year show that the amount of tax relief under section 481 of the Tax Consolidation Act granted to Metropolitan Films International Ltd for the critically acclaimed The Last Duel, starring Matt Damon, was between 10 and 30 million euros last year.
Metropolitan Films International Ltd also received between €10m and €30m in tax relief last year for Disney’s Disenchanted, starring Amy Adams and Patrick Dempsey.
As Metropolitan Films International Ltd stepped up its activities last year, the number of employees at the company increased from 66 to 424, as staff costs increased from €2.6 million to €24.2 million.
A note attached to the accounts indicates that most of the workers employed are contract workers.
Some of the productions in which Metropolitan participates include Badlands, Vikings and Valhalla.
The first series of Valhalla became available on Netflix in February and filming here for the second series concluded at the end of last year.
Highlighting the increase in production at Metropolitan Films last year, the company’s production expenses increased last year from €8.7 million to €104.79 million.
The company posted a pre-tax loss of €34.05 million and the corporate tax credit of €34.01 million resulted in a modest pre-tax loss of €38,420.
The business is run by James Flynn and film industry veteran Morgan O’Sullivan. Ronan Flynn resigned from the board in April 2021.
The company’s treasury funds increased last year from 4.6 million euros to 12.85 million euros.
The Revenue Commissioners have confirmed that the value of payments to qualifying businesses under the film corporation tax credit in 2021 was €137.1 million and this followed the value of payments totaling €138.7 million. euros in 2020.