DCD MEDIA PLC
ANNUAL REPORT 2009 01 FINANCIAL HIGHLIGHTS 
02 OPERATIONAL HIGHLIGHTS
03 CHAIRMAN’S STATEMENT
04 CHIEF EXECUTIVE’S REVIEW
09 BOARD OF DIRECTORS
10 REPORT OF THE DIRECTORS
13 INDEPENDENT AUDITORS REVIEW
14 CONSOLIDATED INCOME STATEMENT
15 CONSOLIDATED BALANCE SHEET
16 CONSOLIDATED CASH FLOW STATEMENT
17 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
18 NOTES TO THE CONSOLIDATED ACCOUNTS
39 COMPANY BALANCE SHEET
40 NOTES TO THE COMPANY ACCOUNTS
CONTENTS DCD Media plc
(“DCD” or the “Group”)
Final Results for the Year Ended 30 June 2009
DCD Media, the independent TV production and distribution group, is pleased to report results for the financial year ended 
30 June 2009. 
Financial Highlights
Revenue £34.5m (2008: £34.0m)
Gross profit £8.7m (2008: £4.9m)
Adjusted Profit Before Tax (note 1) £2.4m (2008: £2.6m)
Profit before Tax (note 2) £0.5m (2008: Loss £25.4m)
Adjusted EBITDA (note 3) £3.0m (2008: £3.8m)
Refer to table within the Financial Review section below for a reconciliation of the adjustments:
Note 1: Profit Before Tax result adjusted for restructuring cost (Legal £0.2m and restructuring £0.1m), non cash related
amortisation (£1.6m) 
Note 2: Statutory profit before tax as reflected on the face of the Income Statement 
Note 3: Adjusted EBITDA equals EBITDA excluding restructuring costs
ANNUAL REPORT 2009 1
FINANCIAL HIGHLIGHTS ● Strategy of expansion into US production market proving highly successful with approximately 
35% of revenues now coming from the North American markets, principally the USA – currently
in simultaneous production on three series for three separate major US broadcasters
● Launched Scottish production company, Matchlight, with leading Scottish producers – has
already won commissions from major broadcasters
● Launched Irish production arm of West Park Pictures – has already won commissions including 
for the national broadcaster
● DCD Rights private equity-backed fund gaining momentum – expect activity to increase in 2010 
as production environment improves
● Reinforced broad intellectual property strategy with Digital Classics DVD label releasing 20 titles 
with 75% of these on behalf of third party producers
● DCD Publishing actively exploiting ancillary rights to third party and DCD-generated
programming
Major Post Balance Sheet Events
● Successful refinancing of Group debt with Coutts & Co. leading to a significant reduction in debt
liability and three year extension of maturity on remaining loan notes
● Appointment of David Green as Chief Executive Officer
● A further $13.8m of US generated business won post year-end relating to the new financial year 
David Elstein, Chairman of DCD Media, commented,
“The Group has demonstrated extraordinary resilience during a challenging period for the TV
production industry. The vertically integrated model of DCD and the breadth of our production genres
affords us the versatility to focus on profitable activity whilst minimising our costs in weaker areas. 
To have weathered that tough environment and emerged with a stronger balance sheet, a
geographically expanded group, achieved with minimal capital expenditure, and a growing foothold 
in the lucrative US production market is a testament to the determination of our team.”
DCD MEDIA PLC 2
OPERATIONAL HIGHLIGHTS I am pleased to present the results for the Group for 
the twelve months ended 30 June 2009. In arguably the
toughest environment for television production of the last
decade DCD has demonstrated extraordinary resilience
recording relatively flat operating result over the prior 
year at the adjusted Profit before Tax level. It is both the
breadth of production genres and our vertically integrated
model that underpins this performance. For example, 
a weak commissioning environment may offer greater
opportunities in the distribution of pre-produced content
owned or controlled by DCD Rights, pressure on production
margins may be offset by exploiting every aspect of
intellectual property such as DVD and ancillary rights, 
a reduction in broadcaster spend on drama may be offset
by an increase in higher volume, lower cost documentary
or factual entertainment series production and, perhaps
most characteristically of the year under review, a growing
footprint in the USA can mitigate a more hostile domestic
television market. 
Financial Review
Revenues to 30 June 2009 were £34.5m, up £0.5m on the
previous year’s £34.0m. With domestic UK sourced work
accounting for approximately 52%, international production
30%, and programme distribution and exploitation of
ancillary rights accounting for the remaining 18%.
The profit for the year has benefited from the continued
push into the ancillary rights areas such as merchandising
and publishing.  The re-organisation which occurred prior
in the first half of the year allowed significant overhead
savings to be made across occupancy and back office
areas. The Group’s statutory profit before tax was £0.5m
(2008: Loss £25.4m).   
The measure used by the Group to indicate operating
performance aims to reflect normalised trading before
exceptional, restructuring items, non cash impairment
charges, but after net finance costs. 
In normalising Profit Before Tax (“PBT”) and Earnings
Before Interest, Tax, Depreciation and Amortisation
(“EBITDA”), the Group does not add back all its
amortisation charges. There are various ways to 
reflect the non-cash amortisation charges, but the 
Group believes that where there is a direct cash cost
related to earnings this type of related amortisation 
charge should not be added back. This primarily refers 
to amortisation of long-term television drama production.
The Group continues to capitalize its intellectual property 
in line with the release of revenue from such investments.
A reconciliation of the Group’s Adjusted PBT and EBITDA 
is shown below:
£m £m
2009 2008
Operating profit/(loss) 
per statutory accounts 1.0 (24.4)
Add: Amortisation of intangibles 7.2 9.0
Add: Impairment of goodwill/related 
intangibles – 18.20
Add: Impairment of programme rights – 2.3
Add: Depreciation 0.1 0.2
EBITDA 8.3 5.3
Less: Amortisation relating to viewing 
rights of programmes commissioned 
by third parties (5.6) (3.3)
EBITDA 2.72.00
Add: Integration costs expensed – 0.5
Add: Restructuring costs 
(legal and statutory) 0.3 1.3
Adjusted EBITDA 3.0 3.8
Less: Net interest costs (0.5) (1.0)
Less: Depreciation (0.1) (0.2)
Adjusted PBT 2.4 2.6
The Group’s management believes the most appropriate
measure of performance after taking account of the 
non-cash and non-trading charges shown above is the
Adjusted PBT of £2.4m (2008:£2.6m). 
Balance sheet highlights
At the year end total convertible loan debt stood at £9.9m
(2008: £11.5m) however, the convertible debt liability was
substantially reduced on 30 November 2009 to £2.9m
following the agreement of our primary holder of
convertible loan notes, Highbridge Capital Management
LLC (“Highbridge), to cancel approximately £6.9m of
convertible loan notes in exchange for approximately 
£2.5m of cash and 7,631,048 new ordinary shares. The 
cash consideration was met from a new senior bank 
loan from Coutts & Co. of £3.0m, provided on normal
commercial terms, and repayable over three years in 
equal quarterly instalments. The balance of the loan 
is being used to increase working capital within DCD. 
The remainder of the convertible debt is £2.9m redeemable
in November 2012 if not previously converted at the fixed
price of 18p. 
The change in the company’s debt leverage since the year
end is significant. Before the re-finance described above,
net debt stood at a multiple of, approximately, 3.7 times
adjusted profit before tax. The multiple reflected in these
results is now, approximately, 2.5 following the recent
refinance. By the end of 2010, the Group is targeting a
further reduction.
ANNUAL REPORT 2009 3
CHAIRMAN’S STATEMENT Cash on hand at the year end stood at £1.8m (2008: £3.1m)
There is no UK tax charge as a result of losses available
for offset. No deferred tax asset has been recognised in
relation to these losses.
No dividend is proposed for the year. Earnings per share
are disclosed in the notes below.
Board Changes
On behalf of the board we are delighted to appoint 
David Green as Group Chief Executive Officer. David had
previously been holding the position of Chief Creative
Officer and Acting Chief Executive since November 2008
and has demonstrated that he is unquestionably well
suited to lead the Group into its next phase of growth
which we anticipate will, in large part, feature a continued
push into America where David has made excellent
progress in recent months. David has worked in the
television industry for 38 years, as a prolific director and
producer of popular programming and films, and the head
of a major production business. He is experienced and well
liked in both the UK and US television communities. 
Group Structure
Further improvements have been made to the structure 
of our operating businesses to take advantage of synergies
wherever possible, minimise overheads and ensure that
we are playing to our strengths. 
Production:
Drama production activity is now driven by the newly
branded DCD Drama whilst arts programming is largely
split between West Park Pictures, our documentary and
arts specialist, and Prospect Pictures, the factual and
formats producer. September Films is a formidable force
in the production of factual entertainment, documentary
and reality series on both sides of the Atlantic from offices
in West London and Hollywood (September Films USA).
Done and Dusted continues to be regarded as the pre-
eminent music and staged events producer in the world.
And finally, the most recent addition to the DCD production
family was the establishment, in March 2009, of
Matchlight, a venture with a group of leading Scottish
producers specialising in factual programming in Glasgow.
Distribution:
Distribution comprises DCD Rights with over 2,500 hours
of programming produced either by DCD companies or
third party producers and, since August 2008, access to a
rolling £10m private equity-backed fund for the investment
in third party distribution rights. In September 2008 the
distribution division launched DCD Publishing to take
advantage of book publishing, merchandising and
licensing of ancillary rights and the division’s own 
DVD label, Digital Classics, handles DVD distribution 
for DCD produced material and third party producers. 
Outlook
Notwithstanding the challenging environment facing all UK
independent producers, DCD is in its best shape to date.
We have a group of high quality production brands and
talented individuals, sharing overheads, and a distribution
division that is maximising the value of every aspect of
their programming rights and those of other producers.
Thanks to considerable efforts by the board and the willing
shown by our stakeholders we are going into 2010 with
manageable debt, stronger working capital and an
increasingly profitable business. 
In the UK the group is suffering, along with every other
independent producer, from a slowdown in commissioning
activity particularly in high budget areas such as television
drama, which has historically been a major contributor 
to group performance. However, as confidence returns 
to the market, we expect broadcaster-spend on such 
areas to improve and DCD Drama will be poised to take
advantage of the resurgence. 
Perhaps of most significance looking ahead is that 35% of
annualised revenues are now coming from North America,
predominantly in US TV production and, for the first time in
our history, we are in simultaneous production on three
major series for three major US broadcasters out of our
Los Angeles office. What is exciting about this is we are
merely scratching the surface of a vast commissioning
pool in the USA where we are gaining momentum.
I would like to thank my board colleagues and every
member of the DCD team for their hard work that has
enabled the Company to demonstrate the resilience shown
in these results. In particular I would like to thank the
Chief Financial Officer, John McIntosh, for his role in
completing the refinancing of debt last month and finally,
our Chief Executive, David Green, who is driving the push
into America with tremendous success. 
David Elstein
Chairman
DCD MEDIA PLC 4
CHAIRMAN’S STATEMENT DCD is shaped in such a way as to mitigate dependence 
on any one programme genre and to retain the upside of
all of our intellectual property. An integrated business 
with shared overheads allows us the flexibility to allocate
resources to the most profitable activity at any one time.
The Group may continue to broaden its genres either
organically or through acquisition as well as expand
internationally as it has done with success and minimal
investment in the USA, Ireland and Scotland in recent
months. I am pleased to provide a review of activity 
within the Group.
PRODUCTION
Done and Dusted
Done and Dusted is one of the world’s foremost
independent producers of concert and staged events.
During the year Done and Dusted has made great 
strides in diversifying its output for example with the
transmission of its first interactive youth facing series 
101 Challenges on C4, the production of a groundbreaking
series of mobisodes for Nokia’s pioneering mobile TV
channel, and a number of new commissions in the
lucrative field of ad-funded programming.
Revenues from Done and Dusted are underpinned by a
number of large, high profile recurring events such as 
The Victoria’s Secret Fashion Show (staged and filmed 
by Done and Dusted) which transmitted on America’s
number one network CBS on Dec 3 2008, watched by 
8.7m viewers, making it the highest rated programme 
for adults (18-49) on CBS TV and T4 On The Beach, the
annual C4 flagship show broadcast live and repeated
throughout the year on C4/E4.
During the year Done and Dusted filmed international 
acts such as Mika, Stevie Wonder, Coldplay and Neil
Diamond’s shows at Madison Square Garden, the latter
transmitting after the year end to top ratings on 
primetime CBS TV.
With pressure on broadcaster-spend on commissioning
in the current environment Done and Dusted has sought 
to mitigate the effects by pursuing, with success, various
advertiser-funded events, both during and post year end,
such as F1 Rocks Singapore, a three-day live mega
concert held in conjunction with the Formula One night
race in Singapore (ad-funded by LG for Universal),
featuring performances from No Doubt, Black Eyed 
Peas, Beyoncé, N*E*R*D, ZZ Top and Simple Minds and
Guinness’ worldwide 250th Anniversary celebration 
(ad-funded for Guinness) with non-stop live performances
including Tom Jones, Estelle, Kasabian, Razorlight,
Sugababes, Jamie Cullum and David Gray, streamed
across bars and pubs worldwide and in the UK on PubTV.
Done and Dusted has been extremely active since year
end, with September 2009 its busiest month to date
staging or filming no less than five high profile live music
events including Coldplay at Wembley Stadium and
Barcelona. Other post year end business has included the
MOBO Awards 2009 in Glasgow, broadcast live on the
BBC, Green Day live concert for MTV, A Christmas Carol
for Sky Movies’ launch of the Disney movie across various
locations in London and last month’s T4 Stars of 2009 live
on C4, which followed on from the annual success of T4
On The Beach with the launch of a new winter live music
event that may become another recurring show for the
Group. Done and Dusted will also be filming Miley Cyrus at
the O2 for a two hour special.
DCD Drama
All DCD drama development and programming is now
generated by the newly branded DCD Drama,
incorporating Box TV. This area, traditionally producing
low-volume, high-budget output has suffered more than
any other area in the Group, with continued programme
slippage during the dry spell of broadcaster-spend on high
budget drama. DCD has reduced the costs associated with
this division accordingly though we expect it to return to
prominence as confidence returns to the broadcasters. 
Prospect Pictures (Prospect)
Prospect Pictures, DCD’s factual and formats specialist,
enjoyed a period of increased activity from its London and
Cardiff production offices. Revenues are underpinned by a
high volume, low cost recurring programme flow including
Daily Cooks Challenge, which transmitted its third season
during the year featuring 50x60’ episodes and Christmas
Cooks Challenge, both for ITV1. Prospect received a
commission for the fourth season of Daily Cooks
Challenge post year end in October 2009. Growth in the
year has come largely from an increase in new factual and
arts programme production for multiple broadcaster
clients – both one-offs and series - including The Road to
Glory for BBC Films, RAF at 90 for BBC2, My Brilliant
Britain (10x30’) for Blighty, Fix My Fat Head, Rock and Roll
Hotel (3x40’) and Tourettes: I Swear I Can’t Help It, all for
BBC1 as well as a 30 episode-strong series of short films
for the ONE SHOW (BBC1) with double the amount
commissioned for delivery next year. 
ANNUAL REPORT 2009 5
CHIEF EXECUTIVE’S REVIEW Alongside West Park Pictures, Prospect contributes to the
Group’s production of arts programming output.
Productions in this genre for Prospect during the year
have included Do It Yourself: The Story Rough Trade
(Broadcast Award nominated) and A Poet’s Guide to
Britain (6x30’), both for BBC4 with ancillary rights to the
latter now being exploited by DCD Publishing and Digital
Classics (DVD). The increase in arts programming
continued post year end with the commissioning of two
feature length arts documentaries for BBC4 for
transmission next spring - Chopin and the Nightingale and
Elgar The Outsider. The surge in factual programming
activity at Prospect prompted the expansion of the senior
creative team during the year.
September Films (September)
September Films is enjoying tremendous momentum 
in primetime factual entertainment, documentary and
reality format programming on both sides of the Atlantic,
particularly in the US during and post year end.
September produced its first original real life series for 
US broadcaster A&E, The Exterminators, which premiered
in January 2009. Following the success of Season 1
(13x30’) September received a commission post year 
end to produce 20x30’ new episodes to air in 2010.
September’s sixth season of WE’s hit series Bridezillas
transmitted during the summer, leading to a commission
post year end for Season 7 of the US network’s all-time
highest rated series. The order brings the Bridezillas
franchise to 127 hours – to be distributed internationally 
by DCD Rights. The first 102 hours have so far sold to over
50 territories, making Bridezillas DCD’s biggest selling
international brand ever. A further triumph in the US
markets followed September’s production of a one-hour
pilot behind-the-scenes real-life documentary, Mall Cops:
Mall Of America, which post year end led to the
commissioning by US cable network, TLC, for a whole
12x30’ first season. 
September further cemented its reputation as the world’s
preeminent producer of high profile human interest
documentaries with The Pregnant Man production,
winning US commissioning broadcaster, Discovery Health
US, its highest audience of the year. The division received
an incredible raft of new commissions in this genre both
during, and since the year end, including Deaf And Blind
Triplets for Discovery Health US, Growing Without A Face
for Five, The World’s Heaviest Man Gets Married for Five
and TLC, China’s Elephant Man for National Geographic,
Half Ton Son and Britain’s Conjoined Twins: Faith & Hope
for C4 and National Geographic, Conjoined Twins: Sister
Bond, Child Frozen in Time, Marlie’s New Face: 4 years
On, 650 lb Virgin and 650 lb Virgin: The Weight is Over
all for TLC
September has demonstrated its diversity by breaking into
the lucrative children’s programming genre with a hit first
season of Richard Hammond’s Blast Lab for CBBC/BBC2.
Following the ratings success CBBC commissioned a
second season during the year under review to bring the
current total to 52 episodes. The division also received
critical acclaim for its 4x60’ documentary series Alan
Whicker’s Journey of a Lifetime for BBC2 and was
commissioned by BBC1 to produce a new primetime
documentary series, Children’s Emergency (8x30’). 
It is worth noting the breadth of broadcasters whom
September now counts as clients demonstrating that 
we are not dependent on any single customer for the 
bulk of our work and the growing reputation of the
production company is spreading among a wide pool 
of commissioners. 
In light of the volume of production activity within
September and the opportunities that continue to flow
in its direction, we were pleased to add Steve Carsey
(former Endemol and Mentorn) to the team as Creative
Director, Entertainment. Steve has a formidable reputation
in creating, developing and producing innovative formatted
entertainment, popular factual, reality and event
programming and will add value to the business.
West Park Pictures (West Park)
West Park’s relationship with Stephen Fry led to further
high quality programme output with the series Stephen
Fry in America featuring in the top 10 of 2008’s most
viewed factual shows on UK television and Stephen Fry’s
Last Chance To See (6x60’ BBC2) airing primetime BBC2.
West Park has expanded both geographically, with the
opening of West Park West in Dublin in April 2009 and 
in its range of genres with wildlife, sports and even live
broadcast activity during the year. The strategic move to
gain a footprint in the Irish television market is bearing
fruit following the delivery of several projects, mainly 
for the national broadcaster RTE, including the award
nominated documentary, Horses, and two-part
documentary, The Invincibles. West Park has also
continued an enduring relationship with German director
Werner Herzog who directed a highly acclaimed short 
film based on an aria of La Boheme for Sky Arts’ 2009
Opera Season. The division delivered an 8x30’ behind 
the scene doc series Theatreland to Sky Arts, along with
groundbreaking ‘simulcasts’ of two high profile opera
productions, La Boheme (live from the English National
Opera) and L ’Elisir D’Amor (live from Glyndebourne
Festival) which transmitted simultaneously on Sky 
Arts and Sky Arts HD. The success of these productions
has led to discussions with Sky Arts regarding more
similar programming. 
DCD MEDIA PLC 6
CHIEF EXECUTIVE’S REVIEW The nature of West Park’s area of programming 
offers opportunities to mitigate the slowdown in UK
commissioning activity by deriving certain revenues 
from non-broadcast sources such as The Prince’s
Charities, for whom there are several programmes 
in production. This trend has continued since the year 
end and West Park is currently focusing on a number 
of further potential non-broadcaster projects, including 
a major museum project in the Middle East.
Matchlight
In March 2009 DCD joined forces with a group of six 
of Scotland’s leading programme makers to establish
Matchlight, a major new production company based in
Glasgow, Scotland. Matchlight specializes in documentary,
specialist factual and factual entertainment programme
making. This was a strategic move to capture
opportunities arising from the public service broadcasters’
commitment to increase programme supply from the
nations and regions of the UK. The BBC has undertaken 
to increase programming originated from Scotland from
3% of its total original television output in 2008 to at least
8.9% by 2016.
The strategy is paying off as Matchlight has already
secured several factual commissions for major UK
broadcasters including BBC1, BBC2 and C4. The new
production company’s first documentary production
The Exhumer aired primetime on Channel 4. Matchlight
has since entered production on three new programmes; 
a major six-part primetime series Libel Britain for BBC1
(details of which remain under wraps); and one off
documentaries Mind The Gap for BBC 2, fronted by 
John Humphrys, and Taking The Keys Away for BBC1. 
The pipeline for 2010 is positive – Matchlight is currently
developing projects with ITV, Channel 4, Five and BBC.
Matchlight is receiving funded development support 
from both Channel 4 and the BBC.
DISTRIBUTION – COMPRISING DCD RIGHTS, 
DCD PUBLISHING AND DIGITAL CLASSICS
DCD Rights
The distribution engine of DCD Media is powering along at
great pace, exploiting both the international programming
rights of DCD companies and, increasingly, those of
independent producers who are recognising DCD Rights 
as the partner of choice for handling their own content. 
A weaker commissioning environment tends to lead to
increased spend on content that is already made. That
DCD Rights has enjoyed a healthy year in tough trading
conditions is evidence of this trend and unequivocally
supports the rationale for a vertically integrated group.
Human interest documentaries, such as those made by
September Films (eg. The Pregnant Man or Prospect
Pictures (eg. Tourettes: I Swear I Can’t Help It, are
particularly saleable around the world, so the ability to
arrive at international television markets with a raft of
programming to offer in that genre, and a known pipeline
of new material, is a real competitive edge. Likewise, 
DCD Rights controls valuable rights to hugely popular
series such as Bridezillas, whose first 102 hours have 
so far sold to over 50 territories with the franchise shortly
to increase to 127 hours, and Stephen Fry in America,
which proved immensely popular at the Cannes television
market last autumn. 
DCD Rights has continued to broaden its catalogue with 
a wide array of new programmes from cutting edge 
factual entertainment to live music from the world’s
hottest musicians to dramas and children’s entertainment.
At the latest TV sales market held in Cannes in October
2009, DCD Rights arrived with a substantial slate of new
shows produced by both DCD in-house and independent
producers, cementing deals for Richard Hammond’s 
Blast Lab in Asia, Australia and New Zealand as well 
as Last Chance To See and 45 Stone Virgin in Europe,
Japan and Australia. In the live music genre, where DCD
Rights is the distributor of choice for many programme
makers, new titles including Pink: Funhouse, Take That,
and Kings Of Leon sold in the US, UK, Latin America,
Australia and Europe.
In September 2008, DCD Rights became involved with 
a potentially highly valuable private equity backed fund 
for the purpose of acquiring programme rights. With this
war-chest of a rolling £10m of third-party capital, DCD
Rights is able participate in the production financing of 
in-house and independent programming in return for
control of the international distribution rights. A series 
of deals have been completed, predominantly post year
end, and DCD Rights has been able to acquire rights in
some very valuable product including Land Girls for 
BBC1, Breaking the Mould for BBC4, A Model Daughter
for Australia’s Screentime, Half Ton Teen for Megalomedia
and CollegeHumor for Remote Productions. As the
commissioning environment improves so too should 
the volume of capital advanced against programme rights.
We view this as a unique and extremely positive advantage
to DCD Rights’ offering, the benefits of which should filter
through during the current financial year.
ANNUAL REPORT 2009 7
CHIEF EXECUTIVE’S REVIEW DCD Publishing
Ancillary rights to television programming such as
licensing, merchandising and book publishing are often
under-exploited. This was the basis, in September 2008,
for DCD to establish a publishing division in order to
maximise the potential of every aspect of intellectual
property – both our own and that of other producers. DCD
Publishing is led by Adrian Sington, a TV tie-in publishing
expert, formerly Managing Director of Boxtree, Chairman
of Virgin Books and Vice-Chairman of Virgin Animation.
Since creation DCD Publishing has grown its portfolio 
of brands to encompass three main areas: Television
(Richard Hammond’s Blast Lab, Stephen Fry in America),
Animation (Suzy’s Zoo) and Music merchandising
(representing some of the world’s leading music
publishers Universal Music Publishing, peermusic,
Chrysalis Music Publishing), a division run by Head 
of Licensing and Music Merchandising, Michael Gottlieb,
appointed in May 2009.
With a publishing deal for the TV series Stephen Fry 
in America, the division got off to a flying start and has 
been growing steadily since proving to be a very profitable
area of business. DCD Publishing successfully licensed 
the book of Richard Hammond’s Blast Lab to Dorling
Kindersley, other TV tie-in deals have included Alan
Whicker’s Journey of a Lifetime with HarperCollins,
Stairway To Heaven and Last Chance To See, all
programmes produced by companies within the Group.
Post year end, in September 2009, the division secured 
its first toy deal in conjunction with Richard Hammond’s
Blast Lab and, in October, its first major deal in Music
Merchandising, Puppy Love with Chrysalis Music and
Universal Music, developing a puppy that will sing the
original iconic hit ‘Puppy Love’ written by Paul Anka 
and a worldwide hit for Donny Osmond.
Digital Classics (DVD Label and Digital Download)
Since creation the DVD label has released 83 titles – of
those 83 some 80% are on behalf of independent
producers with the balance coming from DCD generated
programmes. The label is gaining in reputation and the
last twelve months have been transformational, achieving
its first best-seller DVD with Stephen Fry in America.
During the year Digital Classics licensed and released 20
titles including several from Warner Home Entertainment
including Richard Lester’s Petulia, starring Julie Christie,
Audrey Hepburn’s Green Mansions, Ken Russell’s
Lisztomania, starring Roger Daltrey, and Kaleidoscope
with Warren Beatty. Other successes included West Park
Pictures’ The Invincibles and Stephen Fry: HIV & Me. 
The DVD division has had an excellent start to the current
financial year, already having released 75% of the prior
year’s volume of titles. Digital Classics is negotiating deals
with a number of production companies to release their
back catalogue titles on DVD and recently launched Last
Chance to See with Stephen Fry in tandem with the Harper
Collins book release and a major associated PR campaign.
Outlook 
Since July 2009 Done and Dusted has secured its biggest
ever slate of music and concert gigs and September Films
has already closed a record $13.8m of new business out of
its LA office. For the first time ever the Group is
simultaneously filming three US TV reality series in the
States for three different broadcasters. Major
recommissions like Prospect Pictures’ Daily Cooks
Challenge for ITV and Richard Hammond’s Blast Lab for
BBC have also added to this positive momentum. A return
to healthier production output, within DCD and across the
whole industry, will bolster performance of both our
production and distribution entities and evidence points to
DCD’s strongest pipeline of programming to date. 
David Green
Chief Executive Officer
DCD MEDIA PLC 8
CHIEF EXECUTIVE’S REVIEW DAVID ELSTEIN
(NON-EXECUTIVE CHAIRMAN)
David Elstein’s career in the media industry spans forty
years. A former Producer of ITV’s This Week, Director 
of Programmes at Thames TV and Head of Programming 
at BSkyB, David spent four years as CEO of Channel Five,
which he launched and led to a valuation on his departure
of over £1 billion. NBC Universal acquired Sparrowhawk
Media, where David had been chairman, in 2007 for £175m.
David also chairs Screen Digest Ltd, Luther Pendragon
Holdings Ltd and the Broadcasting Policy Group. He is a
board member of several companies including Orion Cable
and PrimaCom Cable in Germany. A visiting professor at
Stirling University, David was previously a visiting professor
at Westminster University and Oxford University. He has
also served as Chairman of Really Useful Theatres Ltd, 
of Sports Network Group plc and of the Commercial Radio
Companies Association, and was a non-executive director
of Virgin Media Inc for five years.
DAVID GREEN
(CHIEF EXECUTIVE OFFICER)
David Green was appointed Chief Executive Officer of DCD
Media plc in December 2009. He joined the Group in 2007
when London and LA-based television and film production
company September Films, of which he was Chairman and
Founder, was acquired by DCD Media. He originally took 
on the role of DCD Chief Creative Officer with the task of
driving creative synergies across all nine Group companies:
DCD Drama, Done and Dusted, Matchlight, Prospect
Pictures, September Films, West Park Pictures, DCD
Rights, DCD Publishing and Digital Classics. He now
merges his corporate CEO role with special responsibility
for spearheading DCD Media’s surge into the booming
American production market.
A veteran of the British and American Film and television
industries where he has successfully built his career since
graduating from Oxford in 1972, David has produced 
and/or directed over a thousand hours of primetime
television including the landmark ‘Hollywood Women’
series and September’s flagship show ‘Bridezillas’ – both 
of which he created. His four feature film directing credits
notably include the Oscar-nominated ‘Buster’ (4 awards)
one of the biggest grossing British films of all time, and 
the $22m Disney action adventure ‘Wings of the Apache’,
starring Nicolas Cage and Tommy Lee Jones. He was 
also the Executive Producer of two September movies:
Oscar-nominated ‘Solomon and Gaenor’ (7 awards) and
‘House of America’ (6 awards). In 2008, David became 
a Director of Chinese media giant, Xinhua Sports and
Entertainment Limited.
JOHN MCINTOSH 
(FINANCE DIRECTOR, 
CHIEF FINANCIAL OFFICER)
John McIntosh qualified as a Chartered Accountant at
Deloitte & Touche in 1994 and has held Director roles in
AIM listed companies since 2003. His early professional
career allowed him to live in various European countries,
working with international distribution, advertising and
media corporations including Sony, D’Arcy Masius Benton
& Bowles and BBC’s corporate finance. During the latter
years, John has concentrated on working for private equity
investors in London and as a consultant for the Thomson
Media Group. 
John joined DCD Media in August 2006 holding the joint
positions of Chief Financial and Chief Operating Officer,
before he became the group’s Finance Director in 
June 2008.
SIMON PIZEY
(DIRECTOR)
Simon Pizey has been Managing Director of DCD Media
subsidiary Done and Dusted since 2000. He joined the 
BBC in 1995, first re-vamping the post production process
of the Youth and Entertainment Department then managing
a variety of programmes from The Travel Show to Standing
Room Only. In 1997 Simon left the BBC to join MTV Europe
working with Ian Stewart and Hamish Hamilton on a
number of major MTV projects. Simon later took up the 
role of Head of Production MTV Networks Europe,
overseeing production of 3 of MTV’s annual awards and
many of their other shows.
TARIK WILDMAN
(NON-EXECUTIVE DIRECTOR)
Tarik Wildman has been involved in the financial industry
for over 20 years. He was a Director at Credit Suisse First
Boston and Dillon Read and remains an adviser at UBS. 
He is also a partner in the Madrid-based firm Forest 
Asset Management, and runs his own enterprise 
Wildman & Company Ltd, which finds financial solutions
for a wide variety of corporate clients. Tarik is currently
Managing Director of PJ Investments and sits on the 
board of a number of companies associated with 
Peter Jones, including Phones International Group, 
UK’s premier distributors of mobile phones, accessories
and telecoms services.
ANNUAL REPORT 2009 9
BOARD OF DIRECTORS The directors present their report together with the audited financial statements for the year ended 30 June 2009.
PRINCIPAL ACTIVITIES
The main activities of the Group continued to be the production and distribution of programmes, with compatible new lines 
of business in the publishing and merchandising area.
A detailed review of the Group’s business is contained in the Chairman and CEO’s statement on pages 3 to 8.
RESULTS
The Group’s Profit before Tax was £0.5m (2008: Loss £25.4m). The Profit for the year post-taxation was £0.7m 
(2008: Loss £25.2m) and has been carried forward in reserves. 
The directors do not propose to recommend the payment of a dividend.
BUSINESS REVIEW
RISKS AND UNCERTAINTIES
The Group’s management aims to minimise risk by developing a broad, balanced stable of production/distribution activity 
and intellectual property. Clear risk assessment and strong financial management is essential to control and manage 
the Group’s existing business and future growth. The Group operates in overseas markets and is subject to exposures 
on transactions undertaken during the year. The Group’s exposure to exchange rate fluctuations has historically been small
based on its revenue and cost base. As the Group’s international revenue grows it is likely that an appropriate hedging
strategy will be necessary.
ACQUISITION ACTIVITY
It is a stated aim of the Group to continue to look for suitable acquisition targets which will add value and enhance earnings.
The known risks of such a strategy can be summarised as: finding appropriate targets, integration risk of acquiring
(multiple) targets, and, failure to achieve financial/operational synergies from those targets.
To minimise risk, the Group uses its financial and operational diligence process, backed by legal diligence. The Group has
already integrated its previous acquisitions, which are regularly monitored through the Group’s internal control function.
PRODUCTION AND DISTRIBUTION REVENUE
The Group revenue tends to be seasonally cyclical with a significant element occurring in the second half of the year. Group
revenue arises from a number of broadcasters and distributors across the world. No single production or distribution sale
represents more than 10% of Group revenue. The Group is continually looking to broaden its customer base to minimise 
any cyclical impact of production on the Group revenues.
FUNDING AND LIQUIDITY
Costs incurred during production are not always funded by the commissioning broadcaster. It is inherent in the production
process that in the short-term cash flows on productions can sometimes be negative initially. This is due to costs incurred
before contracted sales have been received, in order to meet delivery and transmission dates. The Group funds these initial
outflows, when they occur, in two ways: internally, ensuring that overall exposure is minimised; or, through a short term
advance from a bank or finance house, which will be underwritten by the contracted sale. The Group regularly reviews the
cost/benefit of such decisions in order to obtain the optimum use from its working capital. The Group’s cash at the end of 
the year was £1.8m (2007: £3.1m). The Group debt now consists of Convertible Loans and conventional bank debt used as
part of the payment prior Convertible loans during a re-finance at the end of November 2009, which included conversion 
of debt to equity (refer to note 28 to the financial statements). Details of the interest payable and Convertible Loans are
disclosed in note 15 and and 17 to the financial statements, respectively.
LIQUIDITY RISKS
A full description of the Group’s position regarding its Convertible Loan Notes is disclosed in the directors consideration 
of the going concern basis of preparation of the financial statements.
It is Group policy to continue to seek the most optimum structure for its borrowings and this policy will be pursued over 
the coming year.
DCD MEDIA PLC 10
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2009 Directors and their interests
The directors of the company, and their beneficial interests in the share capital of the company, during the year were 
as follows:
At 30 June 2009 At 30 June 2008
Ordinary Deferred Ordinary Deferred
shares of shares of shares of shares of
10p each 0.9 p each 0.1p each 0.9p each
David Elstein 3,349,309 – 1,611,550 –
Tarik Wildman 29,285 645,157 29,285 645,157
Simon Pizey 2,411,452 – 2,411,452 –
David Green 4,246,614 – 4,246,614 –
James Hytner (resigned 10th April 2009) –– ––
John McIntosh –– ––
Chris Hunt (resigned 24th November 2008) 1,149,440 10,017,671 1,149,440 10,017,671
Michael Barton (resigned 24th November 2008) 42,837 293,728 42,837 293,728
Details of directors’ options are disclosed in note 5 to the financial statements.
Other than as disclosed in note 23 to the financial statements, none of the directors had a material interest in any other
contract of any significance with the company and its subsidiaries during or at the end of the financial year.
In accordance with the Company’s Articles of Association, D Elstein and T Wildman will retire by rotation and offer
themselves for re-election.
SUBSTANTIAL SHAREHOLDINGS
As at 18th December 2009, the following notifications had been made by holders of beneficial interests in 3% or more 
of the Company’s issued ordinary share capital as follows:
No. of 10p ordinary shares %
Gartmore Investment Management 13,201,266 21.60
Highbridge Capital Management 7,631,048 12.49
D Green (director) 4,246,614 6.94
Universities Superannuation Scheme 4,171,902 6.82
D Elstein (non-executive chairman) 3,349,309 5.48
MD Barnard & Co 2,566,740 4.20
S Pizey (director) 2,411,452 3.95
I Stewart 2,406,250 3.94
H Hamilton 2,406,250 3.94
Brookwell Ltd 1,875,000 3.07
SHARE CAPITAL
Details of share capital are disclosed in note 20 to the financial statements.
EMPLOYMENT INVOLVEMENT
The Group’s policy is to encourage employee involvement at all levels as it believes this is essential for the success of the
business. There is significant competition for experienced and skilled creative staff and administrators. The directors are
aware of this and have looked to encourage and develop internal resources and to put in place succession plans. In addition,
the Group has adopted an open management style to encourage communication and give employees the opportunity to
contribute on business issues.
The Group does not discriminate against anyone on any grounds. Criteria for selection and promotion are based on suitability
of an applicant for the job. Applications for employment by disabled persons are always fully considered, bearing in mind the
respective aptitudes of the applicants concerned. In the event of members of staff becoming disabled, every effort will be
made to ensure that their employment with the Group continues and that appropriate training is arranged. It is the policy 
of the Group that the training, career development and promotion of disabled persons should, as far as possible, be at least
comparable with that of other employees.
FINANCIAL INSTRUMENTS
Details of the use of financial instruments by the company are contained in note 19 of the financial statements.
GOING CONCERN
The Group’s business activities, together with the factors likely to affect its future development, performance and position 
are set out in the Chairman and CEO’s statement. The financial position of the Group, its cash position and borrowings 
are set out in the financial review section of the statement. In addition note 19 sets out the Group’s objectives, policies 
and processes for managing its financial instruments and risk.
ANNUAL REPORT 2009 11
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2009 As highlighted in note 1 to the financial statements, the Group’s day-to-day operations are funded from cash generated 
from trading. In addition, the Group recently reduced and deferred the redemption of its Convertible Loan Note instruments,
the holders of which and the terms of their conversion and redemption were changed since the balance sheet date. These
Convertible Loan Notes, amounting to approximately £2.9m (following repayments since the balance sheet date) are due 
for possible redemption on 30 November 2012; or conversion prior to this date (the details of which are set out in note 28 to
the financial statements). The current UK and wider difficult economic conditions continue to create some uncertainty over
the future trading performance of the Group, however the Group’s debt profile has been significantly improved following 
the refinancing.
As detailed in the Chairman’s statement, the Board remain positive about the resilience of the Group despite the pressures
from the current economic conditions, and in preparing their forecasts and projections have made allowance for reasonably
possible changes in its trading performance. These projections show that the Group will continue to generate cash to meet
their obligations as they fall due. The Group will continue to explore potential facilities with other funders to provide access 
to additional funds in the event that suitable acquisition targets become available and assist with ongoing investment. 
Through the recent successful negotiations and amendments to the terms of the loan notes, the directors, after making
enquiries, have a reasonable expectation that the company and the Group have adequate resources to continue in operational
existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual
report and financial statements.
CREDITOR PAYMENT POLICY
The Group’s current policy and practice concerning the payment of suppliers is to agree terms of payment when agreeing 
the terms of the transactions, varying them as may be agreed from time to time,to ensure that the suppliers are aware of the
terms and to abide by the agreed or varied terms. The company’s ‘creditor days’ at 30 June 2009 was 79 days (2008: 77 days).
DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law
and regulations. 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 
have elected to prepare the group financial statements in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the European Union. The directors have elected to prepare the parent company financial statements 
in accordance with UK GAAP. Under company law the directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the
group and company for that period. The directors are also required to prepare financial statements in accordance with 
the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market. 
In preparing these financial statements, the directors are required to:
– select suitable accounting policies and then apply them consistently;
– make judgements and accounting estimates that are reasonable and prudent;
– state whether they have been prepared in accordance with IFRSs as adopted by the European Union, subject to any
material departures disclosed and explained in the financial statements;
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 
will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to
ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
WEBSITE PUBLICATION
The directors are responsible for ensuring the annual report and the financial statements are made available on a website.
Financial statements are published on the company’s website in accordance with legislation in the United Kingdom governing
the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The
maintenance and integrity of the company’s website is the responsibility of the directors. The directors’ responsibility also
extends to the ongoing integrity of the financial statements contained therein.
AUDITORS
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any
information needed by the company’s auditors for the purposes of their audit and to establish that the auditors are aware 
of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.
By Order of the Board
J McIntosh
Director
DCD MEDIA PLC 12
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2009 We have audited the financial statements of DCD Media PLC for the year ended 30 June 2009 which comprise the
consolidated income statement, the consolidated balance sheet, the company balance sheet, the consolidated cashflow
statement, the consolidated statement of changes in equity and the related notes. The financial reporting framework that 
has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted 
by the European Union and, as regards the parent company financial statements, as applied in accordance with the
provisions of the Companies Act 2006. 
This report is made solely to the company’s members, as a body, in accordance with sections 495 and 496 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit
work, for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As explained more fully in the statement of directors’ responsibilities, the directors are responsible for the preparation of 
the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial
statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards
require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors. 
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.
This includes an assessment of: whether the accounting policies are appropriate to the group’s and the parent company’s
circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting
estimates made by the directors; and the overall presentation of the financial statements. 
OPINION ON FINANCIAL STATEMENTS
In our opinion the financial statements: 
– the financial statements give a true and fair view of the state of the group’s and the parent company’s affairs as at 
30 June 2009 and of the group’s profit for the year then ended;
– the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
– the parent company’s financial statements have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
– the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the directors’ report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, 
in our opinion:
– adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not 
been received from branches not visited by us; or
– the parent company financial statements are not in agreement with the accounting records and returns; or
– certain disclosures of directors’ remuneration specified by law are not made; or
– we have not received all the information and explanations we require for our audit.
James Brown (senior statutory auditor)
For and on behalf of BDO LLP, statutory auditor
4th Floor
One Victoria Street
Bristol
BS1 6AA
United Kingdom
19 December 2009
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
ANNUAL REPORT 2009 13
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF DCD MEDIA PLC 2009 2008
Note £’000 £’000
Revenue 3 34,516 34,007
Cost of sales (25,861) (26,796)
Impairment of programme rights – (2,324)
(25,861) (29,120)
Gross profit 8,655 4,887
Selling and distribution expenses (63) (70)
Administrative expenses:
– Other administrative expenses (7,487) (9,789)
– Impairment of goodwill 4, 10 – (18,218)
– Restructuring costs (94) (1,252)
(7,581) (29,259)
Operating profit/(loss) 3, 4 1,011 (24,442)
Finance income 62 75
Finance costs 6 (623) (1,072)
Profit/(Loss) before taxation 450 (25,439)
Taxation–current tax 7 229 235
Profit/(Loss) after taxation 679 (25,204)
Basic loss per share 9 1.27p (49.54p)
Diluted loss per share 9 0.77p (49.54p)
DCD MEDIA PLC 14
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 2009 2008
Note £’000 £’000
Non-current assets
Goodwill 10 16,249 16,249
Other intangible assets 10 11,915 12,848
Property, plant & equipment 11 114 178
Other receivables ––
28,278 29,275
Current assets
Inventories 12 210 215
Trade and other receivables 13 6,975 8,499
Cash and cash equivalents 1,845 3,129
9,030 11,843
Current liabilities
Bank overdrafts 15 – (30)
Bank and other loans 15, 28 (9,686) (7,245)
Trade and other payables 14 (8,908) (10,480)
Obligations under finance leases 15 – (10)
Provisions 16 (84) (1,418)
(18,678) (19,183)
Non-current liabilities
Secured convertible loan 17, 28 – (3,754)
Obligations under finance leases 17 (14) (24)
Deferred tax liabilities 18 (2,213) (2,490)
(2,227) (6,268)
Net assets 16,403 15,667
Equity
Share capital 20 5,806 5,772
Share premium account 49,100 49,077
Equity element of convertible loan 15 328 328
Merger reserve 6,356 6,356
Retained earnings (45,187) (45,866)
16,403 15,667
The financial statements were approved and authorised for issue by the Board of Directors on 19 December 2009.
J McIntosh
Director
19 December 2009
ANNUAL REPORT 2009 15
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2009 2009 2008
Cash flow from operating activities Note £’000 £’000
Net (loss)/profit before taxation 450 (25,439)
Adjustments for:
Depreciation of tangible assets 74 176
Amortisation and impairment of intangible assets (trade names) 10 7,166 29,525
Profit on disposal of property, plant and equipment 7 (4)
Loss on disposal of intangible assets 100
Net bank and other interest charges 561 997
Net cash flows before changes in working capital 8,258 5,355
Decrease/(increase) in inventories 5 909
Decrease in trade and other receivables 1,524 1,504
(Decrease)/increase in trade and other payables (2,897) (1,101)
Cash from operations 6,890 6,667
Interest received 62 75
Interest paid (623) (990)
Income taxes (received)/paid –5
Net cash flows from operating activities 6,329 5,757
Investing activities
Acquisition of subsidiary undertakings,
net of cash and overdrafts acquired 28 – (8,186)
Purchase of property, plant and equipment 10 10 (49)
Purchase of intangible assets 10 (6,233) (7,871)
Sale proceeds of property, plant and equipment 7 33
Net cash flows used in investing activities (6.236) (16,073)
Financing activities
Issue of ordinary share capital – 8,499
Repayment of finance leases (10) (20)
Repayment of loan (1,700) (1,480)
New loans raised 363 5,480
Net cash flows from financing activities (1,347) 12,479
Net increase/(decrease) in cash (1,254) 2,163
Cash and cash equivalents at beginning of period 3,099 936
Cash and cash equivalents at end of period 27 1,845 3,099
DCD MEDIA PLC 16
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2009 Equity
element of
Share Shareconvertible Merger Retained Total
capital premium loan reserve earnings equity
£’000 £’000 £’000 £’000 £’000 £’000
Balance at 30 June 2007 3,510 33,242 – 6,356 (20,662) 22,446
Loss for period –––– (25,204) (25,204)
Shares issued 2,262 15,835 – – – 18,097
Convertible loan note issued – – 328 – – 328
Balance at 30 June 2008 5,772 49,077 328 6,356 (45,866) 15,667
Profit for the period –––– 679 679
Shares issued 34 23 – – – 57
Convertible loan note issued –––– ––
Balance at 30 June 2009 5,806 49,100 328 6,356 (45,187) 16,403
ANNUAL REPORT 2009 17
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2009 The principal activity of DCD Media plc and subsidiaries (the Group) is the production of television programmes in the United
Kingdom and United States, and the worldwide distribution of those programmes for television and other media; the Group
also distributes programmes on behalf of other independent producers.
DCD Media plc is the Group’s ultimate parent company, and it is incorporated and domiciled in Great Britain. The address 
of DCD Media plc’s registered office is One America Square, Crosswall, London EC3N 2SG, and its principal place of business
is London. DCD Media plc’s shares are listed on the Alternative Investment Market of the London Stock Exchange. 
DCD Media plc’s consolidated financial statements are presented in Pounds Sterling (£), which is also the functional
currency of the parent company.
These consolidated financial statements have been approved for issue by the Board of Directors on 19 December 2009.
1 PRINCIPAL ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. The
policies have been consistently applied to all the years presented, unless otherwise stated. The group financial statements
have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and
Interpretations (collectively IFRSs) issued by the International Accounting Standards Board (IASB) as adopted by European
Union (“Adopted IFRSs”), and with those parts of the Companies Act 2006 applicable to companies preparing their financial
statements under Adopted IFRSs. 
BASIS OF ACCOUNTING
These financial statements have been prepared in accordance with the historical cost convention and applicable accounting
standards, and on a going concern basis. At the year end 30 June 2009 the Group’s convertible loan debt stood at £9.9m
(2008: £11.5m) redeemable by December 2009. The convertible loans had been used to help with the funding of acquisitions
made in 2006 and 2007. However, by 30 November 2009, the Group had reduced its debt and refinanced its remaining
balance following the agreement of our primary holder of convertible loan notes, Highbridge Capital Management LLC,
(“Highbridge”) to cancel £6.9 million of convertible loan notes in exchange for £2.5 million of cash and 7,631,048 new 
ordinary shares. The consequence of the renegotiation of debt is that the potential cash outfllow has been substantially
reduced and the remaining outstanding debt deferred. The overall liability at the date of reporting is now £5.9m. The cash
consideration paid to Highbridge was met from a new senior bank loan from Coutts & Co. of £3.0m, provided on normal
commercial terms, and repayable over three years in equal quarterly instalments. The remaining convertible loan debt, 
£2.9 million, is redeemable in November 2012 if not previously converted at the fixed price of 18p. 
Accordingly the Directors have prepared the accounts on the going concern basis. The Group’s day to day operations 
are funded out of the existing funds on hand and the cash generated from activities. 
BASIS OF CONSOLIDATION
The Group financial statements consolidate those of the company and of its subsidiary undertakings drawn up to 
30 June 2009. Subsidiaries are entities over which the Group has the power to control the financial and operating 
policies so as to obtain benefits from its activities. The Group obtains and exercises control through voting rights. 
Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency 
with the accounting policies adopted by the Group. 
BUSINESS COMBINATIONS
Acquisitions of subsidiaries are dealt with by the acquisition method. The acquisition method involves the recognition 
at fair value of all identifiable assets and liabilities, including contingent liabilities of the subsidiary, at the acquisition date,
regardless of whether or not they were recorded in the financial statements of the subsidiary prior to acquisition. On initial
recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet at their fair values,
which are also used as the bases for subsequent impairment review in accordance with the Group’s accounting policies.
Goodwill is stated after separating out identifiable intangible assets. Goodwill represents the excess of acquisition cost 
over the fair value of the Group’s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. 
The trading results of subsidiaries acquired or disposed of during the year are included in the consolidated income
statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. 
All intra-group transactions, balances, income and expenditure are eliminated on consolidation.
The Group has elected not to apply IFRS 3 Business Combinations retrospectively to business combinations prior to 
1 July 2006.
Accordingly the treatment of the acquisitions prior to that date remains unchanged from that used under UK GAAP. Assets
and liabilities are recognised at the date of transition and are measured using their UK GAAP carrying amount at the date 
of transition as deemed cost under IFRS. Deferred tax is recognised on fair value adjustments.
DCD MEDIA PLC 18
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 REVENUE AND ATTRIBUTABLE PROFIT
Production revenue represents amounts receivable from producing programme content, and is recognised over the period 
of the production in accordance with the underlying signed contract. The revenue is recognised through the different 
stages of production completion, with apportionment across the recognised stages of production including pre-production,
filming, post-production and delivery to the commissioning broadcaster. The assessment of the stage of completion is 
made by reference to production costs incurred and after consultation with production staff. Attributable profit is calculated
by recognising all appropriate costs up to the stage of production completion, and amortising production costs in the
proportion that the revenue recognised in the period bears to estimated total revenue from the programme. The carrying
value of programme costs in the balance sheet is subject to an annual impairment review.
Where productions are in progress at the period end and where billing exceeds the value of work done, the excess 
is classified as deferred income and is shown within trade payables.
Distribution revenue arises from the licensing of programme rights which have been obtained under distribution agreements
with either external parties or Group companies. Distribution revenue is recognised in the income statement on signature 
of the licence agreement, and represents amounts receivable from such contracts.
Revenue from sales of DVDs and other sales is the amounts receivable from invoiced sales during the year.
All revenue excludes value added tax.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost net of depreciation and any provision for impairment. Depreciation is
calculated to write down the cost less estimated residual value by equal annual instalments over their expected useful 
lives. The rates generally applicable are:
Short leasehold property improvements over the life of the lease
Motor vehicles 20% on cost
Office and technical equipment 25%-33% on cost
The assets’ residual values and useful lives are reviewed at each balance sheet date and adjusted if appropriate.
INTANGIBLE ASSETS 
Goodwill
Goodwill arising on consolidation is recorded as an intangible asset and is the surplus of the cost of acquisition over the
Group’s interest in the fair value of identifiable net assets acquired. Goodwill is not amortised and is reviewed annually 
for impairment. 
On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss 
on disposal.
Goodwill arising on acquisitions before the date of transition to Adpoted IFRSs is recorded at their carrying value at the 
date of transition to Adpoted IFRSs, and is subject to a review for impairment at that date.
OTHER INTANGIBLE ASSETS 
Trade names
Trade names acquired through business combinations are stated at their fair value at the date of acquisition. They are
amortised through the income statement, following a periodic impairment review, on a straight line basis over their 
useful economic lives, such periods not to exceed 10 years.
Development expenditure
Development expenditure incurred on specific projects is capitalised when recoverability can be assessed with reasonable
certainty, when there is the ability and intention to complete development, and when it is estimated that future sales will
exceed total costs of production. Development expenditure that does not satisfy those criteria are written off in the income
statement within cost of sales.
Programme rights
Programme rights are stated at the lower of cost, less accumulated amortisation, or recoverable amount. Cost comprises
the cost of production and all other directly attributable costs incurred up to completion of the programme and all
programme development costs. Where programmes in development are not expected to proceed, the related costs are
written off to the income statement. Amortisation of programme costs is charged in the ratio that actual revenue recognised
in the current period bears to estimated ultimate revenue, no slower than the straight line method, after making provision 
for anticipated losses. At each balance sheet date, the directors review the carrying value of programme rights and consider
whether a provision is required to reduce the carrying value of the investment in programmes to the recoverable amount.
Amortisation and any charge in respect of writing down to recoverable amount during the period are included in the income
statement within cost of sales.
ANNUAL REPORT 2009 19
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 LEASED ASSETS
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated 
in the same manner as other property, plant and equipment, and the interest element of the lease is charged to the 
income statement over the period of the finance lease. The related obligations, net of future finance charges, are 
included in liabilities.
Rentals payable under operating leases are charged to the income statement on a straight line basis over the period 
of the lease. 
INVENTORIES
Inventories comprise pre-production costs incurred in respect of programmes, and finished stock of DVDs available for
resale. Where it is virtually certain production will occur, pre-production costs are capitalised in inventories and transferred
to intangibles on commencement of production. Finished stock of DVDs available for re-sale are also included within
inventories. Inventories are valued at the lower of cost or recoverable amount.
PROGRAMME DISTRIBUTION ADVANCES
Advances paid in order to secure distribution rights on third party catalogues or programmes are included within current
assets. Distribution rights entitle the company to license the programmes to broadcasters and DVD labels for a sales
commission, whilst the underlying rights continue to be held by the programme owner. The advances are stated at the 
lower of the amounts advanced to the rights’ owners less actual amounts due to rights owners based on sales to date 
and anticipated future sales.
IMPAIRMENT OF NON-CURRENT ASSETS 
For the purposes of assessing impairment, assets are grouped into separately identifiable cash-generating units. Goodwill 
is allocated to those cash-generating units that have arisen from business combinations.
At each balance sheet date, the Group reviews the carrying amounts of its non-current assets, to determine whether there 
is any indication that those assets have suffered an impairment loss. If any such indication exists the recoverable amount 
of the asset is estimated in order to determine the extent of the impairment loss (if any). Goodwill is tested for impairment
annually. Goodwill impairment charges are not reversed.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds 
its recoverable amount. The recoverable amount is the higher of fair value and value in use based on an internal discounted
cash flow evaluation.
CASH AND CASH EQUIVALENTS 
Cash and cash equivalents comprise cash on hand and demand deposits. Bank overdrafts that are repayable on demand 
and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents. 
Bank overdrafts are shown in current liabilities on the balance sheet. Overdrafts are included in cash and cash equivalents
for the purpose of the cash flow statement.
EQUITY 
Equity comprises the following: 
– Share capital represents the nominal value of issued Ordinary shares and Deferred shares
– Share premium represents the excess over nominal value of the fair value of consideration received for equity shares, 
net of expenses of the share issue. 
– Equity element of convertible loan represents the part of the loan classified as equity rather than liability (see note 17).
– Merger reserve represents the excess over nominal value of the fair value of consideration received for equity shares
issued on acquisition of subsidiaries, net of expenses of the share issue (in accordance with s.612 of the Companies 
Act 2006)
– Retained earnings represents retained profits and losses. 
DEFERRED TAXATION 
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the balance sheet
differs from its tax base, except for differences arising on: 
– the initial recognition of goodwill; 
– the initial recognition of an asset or liability in a transaction which is not a business combination and at the time 
of the transaction affects neither accounting or taxable profit; and 
– investments in subsidiaries and jointly controlled entities where the group is able to control the timing of the reversal 
of the difference and it is probable that the difference will not reverse in the foreseeable future.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available
against which the difference can be utilised. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted 
by the balance sheet date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). 
DCD MEDIA PLC 20
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either: 
– the same taxable group company; or 
– different group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the assets
and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or
liabilities are expected to be settled or recovered. 
FOREIGN CURRENCY
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets
and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Exchange
differences arising on the settlement and retranslation of monetary items are taken to the income statement.
For the purposes of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations
are translated at the exchange rate ruling at the balance sheet date. Income and expense items are translated at the average
exchange rates for the period. Exchange differences arising are classified as equity and transferred to the Group’s translation
reserve, but the differences are not considered to be material and there is no translation reserve at 30 June 2009.
FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are initially recognized in the Group’s balance sheet when the Group becomes 
a party to the contractual provisions of the instrument at their fair value and thereafter at amortised cost.
Trade Receivables 
Trade receivables are recorded at their amortised cost less any provision for doubtful debts. Trade receivables due in more
than one year are discounted to their present value. 
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part 
of the counterparty or default or significant delay in payment) that the group will be unable to collect all of the amounts 
due under the terms receivable, the amount of such a provision being the difference between the net carrying amount 
and the present value of the future expected cash flows associated with the impaired receivable. For trade receivables, 
which are reported net, such provisions are reported in a separate allowance account with the loss being recognised 
within administrative expenses in the income statement. On confirmation that the trade receivable will not be collectable, 
the gross carrying value of the asset is written off against the associated provision.
Convertible Loans
Convertible loan notes are regarded as compound instruments, consisting of a liability component and an equity component.
At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar
non-convertible debt. The difference between the proceeds of issue of the convertible loan note and the fair value assigned 
to the liability component, representing the embedded option to convert the liability into equity of the Group, is included 
in equity.
Issue costs are apportioned between the liability and equity components of the convertible loan notes based on their relative
carrying amounts at the date of issue. The portion relating to the equity component is charged directly against equity.
The interest expense of the liability component is calculated by applying the effective interest rate to the liability component
of the instrument. The difference between this amount and the interest paid is added to the carrying amount of the
convertible loan note.
Bank Borrowings 
Interest bearing bank loans and overdrafts are recorded as the proceeds received, net of direct issue costs. Finance charges
are accounted for on an effective interest method and are added to the carrying amount of the instrument to the extent that
they are not settled in the period in which they arise. 
Trade Payables 
Trade payables are stated at their amortised cost.
Equity Instruments 
Equity instruments issued by the Group are recorded as the proceeds received, net of direct costs. 
SHARE BASED PAYMENTS
Share based payments previously entered into by the group vested immediately to the individuals involved, therefore the 
value of share based payments was recognised in the income statement on the date they were awarded. There were 
no share based payments in the year.
RETIREMENT BENEFITS 
The group operates pension schemes for the benefit of a number of its directors. The schemes are defined contribution
schemes and the contributions are charged against profits as they accrue.
ANNUAL REPORT 2009 21
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Standards issued by the International Accounting Standards Board (IASB) not effective for the current year and not 
adopted by the Group
The following standards and interpretations have been issued by the IASB. They become effective after the current year 
and have not been early adopted by the Group:
Standards issued by the International Accounting Standards Board (IASB) are not effective for the current year and not
adopted by the Group.
The following standards and interpretations have been issued by the IASB. They become effective after the current year 
and have not been early adopted by the Group:
Effective To be 
date adopted by 
commencing the Group
during years
International Financial Reporting Standards (IFRS) 
IFRS 8 Operating Segments 01.01.2009 30.06.2010
This standard requires an entity to adopt the ‘management approach’ to reporting
on the financial performance of its operating segments. Generally, the information
to be reported would be what management uses internally for evaluating segment
performance and deciding how to allocate resources to operating segments. Such
information may be different from what is used to prepare the income statement
and balance sheet. The standard also requires explanations of the basis on which
the segment information is prepared and reconciliations to the amounts recognised
in the income statement and balance sheet.
Amendment to IAS 23 Borrowing Costs 01.01.2009 30.06.2010
The Amendment removes the option of immediately recognising as an expense
borrowing costs that relate to qualifying assets (assets that take a substantial
period of time to get ready for use or sale). Instead, an entity will be required 
to capitalise borrowing costs whenever the conditions for capitalisation are met.
The provisions of this Amendment are applicable to borrowing costs relating 
to qualifying assets for which the commencement date for capitalisation is 
on or after the effective date of the Amendment.
Amendment to IFRS 2 Share-based Payment: Vesting Conditions and Cancellations 01.01.2009 30.06.2010
This Amendment clarifies that vesting conditions are service conditions and
performance conditions only. Other features of a share-based payment are not
vesting conditions. The purpose of making the distinction is so as to be able to
address the accounting for non-vesting conditions, which were not previously
covered by IFRS 2. The guidance in IFRS 2 covering the accounting for vesting
conditions is not affected by the Amendment. The Amendment also specifies that
all cancellations, whether by the entity or by other parties, should receive the same
accounting treatment. The Amendment is likely to have a particular impact on
entities operating Save As You Earn (SAYE) schemes because it results in an
immediate acceleration of the IFRS 2 expense if an employee decides to stop
contributing to the savings plan, as well as a potential revision to the fair value 
of the awards granted to factor in the probability of employees withdrawing from
such a plan.
Amendments to IAS 1 Presentation of Financial Statements: A Revised Presentation 01.01.2009 30.06.2010
The Amendment to IAS 1 affects the presentation of owner changes in equity and 
of comprehensive income. An entity will be required to present, in a statement of
changes in equity, all owner changes in equity. All non-owner changes in equity 
(i.e. comprehensive income) are required to be presented in one statement of
comprehensive income or in two statements (a separate income statement and 
a statement of comprehensive income). In addition, the new requirements would
require the presentation of an opening comparative balance sheet when there 
is a change in accounting policy. The standard does not change the recognition,
measurement or disclosure of specific transactions and other events required 
by other IFRSs.
DCD MEDIA PLC 22
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Amendments to IAS 32 and IAS 1 Puttable Financial Instruments 01.01.2009 30.06.2010
and Obligations Arising on Liquidation
This Amendment results in certain types of financial instrument that meet the 
definition of a liability, but represent the residual interest in the net assets of the 
entity, being classified as equity. The Amendment requires entities to classify the
following types of financial instruments as equity, provided they have particular features
and meet specific conditions: (a) Puttable financial instruments; and, (b) instruments, 
or components of instruments, that impose on the entity an obligation to deliver to
another party a pro rata share of the net assets of the entity only on liquidation
Amendments to IFRS 1 and IAS 27 Cost of an Investment 01.01.2009 30.06.2010
in a subsidiary, jointly-controlled entity or associate
This Amendment allows a first-time adopter that, in its separate financial
statements, elects to measure its investments in subsidiaries, jointly controlled
entities or associates at cost to initially recognise these investments either at cost
determined in accordance with IAS 27 or deemed cost (being either its fair value at
the date of transition to IFRSs or its previous GAAP carrying amount at that date).
The Amendments also removes the definition of the cost method of accounting for 
an investment in a subsidiary, jointly controlled entity or associate. This has the 
effect of removing the requirement to deduct distributions received that arise from
pre-acquisition profits from the cost of the investment. Instead, the dividend is
recognised as income and the cost of investment is subject to an impairment test.
Improvements to IFRSs (2009) 01.01.2009 30.06.2010
The improvements in this Amendment clarify the requirements of IFRSs and
eliminate inconsistencies between Standards. The most significant changes cover 
the following issues: The classification of assets and liabilities as held for sale 
where a non-controlling interest is retained; accounting by companies that routinely
sells assets previously held for rental to others; accounting for loans given at a nil 
or below market rate of interest; the reversal of impairments against investments in
associates accounted for using the equity method; the timing of expense recognition
for costs incurred on advertising and other promotional activity; and, accounting for
properties in the course of construction.
IFRIC 15 Agreements for the Construction of Real Estate 01.01.2009 30.06.2010
This Interpretation clarifies the definition of a construction contract, the interaction
between IAS 11 and IAS 18 and provides guidance on how to account for revenue
when the agreement for the construction of real estate falls within the scope of IAS
18. For some entities, the Interpretation may give rise to a shift from the recognition
of revenue using the percentage of completion method to the recognition of revenue
at a single time (e.g. at completion, upon or after delivery). Affected agreements 
will be mainly those accounted for in accordance with IAS 11 that do not meet the
definition of a construction contract as interpreted by the IFRIC and do not result 
in a ‘continuous transfer’ (i.e. agreements in which the entity transfers to the buyer
control and the significant risks and rewards of ownership of the work in progress 
in its current state as construction progresses).
Revised IFRS 3 Business Combinations 01.07.2009 30.06.2010
The basic approach of the existing IFRS 3 to apply acquisition accounting in all cases
and identify an acquirer is retained in this revised version of the standard. This
includes much of the current guidance for the identification and recognition of
intangible assets separately from goodwill. However, in some respects the revised
standard may result in very significant changes, including: The requirement to write
of all acquisition costs to profit or loss instead of including them in the cost of
investment; the requirement to recognise an intangible asset even if it cannot be
reliably measured; and, an option to gross up the balance sheet for goodwill
attributable to minority interests (which are renamed ‘non-controlling interests’). The
revised standard does not require the restatement of previous business combinations.
Revised IFRS 3 must be adopted at the same time as the Amendment to IAS 27.
ANNUAL REPORT 2009 23
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Amendments to IAS 27 Consolidated and Separate Financial Statements 01.07.2009 30.06.2010
This Amendment relates in particular to acquisitions of subsidiaries achieved 
in stages and disposals of interests, with significant differences in the accounting
depending on whether control is gained or not, or a transaction simply results 
in a change in the percentage of the controlling interest. The Amendment does 
not require the restatement of previous transactions. The Amendment to IAS 27 
must be adopted at the same time as IFRS 3 Revised.
Amendment to IAS 39 Financial Instruments: . 01.07.2009 30.06.2010
Recognition and Measurement: Eligible Hedged Items
This Amendment clarifies how the principles that determine whether a hedged 
risk or portion of cash flows is eligible for designation should be applied in the
designation of a one-sided risk in a hedged item, and inflation in a financial 
hedged item
The impact on the adoption of these standards in the Group’s financial statements 
is not expected to be material.
There are a number of other standards that have been drafted, primarily as a result of
the IASB improvement programme, that have yet to be endorsed by the EU. These are
not listed here as they have not yet been endorsed by the EU. The Directors have
reviewed these standards and do not believe that the impact on the Group’s financial
statements is, or will be, material.
2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make estimates and assumptions that affect the
reported amounts of .revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the
financial statements. If in the future such .estimates and assumptions which are based on management’s best judgement 
at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will
be modified as appropriate in the year in which the circumstances change. Where necessary, the comparatives have been
reclassified or extended from the previously reported results to take into account presentational changes.
CRITICAL JUDGEMENTS IN APPLYING THE GROUP’S ACCOUNTING POLICIES
In the process of applying the Group’s accounting policies, which are described in note 1, management has made the
following judgements that have the most significant effect on the amounts recognised in the financial statements (apart 
from those involving estimations, which are dealt with below).
Valuation of identifiable assets created during the period
Note 10 details the values attributed to Intangible assets acquired and/or created by the Group.In assessing the value 
of the product the management has considered the historic sales and future sales forecast profile in order to arrive at 
a net present value versus the costs of creating the assets. 
An impairment review takes place against each critical asset class prior to reporting half year and full year financial results.
Sale and leaseback
As explained in note 21 the Group enters into sale and leaseback arrangements to finance programme production. The
obligations to the lessee are matched by deposits held with financial institutions. The Group is not able to control the deposit
accounts, nor is it able to withhold payments to the investor from the accounts. Accordingly, the Group has determined that,
under IAS39 ‘Financial instruments: Recognition and Measurement’, each sale and leaseback transaction entered into by 
the Group has, from inception, failed to meet the definition of an asset and liability and has therefore not been recognised in
these financial statements. The Group has applied guidance from SIC27 ‘Evaluating the substance of transactions involving
the legal form of a Lease’.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, 
that have a significant risk  of causing a material adjustment to the carrying amounts of assets and liabilities within 
the next financial year are discussed below.
Recoverability of programmes in the course of production
During the year, management reviewed the recoverability of its programmes in the course of production which are included
in its balance sheet. The projects continue to progress satisfactorily and management continue to believe that the anticipated
revenues will enable the carrying amount to be recovered in full.
DCD MEDIA PLC 24
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating unit to which 
the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected 
to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying amount
of goodwill at the balance sheet date was £16,249,000. Details relating to the allocation of goodwill to cash-generating units
and potential impairment calculations are given in note 10 below.
Impairment of programme rights
Determining whether programme rights are impaired requires an estimation of the value in use of the cash-generating unit
to which the rights have been allocated. The value in use calculation requires the entity to estimate the future cash flows
expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. The carrying
amount of programme rights at the balance sheet date was £4,748,000. Details relating to the allocation of goodwill and
potential impairment calculations are given in note 10 below.
3 SEGMENT ANALYSIS
The Group’s primary segmental reporting format is based on the Group’s management and internal reporting structure 
of revenue streams which carry different risks and rewards.
Revenue and loss before interest and taxation are attributable to the following classes of business: 
Production Programme Other Unallocated/ Total
distribution eliminations
2009 £’000 £’000 £’000 £’000 £’000
Segment revenue 27,401 5,701 1,414 – 34,516
Segment result 1,335 398 64 (786) 1,011
Net finance costs – – – (561) (561)
Loss before tax 1,335 398 64 (1,347) 450
Income tax – – – 229 229
Profit (Loss) for year 1,335 398 64 (1,118) 679
Segment assets 27,260 7,699 766 1,582 37,307
Segment liabilities 5,715 2,696 429 12,065 20,905
Other information
– Purchase of non-current assets 6,233 – – 6,233
– Depreciation and amortisation 6,178 22 – 1,062 7,262
– Impairment losses –––– –
Production Programme Other Unallocated/ Total
distribution eliminations
2008 £’000 £’000 £’000 £’000 £’000
Segment revenue 27,445 6,418 144 – 34,007
Segment result (22,026) (2,079) (277) (60) (24,442)
Net finance costs – – – (997) (997)
Loss before tax (22,026) (2,079) (277) (1,057) (25,439)
Income tax – – – 235 235
Loss for year (22,026) (2,079) (277) (822) (25,204)
Segment assets 33,411 7,247 121 339 41,118
Segment liabilities 6,298 3,601 37 15,515 25,451
Other information
– Purchase of non-current assets 31,331 44 – 8 31,383
– Depreciation and amortisation 8,325 930 – 145 9,400
– Impairment losses 18,435 1,866 – – 20,301
ANNUAL REPORT 2009 25
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 GEOGRAPHICAL SEGMENTS
The Group’s headquarters is based in the United Kingdom. It also has offices in New York and Los Angeles to conduct 
any business in the United States. The value of assets located outside the United Kingdom is immaterial.
The following table provides an analysis of the Group’s revenue by geographical market, irrespective of the origin of the 
goods or services:
2009 2008
£’000 £’000
United Kingdom 18,073 22,333
Rest of Europe 2,460 1,604
North and South America, including Canada 12,201 8,976
Australia/Far East 1,717 770
Africa 65 324
34,516 34,007
4 PROFIT/(LOSS) FROM OPERATIONS
The profit on ordinary activities before taxation is stated after charging/(crediting):
2009 2008
£’000 £’000
Auditors’ remuneration:
Fees payable to the company’s auditor:
For the audit of the company’s annual accounts 12 12
For the audit of other group companies 78 120
Fees for services relating to corporate finance transactions entered into or proposed
to be entered into by or on behalf of the company or any of its associates – 93
Operating lease rentals:
Plant and machinery 220 203
Other 530 655
(Profit)/loss on foreign exchange fluctuations (118) 94
Profit on disposal of property, plant and equipment – (4)
Loss on disposal of intangible assets – 100
Share based payments – –
Depreciation, amortisation and impairment:
Intangible assets–programme amortisation in cost of sales 6,200 7,995
Intangible assets–programme impairment in cost of sales – 2,324
Intangible assets–goodwill and related intangibles in administrative expenses 988 19,206
Property, plant and equipment 74 176
Staff costs (note 5) 5,822 5,897
Restructuring costs (see below) 94 1,252
The restructuring cost relates to redundancy costs within the administration function for compensation for loss of office.
The restructuring item in the year ended 30 June 2008 relates to the costs associated with a reorganisation and restructuring
within the production and distribution segments. Other restructuring costs on the face of the Income Statement include legal
restructuring costs and fees relating the debt restructuring.
5 DIRECTORS AND EMPLOYEES
Staff costs during the year, including directors, were as follows:
2009 2008
£’000 £’000
Wages and salaries 5,153 5,258
Social security costs 633 597
Other pension costs 36 42
5,822 5,897
Other pension costs include contributions totalling £36,288 (2008: £25,188) to money purchase pension schemes in respect 
of three Directors.
DCD MEDIA PLC 26
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 The average number of employees of the group during the year was as follows:
2009 2008
£’000 no.
Sales and distribution 10 8
Production 30 30
Directors and administration 36 39
76 77
Remuneration in respect of the directors, who are the key management personnel of the Group, was as follows:
Money value
of non-cash 
Pension benefits 2009 2008
Emoluments Contributions received Total Total
£’000 £’000 £’000 £’000 £’000
D Elstein 55 – – 55 35
C Hunt (resigned 20 November 2008) 105 8 8 121 273
M Barton (resigned 20 November 2008) 12 – – 12 36
R Price – – – – 18
T Wildman 20 – – 20 20
S Pizey 118 4 – 122 128
J Thomson-Glover (resigned 4 June 2008) – – – – 121
N Davies Williams (resigned 4 June 2008) – – – – 126
D Green (appointed 4 June 2008) 150 – – 150 10
J McIntosh 121 – – 121 10
J Hytner (appointed 4 June 2008,
resigned 10 April 09) 5 – – 5 2
2009 586 12 8 606
2008 730 25 24 779
Share options of Ordinary 10 pence shares held by directors or their related parties during the year were as follows:
At Granted Exercised Lapsed At Exercise Date from Expiry
1 July during the during the during the 30 June price which date
2008 year year year 2009 (pence) exercisable
D Elstein 37,500 – – 37,500 – 80p 26.01.06 25.01.09
C Hunt 37,500 – – 37,500 – 80p 26.01.06 25.01.09
M Barton 37,500 – – 37,500 – 80p 26.01.06 25.01.09
R Price 25,000 – – 25,000 – 80p 26.01.06 25.01.09
T Wildman 25,000 – – 25,000 – 80p 26.01.06 25.01.09
S Pizey 37,500 – – 37,500 – 80p 26.01.06 25.01.09
J Thomson-Glover (resigned..) 25,000 – – 25,000 – 80p 26.01.06 25.01.09
N Davies Williams (resigned..) 37,500 – – 37,500 – 80p 26.01.06 25.01.09
D Green (appointed 4 June 2008) –––––
J McIntosh 
(appointed 4 June 2008) 30,120 – – – 30,120 83p–99p 15.12.06 14.12.09
ANNUAL REPORT 2009 27
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 6 FINANCE COSTS
2009 2008
£’000 £’000
Bank overdraft 14 39
Convertible loan interest charge 524 947
Convertible loan equity interest charge 82 82
Other 3 4
623 1,072
As explained in note 15, the convertible loan note issued on 7 August 2007 has been valued as a compound instrument 
under IFRS 32.
As a result, there has been an interest charge in the year of £82,000 to equalise the equity element of the loan credited 
to reserves. There will be a similar annual charge until maturity of the portion of the loan remaining after the refinancing
explained in note 28.
7 TAX ON LOSS ON ORDINARY ACTIVITIES
Recognised in the income statement:
2009 2008
£’000 £’000
Current tax (expense)/credit:
UK corporation tax – –
US federal and state income taxes – (47)
Withholding tax suffered (49) (25)
Adjustment in respect of previous years – 30
Current year (expense)/credit (49) (42)
Deferred tax (expense)/credit:
Reversal of temporary differences under IFRS 278 277
Total tax in income statement 229 235
The tax charge represents:
2009 2008
£’000 £’000
(Loss)/profit on ordinary activities multiplied by standard
rate of corporation tax in the UK of 28% (2008: 29.5%) 190 (7,504)
Effects of:
Expenses not deductible for tax purposes 219 63
Expenses not deductible for tax purposes–goodwill amortisation 268 6,035
Provisions deductible on paid basis (132) (29)
Net losses in year carried forward/(brought forward losses utilised) (777) 1,092
Depreciation in excess of capital allowances 15 15
Rate differential on foreign taxes (61) 97
Overseas withholding tax suffered 49 25
Adjustment in respect of prior year – (29)
Total tax charge (229) (235)
8 Dividends
No dividends have been paid or proposed in the year (2008: nil).
DCD MEDIA PLC 28
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 9 (LOSS)/PROFIT PER SHARE
The calculation of the basic (loss)/profit per share is based on the (loss)/profit attributable to ordinary shareholders divided
by the average number of shares in issue during the year. The calculation of diluted (loss)/profit per share is based on 
the basic (loss)/profit per share, adjusted to allow for the issue of shares and the post tax effect of dividends and interest, 
on the assumed conversion of all other dilutive options and other potential ordinary shares.
Weighted
Weighted 2009 average 2008
average Per share number of Per share
Profit number of amount Loss shares amount Profit
£’000 shares pence £’000 000’s pence £’000
Basic loss per share
Loss attributable to ordinary
shareholders 679 53,368,503 1.27 (25,204) 50,872 (49.54) 795
Diluted loss per share
Loss attributable to ordinary
shareholders 679 87,962,917 0.77 (25,204) 50,872 (49.54) 795
No share options outstanding at the year-end, and if the convertible loan was converted into ordinary shares at 28p per 
share (the last conversion rate at the balance sheet date), the number of shares issued from the exercise of the loan
conversion would be 34,594,414. The figure for 2008 have not been adjusted in the comparative as the effect of the 
conversion would be non-dilutive.
10 GOODWILL AND INTANGIBLE ASSETS
Trade Programme Development
Goodwill Names Rights Expenditure Total
£’000 £’000 £’000 £’000 £’000
Cost
At 1 July 2007 21,819 – 16,790 161 38,770
Additions – – 7,871 – 7,871
On acquisition of subsidiaries 12,648 9,882 811 – 23,341
Disposals – – (100) – (100)
At 30 June 2008 34,467 9,882 25,372 161 69,882
At 1 July 2008 34,467 9,882 25,372 161 69,882
Additions 6,233 6,233
On acquisition of subsidiaries –
Disposals –
At 30 June 2009 34,467 9,882 31,605 161 76,115
Amortisation and impairment
At 1 July 2007 – – 11,099 161 11,260
Provided in year in cost of sales – – 10,319 – 10,319
Provided in year administrative expenses 18,218 988 – – 19,206
Disposals –––––
At 30 June 2008 18,218 988 21,418 161 40,785
At 1 July 2008 18,218 988 21,418 161 40,785
Provided in year in cost of sales – 6,178 – 6,178
Provided in year administrative expenses 988 – 988
Disposals –
At 30 June 2009 18,218 1,976 27,596 161 47,951
Net book value
At 30 June 2009 16,249 7,906 4,009 – 28,164
At 30 June 2008 16,249 8,894 3,954 – 29,097
Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating units (CGUs) that are
expected to benefit from that business combination. After performing an impairment review, the carrying amount of 
goodwill has been allocated as follows:
ANNUAL REPORT 2009 29
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 2009 2008
£’000 £’000
Production 15,625 15,625
Programme distribution 624 624
Other –
16,249 16,249
The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in
use calculations are those regarding the discount rates, growth rates and expected profitability of the CGUs over the period.
Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of
money and the risks inherent in the CGUs.
The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management and
extrapolates them. The cash flows are forecast to the period ending 31 December 2010. The growth rates applied from 
the end of the period covered by approved budgets into future cash flows for each CGU vary between 0% and 5% based 
on management’s estimate of likely growth. Expected profitability is based on past results and expectations of future
changes in the market.
The rate used to discount the forecast cash flows is 12% for all CGUs except Done & Dusted Group Ltd. A significantly 
higher rate of 27.5% has been used for this CGU to reflect the higher risk profile over the long term cash flows expected
from this operation. 
If the discount rates used were reduced by 2% to10% and 25.5%, it is estimated that the recoverable amount of goodwill
would have increased by approximately £0.7 million. If the discount rates were increased to 15% and 30.5% it is estimated
that the recoverable amount of goodwill would be impaired by approximately £0.6 million.
Details of goodwill allocated to cash generating units for which the amount of goodwill so allocated is as follows:
Goodwill carrying amount
2009 2008
Cash generating units (CGU): £’000 £’000
NBD Television Limited Distribution 624 624
Done and Dusted Group Limited Production 2,977 2,977
September Holdings Limited Production 5,359 5,359
Prospect Pictures Limited Production 4,926 4,926
West Park Pictures Limited Production 2,363 2,363
16,249 16,249
No impairment of goodwill has been recognised.
Management consider that the trading conditions which resulted in the previous goodwill valuations have not changed
materially to have adversely impact the operating ability of the cash generating units. The goodwill valuations are based 
on the assumptions described above. The forecasts upon which the CGU is measured are based on historic earnings of 
each CGU, which are then considered against current factors  including market conditions and key management personnel
in those CGUs.
The carrying value of goodwill in the other production CGUs is exceeded by a recoverable amount of £0.4m.
The carrying value of goodwill in the distribution CGU is exceeded by a recoverable amount of £0.3m.
The valuations are based on the recoverable amounts from their value in use using a discount factor of 12%. The forecasts
are based on historic sales of theprogrammes, and future sales are forecast over a seven year period on a reducing basis.
Seven years is used for the forecasts because the programme rights are held for periods longer than five years, but not 
more than ten years.
DCD MEDIA PLC 30
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 11 PROPERTY, PLANT AND EQUIPMENT
Short leasehold Office and
property technical Motor
improvements equipment Vehicles Total
£’000 £’000 £’000 £’000
Cost
At 1 July 2007 155 806 35 996
Additions 2 37 44 83
On acquisition of subsidiaries – 88 – 88
Disposals – (23) (35) (58)
At 30 June 2008 157 908 44 1,109
At 1 July 2008 157 908 44 1,109
Additions – 10 – 10
On acquisition of subsidiaries ––––
Disposals ––––
At 30 June 2009 157 918 44 1,119
Depreciation
At 1 July 2007 56 715 13 784
Provided in year 101 68 7 176
Disposed in year – (12) (17) (29)
At 30 June 2008 157 771 3 931
At 1 July 2008 157 771 3 931
Provided in year – 60 14 74
Disposed in year ––––
At 30 June 2009 157 831 17 1,005
Net book value
At 30 June 2009 – 87 27 114
At 30 June 2008 – 137 41 178
The net book value of property, plant and equipment includes an amount of £44,000 (2008: £40,782) in respect of assets held
under finance leases and hire purchase contracts. The related depreciation charge on these assets for the year was £9,835
(2008: £6,836).
12 INVENTORIES
2009 2008
£’000 £’000
Pre-production costs 152 166
Finished stocks 58 49
210 215
ANNUAL REPORT 2009 31
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 13 TRADE AND OTHER RECEIVABLES
2009 2008
£’000 £’000
Trade receivables 3,934 3,148
Other receivables 255 494
Distribution royalty advances 268 272
Prepayments and accrued income 2,518 4,391
Rent deposit – 194
Total financial assets other than cash and cash equivalents classified as loans and receivables 6,975 8,499
The average credit period taken on sales of goods is 79 days (2008: 77 days). No interest is charged on receivables within 
the agreed credit terms. Thereafter, interest may be charged.
An allowance for impairment is made where there is an identified event which, based on previous experience, is evidence 
of a reduction in the recoverability of the outstanding amount. The group provides, in full, for any debts it believes have
become non recoverable. The figures shown above are after deducting a specific provision for bad and doubtful debts of
£389,569 (2007: £6,785). Included within trade and other receivables is £195,000 (2007: £175,000) expected to be recovered 
in more than one year.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable set out above.
The ageing of trade receivables that have not been provided for are:
2009 2008
£’000 £’000
Not due yet
0–29 days 2,251 1,831
Overdue
30–59 days 803 602
60–89 days 382 298
90–119 days 325 266
120 + days 174 151
3,934 3,148
14 TRADE AND OTHER PAYABLES
2009 2008
£’000 £’000
Trade payables 1,408 2,774
Taxation and social security 1,050 900
Other payables 1,171 1,234
Accruals and deferred income 5,279 5,572
Total financial liabilities, excluding loans and borrowings,
classified as financial liability measure at amortised cost 8,908 10,480
DCD MEDIA PLC 32
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 15 INTEREST BEARING LOANS AND BORROWINGS–DUE WITHIN ONE YEAR
2009 2008
£’000 £’000
Bank overdrafts (unsecured) – 30
Secured convertible loan* 9,686 7,245
Obligations under finance leases – 10
9,686 7,285
*The equity element of the total loans of £9.9m valued as a compound instrument is £328k (see below).
At the year end 30 June 2009 the Group’s convertible loan debt stood at £9.9m (2008: £11.5m) redeemable by December
2009. Since the balance sheet date the Group has refinanced its convertible loan debt. The overall debt liability at the date 
of reporting is now £5.9m of which £2.9m is the remaining convertible loan debt. Of the overall debt liability at the date of
reporting £3.0m is made up of conventional bank debt, of which approximately £1.0m is due within one year, and £2.0m
within 2-5 years. The remaining convertible loan debt, £2.9m, is redeemable by November 2012 if not previously converted 
at the fixed price of 18p. For full post balance sheet events refer to note 28.
The convertible loan as at 30 June 2008 was valued as a compound instrument, and a calculation has been made to separate
the equity element from the liability element of the loan. A discount rate of 12% has been applied to the future interest
payments and repayment of the loan. This has resulted in a reduction of the liability by crediting an equity element of
£328,000 to reserves. However, there is an interest charge in the income statement up to maturity of the loan to equalise 
this reduction in the liability so that by maturity the full liability is reflected in the balance sheet. The interest charge in the
income statement is £82,000 (2008: £82,000).
16 PROVISION FOR LIABILITIES AND CHARGES
£’000
30 June 2008 1,418
Amounts incurred and charged against provision during the year 1,334
30 June 2009 84
17 INTEREST BEARING LOANS AND BORROWINGS–DUE AFTER MORE THAN ONE YEAR
2009 2008
£’000 £’000
Obligations under finance leases 14 24
Secured convertible loan – 3,754
14 3,778
Since the balance sheet date the terms of the loan notes has been renegotiated. For full post balance sheet events refer 
to note 28 and note 15.
ANNUAL REPORT 2009 33
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 18 DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets and liabilities are attributable to the following:
Assets Liabilities Net
2009 2008 2009 2008 2009 2008
£’000 £’000 £’000 £’000 £’000 £’000
Intangible assets – – 2,213 2,490 2,213 2,490
Tax value of carry-forward losses––––––
Net tax (assets)/liabilities – – 2,213 2,490 2,213 2,490
A deferred tax asset of £3.2 million, arising principally from losses in the group, has not been recognised (2008: £4.5 million).
These losses can be offset against future trading profits generated. The directors believe at this stage that it is prudent not 
to recognise the deferred tax asset within the financial statements.
Movement in deferred tax during the year
1 July Recognised in 30 June
2008 income 2009
£’000 £’000 £’000
Intangible assets 2,490 (277) 2,213
Tax value of carry-forward losses – – –
Tax value of temporary difference 2,490 (277) 2,213
19 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FINANCIAL RISK FACTORS
The Group’s financial instruments comprise cash, including short term deposits, trade and other receivables and trade and
other payables that arise directly from its operations, and loan notes. The main risks arising from the group’s financial
instruments are interest rate risk, liquidity risk, credit risk and currency risk. The Board has reviewed and agreed policies 
for managing each of these risks and they are summarised below.
The group has no financial assets other than trade receivables and cash at bank. The Balance Sheet values for the financial
assets and liabilities are not materially different from their fair values.
Interest rate risk
The group finances its operations at present through funds raised on share placings, convertible loan notes and production
loan facilities provided by banks. The group manages its exposure to interest rate fluctuations by mixing the duration of its
deposits and borrowings to reduce the impact of interest rate fluctuations. Production loan facilities are short term and
secured on the licence fee payable by the commissioning broadcaster at various stages of the production, which minimises
the impact of any variation in interest rates. The interest rate on the convertible loans referred to in Notes 15 and 17 is
variable and is based on six month sterling LIBOR.
Liquidity risk
The group seeks to manage financial risk to ensure sufficient liquidity is available to meet foreseeable needs and to invest
cash assets safely and profitably. Some liquidity risk arises from the nature of production income, which does not always
arise in an even manner, and the group’s policy is to ensure there are sufficient cash reserves to meet liabilities during such
periods
Liquidity risk also arises from the interest charges and repayment terms of the convertible loans, which the group seeks to
manage by means of periodic charges to each group entity. These are incorporated into rolling 12 month group cash flow
forecasts, which are reviewed by the board monthly, and the cash flows are monitored at group level by weekly cash reports
from each operating entity. Short term flexibility is provided through the availability of bank overdraft facilities.
Liquidity risk is referred to in the Chairman’s statement and in the note on basis of accounting policies.
Credit risk
The Group’s principal financial assets are bank balances, cash and trade and other receivables. The Group’s credit risk 
is primarily attributable to its trade receivables. The group operates to ensure that the payment terms of customers are
matched to the group’s own contractual obligations in terms of delivery of programmes and rights. 
The principal source of group income is commissioning broadcasters, who are not considered to be a significant credit risk
because of their size and financial resources. Other group income is derived from distribution sales worldwide, and credit
risk is assessed in relation to knowledge of the customer or by credit references; to minimise credit risk contractual terms
may require that payment is made before delivery of materials.
DCD MEDIA PLC 34
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Currency risk
The group operates in overseas markets and is subject to exposures on transactions undertaken during the year. The group’s
exposure to exchange rate fluctuations is small based on its revenue and cost base and its policy is not to hedge against
foreign currency transactions.
The sterling equivalent of the Group’s assets and liabilities denominated in foreign currencies at the Balance Sheet dates 
was as follows:
Assets Liabilities Assets Liabilities
2009 2008 2009 2008
£’000 £’000 £’000 £’000
US dollar 1,694 2,176 (445) (558)
Euros 466 359 (28) (16)
Other 184 241 – –
Net assets 2,344 2,776 (473) (574)
Whilst the main currency that the Group is exposed to is US dollar, a 10% movement in its rate would not have a material
impact on its reported results.
INTEREST RATE AND LIQUIDITY RISK
Interest rate sensitivity
The sensitivity analysis has been based on the average exposure to floating rate debt during the period. It has been assumed
that floating interest rates were 200 basis point higher than those actually incurred.
The effect of such a change would be to increase the loss before tax for the year by £197,000 (2008: reduce the profit before
tax by £220,000).
Liquidity and interest risk tables
The following table details the Group’s remaining contractual maturity for its financial liabilities. The tables have 
been drawn up based on the undiscounted contractual maturities of the financial liabilities (including interest that 
will accrue to maturity). The discount column reflects the adjustments necessary to reconcile to the carrying amounts 
of the financial liabilities.
Weighted
average Less than
effective 1 month
interest or on 1-3 3-12 More than
rate demand months months 1-5 years 5 years Discount Total
2009 % £’000 £’000 £’000 £’000 £’000 £’000 £’000
Fixed rate
Finance lease obligations 18.5% 1 1 6 25 – (5) 28
Trade payables – 1,255 ––––– 1,255
Floating rate
Bank overdrafts –––––––
Convertible loans 7.7% – – 9,935 – – – 9,935
Interest on convertible loans – 191 574 – – – 765
ANNUAL REPORT 2009 35
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 Weighted
average Less than
effective 1 month
interest or on More than
rate demand 1-3 months3-12 months 1-5 years 5 years Discount Total
2009 % £’000 £’000 £’000 £’000 £’000 £’000 £’000
Fixed rate
Finance lease obligations 18.7% 1 2 7 28 – (4) 34
Trade payables – 1,255 ––––– 1,255
Floating rate –
Bank overdrafts 30 ––––– 30
Convertible loans 8.7% – – 7,245 4,000 – – 11,245
Interest on convertible loans – 245 735 490 – – 1,470
Refer to note 28 for explanation of the reduction of the Convertible Loan note.
20 Share capital
2009 2008
£’000 £’000
Authorised
100,000,000 (2007: 5,000,000,000) ordinary shares of 10p (2008: 10p) each 10,000 10,000
50,933,729 (2007: 50,933,729) deferred shares of 0.9p each 458 458
10,458 10,458
Allotted, called up and fully paid
53,480,503 (2008: 53,144,503) ordinary shares of 10p (2008: 10p) each 5,348 5,314
50,933,729 (2008: 50,933,729) deferred shares of 0.9p each 458 458
5,806 5,772
The deferred shares are not entitled to receive a dividend or other distribution, to attend or vote at any General Meeting 
and on return of capital on a winding up, shall only be entitled to receive the amount paid up on the shares after holders 
of the ordinary shares have received £100,000 for each ordinary share.
During the year a small portion of convertible loan debt was converted to equity resulting in £34,000 of shares being issued.
21 CONTINGENT LIABILITIES–SALE AND LEASEBACK AGREEMENTS
One subsidiary company has a liability to pay annual rentals under a sale and leaseback agreement relating to television
programme rights until 2015. This obligation has not been recognised in the financial statements because at 30 June 2009
an amount of £519,003 (2008: £507,761) is held in a bank deposit account which may only be used to settle those rental
obligations. The deposit is held with the same bank to whom the rentals are paid, and full set-off is applicable in the event 
of the failure of the bank.
Other subsidiary companies have entered into sale and leaseback agreements relating to television programme rights where
the obligations to pay rentals are guaranteed by amounts payable from bank deposits. These obligations have not been
recognised in the financial statements because the contingent liability would only crystallise upon the failure of the bank
holding the deposit. Further:
(a) the Group is not able to control the deposit account in pursuit of its own objectives and any payments under the lease
are due out of this restricted account. The Group has neither control over the bank balance nor over any interest 
earned thereon.
(b) the risk of reimbursing the amount of fee receivable by the Group in respect of tax losses transferred and the risk 
of paying an amount due under the guarantee in case of collapse of the bank holding the deposit are remote; and
(c) other than the initial cash flows at inception of the arrangement, the only cash flows expected under this 
arrangement are the lease payments satisfied solely from funds withdrawn from the separate account established 
for this arrangement.
Given the above, the asset and the liability in respect of the sale and leaseback transactions do not represent an asset 
and a liability of the Group and according to SIC-27 “Evaluating the Substance of Transactions Involving the Legal Form 
of a Lease”, and have not been recognised in these financial statements.
DCD MEDIA PLC 36
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 The liabilities from these agreements are as follows:
Due within Due within Due after
1 year 2 to 5 years 5 years Total
£’000 £’000 £’000 £’000
As at 30 June 2009 1,149 5,935 8,140 15,225
As at 30 June 2008 1,116 5,762 8,874 15,752
22 CAPITAL COMMITMENTS
There were no capital commitments at 30 June 2009 or 30 June 2008.
23 SHARE BASED PAYMENT
The company operates two equity-settled share based remuneration schemes for employees: a long term incentive scheme
and an unapproved scheme for non-executive directors and certain senior management. The options are awarded by the
Board and are governed by written rules.
Details of the company’s share options based on the ordinary shares of 10 pence each are as follows:
At Granted Exercised Lapsed At Exercise Date from
1 July during the during the during the 30 June price which Expiry
2008 year year year 2009 (pence) exercisable date
–––––
350,000 – – (350,000) – 80 26.01.06 25.01.09
112,500 – – (112,500) – 80 24.02.06 23.02.09
462,500 –– (462,500) –
24 TRANSACTIONS WITH DIRECTORS AND OTHER RELATED PARTIES
LOANS FROM DIRECTORS
At 30 June 2009 there were no loans due to directors.
OTHER TRANSACTIONS
During the year the following amounts were received from/(paid to) companies in which the directors have an interest:
Amount
Director received/(paid) Description
2009 2008
£’000 £’000
RPTA Limited R Price – (4) Royalties
The Performance Company R Price – (1) Royalties
Kazoo Communications Limited S Pizey (3) (32) Office charges
Classical TV Limited C Hunt (resigned 20/11/08) – 1,800 Licence fees
The balances outstanding at the year end were as follows:
Amount
receivable/
Director (payable) Description
2009 2008
£’000 £’000
RPTA Limited R Price – (4) Net trading balance
The Performance Company R Price – (1) Net trading balance
Kazoo Communications Limited S Pizey (3) (52) Net trading balance
Classical TV Limited C Hunt – 1,800 Net trading balance
ANNUAL REPORT 2009 37
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 25 RETIREMENT BENEFIT SCHEMES
The group operates defined contribution pension schemes for the benefit of three directors. The assets of the scheme are
administered by trustees in funds independent from those of the group.
The total cost charged to income of £36,183 (2008: £25,188) represents contributions payable to the schemes by the Group
according to the rules of the schemes
26 OPERATING LEASE RENTAL COMMITMENTS
At 30 June 2009 the group had operating lease rental commitments as follows:
2009 2008
£’000 £’000
Leases expiring within one year:
Land and buildings 10 22
Motor Vehicles – –
Leases expiring after more than one year but less than five years:
Land and buildings 520 510
Office refurbishment and equipment 101 199
Motor Vehicles 10 19
631 728
27 NOTES SUPPORTING THE CASH FLOW STATEMENT
Cash and cash equivalents for the purposes of the cash flow statement comprises:
2009 2008
£’000 £’000
Cash available on demand 1,845 3,129
Overdrafts – (30)
1,845 3,099
28 POST BALANCE SHEET EVENTS
REFINANCE OF CONVERTIBLE LOANS
On 30th November 2009 the Group announced that the primary holder of convertible loan notes, Highbridge Capital
Management LLC (“Highbridge), has agreed to cancel approximately £6.9 million of convertible loan notes in exchange 
for approximately £2.5 million of cash and 7,631,048 new ordinary shares of 10p each in the Company (“Ordinary Shares”).
The cash consideration is being met from a new senior bank loan from Coutts & Co. of £3m, provided on normal commercial
terms, and repayable over three years in equal quarterly installments. 
There will remain outstanding approximately £2.9 million of convertible loan notes which are held by, inter alia, Gartmore
Investment Management (“Gartmore”). The terms of the outstanding convertible loan notes have been amended by extending
the redemption date by three years to November 2012, after the final repayment of the Coutts & Co. loan, and reducing the
conversion price to 18p. The convertible loan notes will earn interest at 8 per cent. per annum, which will be rolled up and
payable in cash or Ordinary Shares at the Company’s option.
DCD MEDIA PLC 38
NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 2009 2008
Note £’000 £’000
Fixed assets
Intangible assets 5 – –
Tangible assets 6 7 11
Investments in subsidiaries 7 26,532 26,532
26,539 26,543
Current assets
Debtors 7 6,714 6,332
Cash at bank and in hand 12 54
6,726 6,386
Creditors: amounts falling due within
one year 8 (12,352) (8,632)
Provision for liabilities and charges 9 – (640)
Net current assets (5,626) (2,886)
Creditors: amounts falling due after 
more than one year 10 – (3,754)
Total net assets 20,913 19,903
Capital and reserves
Called up share capital 11 5,806 5,772
Share premium account 12 49,100 49,077
Equity element of convertible loan 12 328 328
Profit and loss account 12 (34,321) (35,274)
Shareholders’ funds 20,913 19,903
The financial statements were approved and authorised for issue by the Board of Directors on 19 December 2009.
J McIntosh
Director
19 December 2009
ANNUAL REPORT 2009 39
COMPANY BALANCE SHEET AS AT 30 JUNE 2009 1 PRINCIPAL ACCOUNTING POLICIES
These financial statements have been prepared in accordance with the historical cost convention and applicable accounting
standards, on a going concern basis under UK GAAP. The principal accounting policies have remained consistent with those
adopted in the previous year.
At the year end 30 June 2009 the Company’s convertible loan debt stood at £9.9m (2008: £11.5m) redeemable by 
December 2009. The convertible loans had been used to help with the funding of acquisitions made in 2006 and 2007.
However, by 30 November 2009, the Group had reduced its debt and refinanced its remaining balance following the
agreement of our primary holder of convertible loan notes, Highbridge Capital Management LLC, (“Highbridge”) to 
cancel £6.9 million of convertible loan notes in exchange for £2.5 million of cash and 7,631,048 new ordinary shares. 
The consequence of the renegotiation of debt is that the potential cash outfllow has been substantially reduced and the
remaining outstanding debt deferred. The overall liability at the date of reporting is now £5.9m. The cash consideration 
paid to Highbridge was met from a new senior bank loan from Coutts & Co. of £3.0m, provided on normal commercial 
terms, and repayable over three years in equal quarterly instalments. The remaining convertible loan debt, £2.9 million, 
is redeemable in November 2012 if not previously converted at the fixed price of 18p. 
Accordingly the Directors have prepared the accounts on the going concern basis. 
TANGIBLE FIXED ASSETS AND DEPRECIATION
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less
their estimated residual value, over the expected useful economic lives on the following bases:
Short leasehold property improvements straight line over the life of the lease
Office and technical equipment 25-33% straight line
PROGRAMME RIGHTS
Programme rights are stated at the lower of cost, less accumulated amortisation, or recoverable amount. Cost comprises
the cost of production and all other directly attributable costs incurred up to completion of the programme and all
programme development costs. Where programmes in development are not expected to proceed, the related costs are
written off to the income statement. Amortisation of programme costs is charged in the ratio that actual revenue recognised
in the current period bears to estimated ultimate revenue, after making provision for anticipated losses. At each balance
sheet date, the directors review the carrying value of programme rights and consider whether a provision is required to
reduce the carrying value of the investment in programmes to the recoverable amount. Amortisation and any charge in
respect of writing down to recoverable amount during the period are included in the income statement within cost of sales.
FINANCIAL INSTRUMENTS
Financial assets are recognised in the balance sheet at the lower of cost and net realisable value. Provision is made for
diminution in value where appropriate. Income and expenditure arising on financial instruments is recognised on the
accruals basis, and credited or charged to the income statement in the financial period to which it relates.
DEFERRED TAXATION
Deferred tax is recognised on all timing differences where the transactions or events that give the company an obligation to
pay more tax in the future, or right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets
are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that
have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are not discounted.
LEASING
Rentals payable under operating leases are charged to the income statement on a straight line basis over the period of the
lease
PENSION COSTS
The company operates pension schemes for the benefit of a number of its directors. The schemes are defined contribution
schemes and the contributions are charged against profits as they accrue.
FOREIGN CURRENCY
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets
and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Any differences
are taken to the income statement.
DCD MEDIA PLC 40
NOTES TO THE COMPANY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 CONVERTIBLE DEBT
The proceeds received on issue of the company’s convertible debt are allocated into their liability and equity components 
and presented separately in the balance sheet.
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest 
that would be payable on a similar debt instrument that did not include an option to convert.
The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited
direct to equity and not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital
and share premium as appropriate.
Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the
instrument in proportion to the allocation of proceeds.
SHARE BASED PAYMENTS
Where share based payments previously entered into by the group vested immediately to the individuals involved, the value 
of share based payments was recognised in the income statement on the date they were awarded. There is no charge in 
the current year.
2 (LOSS)/PROFIT FOR THE FINANCIAL YEAR
DCD Media plc has taken advantage of section s408 Companies Act 2006 and has not included its own income statement 
in these financial statements. The Company’s profit for the year after tax was £953,401 (2008: Loss £20,525,770).
3 DIVIDENDS
No dividends have been paid or proposed in the year (2008: nil).
4 INTANGIBLE FIXED ASSETS
Programme
Rights
£’000
Cost
At 1 July 2008 2,345
Additions –
At 30 June 2009 2,345
Amortisation
At 1 July 2008 2,345
Provided in year –
At 30 June 2009 2,345
Net book value
At 30 June 2009 –
At 30 June 2008 –
ANNUAL REPORT 2009 41
NOTES TO THE COMPANY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 5 PROPERTY, PLANT AND EQUIPMENT
Short leasehold Office and
property technical
improvements equipment Total
£’000 £’000 £’000
Cost
At 1 July 2008 122 564 686
Additions –––
Disposals –––
At 30 June 2009 122 564 686
Depreciation
At 1 July 2008 122 553 675
Provided in year – 4 4
Disposed in year – –
At 30 June 2009 122 557 679
Net book value
At 30 June 2009 – 7 7
At 30 June 2008 – 11 11
6 FIXED ASSET INVESTMENTS
Shares in subsidiary undertakings
£’000
Cost
At 1 July 2008 47,652
Additions –
At 30 June 2009 47,652
Amounts written off
At 1 July 2008 21,120
Provided in year –
At 30 June 2009 21,120
Net book value
At 30 June 2009 26,532
At 30 June 2008 26,532
The principal operating subsidiary companies, which are all 100% owned, are as follows:
Digital Classics Distribution Limited
Digital Classics DVD Limited
DCD Rights Limited (previously NBD Television Limited)
Done and Dusted Group Limited
September Films Limited
Prospect Pictures Limited
West Park Pictures Limited
Done and Dusted Group Limited, September Films Limited, Prospect Pictures Limited and West Park Pictures Limited 
are involved with the production of programmes for television and other media.
Digital Classics Distribution Limited and NBD TV Limited sell programme rights worldwide to all media.
Digital Classics Education Limited is no longer trading
Digital Classics DVD Limited produces and markets DVD’s to the retail market.
All the subsidiary companies are incorporated in England and Wales, except for:
– Done and Dusted Incorporated which is incorporated in New York, and Done and Dusted Production Incorporated which 
is incorporated in California. Both of these companies are 100% owned by Done and Dusted Group Limited.
– September Films USA Incorporated, which is incorporated in California and is 100% owned by September Films Limited.
Iambic Productions Limited, Box TV Limited are not part of the ongoing trading operations.
DCD MEDIA PLC 42
NOTES TO THE COMPANY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 7 DEBTORS
2009 2008
£’000 £’000
Amounts owed by group undertakings 5,633 6,036
Other debtors 229 194
Prepayments and accrued income 852 102
6,714 6,332
The directors have confirmed that under normal circumstances they will not seek repayment within one year of amounts 
owed to the company by group undertakings at 30 June 2009.
8 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2009 2008
£’000 £’000
Bank overdraft (unsecured) –
Secured convertible loan 9,686 7,245
Trade creditors 499 512
Amounts owed to group undertakings 1,203 –
Taxation and social security 276 68
Other creditors 209 180
Accruals and deferred income 479 627
12,352 8,632
Included in trade creditors, other creditors and accruals are amounts of £65,382 and £20,166 respectively (2008: £35,382, 
£nil and £16,166) relating to unpaid directors’ remuneration. This has been accrued in accordance with the directors’ 
contracts of service.
9 PROVISIONS FOR LIABILITIES AND CHARGES
£’000
30 June 2008 640
Amounts incurred and charged against provision during the year (640)
30 June 2009 –
The use of provision relates to non-recurring financial restructuring and premises re-organisation initiated in the prior year.
10 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2009 2008
£’000 £’000
Secured convertible loan – 3,754
– 3,754
The Company entered into a new long-term convertible loan facility of £4,000,000 on 7 August 2007 to assist with the
acquisition of September Holdings Limited, Prospect Pictures Limited and West Park Pictures Limited, and is secured on the
group’s assets. The loan is repayable by 5 August 2011, unless any of the conversion rights have been exercised prior to that
date. Interest is chargeable at a variable rate based on GB sterling six month LIBOR, and was 9.225% as at 30 June 2009.
The convertible loan has been valued as a compound instrument, and a calculation has been made to separate the equity
element from the liability element of the loan. A discount rate of 12% has been applied to the future interest payments and
repayment of the loan. This has resulted in a reduction of the liability by crediting an equity element of £328,000 to reserves.
However, there is an interest charge each year in the income statement up to maturity of the loan to equalise this reduction 
in the liability so that by maturity the full liability is reflected in the balance sheet. The interest charge in the income 
statement is £82,000 (2008: £82,000).
ANNUAL REPORT 2009 43
NOTES TO THE COMPANY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 11 SHARE CAPITAL
2009 2008
£’000 £’000
Authorised
100,000,000 (2008: 100,000,000) ordinary shares of 10p (2008: 10p) each 100,000 100,000
50,933,729 (2008: 50,933,729) deferred shares of 0.9p each 458 458
100,458 100,458
Allotted, called up and fully paid
58,064,540 (2008: 53,144,503) ordinary shares of 10p (2008: 10p) each 5,348 5,314
50,933,729 (2008: 50,933,729) deferred shares of 0.9p each 458 458
5,806 5,772
The deferred shares are not entitled to receive a dividend or other distribution, to attend or vote at any General Meeting 
and on return of capital on a winding up, shall only be entitled to receive the amount paid up on the shares after holders 
of the ordinary shares have received £100,000 for each ordinary share.
12 SHARE PREMIUM ACCOUNT AND RESERVES
Equity element
of convertible Share Profit and loss
loan premium account Total
£’000 £’000 £’000 £’000
At 1 July 2007 – 33,242 (14,748) 18,494
Loss for the year – (20,526) (20,526)
Share capital issued 15,835 – 15,835
Convertible loan note issued 328 328
At 30 June 2008 328 49,077 (35,274) 14,131
At 1 July 2008 328 49,077 (35,274) 14,131
Profit (Loss) for the year – 953 953
Share capital issued 23 23
Convertible loan note issued ––––
At 30 June 2009 328 49,100 (34,321) 15,107
13 CAPITAL COMMITMENTS
There were no capital commitments at 30 June 2009 or 30 June 2008.
14 SHARE BASED PAYMENT
The Company operates two equity-settled share based remuneration schemes for employees: a long term incentive scheme
and an unapproved scheme for non-executive directors and certain senior management. Where options are awarded by the
Board they are governed by written rules.
Details of the Company’s share options are detailed in note 23 to the consolidated accounts above.
15 TRANSACTIONS WITH DIRECTORS AND OTHER RELATED PARTIES
Details of related party transactions for the company are as disclosed for the Group in note 24 to the consolidated accounts.
16 PENSION COSTS
The group operated defined contribution pension schemes for the benefit of one director. This scheme is no longer 
in operation. The assets of the scheme are administered by trustees in funds independent from those of the group.
The total cost charged to income of £11,208 (2008: £25,188) represents contributions payable to the schemes by the 
Company according to the rules of the schemes.
DCD MEDIA PLC 44
NOTES TO THE COMPANY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2009 DCD MEDIA PLC
Corporate Information 
Company advisers
Company Secretary 
& Registered Offices 
John Bottomley FCIS 
One America Square
Crosswall
London 
EC3N 2SG
Nominated Advisor & Broker
Evolution Securities Ltd
100 Wood street
London
EC2V 7AN
www.evosecurities.com
Auditors
BDO Stoy Hayward 
Fourth Floor 
One Victoria Street 
Bristol 
BS1 6AA
http://www.bdo.co.uk
Registrars
Capita Registrars 
Northern House 
Woodsome Park 
Fenay Bridge 
Huddersfield 
HD8 0LA
http://www.capitaregistrars.com
Financial PR
Ben Simons
M: Communications
1 Ropemaker Street
34th Floor, CityPoint
London
EC2Y 9AW
T +44 (0) 20 7920 2340
www.mcomgroup.com DCD MEDIA PLC
THE TV PRODUCTION & DISTRIBUTION POWERHOUSE
LONDON, NEW YORK, LOS ANGELES, GLASGOW, DUBLIN, CARDIFF
DCD MEDIA PLC
151 WARDOUR STREET
LONDON
W1F 8WE
WWW.DCDMEDIA.CO.UK
T +44 (0)20 7297 8000
F +(0) 20 7297 8001
E INFO@DCDMEDIA.CO.UK