Related to Zeeland 2010

Results
2010
Related
to Zeeland
Networks Energy Waste management

colo
phon
‘DELTA
up close’ is
published by DELTA N.V.
This report is distributed
to customers, relations
and other stakeholders
of DELTA.
Editor/coordination:
Luppo Huizenga
Concept/realization:
Brandhome,
Antwerp, Belgium
Photography:
Ton Stanowicki
Photo colophon:
H.W. Fluks
Print: Moderna,
Paal-Beringen, Belgium
For futher information
please contact
DELTA Communications
Department
DELTA N.V.
Communications
Department
Poelendaelesingel 10
4335 JA Middelburg
The Netherlands
www.DELTA.nl
2

1 4
DELTA in 2010:
energy
Profile and key figures
DELTA in 2010:
waste management
5
con
tents
2
6
7
Financial
performance
No profit, but results
Related
to Zeeland
3
DELTA in 2010
In this report, DELTA gives stakeholders
and other interested parties information
on its performance in 2010, explains
significant developments and provides
background information. The report is
available as printed version as well as
online (www.DELTA.nl).
CSR report
In late 2011, DELTA will publish a
corporate social responsibility report,
which will also discuss the company’s
role in the community and provide more
information on such aspects as DELTA’s
environmental performance.
DELTA in 2010: networks
3

Profile and
Key figures
DELTA is an independent company specialising in
networks, energy and waste management.
Most of the shares (96.55%) are held by municipal
authorities in Zeeland and the Province of
Zeeland. DELTA employs over 3,000 people.
The company is active in the following areas.
Networks
DNWB is the network operator for Zeeland and performs
its statutory tasks autonomously within the DELTA
organisation. DNWB is responsible for managing the gas
and electricity distribution networks. These networks
are constructed and maintained by DELTA Infra, which
also constructs and maintains the Evides water networks
and the DELTA cable network. DELTA Infra’s other areas
of expertise include high-voltage applications and
measurement technology.
Energy
In addition to electricity generation and energy trading,
DELTA also supplies gas and electricity to private and
business customers. As well as energy, DELTA serves
the consumer market in Zeeland as a provider of digital
services (internet, telephony, TV and radio signals) and,
via its interest in Evides, as a water supplier. Thanks to its
multi-utility approach, DELTA has a large share of these
markets in Zeeland.
Waste management
All the waste management operations have been brought
together in the Indaver subsidiary, which is 75% owned
by DELTA. Indaver works for the public sector (mainly in
Belgium, the Netherlands and Ireland) and private sector
(North-West Europe). In the Netherlands, the company
uses the DELTA brand name in the public-sector market.
Indaver processes over four million tonnes of waste a year,
of which Belgium accounts for more than half. Most of the
waste is processed at Indaver’s own facilities but some
is processed at other plants. The company employs a
variety of waste processing techniques including recycling,
biomass production and waste-to-energy (energy
produced from waste incineration).
DELTA: BBB/positive outlook
Standard and Poor’s determines DELTA’s credit
rating each year. In 2009 DELTA’s rating was BBB,
with a stable outlook. In 2010 the rating was again
BBB, but with a positive outlook. If DELTA performs
as expected, the rating will be upgraded.
Factors which the rating agency considered
positive included the cancellation of the
unbundling exercise, the lower debt and the better
risk profile.
4

DELTA upclose
1
Key figures 2010
Turnover: 2.1 billion (+ 10%)
Net result from the core activities: € 87 million
Net result of discontinued operations: -/- 265 million
Net result: -/- 178 million
Solvency: 42.2%
Total sales by category 2010
22%
3
%
3%
5%
52%
15%
Electricity
Gas
Electricity and gas transport
Cable, internet and telecoms
Waste management
Other
5

Apart from a number of exceptional
charges, 2010 was a good year
for DELTA’s normal operations.
The energy and waste management
businesses achieved good results
despite the difficult market conditions.
The network segment (management
and maintenance of the electricity and
gas networks in the Zeeland region)
performed well.
The write-down of EUR 260 million
on our solar activities meant that we ended 2010
with a substantial net loss of EUR 178 million.
As explained in our 2009 report, the solar division had
to demonstrate its viability in 2010 with an ambitious
business plan. However, the market conditions for
solar cells produced by our subsidiary Solland
continued to deteriorate and it was decided in
September 2010 to write down these activities.
It was no longer justifiable for DELTA to continue
alone with its activities in the solar segment
and it was decided to reduce this interest.
Whether it will be possible to sell the business
should become clear by mid-2011.
Electricity sales to business
customers were almost 28% higher at
7.7 TWh. This growth can be attributed
in part to the commissioning of the
Sloe power station. The CO 2
emitted
by DELTA’s electricity generating
operations was only 0.33 tonnes
per MWh, compared with a national
average for the Netherlands of
0.40 tonnes per MWh. Total gas
deliveries were also higher (+23%).
Due to the lower energy prices,
however, only part of this growth
translated into higher revenue.
DELTA Milieu’s activities were
transferred in 2010 to the Indaver
subsidiary. Indaver has since been
converted into a country organisation
focusing on North-West Europe, with
bases in the Netherlands, Belgium,
Germany, the United Kingdom
6

DELTA upclose
No profit,
2
but results
and Ireland. Waste management
performed well in 2010, with
processing volume up from 3.9 to 4.3
million tonnes, due to higher waste
volumes generated by existing clients
and expansion of the client base.
On 22 June 2010, the Court of Appeal
in The Hague ruled that DELTA was not
required to unbundle its electricity
and gas networks and that DELTA
Netwerkbedrijf could continue to
perform its task independently
within the group. The State of the
Netherlands has lodged an appeal
against this judgment.
On 3 November, the French energy
company EdF and DELTA jointly
announced their intention to set up
a development company to pave
the way for a second nuclear power
station at Borssele. The plan is to
transfer the work currently in progress
on the new nuclear station to this
company in 2011. Meanwhile, work
on the environmental impact report
is continuing and we expect to file
the permit application for the new
power plant in 2012. Full account
will be taken of the lessons learned
from the events in Japan in preparing
this application.
DELTA was able both to retain the
confidence of existing customers
and gain new customers in 2010.
The number of households in Zeeland
considering a switch to a different
supplier is low at 1–2%, compared
with 10% nationally. Surveys
conducted by independent agencies
also show that DELTA is highly
regarded by its customers.
In the satisfaction survey published
in October by Vereniging Eigen
Huis, the Dutch homeowners’
association, DELTA’s average score
was 7.6, placing it third in a field
of thirteen suppliers. According
to Consumentenbond, the Dutch
consumer organisation, ZeelandNet’s
customers are the most satisfied with
their supplier’s services, giving a total
score of 7.8 averaged over the second
half of the year.
Two regular and three informal
shareholders’ meetings were held
in 2010. The latter were held to inform
the shareholders about strategically
important developments (unbundling,
investments, Evides, solar).
Outlook
We intend to dispose of the
loss-making solar activities in 2011.
Thanks in part to the efficiency
improvements implemented last year,
the company is now in a stronger
position. Excluding gains and losses
on the trading portfolio, DELTA’s
earnings from ordinary operations
in 2011 is expected to be close to the
2010 figure, despite structurally lower
energy prices in 2011.
Peter Boerma
CEO
7

DELTA Netwerkbedrijf and DELTA Infra
DELTA Netwerkbedrijf (DNWB) is the regional electricity
and gas network operator in the province of Zeeland.
The company performs its statutory tasks independently.
DNWB provides dependable and cost-efficient
management of the gas and electricity networks and is
also responsible for their construction and maintenance.
Maintenance is handled by DELTA Infra.
8

DELTA upclose
DELTA in 2010
3
Networks
DELTA Netwerkbedrijf
‘DELTA has decided to halt all activities relating to the unbundling of network
operator DNWB and DELTA NV with immediate effect.’ That was the statement
issued after the ruling by the Court of Appeal in The Hague on 22 June that the
‘group prohibition’ (a ban on network managers being part of the same group of
companies as producers, traders and suppliers of electricity and gas) under the
Independent Network Management Act (Wet Onafhankelijk Netbeheer) was contrary
to European regulations. The group prohibition was accordingly abandoned and
DELTA responded with ‘delight’, because ‘the judgment vindicates the position we
have taken from the start: unbundling is a bad solution to a non-existent problem.’
The judgment means that DNWB can remain part of DELTA and continue to perform
its statutory tasks as a network operator independently within the group.
To enable those tasks to be performed effectively, further progress was made
in 2010 in implementing the unbundling plan approved at the end of 2009 by
the then Minister of Economic Affairs Ms. Van der Hoeven. DNWB’s independence
is strengthened by having its own offices in Goes, which were made ready in
2010 and to which DNWB relocated in early 2011. A new Executive Board was
appointed for the network operator, consisting of Steven Quast (53, CEO)
and Michel van Neutigem (49, COO).
DELTA Infra: more efficient and more commercial
DELTA Infra was able to add a whole list of new clients to its order book in 2010.
Stedin, TenneT and BAM Duurzaam are among the clients who will benefit from the
services of the DELTA base in Goes. The contract with Stedin is especially significant
because it makes DELTA Infra the first service provider in the Netherlands to work
for another network operator outside its own region. Water company Evides,
DELTA Infra’s most important client alongside DNWB, also signed a new service
contract in 2010.
Erik Duim, General Manager of DELTA Infra: ‘Infra achieved its commercial target
for 2010 largely through its success in acquiring new clients. Infra also met its
efficiency target. Overheads were reduced, savings were made in ICT and a number
of business processes were redesigned to make them more efficient.’
9

DELTA in 2010
Energy
10

DELTA upclose
Around three-quarters of
DELTA’s revenue comes from
energy-related activities of
various kinds. DELTA generates
electricity, trades in fuels
(gas, coal and oil) and emission
rights on various markets and
supplies gas and electricity
to business customers and
domestic consumers.
4
Sluice at Kreekrak
11

DELTA Energy
4.1 Business market
Production, trading and supply to business customers:
its integrated approach places DELTA in a strong position
as a medium-sized energy company.
Asset based: solid operation, lower risk
In mid-October, CEO Peter Boerma signed a long-term
contract with Gasunie Zuidwending for use of the gas
storage facility near Veendam in Groningen. This was
the second contract with Gasunie, giving DELTA access to
larger and more flexible gas storage capacity from 2016
onwards. The contract is consistent with an ‘asset-based’
business strategy: supplying customers with gas and
electricity that as far as possible comes from production
facilities to which the company itself has access.
Guido Custers, Director of Origination, Trade & Supply:
‘Because we are not just an energy supplier and trader
and also have our own production capacity, we have more
options for reducing risks. DELTA can influence the entire
process, from production to billing. That makes for more
stable operation and a good price/quality ratio.’
The hypermodern Sloe power station in the port of
Vlissingen is a good example of this strategy. The station
was officially opened on 15 February by Marc Boudier,
director of co-owner EDF Europe, and Peter Boerma.
The plant generates enough power for two million
households and has low CO 2
emissions: 25% lower than
comparable stations.
On November 3 2010 EdF CEO Marc Boudier and
DELTA CEO Peter Boerma signed an agreement.
Both companies will work together in order
to realize a new nuclear power plant in Borssele.
12

Sloe power station
DELTA upclose
DELTA generating capacity
EPZ (50% owned)
Nuclear power station
Fuel: uranium
Output: 512 MW (DELTA: 50%)
Coal-fired power station
Fuel: coal and biomass
Output: 426 MW (DELTA: 50%)
ELSTA (25% owned)
Fuel: gas
Output: 420 MW (DELTA: 50%)
Sloe power station (50% owned)
Fuel: gas
Output: 870 MW (DELTA: 50%)
Biomass power station (50% owned)
Fuel: chicken manure
Output: 36 MW (DELTA: 100%)
Wind farms (wholly and partly owned
and under contract)
Number of turbines: 74 at 12 locations
Total output: 87 MW (DELTA: 100%)
Combined heat and power
80 engines
Total output: 60 MW (DELTA: 100%)
13

DELTA Energy
Wind and solar energy
In cooperation with several partners,
DELTA continued to work in 2010
on the plan to reconfigure the
Kreekraksluis wind farm. This will
involve replacing 26 wind turbines
with 30 new units, around half of
which will be built on the south side
of the A58 motorway where there are
no turbines at present. The new wind
farm, which is scheduled to come
into service during 2012, will generate
7–10 times more power than the
existing facility.
A solar farm consisting of 12,000 solar
panels, with a total output of 2.6MW,
on a roof covering 4 hectares at a
distribution centre in Willebroek in
Belgium, was officially commissioned
in 2010. The total area of solar panels
is 26,000 m 2 , making it the largest
solar farm in the Benelux.
Trading: risk management
and profit.
Electricity, fuels (gas, oil and coal)
and emission rights are traded
daily on various markets. At DELTA,
the Trade department is responsible
inter alia for the sale of electricity
and the purchase of fuels for the
power stations. The department
trades on markets in the Netherlands,
Belgium and France. Guido Custers:
‘It’s all about reducing the risks
posed by fluctuating energy prices
and safeguarding the energy supply.
By negotiating advantageous
purchase terms and benefiting from
volume effects, our colleagues at
Trade make a significant contribution
to operating profit.’
Energy for the large
business market
As an energy supplier, DELTA occupies
a unique position in the large
business market. Guido Custers:
‘It’s evident from talking to our
customers that our Dutch roots
and our size make us an attractive
partner. When it comes to closer
cooperation, we have an advantage
as a mid-sized company: we’re more
flexible and we’re seen as an equal.’
Closer cooperation is especially
attractive to customers whose energy
costs account for a large proportion
of their production costs. ‘Working
together to find ways of optimising
energy supply requires openness
on the part of both parties and in
practice results in contracts that are
more beneficial to both customer
and supplier, because you can map
energy demand more accurately.’
As well as this customer-specific
approach, the multi-site market
also offers good potential for DELTA.
Both public and private sector
organisations working at many
different sites benefit from clear and
itemised billing for their energy use.
Guido Custers: ‘Our processes are
designed to give multi-site customers
the best possible service.
Clear billing shows the customer how
energy is being used at its sites and
facilitates energy management and
cost reduction.’
14
Guido Custers

Wind farm Kreekraksluis
DELTA upclose
Highlights of 2010
February
Official opening of Sloe power station
October
Signature of long-term contract with
Gasunie Zuidwending for gas storage
15

DELTA Energy
4.2 Zeeland consumer market
In Zeeland, its home market,
DELTA provides digital services
as well as supplying energy.
This multi-utility concept has
won DELTA a large share of
the Zeeland market.
DELTA scores above average
DELTA emerges well from a comparison with other large suppliers. Its energy
prices are attractive, which has not come about by chance: DELTA works
hard to keep prices down. This is one way to reward Zeeland consumers for
their loyalty and underline DELTA’s links with the province. Not for nothing
did DELTA choose as its slogan for its 2010 campaign: ‘DELTA, voordelig en
dichtbij’, which translates as ‘DELTA, low prices and close to home’.
Prima service én
een voordelige, vaste prijs?
Profiteer ook van Zeeuwse zekerheid!
DELTA, voordelig en dichtbij.
Bel 0800-5150 en stap in voor 1 juli!
Maakt de prijs voor u het verschil?
Kies ook voor 3 jaar energie!
DELTA, voordelig en dichtbij.
Bel 0800-5150 en stap in voor 1 juli!
As well as price, service is also a priority for DELTA, because these are the
main areas in which it can set itself apart from the competition. There was
also good news in 2010 on the service front. The results published by the
Dutch Competition Authority of a number of surveys of the service provided
by energy suppliers placed DELTA at the top, with an average score of 6.0.
DELTA also performed well in a survey by Vereniging Eigen Huis, the Dutch
homeowners’ association, coming third with a score of 7.6.
The quality of service of ZeelandNet, DELTA’s digital service provider, was
also rated highly by consumers. In late 2010, ZeelandNet and another provider
shared first place in the Consumer Association’s Provider Monitor survey.
The consumer panel gave both providers a score of 7.8, on such aspects as
quality and level of service and problem resolution. Over the past year,
the two-monthly surveys have shown a steadily rising line. The research
indicates that ZeelandNet’s customers are the most satisfied with their
provider’s services, giving an overall score of 7.5. On the aspect of
‘friendliness’, the score was 8.1.
Highlights of 2010
May
DELTA reduces the variable energy
price by 11% with effect from 1 July
2010, making it the lowest variable
price at that time. The gas price was
also kept low.
July
The number of digital TV viewers
has grown 6.3%, according to the
Telecompaper market research
bureau. DELTA is outperforming the
national growth rate of 4%.
September
• ZeelandNet Zakelijk announces that
the 3,000th business customer has
opted for internet via cable.
• More HD-quality channels on air:
DELTA HD subscribers can now
receive 17 channels in HD quality.
October
DELTA performed well and took third
place in a customer satisfaction
survey published by the Dutch
homeowners’ association.
16

DELTA upclose
The teams at DELTA Comfort and
ZeelandNet, the DELTA divisions
that address the consumer market
in Zeeland, see good ratings as
an important stimulus to raising
the service level even higher, and
they worked hard again last year
to further optimise the service.
In the energy sector, they use the
‘customer journeys’ method:
what steps does a customer have
to take, for example, to sign up for
services, report faults or change
the amount of a regular direct debit
payment? Careful analysis of these
processes, as viewed from the
customer’s perspective, can result
in improvements that benefit the
company as well as the customer.
The digital services provided by
ZeelandNet were also placed under
the microscope last year. General
Manager Pascal de Klerk, who is
responsible for operations on the
Zeeland consumer market: ‘The good
scores given by independent bodies
such as the Competition Authority
and consumer organisations are a
sign that we’re doing it right. For us,
they are a strong incentive to keep
focusing on the combination of price
and quality.’
Market trends
DELTA’s share of the energy segment of its Zeeland home market is
large and comparatively stable. Pascal de Klerk: ‘Although there has
been competition on the energy market for seven years now, DELTA
still serves most of the consumer market. The number of households in
Zeeland that switch suppliers is low, at 1.5–2%. Nationally, the figure is
around 10%.’
DELTA provides internet and telephone services under the ZeelandNet
brand. In this segment, too, DELTA has a large share of the market.
Low prices and good products are the key to its success. Its aboveaverage
level of service and unique multi-utility concept ensure that
customers remain loyal to DELTA.
Pascal de Klerk
17

Er worden bovendien 1.000 typisch Zeeuwse prijzen verdeeld onder de eerste 3.000 inschrijvingen.
Bent u er op tijd bij, dan heeft u dus een kans van 1 op 3 om een gezellig weekendje weg in Zeeland,
een heerlijk etentje voor twee in een sterrenrestaurant of één van de 998 andere prijzen te winnen.
Zeeuwse prijzen etentje voor 2 personen in een Zeeuws sterrenrestaurant: Oud-Sluis, Inter Scaldes of De Kromme Watergang
• weekend weg voor 2 personen in Zeeland • rondvlucht voor 2 personen boven Zeeland • tickets voor concert at SEA • kaartjes
voor DELTA park Neeltje Jans • tickets Voetbal Experience • limited edition Zeeland T-shirts
Zeeuwse prijzen etentje voor 2 personen in een Zeeuws sterrenrestaurant: Oud-Sluis, Inter Scaldes of De Kromme Watergang • weekend weg voor 2 personen in Zeeland •
rondvlucht voor 2 personen boven Zeeland • tickets voor concert at SEA • kaartjes voor DELTA park Neeltje Jans • tickets Voetbal Experience • limited edition Zeeland T-shirts
DELTA Energy
Campaigns in 2010
DELTA again ran several
advertising campaigns
in 2010 to raise its profile
with consumers.
Competition in the energy
and digital services markets
is intense and it is essential
to maintain a high-profile
presence in the marketplace
if you want to extend
your market share.
Energy
Every six months, in the middle and at
the end of the year, DELTA customers
are given details of attractive energy
deals by letter or e-mail, backed up
by an intensive regional campaign
of radio and TV commercials and
advertisements in regional media.
Digital advertising media are also
used, to ensure full coverage of
Zeeland’s population. The ‘I love
Zeeland’ campaign in late 2010 was
the first phase of a drive to sign up
households outside the province.
www.DELTA.nl/energieuitzeeland
www.DELTA.nl/energieuitzeeland
Zin om te genieten van
het beste uit Zeeland?
Laat vrijblijvend uw gegevens achter op www.DELTA.nl/energieuitzeeland.
U komt als eerste alles te weten over het nieuwe DELTA aanbod, voor het eerst buiten de Zeeuwse grenzen.
Green
DELTA mounted a number of
advertising campaigns in 2010 to
raise Zeelanders’ awareness of the
importance of energy saving and CO 2
reduction. The spring campaign under
the slogan ‘Dagelijks duurzaam’
(approximately ‘Green every day’) was
rounded off with a sustainable dinner
for many guests in the Zeelandhallen
centre. From October to December,
CO 2
reduction was the central theme
of the ZeeuwsGroen (‘Zeeland Green’)
campaign. By buying ZeeuwsGroen
energy, households are helping to
reduce CO 2
emissions.
Kies donderdag
21 oktober voor
ZeeuwsGroen
Zet de thermostaat een graadje lager,
trek een dikke trui aan en draag bij
aan een CO 2
-neutraal Zeeland
Maak kans
op een
doe-het-zelf
pakket zonnepanelen
Maak hier een foto van, plaats deze op
www.DELTA.nl/ZeeuwsGroen en maak kans
op een doe-het-zelf pakket zonnepanelen!
www.delta.nl/ZeeuwsGroen
Zin om te genieten van
het beste uit Zeeland?
Heeft u familie, vrienden of kennissen die
geïnteresseerd kunnen zijn in een energieaanbod
van DELTA buiten Zeeland?
Verwijs hen naar www.DELTA.nl/energieuitzeeland.
Daar kan men zich vrijblijvend inschrijven. Begin 2011 doen we hen een aanbod!
Bovendien worden 1.000 prijzen verdeeld onder de eerste 3.000 inschrijvingen, waaronder een gezellig weekendje weg
in Zeeland, een heerlijk etentje voor twee in een Zeeuws sterrenrestaurant of één van de 998 andere Zeeuwse prijzen.
Voor meer informatie over deze actie kijk op PIM.
Ook uw bijdrage telt! Word vandaag
ZeeuwsGroen met groene stroom van DELTA.
Kijk op www.DELTA.nl/ZeeuwsGroen voor alle informatie,
tips en adviezen over het besparen van energie en CO 2 .
AB
1014_DELTA_ZeeuwsGroen_PZC_16-10_installaties_130x194_AB.indd Medium Formaat 1 130x194
06-06-11 17:31
Aanleverdatum 14/10/10 Verschijningsdatum 16/10/10
18

Wij willen alle 31 winnaars van het DELTA HD-prijzenpakket nogmaals feliciteren.
Op Schouwen-Duiveland, Tholen, Walcheren, Noord-Beveland,
Zuid-Beveland en Zeeuws-Vlaanderen; overal waren er winnaars.
Zeeland kleurde dankzij jullie, én duizenden andere Zeeuwen
die meededen aan de actie, oranje.
Er kijken steeds meer Zeeuwen in HD! Wanneer neemt u de stap?
WInnAArS vAn DE DElTA Wk pOSTErAcTIE
11 juni Fam. Verbiest, Vogelwaarde | 12 juni Fam. Kalisvaart, Spui | 13 juni Fam. Sneijders, Zierikzee | 14 juni Fam. de Feyter, Terneuzen | 15 juni Fam. Woestyne-
Meulmeester, Aagtekerke | 16 juni Fam. Boer, Terneuzen | 17 juni Fam. Barendregt, St. Maartensdijk | 18 juni Dhr. Van Arkel, IJzendijke | 19 juni Mevr. Rooda,
Burgh-Haamstede | 20 juni Fam. Lunenburg, Vlissingen | 21 juni Fam. v.d. Bulck, Hulst | 22 juni Fam. Westdorp, Middelburg | 23 juni Fam. Hensels, Goes | 24 juni
Fam. Monkhoo, Schoondijke | 25 juni Fam. Grim, Oost-Souburg | 26 juni Mevr. Geerse, Oostkappelle | 27 juni Fam. v.d. Ploeg, Grijpskerke | 28 juni Fam. Adriaanse,
Meliskerke | 29 juni Fam. Vermeulen, Kwadendamme | 30 juni Dhr. Bostelaar, IJzendijke | 1 juli Fam. Xavier, Sluiskil | 2 juli Fam. Verhage, Koudekerke | 3 juli
Fam. Thomaes, Hoofdplaat | 4 juli Fam. Spaapen, Vlissingen | 5 juli Fam. Romijn, Middelburg | 6 juli Fam. Chamroe, Vlissingen | 7 juli Fam. v.d. Berge, Hoek | 8 juli
Fam. Braspenning, Breskens | 9 juli Fam. v.d. Noord, Kloosterzande | 10 juli Fam. v.d. Duyn-Schouten, Vlissingen | 11 juli Fam. van Liere, Middelburg
www.delta.nl/digitaletv
Deze actie wordt mede mogelijk gemaakt door:
WInnAArS
vAn DE
DElTA Wk pOSTErAcTIE
DELTA upclose
Digital
The aim of the ‘fast 4ward’ campaign
launched in the spring was to draw
Zeelanders’ attention to ZeelandNet’s
lightning-fast internet service: four
times faster than the competition.
The campaign included TV and radio
commercials and special websites.
The soccer World Cup provided
an opportunity to promote the
company’s HD television service.
An ambitious campaign was mounted
under the slogan ‘Hup HD Hup’, using
posters, newspaper advertisements
and TV commercials. DELTA helped to
bring super sharp TV viewing within
reach by giving a €100 discount on an
HD receiver.
At the end of the year, first-time
subscribers to ZeelandNet’s internet
service were given a 50% discount
for six months. The same discount
was given to new customers signing
up for digital telephone and
TV services.
Effectiveness
The effectiveness of the campaigns
was carefully monitored.
Pascal de Klerk, General Manager of
DELTA Comfort: ‘The ‘Hup HD Hup’
campaign achieved high penetration
in a very short time: surveys found
that 62% of Zeelanders were aware
of it. The number of HD subscription
sales rose sharply during the
campaign period and most of our
other products also benefited.’
OrAnJE WAS
OnvErgETElIJk
In HD
nET gEEn WErElDbEkEr,
MAAr OrAnJE ScHITTErDE In HD.
KIJK
HET WK
IN HD
MET DELTA DIGITALE TV
31
gEfElIcITEErD
DELTA.nl in 2010
DELTA.nl had a successful year in
2010, with the number of people
visiting the site rising to 586,079, up
60% compared with 2009 (365,863).
On average, they viewed six pages
per visit and surfed the site for five
minutes.
There were a record 70,000 visitors
to DELTA.nl in December, who were
mainly interested in the six-monthly
energy campaign, the activities
relating to nuclear energy and
the ZeeuwsGroen green energy
campaign. The DELTA HD TV campaign
in June also attracted many more
visitors to the website.
DELTA expanded its social media
activities in 2010 with Facebook
and Twitter accounts. These digital
platforms are expected to generate
growth in customer, press and other
contacts in 2011.
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op het DELTA HD-pakket en
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op een Samsung HD PVR!
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• tot 5 keer scherper beeld
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• 17 zenders in HD-pakket
deze actie loopt van 17 mei tot en met 31 juli 2010.
www.delta.nl/digitaletv
19

DELTA Energy
In light of the effects on the renewable energy sector
of the volatile market conditions and the repercussions
of the financial crisis, DELTA announced in 2010 that it
intended to unwind its interest in solar cell production
and close Biovalue, the biodiesel plant in Eemshaven.
In November, DELTA announced its decision to withdraw
from solar cell production in response to the shifts in the
solar energy market caused by the economic crisis and
in recognition of the fact that the entry of large Asian
players heralded the end of the era of unlimited growth for
European solar energy companies. DELTA consequently
intends to unwind its interest in Solland Solar,
the Heerlen-based solar cell manufacturer.
Renewable energy under pressure
DELTA acquired the interest in Solland in late 2006,
when the outlook for the solar industry was still
promising. ‘The returns on these investments were very
disappointing’, says CEO Peter Boerma. ‘Like others,
we did not foresee the market turbulence we have
experienced in recent years. We still believe in solar as
the energy source of the future, but further investment
cannot be justified by a company like DELTA in the current
market conditions. The know-how Solland has accrued
makes the company attractive to potential buyers who
can grow it to the required scale.’ Consistent with its
present view of the solar market, DELTA has written
down its interest in Solland and Sunergy (a research and
development subsidiary).
Drastic changes in the biodiesel market
Domestic output of biodiesel has fallen sharply in recent
years in the face of rising imports. The government’s
decision to reduce the mandatory biodiesel content in
diesel to 4% has also been a negative factor.
In July, DELTA decided to close Biovalue, the biodiesel plant
in Eemshaven. DELTA had spent several months before that
trying to find other uses for the plant, which employs 26
people, but its efforts proved unsuccessful.
20

DELTA upclose
Preparations for a new nuclear power station
To achieve a 20% reduction in CO 2
emissions by 2020,
greater use has to be made of nuclear power. Those were the
words of the Rutte administration in September’s coalition
agreement. DELTA sees this as vindication of its position:
that it would be irresponsible not to use nuclear energy if
we want to achieve a significant reduction in CO 2
emissions.
Carbon reduction is essential to prevent global warming.
DELTA aims to be carbon-neutral by 2050 and, to that end,
it is making preparations for a second nuclear power station
in Borssele.
The following are some of the preparatory steps taken in
2010 to enable work on the new station – which has to be
in service in 2018 – to proceed.
• In June, the Ministry of Housing, Physical Planning and
the Environment notified DELTA of the requirements that
its environmental impact report had to meet for DELTA
to qualify for a permit.
• On Thursday, 16 September, the first group of students
taking Nuclear Technology as a secondary subject
embarked on their course. The launch of this course at
senior secondary vocational education (MBO) level and
higher professional education (HBO) level represented
the fulfilment of a long-held wish. In the space of a year,
a course had been organised by Hogeschool Zeeland,
the Westerschelde Regional Training Centre, the Zeeland
Regional Training Centre, DELTA and EPZ to train students
for jobs in the nuclear industry alongside their regular
course work.
• In November, DELTA announced that it was to cooperate
with EdF, the French energy company, on preparations
for the construction of a new nuclear power station.
EdF has a wealth of experience in building power stations
of this kind and DELTA and EdF are no strangers: they are
joint owners of the Sloe power station in Vlissingen.
• Throughout 2010, DELTA organised ‘drop-in evenings’
to tell people living in the area about the new nuclear
power station and the environmental impact report.
Members of DELTA’s Executive Board also held a series of
informal meetings with people at home, to answer their
questions about the plans for the new power station.
21

DELTA in 2010
Waste
management
The recent history of DELTA’s Indaver subsidiary shows that
the company is achieving its growth ambitions in North-West Europe.
Expenditure on waste management has risen sharply in
the past few years. Companies and public authorities are
outsourcing management of their waste
streams to specialists because efficient
and cost-effective waste management
has become a complex task.
22

DELTA upclose
Indaver, which has its headquarters in Mechelen in Belgium, has grown to become
an international group with bases across Europe. As well as Belgium, Indaver is also
active in the Netherlands, Ireland, Portugal, Italy and Germany. The company’s clients
include public authorities (chiefly in Belgium, the Netherlands and Ireland) and industry
(North-West Europe).
5
Indaver processes almost four million tonnes of waste a year, over half of it in Belgium.
Most of it is processed at the company’s own plants, but some is processed at other facilities.
The company employs several waste management methods including recycling, biomass
production and waste-to-energy (waste incineration combined with energy generation).
23

DELTA Waste management
Integration of DELTA Milieu into Indaver
DELTA Milieu, formerly one of the DELTA divisions, was integrated into
Indaver in 2010. Indaver is 75% owned by DELTA; 16% of the shares in Indaver
are held by Vlaamse Milieuholding and the remaining 9% are held by six
industrial companies. The integration of DELTA Milieu has led to the creation
of a country organisation. Indaver has divided the market into four regions
(Belgium, Netherlands, Ireland/UK and Germany) and reconfigured the internal
organisation to suit this market approach.
DELTA Milieu has 225 employees and generates revenue of EUR 117 million.
Post-integration, Indaver will have some 1,700 employees in 2011 and will
generate revenue of about EUR 500 million. DELTA Milieu operates out of
30 sites in Zeeland, Noord-Brabant and Zuid-Holland.
Integration is the logical culmination of a development that was initiated
in 2007, when DELTA decided to expand its waste management activities
by acquiring a stake in Indaver because a wider range of energy and
waste-related services offered more growth potential. The interest in
Indaver thus broadened DELTA’s commercial base. The combination of waste
management and energy services not only meets customers’ needs, but is
also a logical step in terms of technology. A growing volume of waste is being
recycled into new materials or used as fuel for electricity generation.
Indaver Nederland:
DELTA Milieu, IGA and AROC
DELTA Milieu specialises in
management mainly of nonhazardous
and domestic waste
produced by public-sector and
business clients. DELTA Milieu
handled over one million tonnes
of waste in 2010, using a number
of processing methods:
• Composting of vegetable
matter to produce high-grade
soil conditioner
• Fermentation of organic waste
streams
• Production of biomass from
green waste
• Paper recycling
• Waste-to-energy (incineration
combined with electricity
generation)
• Landfill
old situation
new situation
DELTA Milieu is the waste
collection, recycling and
processing partner of the Zeeland
municipalities.
DELTA Milieu
The
Netherlands
Belgium
UK &
Ireland
Germany
DELTA Milieu: part of DELTA Indaver: part of DELTA (75%)
As well as DELTA Milieu, IGA
and AROC are also part of
Indaver Nederland. IGA (Indaver
Gevaarlijk Afval, which translates
as ‘Indaver Hazardous Waste’) is
based in Terneuzen and AROC is
based at the Corus Staal bv site
in IJmuiden.
24

DELTA upclose
Ronny Ansoms, Indaver’s CEO:
‘Indaver’s Dutch arm will continue
to work for public authorities under
the DELTA brand. The integration of
DELTA Milieu has created a single
organisation with a strong position
on the North-West European market.
Its combination of expertise and
customer concepts - Total Waste
Management and Public Waste
Partnerships – places Indaver in a
strong position.’ With its Total Waste
Management concept, Indaver offers
industrial customers a total package.
The service can take various forms,
from processing and transport
to running processing plants at
the customer’s site. The concept
is successful because it frees
customers to focus their
core business.
Indaver is also an attractive
partner for public authorities.
Ronny Ansoms: ‘Guaranteed
continuity and sustainable
processing of waste streams are
essential for public authorities and
Indaver is able to meet their needs.’
Public Waste Partnerships,
the market concept targeted on
public authorities, encompasses
three types of service: processing
of household waste, organisation
of waste management systems and
operation of processing installations.
Indaver’s Public Waste Partnerships
concept operates mainly in Belgium,
the Netherlands and Ireland.
DELTA waste management:
a brief history
• DELTA acquired a 60% stake
in Indaver NV in Belgium
in 2007 and increased it to
75% in late 2008.
• DELTA Milieu’s waste
management activities
were transferred to Indaver
in 2010.
• Waste management
accounted for over a quarter
of DELTA’s revenue in 2010.
Ronny Ansoms
25

DELTA Waste management
Highlights of 2010
Medipower Antwerp
Meath
June
On 21 June, DELTA’s shareholders approved the integration of
DELTA Milieu and Indaver. The new organisational structure became
operational at the beginning of 2011.
September
Work starts on the construction of Medipower, a new processing plant
for hospital waste in Antwerp.
December
Indaver’s growth necessitates organisational changes. The new country
organisation based on four regions – Belgium, Netherlands, Ireland/UK
and Germany – became operational at the beginning of 2011.
26

DELTA upclose
New projects in
Meath and Antwerp
Indaver worked hard in 2010 on
two projects that illustrate both
the importance of sustainable waste
management and the company’s
versatility: the first large waste-toenergy
incineration plant in Ireland
and Medipower, a processing plant
for hospital waste in Antwerp.
Construction of a waste management
plant in Meath in Ireland, 30km north
of Dublin, started in August 2009
and will be completed in September
2011. This waste-to-energy facility
can process up to 200,000 tonnes
of household waste and a similar
volume of industrial waste per year.
The plant generates electricity in
the process: the 20MW turbine
generates enough power to supply
20,000 homes.
At an Indaver site in Antwerp,
construction started in September
2010 on Medipower, a processing
facility for hospital and other waste.
Medipower is scheduled to enter
service in early 2012. The Antwerp site
is ideal, because some components
of the existing installation there will
be reused. The entire incineration
section is being renewed, however,
and a new flue gas scrubber will be
installed.
Ronny Ansoms: ‘Belgian hospitals
generate 14,000 tonnes of waste
a year. Dutch hospital waste will
probably also be brought to Antwerp
for processing. Medipower produces
electricity and steam. We use the
steam to heat some of the buildings
and we feed the power generated
by the plant into the public grid.’
Priorities
Preparations were made in 2010
for the organisational changes
needed to accommodate
Indaver’s growth. These changes
took effect at the beginning
of 2011 and the company has
a new country organisation
divided into four regions
(Belgium, Netherlands, Ireland/
UK and Germany). The following
priorities have been set:
• to expand the Public Waste
Partnerships for the publicsector
market, with waste
incineration and high-grade
recycling as core activities,
in Belgium, the Netherlands
and Ireland;
• to roll out Total Waste
Management more widely,
focusing on incineration of
hazardous industrial waste
in the EU;
• to expand the biomass and
composting activities and
secure a strong leading
position in the processing
of biomass streams in the
Netherlands and Belgium.
27

In financial terms, 2010 was an eventful year for DELTA.
With the solar energy segment suffering the effects of
the weak economy, it was decided to withdraw from this business
and unwind DELTA’s interest in it.
IFRS requires separate recognition of the financial consequences of that
decision as ‘discontinued operations’ in the financial statements, and
the consolidated balance sheet, income statement and cash flow statement
have been prepared on that basis.
Although the reported loss is a disappointment, DELTA had a good year in all
segments except solar cell production. The results in the energy segment were
very good, largely due to the fixing of selling prices in 2008. The networks
segment also performed well. The waste management division successfully
integrated all DELTA’s activities in this field and delivered good results.
Revenue and profit
Owing to the separate recognition of the solar energy activities as
‘discontinued operations’ in the 2010 financial statements, the 2009 financial
information has been restated to facilitate comparison.
Revenue from continuing operations in 2010 was about 10% higher at almost
EUR 2.1 billion, mainly due to higher electricity sales. The Sloe power station,
which came on stream in 2010, has boosted DELTA’s generating capacity.
Despite the low economic growth in 2010, DELTA was able to increase
the gross margin on continuing operations by EUR 8 million. This increase is
all the more remarkable because the gross margin in 2009 was boosted
by an upward revaluation of the trading portfolio of EUR 34 million,
compared with the revaluation of +EUR 3 million in 2010.
28

DELTA upclose
Financial
6
performance
The growth in net operating expenses was held down
by rigorous cost control and efficiency improvement,
but additional costs were incurred by the separation of
ICT systems in connection with the independent
positioning of DELTA Netwerkbedrijf and faster
amortisation of several IT applications (EUR 9 million).
A number of one-off provisions were formed in the energy
segment (EUR 20 million) and a fair-value write-down
(EUR 12 million) was applied in the waste management
segment in the light of the restrictions on landfill and
the economic developments in Ireland.
Reflecting DELTA’s strict recruitment policy, the number
of full-time equivalent employees decreased by 88 as
at year-end 2010 compared with the year before,
which translated into a slight reduction in staff costs
(excluding inflation).
Adjusted for the non-recurring expenses and write-downs
referred to above, net operating expenses showed little
change in 2010. The share in the profit of joint ventures
and associates in 2010 was very close to the 2009 figure.
The profits were generated largely by the power stations
(EPZ, Elsta and Sloe), waste incineration companies
Sleco and AZN and water company Evides.
With higher operational cash flow and the capital
expenditure held at the same level as in 2009, there
was little change in the level of borrowing in 2010.
Finance costs were lower in 2010, helped by the
repayment of the bridging finance for the Sloe power
station at the end of 2009 and movements in
external interest rates.
These factors together resulted in profit after tax on
continuing operations of EUR 90 million in 2010.
The assets and liabilities relating to the solar energy
activities were written down to zero. The financial
implications are recognised together with the operating
profit for 2010 and the expected proceeds of sale in
‘Profit for the year from discontinued operations’.
The financial implications of the insolvency of Biovalue
are also recognised under this heading. The total cost
involved amounts to EUR 265 million.
Less the profit attributable to non-controlling interests
(EUR 2 million), the profit for the year was EUR 178 million
negative.
29

Financial performance
Cash flow and Investments
Although the balance sheet and income statement have
been restructured in connection with the discontinuation
of activities, the cash flow statement for 2010 (and 2009)
has been prepared in accordance with IFRS on the basis
of the result and the balance sheet before recognition of
the effect of that decision. Consequently, movements in
the income statement and/or the balance sheet cannot
be reconciled directly with cash flows.
In the light of the financial results and the need to improve
the longer-term finance structure, DELTA continued in 2010
to pursue structural improvement in the cash flow. This
took the form of a strict debt collection policy, close focus
on cost control and a conservative investment policy.
The negative operating result can be attributed largely
to the effects of write-downs and impairment within the
solar energy segment. Because these decisions required
only a low cash outflow in 2010, their adverse effect was
more than offset by the positive cash flow from operating
activities. The debt collection policy also contributed
by further reducing the receivables.
In 2009, there was non-recurring revenue in the form
of the proceeds of sale of assets (to TenneT) and a
non-recurring improvement in the working capital due to
the adoption of more rigorous collection and payment
terms (total EUR 135 million).
The total investment in property, plant and equipment
and intangible assets (EUR 141 million) was higher than
in 2009 (EUR 125 million), mainly due to the investment
in a new incinerator (EUR 55 million). Regular investment
expenditure on expansion and replacement of operating
equipment and networks in 2010 (EUR 90 million) was less
than the regular depreciation charge (EUR 110 million).
The cash flow generated by the above events was used to
pay the 2009 dividend, so there was little change in the
net debt position in 2010.
Financial position and profitability
The net effect of the movement in the hedge reserve
(EUR 103 million), the payment of the 2009 dividend
(EUR 50 million) and various movements in reserves was
to increase equity by EUR 49 million, but this was offset by
the negative result (EUR 178 million), so that group equity
before profit appropriation ended the year EUR 129 million
lower compared with year-end 2009. In combination with
the reduction in total assets due to the lower derivatives
position, the group’s equity ratio improved to 42.2%
(2009: 40.6%).
Prospects for 2011
Work will continue in 2011 on developing a more effective
organisational structure and reducing costs still further.
Cost reduction is essential because margins are expected
to come under pressure from lower energy prices and high
fuel prices in the years ahead.
Further progress is being made in optimizing the financing
structure, for example by matching long-term investments
and long-term finance.
The new waste management facility (a waste-to-energy
plant) in Ireland will come on stream in 2011 and work is
continuing on the plans for a new nuclear power station
in Zeeland.
30

DELTA upclose
Independent auditor’s report
To: the board of directors and shareholders of DELTA N.V.
The consolidated balance sheet as at December 31, 2010, the consolidated income statement and
the consolidated cash flow statement for the year ended December 31, 2010 included in the
brochure “DELTA upclose” on page 32 through 35 are derived from the audited financial
statements of DELTA N.V. for the year ended December 31, 2010. We expressed an unqualified
audit opinion on those financial statements in our report dated April 11, 2011. Those financial
statements, and the aforementioned information, do not reflect the effects of events that occured
subsequent to the date of our auditor’s report dated April 11 2011.
The aforementioned balance sheet income statement and cash flow statement do not contain all
the disclosures required by International Financial Reporting Standards (IFRS). Reading the
summary financial statements, therefore, is not a substitute for reading the audited financial
statements of DELTA N.V.
Management’s responsibility
Management is responsible for the preparation of the balancesheet, income statement and cash
flow statement in accordance with the same information in the financial statements for the year
ended December 31, 2010 and in accordance with the accounting principles applied in these
financial statements.
Auditor’s responsibility
Our responsibility is to express an opinion on the summary financial statements based on our
procedures, which were conducted in accordance with Dutch Law, including the Dutch Standard
on Auditing 870 “Engagements to report on summary financial statements”.
Opinion
In our opinion, the balancesheet, income statement and cash flow statement derived from the
audited financial statements of DELTA N.V. for the year ended December 31, 2010 are
consistent, in all material respects, with those financial statements, in accordance with the
accounting principles applied in these financial statements.
Middelburg, June 27, 2011
Deloitte Accountants B.V.
Signed: W.A. de Leeuw RA
31

Financial performance
Consolidated balance sheet as at 31 December 2010
(in EUR 1,000)
Non-current assets
31-12-2010 31-12-2009
Intangible assets 419,949 514,878
Property, plant and equipment 977,407 1,032,810
Joint ventures, associates and other investments 521,563 548,271
Loans to joint ventures, associates, etc. 13,775 15,797
Other financial assets 22,295 54,468
Deferred tax assets 91,056 88,580
Derivatives 51,574 179,316
Financial assets 700,263 886,432
Total non-current assets 2,097,619 2,434,120
Current assets
Inventories 14,975 33,040
Trade receivables 310,179 339,778
Current tax assets 61,065 35,067
Work in progress for third parties 0 2,070
Other receivables 43,791 87,745
Derivatives 219,470 272,655
Total receivables 634,505 737,315
Assets held for sale 3,964 0
Total current assets 653,444 770,355
Cash 49,410 59,137
Total assets 2,800,473 3,263,612
32

DELTA upclose
Consolidated balance sheet as at 31 December 2010 (continued)
(in EUR 1,000)
31-12-2010 31-12-2009
Shareholders’ equity 1,307,601 1,251,014
Profit for the year (177,787) 7,091
Equity attributable to shareholders of DELTA N.V. 1,129,814 1,258,105
Non-controlling interests 53,270 54,369
Group equity 1,183,084 1,312,474
Provisions 95,504 92,538
Pension liabilities 21,874 20,936
Long-term debt 451,007 438,256
Deferred tax liabilities 62,688 60,454
Deferred revenue 68,843 69,944
Other non-current liabilities 161,460 154,975
Derivatives 31,209 186,827
Non-current liabilities 892,585 1,023,930
Trade payables 227,303 283,491
Current tax liabilities 109,796 96,307
Deferred revenue 12,268 14,950
Work in progress for third parties 964 0
Other liabilities 114,467 101,657
Bank borrowings 65,329 96,074
Derivatives 164,677 334,728
Current liabilities 694,804 927,207
Liabilities held for sale 30,000 0
Current liabilities 724,804 927,207
Total equity and liabilities 2,800,473 3,263,612
33

Financial performance
Consolidated income statement
(in EUR 1,000)
2010 2009R
Revenue 2,073,051 1,869,441
Cost of sales (1,454,047) (1,294,902)
Gross operating margin 619,004 574,539
Other gains and losses (third parties) 28,618 34,019
Fair value gains and losses on the trading portfolio 3,248 33,912
Gross margin 650,870 642,470
Third-party services 249,759 226,288
Staff costs 197,958 195,778
Depreciation, amortisation and impairment 125,490 111,948
Other operating expenses 12,811 8,080
Total net operating expenses 586,018 542,094
Earnings from operations 64,852 100,376
Share in results of joint ventures and associates 62,993 66,492
Operating result 127,845 166,868
Net finance income (expense) (21,863) (26,875)
Profit before tax 105,982 139,993
Corporate income tax (16,383) (21,559)
Profit after tax from continuing operations 89,599 118,434
Profit after tax from discontinued operations (265,393) (108,300)
Profit for the year (175,794) 10,134
Attributable to:
Non-controlling interests 1,993 3,043
Shareholders of DELTA N.V. (177,787) 7,091
DELTA decided in 2010 to sell off its solar energy activities. DELTA Biovalue B.V. was also declared insolvent in 2010. The financial implications, including trading results
of the activities concerned in 2010, are presented as profit after tax from discontinued operations. The comparative figures for 2009 have been restated accordingly
(as indicated by the suffix ‘R’: 2009R).
34

DELTA upclose
Consolidated cash flow statement
(in EUR 1,000)
2010 2009
From operating activities
Earnings from operations (234,221) (29,235)
Proceeds from activities sold off - 51,535
Fair value gains and losses on the trading portfolio (3,248) (33,912)
Adjustment for deferred income (3,783) 9,847
Depreciation, amortisation and impairment 382,251 191,243
Movement in provisions 17,834 (11,730)
Movement in inventories 10,728 (2,001)
Movement in trade receivables 25,167 39,207
Movement in trade payables (49,028) 118,524
Movement in other receivables/payables 17,450 (10,636)
Other movements (2,907) (2,347)
From operating activities 160,243 320,495
Cash flows arising from dividends received from joint ventures and associates 65,712 30,423
Cash flows from finance income and expense (24,283) (29,500)
Cash flows from taxes on profits (19,802) 4,716
Cash flow from operating activities 181,870 326,134
From investing activities
Acquisition and disposal of intangible assets and property, plant and equipment
(after deduction of cash acquired)
(141,417) (124,791)
Acquisition of investments in subsidiaries and associates and interests in joint ventures
(after deduction of cash disposed)
(14,307) (58,920)
Disposal of investments in subsidiaries and associates and interests in joint ventures 10,435 -
Movement in other financial assets 4,162 206,083
Cash flow from investing activities (141,127) 22,372
From financing activities
Movement in bank borrowings (30,745) (8,317)
Movement in long-term liabilities 30,275 (285,619)
Dividend payments (50,000) (50,458)
Cash flow from financing activities (50,470) (344,394)
Cash flow during the year (9,727) 4,112
Cash as at 1 January 59,137 55,025
Cash as at 31 December 49,410 59,137
Exchange differences - -
Net cash in the consolidated balance sheet 49,410 59,137
The cash flow statement is based on income and expenses and changes in the balance sheet before elimination of assets held for sale and discontinued operations.
As a consequence, direct reconciliation with the balance sheet is not possible, since neither the assets held for sale nor the discontinued activities are included in the
consolidated balance sheet as at year-end 2010. Nor is there an obvious reconciliation with the income statement since adjustments have been made in the income
statement for all results relating to the assets held for sale and the discontinued operations.
35

Related
to Zeeland
There is a special link between DELTA
and the province, not only because it is
in public ownership, which is becoming
increasingly rare, but also because so many
Zeelanders are customers, buying one or
more services from the multi-utility company.
There are few businesses whose links to the region
are as close. DELTA is well aware of this and
wants not only to contribute to the province
at the economic level but also to be involved
at the social level.
• Social involvement is essential for a company that has
such close ties to the region. But how do you express
that involvement in practice?
> See DELTA’s social significance (page 38).
• ‘Education is a core social function and helps to determine
a region’s attractiveness, so we think it’s important to invest
in education on a broad front, from secondary vocational
to university level’, says HRM Manager Paul van Raaij.
> See Investing in education too (page 44).
• DELTA’s shares are held by the municipalities and province.
How do the managers of those bodies feel about ‘their’ DELTA?
What position should DELTA occupy within the region?
> See DELTA is really important to Zeeland (page 48).
36

DELTA upclose
7
37

Related to Zeeland
7.1 DELTA’s social significance
Rooted in Zeeland’s soil, one of the biggest
employers in the province, with a client base
that includes over 95% of Zeeland households
and with the Province of Zeeland and all
the Zeeland municipalities as its shareholders,
DELTA is an integral part of the region.
This forms the basis of DELTA’s social involvement.
38

Brouwersdam, Concert at Sea
DELTA upclose
Public-sector shareholders are different from other
shareholders such as pension funds and have their own
priorities. Their focus is on preserving local employment
and investing in sustainability and social support.
DELTA’s social involvement is not, however, driven solely
by its shareholders’ preferences: DELTA sees involvement
in Zeeland as a logical step.
‘We want to give something back to our customers
and to the community’’, says CEO Peter Boerma.
‘And of course it’s important for DELTA that our
shareholders see us investing part of our revenue in
their community and showing that we value and share
Zeeland’s qualities. That also engenders goodwill on the
part of Zeelanders and loyalty among our customers.’’
DELTA’s own future also benefits from investment in
the community, for example in the labour market, which
is why DELTA invests in education. In 2010, for example,
DELTA worked with EPZ and COVRA (the Dutch Central
Organisation for Radioactive Waste) to introduce a nuclear
energy course at senior secondary vocational education
(MBO) level and higher professional education (HBO) level.
The first moves were also made last year to introduce a
new course for energy professionals. Boerma: ‘We are
creating niches in which Zeeland educational institutions
can specialise, while at the same time ensuring a future
supply of well-trained staff.’’
DELTA continued to pursue its targeted sponsorship policy
in 2010, after the radical shift of emphasis three years ago.
DELTA formerly supported all kinds of projects, from very
small to very large, but to little net effect. It was decided
to focus on supporting mainly social initiatives, but
external to the DELTA organisation, via the DELTA Zeeland
Fund. DELTA also wanted to raise its profile by providing
substantial support for a small number of major events
as principal sponsor.
DELTA was the principal sponsor of three large Zeeland
events in 2010: the DELTA Tour Zeeland cycling event,
including the DELTA Ride for the Roses, the Film by the Sea
film festival and the DELTAWEEK sailing event. By acting
as principal sponsor, DELTA wanted to demonstrate its
involvement and its willingness to invest in that role.
In return, DELTA demanded that it be given some input
into the programming of the event.
39

Related to Zeeland
Sponsorship of the three events also gave DELTA
an opportunity to meet clients there by inviting
major business customers to opening ceremonies or
competitions and giving domestic customers a chance
to experience the events. After evaluating the events,
DELTA decided in 2010 that 2011 would be the last year it
would be principal sponsor of the DELTA Tour. This decision
was communicated to the organisers in good time to
enable them to consider alternatives. The company will
continue to sponsor DELTA Ride for the Roses in 2011.
A new event which DELTA will sponsor in 2011 is the annual
Concert at Sea, held at Brouwersdam.
Support of a quite different order is provided via
the DELTA Zeeland Fund, whose object is to promote
the vitality of the Zeeland community. A contribution
to the fund of EUR 500,000 was earmarked for 2010.
As with DELTA’s role as principal sponsor, this fund
was born of a desire to streamline DELTA’s fragmented
sponsorship policy. DELTA initiates projects, but does not
involve itself in organisation or resource allocation.
Of the seven members of the fund’s Board of Trustees,
only one has a link with DELTA. The other six, including
chairman Cees van Liere, come from all parts of Zeeland
and have expertise in at least one of the four spheres
of interest: sport and leisure, nature and environment,
health and welfare and art and culture. The maximum
grant is EUR 25,000 and support is limited to three years.
To qualify, the application must relate to an innovative
initiative that serves the Zeeland community.
A detailed description of all the criteria can be found
at www.deltazeelandfonds.nl.
DELTA Zeeland Fund received some 200 applications
in 2010, of which over one-third were accepted.
Because DELTA operates a fairly restrictive acceptance
policy, the quality of the projects has improved.
Before a formal application is submitted, a quick scan
can be performed on the website to indicate whether
a project meets the basic criteria. Applications are
assessed by the Board of Trustees independently,
without consulting DELTA.
When it became apparent from applicants’ responses
that the DELTA Zeeland Fund did not have a high enough
profile, the fund launched the TogetherZeeland project
in November 2010 to give more active support to the civil
society. A linked competition was organised under the
slogan ‘Help! I have a good idea’, with a cash prize of
EUR 50,000. The prize was presented to the winner at
the Inspiration meeting on 23 March 2011.
DELTA Tour Zeeland, Goes
40

DELTA Tour Zeeland, Zeelandbrug
DELTA upclose
41

Related to Zeeland
A festival
of film for,
by and
with young
people
www.filmbythesea.nl
In conjunction with DELTA, we developed a programme
designed mainly for young people. All Zeeland children
in primary and secondary education can take part in
the educational programme. They have a choice of films
appropriate to their age and suitable for Film by the Sea.
DELTA sponsors their bus travel. We also hold the DELTA Shorts
competition for short films made by young people from
all over the Netherlands, for a cash prize of EUR 1,000
– the DELTA Young Talent Award. That part of our programme
is continuing to grow in both quality and quantity.
It’s turning into a big event. We had close to 30 entries
in 2010, of which 17 were selected. And we are of course
delighted with the DELTA pavilion, a fine venue that we can
use for many activities, now the festival is
getting too big to fit into the cinema.
Leo Hannewijk, Director of Film by the Sea Festival
The DELTA Ride for
the Roses is a way
of contributing actively to the
work of the Dutch Cancer Society
(KWF). Cycling through the beautiful
Zeeland countryside keeps you fit while
helping an important good cause. Thanks to
the sponsorship provided by DELTA, which bears all the
www.deltaridefortheroses.nl
organisation costs, all the money
raised can go to KWF. In 2010,
that was EUR 66,416. The DELTA
Ride for the Roses is a growing
success in the Zeeland cycle touring
calendar. Last year, 3,400 cyclists took part,
as against 2,800 the year before. This year we’re
hoping for 5,000.
Kees Bal, Chairman of
DELTA Ride for the Roses
42
We organised the fortieth DELTAWEEK sailing event in 2010, with DELTA as our
principal sponsor for the second year. We’re a perfect match. DELTA has added
fresh momentum to DELTAWEEK, as we saw in 2010 in a growing number
of entries. As a sailing event with a strong Zeeland character,
local links are important. That’s also what DELTA stands for.
That was evident last year during the Netherlands-Brazil World
Cup match, which we watched on a big screen in the marquee,
and the successful concert by singer Jeroen van der Boom.
We plan to keep growing in 2011.
Gijs Pleyte, DELTAWEEK Executive Committee member
www.deltaweek.nl

Daan de Meester,
General Coordinator, Stichting Hoogvliegers
High fliers in Zeeland
On Saturday, 5 June, we took a group of chronically sick children
flying for the first time. Around 75 children with their parents, carers,
brothers and sisters came to Zeeland Airport at Arnemuiden. Once in
the air, we let them pilot the plane themselves. The day was a great
success. It was a DELTA staff member who told us about the DELTA
Zeeland Fund while we were making preparations and our application
was accepted. After evaluating the event, DELTA Zeeland Fund
informed us that they wanted to help again in 2011. DELTA staff will
help us with the organisation on a
voluntary basis. It will be a great day.
www.stichtinghoogvliegers.nl
DELTA upclose
quo
tes
The Zeeland Talent Fund was set up several years ago in conjunction with
DELTA to reduce the fragmentation of sports sponsorship. Via the Zeeland
Talent Fund, people who have achieved a
given status in their sport, as measured
against national criteria, can
apply for extra financial
support, for example to fund
training or purchase better
equipment. It’s attracting a
lot of interest. The number of
talented individuals receiving
support has grown from 20 in 2007 to almost a hundred in 2010. Fortunately,
the DELTA Zeeland Fund helped us set up the Zeeland Talent Fund properly.
It’s now part of the Zeeland Olympic Network for top athletes.
www.olympischnetwerkzeeland.nl
Marja Noordhoek,
Director of SportZeeland
The Borsele Sloepoort Cup has included a tournament for G soccer teams since
September 2010. In the Dutch name, ‘G’ stands for ‘integrated’, which means teams
of young people who can’t play regular soccer because of some mental or physical
disability. The tournament was a great success. No fewer than 16 teams from Zeeland,
West Brabant, the Rotterdam area and Belgium took part, playing on the SV Nieuwdorp
pitches. Everyone enjoyed it. It was really impressive. The DELTA Zeeland Fund was
enthusiastic about this tournament, which was the first of its kind in Zeeland, and
provided financial support. The fund has already promised to support us in 2011!
Peter de Vos, Competition Coordinator, SV Nieuwdorp and Borsele Sloepoort Cup
Soccer
for all
43

Related to Zeeland
7.2 Investing in Education too
How do you keep educational provision in Zeeland up to standard
when the population is shrinking? Would companies be able
to attract suitable staff if there were no longer adequate access
to education in our province? Or would they move to a region
that is better provided? Government, education and business
are working together to avoid being caught in such a
downward spiral. DELTA is participating in various initiatives.
‘In education too, what’s good for Zeeland is good for us.’
Rotterdam’s front garden, Antwerp’s back garden
Education provision in Zeeland is under pressure from a combination of population ageing and falling
population numbers. An active policy is needed to maintain standards of healthcare, education and
general welfare. As Rotterdam’s front garden and Antwerp’s back garden, the Zeeland region had plenty
of potential. By investing and promoting cooperation with Flanders, the tide can be turned.
At the request of the Ministry of Education, Taskforce Zeeland issued a report on education provision
in Zeeland, with recommendations, in August 2010. More information can be found at:
www.onderwijsarbeidsmarkt.nl.
DELTA invests over half a million euros a year in various education projects, mostly at the professional
education level. DELTA works inter alia with the Zeeland Regional Training Centre, the Westerschelde Regional
Training Centre, Hogeschool Zeeland, the Roosevelt Academy and the Delft University of Technology.
44

DELTA upclose
‘There is clearly a labour shortage in Zeeland. It’s not always easy to
recruit the right people,’ says Paul van Raay, DELTA’s HRM Director.
‘By helping to deliver good and varied education, we can ease the
problem, so that’s what we’re doing. It’s not for nothing that our
business strategy is entitled ‘Good for Zeeland’. We believe it’s
important to keep education up to standard in the province. That will
benefit the region as a whole, as well as serving our own interest.’
Van Raay briefly explains why DELTA is supporting education in
Zeeland. ‘Education is core social function and is a factor that affects
the attractiveness of a region, which is why we believe it is important
to invest over a broad front, from senior secondary vocational (MBO)
level to university. The emphasis is on technical vocational education
because of the nature of our business.’
As well as joint educational projects, DELTA also provides opportunities
for training and professionalisation in the form of internships and work
experience. Each year, dozens of senior secondary vocational education
(MBO), higher professional education (HBO) and university students
spend time at DELTA as interns, working on research projects and other
tasks, and many young people gain work experience at DELTA which
improves their opportunities on the labour market. Van Raay: ‘We also
provide comprehensive professional development opportunities for
our own staff. Through DELTALENT, our internal training department,
facilities are provided for staff to continue their personal development.
Every year, our management trainee programme turns recent graduates
into all-round professionals.’
45

Related to Zeeland
Energy professionals,
from MBO to university
DELTA is working with the Zeeland Regional Training
Centre, Hogeschool Zeeland and Delft University of
Technology to develop a course for energy professionals.
The course will provide a progressive line of study which
will enable students to pursue an education programme
that starts with MBO and ends at university.
The course, which will start in September 2011, will
produce professionals who will be able to deploy their
expertise in fuels, energy markets, process technology
and commercial management within many departments
of an energy company.
Green economy
The object of Bio Base Europe is to promote a
green economy. With fossil fuels becoming more
scarce, we need to look at alternatives for plastics
and traditional fuels, for example. Bio Base Europe
has launched a project that includes a training centre
for process operators in green bio-based industry.
The building will be ready in 2011. The total project
will cost EUR 21 million, which has been provided
by government, the education sector and industry,
including DELTA.
46

DELTA upclose
Nuclear
technology Technology
There are several companies in Zeeland working in
nuclear technology and there are plans to build a new
nuclear power station in the province, so demand for
technicians with expertise in this field will increase.
For that reason, business and education have joined
forces to develop secondary (minor) courses at all
levels, from MBO to university. Having completed
the course, these young professionals will be eligible
for recruitment not just by DELTA, but also by
EPZ, COVRA (the Dutch Central Organisation for
Radioactive Waste) and Veiligheidsregio Zeeland
(the Zeeland regional safety authority).
Truck
Climate trolley
Learning through playing: for young children,
that’s the best way to get the sustainability message
across. In Schouwen-Duiveland, primary school
pupils can take part in a ‘climate race’, a race to
control global warming played in the DELTA Climate
Forest at Ecoscope. DELTA funds the trolleys
holding the materials used in the game.
Via the ‘Sun at School’ project, DELTA is also
funding solar panels for primary schools,
which not only generate some of
the school’s power requirements
but can also be used in lessons
on renewable energy.
47

Related to Zeeland
7.3 “DELTA is really important to Zeeland”
What do shareholders think about DELTA being publicly owned?
Do they approve of the company’s multi-utility approach?
How do they really feel about nuclear energy?
Municipal and provincial officers give their views
on ‘their’ DELTA below.
Municipality of Terneuzen
‘I think DELTA will have a good future
based on its multi-utility strategy.
That doesn’t mean our municipal
council will not continue to monitor
the business closely. Debates on
public shareholdership and dividend
policy will continue to be part of that.
I think the company has become
more transparent over the past five
years and the shareholders are
taking a more professional approach
to ‘their’ DELTA. It used to be more
a matter of unquestioning loyalty.
The shareholders have always
taken a constructive approach, but
it’s now increasingly in the form of
constructive criticism. That kind
of stance benefits both the company
and our region.’
Municipality of
Schouwen Duiveland
‘DELTA is no longer exclusively
Zeeland-focused, because the
company is also pursuing its
multi-utility strategy outside the
province, but it has lost none of its
Zeeland common sense. I see the
write-downs on the solar cell and
biodiesel businesses as evidence of
that common-sense approach.
It was a tough decision, but it’s good
that DELTA is focusing on its core
businesses: energy, waste and water.
‘Whether it is big enough at its
present size, only time will tell.
I know that Zeeland people are
proud that DELTA has its roots in
the province and the company’s
engagement with the community is
one of its strengths.’
Province of Zeeland
‘DELTA is really important to
Zeeland, not just because it creates
employment but also because it’s
a client of many businesses in this
region. Through its involvement in
education and its cultural and sports
sponsorship, DELTA demonstrates its
ties to the region and that’s important.
For Zeelanders, DELTA means
convenience: one supplier for many
services. You don’t get that anywhere
else – it’s what makes DELTA unique.’
‘The multi-utility concept is a strong
card in DELTA’s hand, but it does
potentially involve risk because it
means operating on several fronts
simultaneously, and that makes
heavy demands on the organisation
and management. The plans for
a new nuclear power station are
crucially important to DELTA’s future.
I’m in favour, provided a convincing
business case can be made.
The events in Japan have to be
taken very seriously, because safety
is paramount.’
Jaap Bos, alderman
Ad Verseput, alderman
Cees van Beveren, executive councillor
© H. W. Fluks, http,//borden.plaatsengids.nl/
48

DELTA upclose
Municipality of Goes
‘DELTA is a large company that’s important to Zeeland in general and
Goes in particular. We recently welcomed DELTA Netwerkbedrijf to our
municipality. DELTA Infra already had a base here.’
‘A company has to make a profit and must always focus on the bottom
line. While I agree with DELTA’s decision to withdraw from the unprofitable
solar cell and biodiesel businesses, that decision has opened up a debate
within the municipality on the course DELTA is pursuing. Our job is
to monitor the company’s progress and explain its business strategy
to the people of Goes. I think it’s good that the shareholders are working
together more and keeping the company under constructive scrutiny.’
Loes Meeuwisse, alderman
49

Related to Zeeland
Municipality of Vlissingen
‘DELTA is at the centre of the
Zeeland community – as a supplier,
an employer, a knowledge centre and,
at the social level, a sponsor of
cultural and community activities.
The company charts its own course
and the multi-utility strategy helps it
stay on it. The challenge is to maintain
that course in the future.’
‘There’s bound to be some tension
between a public authority and
a commercial enterprise, because
we have different responsibilities.
But the transparent way DELTA runs
its business gives me confidence in
its policies. That includes the plans
for a new nuclear power station.
I think it’s good that these plans are
being made, because we need nuclear
power if we are to achieve energy
sustainability. The important thing is
to draw up the business case for
a new power station.’
Jacques Suurmond, alderman
Municipality of Noord Beveland
‘I agree with the course DELTA has
chosen. It’s significant that DELTA
is withdrawing from the solar cell
business and shifting the emphasis
to waste management and energy.
Waste management is a stable
business and I’m pleased that DELTA
is putting its money on nuclear
energy. Size is important – you have
to be big enough to carry weight at the
international level – so I’m glad DELTA
is developing activities elsewhere.’
‘I think it’s important that the
company plays an active role in
the Zeeland community and I know
it is appreciated. We are kept well
informed about the company’s
activities at a general level, and it’s
general information I have to rely on
to do my job. So it’s important that
the new Supervisory Board oversees
policy with a commercial eye and
keeps the business on a healthy
course.’
Henny van Kooten, mayor
Municipality of Hulst
‘DELTA is our company and we have
to cherish it. It’s quite obvious
to me that DELTA’s multi-utility
strategy is the key to continuity:
energy alone is not enough. If only
for the employment it provides,
the expertise it possesses and the
policy of community involvement it
pursues through sponsorship, it’s
important that the company remains
viable in this form and that public
shareholdership is preserved.
We don’t have to follow the same path
as other places in the Netherlands if
it’s not in Zeeland’s interest.’
‘I’m in favour of a second nuclear
power station. Hulst lies between
Doel and Borsele, and we’re at home
with nuclear energy. I see nuclear
energy as the best option while
renewable sources are still reliant on
grants and I’m confident that COVRA’s
waste storage facilities are safe.’
Jan-Frans Mulder, mayor
50

DELTA upclose
Municipality of Goedereede
‘DELTA is very clearly ‘one of us’.
There are close ties between the
company and the shareholders,
and I like that. DELTA is accessible
and has invested in a good
information system. Last year,
our council visited Middelburg and
the new Sloe power station. Visits like
that are opportunities for dialogue
and provide useful information.’
‘The multi-utility strategy is a little
unusual, but I think it suits our region.
It emphasises once again that DELTA
exists to serve the people, both as
a provider of several services and
as an employer and sponsor of
community activities.’
Peter Feller, alderman
51

Related
to Zeeland
Annual report 2010
DELTA NV | Poelendaelesingel 10 | 4335 JA Middelburg | The Netherlands | T +31 (0)118 88 20 00 | F + 31 (0)118 88 21 00 | E info@DELTA.nl | W www.DELTA.nl
Entered in the trade register of the Chamber of Commerce in Middelburg under number 22031457