EMI Group's joint venture with Robbie Williams, the recording star, generated turnover of £35m in six months, according to Companies House documents, producing a £17.5m pay day for the singer.
Accounts for In Good Company, the name of the joint venture, detail, for the first time, the earnings of the star and the commercial agreement between the two sides.
When Mr Williams agreed to a six-album deal with EMI in 2002, the recording group took the unusual step of taking a stake in the new company formed to manage the music writing, recording, performing and touring activities of Mr Williams. But no details of the agreement were released at the time.
Now, however, the notes to the company's accounts for the year to March 2003 show that Mr Williams's control of the company's A shares entitle him to 28.75 per cent of the non-recording profits, excluding website profits. EMI's B shares entitle it to 71.43 per cent of the non-recording profits and all of the website profits.
The company was only trading for six months, however. Mr Williams is entitled to 100 per cent of the recording profits payable.
These would appear to be payable after Mr Williams has taken payments in relation to recording activities which, in the six months reported, amounted to £17.5m, making him one of the world's highest paid recording artists.
Sales relating to recording and broadcast activities for the company were £22.6m. Mr Williams is also owed £139,000 by the company, the accounts show.Reuse content