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Results<br />

<strong>2010</strong><br />

<strong>Related</strong><br />

<strong>to</strong> <strong>Zeeland</strong><br />

Networks Energy Waste management

colo<br />

phon<br />

‘DELTA<br />

up close’ is<br />

published by DELTA N.V.<br />

This report is distributed<br />

<strong>to</strong> cus<strong>to</strong>mers, relations<br />

and other stakeholders<br />

of DELTA.<br />

Edi<strong>to</strong>r/coordination:<br />

Luppo Huizenga<br />

Concept/realization:<br />

Brandhome,<br />

Antwerp, Belgium<br />

Pho<strong>to</strong>graphy:<br />

Ton Stanowicki<br />

Pho<strong>to</strong> colophon:<br />

H.W. Fluks<br />

Print: Moderna,<br />

Paal-Beringen, Belgium<br />

For futher information<br />

please contact<br />

DELTA Communications<br />

Department<br />

DELTA N.V.<br />

Communications<br />

Department<br />

Poelendaelesingel 10<br />

4335 JA Middelburg<br />

The Netherlands<br />

www.DELTA.nl<br />


1 4<br />

DELTA in <strong>2010</strong>:<br />

energy<br />

Profile and key figures<br />

DELTA in <strong>2010</strong>:<br />

waste management<br />

5<br />

con<br />

tents<br />

2<br />

6<br />

7<br />

Financial<br />

performance<br />

No profit, but results<br />

<strong>Related</strong><br />

<strong>to</strong> <strong>Zeeland</strong><br />

3<br />

DELTA in <strong>2010</strong><br />

In this report, DELTA gives stakeholders<br />

and other interested parties information<br />

on its performance in <strong>2010</strong>, explains<br />

significant developments and provides<br />

background information. The report is<br />

available as printed version as well as<br />

online (www.DELTA.nl).<br />

CSR report<br />

In late 2011, DELTA will publish a<br />

corporate social responsibility report,<br />

which will also discuss the company’s<br />

role in the community and provide more<br />

information on such aspects as DELTA’s<br />

environmental performance.<br />

DELTA in <strong>2010</strong>: networks<br />


Profile and<br />

Key figures<br />

DELTA is an independent company specialising in<br />

networks, energy and waste management.<br />

Most of the shares (96.55%) are held by municipal<br />

authorities in <strong>Zeeland</strong> and the Province of<br />

<strong>Zeeland</strong>. DELTA employs over 3,000 people.<br />

The company is active in the following areas.<br />

Networks<br />

DNWB is the network opera<strong>to</strong>r for <strong>Zeeland</strong> and performs<br />

its statu<strong>to</strong>ry tasks au<strong>to</strong>nomously within the DELTA<br />

organisation. DNWB is responsible for managing the gas<br />

and electricity distribution networks. These networks<br />

are constructed and maintained by DELTA Infra, which<br />

also constructs and maintains the Evides water networks<br />

and the DELTA cable network. DELTA Infra’s other areas<br />

of expertise include high-voltage applications and<br />

measurement technology.<br />

Energy<br />

In addition <strong>to</strong> electricity generation and energy trading,<br />

DELTA also supplies gas and electricity <strong>to</strong> private and<br />

business cus<strong>to</strong>mers. As well as energy, DELTA serves<br />

the consumer market in <strong>Zeeland</strong> as a provider of digital<br />

services (internet, telephony, TV and radio signals) and,<br />

via its interest in Evides, as a water supplier. Thanks <strong>to</strong> its<br />

multi-utility approach, DELTA has a large share of these<br />

markets in <strong>Zeeland</strong>.<br />

Waste management<br />

All the waste management operations have been brought<br />

<strong>to</strong>gether in the Indaver subsidiary, which is 75% owned<br />

by DELTA. Indaver works for the public sec<strong>to</strong>r (mainly in<br />

Belgium, the Netherlands and Ireland) and private sec<strong>to</strong>r<br />

(North-West Europe). In the Netherlands, the company<br />

uses the DELTA brand name in the public-sec<strong>to</strong>r market.<br />

Indaver processes over four million <strong>to</strong>nnes of waste a year,<br />

of which Belgium accounts for more than half. Most of the<br />

waste is processed at Indaver’s own facilities but some<br />

is processed at other plants. The company employs a<br />

variety of waste processing techniques including recycling,<br />

biomass production and waste-<strong>to</strong>-energy (energy<br />

produced from waste incineration).<br />

DELTA: BBB/positive outlook<br />

Standard and Poor’s determines DELTA’s credit<br />

rating each year. In 2009 DELTA’s rating was BBB,<br />

with a stable outlook. In <strong>2010</strong> the rating was again<br />

BBB, but with a positive outlook. If DELTA performs<br />

as expected, the rating will be upgraded.<br />

Fac<strong>to</strong>rs which the rating agency considered<br />

positive included the cancellation of the<br />

unbundling exercise, the lower debt and the better<br />

risk profile.<br />


DELTA upclose<br />

1<br />

Key figures <strong>2010</strong><br />

Turnover: 2.1 billion (+ 10%)<br />

Net result from the core activities: € 87 million<br />

Net result of discontinued operations: -/- 265 million<br />

Net result: -/- 178 million<br />

Solvency: 42.2%<br />

Total sales by category <strong>2010</strong><br />

22%<br />

3<br />

%<br />

3%<br />

5%<br />

52%<br />

15%<br />

Electricity<br />

Gas<br />

Electricity and gas transport<br />

Cable, internet and telecoms<br />

Waste management<br />

Other<br />


Apart from a number of exceptional<br />

charges, <strong>2010</strong> was a good year<br />

for DELTA’s normal operations.<br />

The energy and waste management<br />

businesses achieved good results<br />

despite the difficult market conditions.<br />

The network segment (management<br />

and maintenance of the electricity and<br />

gas networks in the <strong>Zeeland</strong> region)<br />

performed well.<br />

The write-down of EUR 260 million<br />

on our solar activities meant that we ended <strong>2010</strong><br />

with a substantial net loss of EUR 178 million.<br />

As explained in our 2009 report, the solar division had<br />

<strong>to</strong> demonstrate its viability in <strong>2010</strong> with an ambitious<br />

business plan. However, the market conditions for<br />

solar cells produced by our subsidiary Solland<br />

continued <strong>to</strong> deteriorate and it was decided in<br />

September <strong>2010</strong> <strong>to</strong> write down these activities.<br />

It was no longer justifiable for DELTA <strong>to</strong> continue<br />

alone with its activities in the solar segment<br />

and it was decided <strong>to</strong> reduce this interest.<br />

Whether it will be possible <strong>to</strong> sell the business<br />

should become clear by mid-2011.<br />

Electricity sales <strong>to</strong> business<br />

cus<strong>to</strong>mers were almost 28% higher at<br />

7.7 TWh. This growth can be attributed<br />

in part <strong>to</strong> the commissioning of the<br />

Sloe power station. The CO 2<br />

emitted<br />

by DELTA’s electricity generating<br />

operations was only 0.33 <strong>to</strong>nnes<br />

per MWh, compared with a national<br />

average for the Netherlands of<br />

0.40 <strong>to</strong>nnes per MWh. Total gas<br />

deliveries were also higher (+23%).<br />

Due <strong>to</strong> the lower energy prices,<br />

however, only part of this growth<br />

translated in<strong>to</strong> higher revenue.<br />

DELTA Milieu’s activities were<br />

transferred in <strong>2010</strong> <strong>to</strong> the Indaver<br />

subsidiary. Indaver has since been<br />

converted in<strong>to</strong> a country organisation<br />

focusing on North-West Europe, with<br />

bases in the Netherlands, Belgium,<br />

Germany, the United Kingdom<br />


DELTA upclose<br />

No profit,<br />

2<br />

but results<br />

and Ireland. Waste management<br />

performed well in <strong>2010</strong>, with<br />

processing volume up from 3.9 <strong>to</strong> 4.3<br />

million <strong>to</strong>nnes, due <strong>to</strong> higher waste<br />

volumes generated by existing clients<br />

and expansion of the client base.<br />

On 22 June <strong>2010</strong>, the Court of Appeal<br />

in The Hague ruled that DELTA was not<br />

required <strong>to</strong> unbundle its electricity<br />

and gas networks and that DELTA<br />

Netwerkbedrijf could continue <strong>to</strong><br />

perform its task independently<br />

within the group. The State of the<br />

Netherlands has lodged an appeal<br />

against this judgment.<br />

On 3 November, the French energy<br />

company EdF and DELTA jointly<br />

announced their intention <strong>to</strong> set up<br />

a development company <strong>to</strong> pave<br />

the way for a second nuclear power<br />

station at Borssele. The plan is <strong>to</strong><br />

transfer the work currently in progress<br />

on the new nuclear station <strong>to</strong> this<br />

company in 2011. Meanwhile, work<br />

on the environmental impact report<br />

is continuing and we expect <strong>to</strong> file<br />

the permit application for the new<br />

power plant in 2012. Full account<br />

will be taken of the lessons learned<br />

from the events in Japan in preparing<br />

this application.<br />

DELTA was able both <strong>to</strong> retain the<br />

confidence of existing cus<strong>to</strong>mers<br />

and gain new cus<strong>to</strong>mers in <strong>2010</strong>.<br />

The number of households in <strong>Zeeland</strong><br />

considering a switch <strong>to</strong> a different<br />

supplier is low at 1–2%, compared<br />

with 10% nationally. Surveys<br />

conducted by independent agencies<br />

also show that DELTA is highly<br />

regarded by its cus<strong>to</strong>mers.<br />

In the satisfaction survey published<br />

in Oc<strong>to</strong>ber by Vereniging Eigen<br />

Huis, the Dutch homeowners’<br />

association, DELTA’s average score<br />

was 7.6, placing it third in a field<br />

of thirteen suppliers. According<br />

<strong>to</strong> Consumentenbond, the Dutch<br />

consumer organisation, <strong>Zeeland</strong>Net’s<br />

cus<strong>to</strong>mers are the most satisfied with<br />

their supplier’s services, giving a <strong>to</strong>tal<br />

score of 7.8 averaged over the second<br />

half of the year.<br />

Two regular and three informal<br />

shareholders’ meetings were held<br />

in <strong>2010</strong>. The latter were held <strong>to</strong> inform<br />

the shareholders about strategically<br />

important developments (unbundling,<br />

investments, Evides, solar).<br />

Outlook<br />

We intend <strong>to</strong> dispose of the<br />

loss-making solar activities in 2011.<br />

Thanks in part <strong>to</strong> the efficiency<br />

improvements implemented last year,<br />

the company is now in a stronger<br />

position. Excluding gains and losses<br />

on the trading portfolio, DELTA’s<br />

earnings from ordinary operations<br />

in 2011 is expected <strong>to</strong> be close <strong>to</strong> the<br />

<strong>2010</strong> figure, despite structurally lower<br />

energy prices in 2011.<br />

Peter Boerma<br />

CEO<br />


DELTA Netwerkbedrijf and DELTA Infra<br />

DELTA Netwerkbedrijf (DNWB) is the regional electricity<br />

and gas network opera<strong>to</strong>r in the province of <strong>Zeeland</strong>.<br />

The company performs its statu<strong>to</strong>ry tasks independently.<br />

DNWB provides dependable and cost-efficient<br />

management of the gas and electricity networks and is<br />

also responsible for their construction and maintenance.<br />

Maintenance is handled by DELTA Infra.<br />


DELTA upclose<br />

DELTA in <strong>2010</strong><br />

3<br />

Networks<br />

DELTA Netwerkbedrijf<br />

‘DELTA has decided <strong>to</strong> halt all activities relating <strong>to</strong> the unbundling of network<br />

opera<strong>to</strong>r DNWB and DELTA NV with immediate effect.’ That was the statement<br />

issued after the ruling by the Court of Appeal in The Hague on 22 June that the<br />

‘group prohibition’ (a ban on network managers being part of the same group of<br />

companies as producers, traders and suppliers of electricity and gas) under the<br />

Independent Network Management Act (Wet Onafhankelijk Netbeheer) was contrary<br />

<strong>to</strong> European regulations. The group prohibition was accordingly abandoned and<br />

DELTA responded with ‘delight’, because ‘the judgment vindicates the position we<br />

have taken from the start: unbundling is a bad solution <strong>to</strong> a non-existent problem.’<br />

The judgment means that DNWB can remain part of DELTA and continue <strong>to</strong> perform<br />

its statu<strong>to</strong>ry tasks as a network opera<strong>to</strong>r independently within the group.<br />

To enable those tasks <strong>to</strong> be performed effectively, further progress was made<br />

in <strong>2010</strong> in implementing the unbundling plan approved at the end of 2009 by<br />

the then Minister of Economic Affairs Ms. Van der Hoeven. DNWB’s independence<br />

is strengthened by having its own offices in Goes, which were made ready in<br />

<strong>2010</strong> and <strong>to</strong> which DNWB relocated in early 2011. A new Executive Board was<br />

appointed for the network opera<strong>to</strong>r, consisting of Steven Quast (53, CEO)<br />

and Michel van Neutigem (49, COO).<br />

DELTA Infra: more efficient and more commercial<br />

DELTA Infra was able <strong>to</strong> add a whole list of new clients <strong>to</strong> its order book in <strong>2010</strong>.<br />

Stedin, TenneT and BAM Duurzaam are among the clients who will benefit from the<br />

services of the DELTA base in Goes. The contract with Stedin is especially significant<br />

because it makes DELTA Infra the first service provider in the Netherlands <strong>to</strong> work<br />

for another network opera<strong>to</strong>r outside its own region. Water company Evides,<br />

DELTA Infra’s most important client alongside DNWB, also signed a new service<br />

contract in <strong>2010</strong>.<br />

Erik Duim, General Manager of DELTA Infra: ‘Infra achieved its commercial target<br />

for <strong>2010</strong> largely through its success in acquiring new clients. Infra also met its<br />

efficiency target. Overheads were reduced, savings were made in ICT and a number<br />

of business processes were redesigned <strong>to</strong> make them more efficient.’<br />


DELTA in <strong>2010</strong><br />

Energy<br />


DELTA upclose<br />

Around three-quarters of<br />

DELTA’s revenue comes from<br />

energy-related activities of<br />

various kinds. DELTA generates<br />

electricity, trades in fuels<br />

(gas, coal and oil) and emission<br />

rights on various markets and<br />

supplies gas and electricity<br />

<strong>to</strong> business cus<strong>to</strong>mers and<br />

domestic consumers.<br />

4<br />

Sluice at Kreekrak<br />


DELTA Energy<br />

4.1 Business market<br />

Production, trading and supply <strong>to</strong> business cus<strong>to</strong>mers:<br />

its integrated approach places DELTA in a strong position<br />

as a medium-sized energy company.<br />

Asset based: solid operation, lower risk<br />

In mid-Oc<strong>to</strong>ber, CEO Peter Boerma signed a long-term<br />

contract with Gasunie Zuidwending for use of the gas<br />

s<strong>to</strong>rage facility near Veendam in Groningen. This was<br />

the second contract with Gasunie, giving DELTA access <strong>to</strong><br />

larger and more flexible gas s<strong>to</strong>rage capacity from 2016<br />

onwards. The contract is consistent with an ‘asset-based’<br />

business strategy: supplying cus<strong>to</strong>mers with gas and<br />

electricity that as far as possible comes from production<br />

facilities <strong>to</strong> which the company itself has access.<br />

Guido Custers, Direc<strong>to</strong>r of Origination, Trade & Supply:<br />

‘Because we are not just an energy supplier and trader<br />

and also have our own production capacity, we have more<br />

options for reducing risks. DELTA can influence the entire<br />

process, from production <strong>to</strong> billing. That makes for more<br />

stable operation and a good price/quality ratio.’<br />

The hypermodern Sloe power station in the port of<br />

Vlissingen is a good example of this strategy. The station<br />

was officially opened on 15 February by Marc Boudier,<br />

direc<strong>to</strong>r of co-owner EDF Europe, and Peter Boerma.<br />

The plant generates enough power for two million<br />

households and has low CO 2<br />

emissions: 25% lower than<br />

comparable stations.<br />

On November 3 <strong>2010</strong> EdF CEO Marc Boudier and<br />

DELTA CEO Peter Boerma signed an agreement.<br />

Both companies will work <strong>to</strong>gether in order<br />

<strong>to</strong> realize a new nuclear power plant in Borssele.<br />


Sloe power station<br />

DELTA upclose<br />

DELTA generating capacity<br />

EPZ (50% owned)<br />

Nuclear power station<br />

Fuel: uranium<br />

Output: 512 MW (DELTA: 50%)<br />

Coal-fired power station<br />

Fuel: coal and biomass<br />

Output: 426 MW (DELTA: 50%)<br />

ELSTA (25% owned)<br />

Fuel: gas<br />

Output: 420 MW (DELTA: 50%)<br />

Sloe power station (50% owned)<br />

Fuel: gas<br />

Output: 870 MW (DELTA: 50%)<br />

Biomass power station (50% owned)<br />

Fuel: chicken manure<br />

Output: 36 MW (DELTA: 100%)<br />

Wind farms (wholly and partly owned<br />

and under contract)<br />

Number of turbines: 74 at 12 locations<br />

Total output: 87 MW (DELTA: 100%)<br />

Combined heat and power<br />

80 engines<br />

Total output: 60 MW (DELTA: 100%)<br />


DELTA Energy<br />

Wind and solar energy<br />

In cooperation with several partners,<br />

DELTA continued <strong>to</strong> work in <strong>2010</strong><br />

on the plan <strong>to</strong> reconfigure the<br />

Kreekraksluis wind farm. This will<br />

involve replacing 26 wind turbines<br />

with 30 new units, around half of<br />

which will be built on the south side<br />

of the A58 mo<strong>to</strong>rway where there are<br />

no turbines at present. The new wind<br />

farm, which is scheduled <strong>to</strong> come<br />

in<strong>to</strong> service during 2012, will generate<br />

7–10 times more power than the<br />

existing facility.<br />

A solar farm consisting of 12,000 solar<br />

panels, with a <strong>to</strong>tal output of 2.6MW,<br />

on a roof covering 4 hectares at a<br />

distribution centre in Willebroek in<br />

Belgium, was officially commissioned<br />

in <strong>2010</strong>. The <strong>to</strong>tal area of solar panels<br />

is 26,000 m 2 , making it the largest<br />

solar farm in the Benelux.<br />

Trading: risk management<br />

and profit.<br />

Electricity, fuels (gas, oil and coal)<br />

and emission rights are traded<br />

daily on various markets. At DELTA,<br />

the Trade department is responsible<br />

inter alia for the sale of electricity<br />

and the purchase of fuels for the<br />

power stations. The department<br />

trades on markets in the Netherlands,<br />

Belgium and France. Guido Custers:<br />

‘It’s all about reducing the risks<br />

posed by fluctuating energy prices<br />

and safeguarding the energy supply.<br />

By negotiating advantageous<br />

purchase terms and benefiting from<br />

volume effects, our colleagues at<br />

Trade make a significant contribution<br />

<strong>to</strong> operating profit.’<br />

Energy for the large<br />

business market<br />

As an energy supplier, DELTA occupies<br />

a unique position in the large<br />

business market. Guido Custers:<br />

‘It’s evident from talking <strong>to</strong> our<br />

cus<strong>to</strong>mers that our Dutch roots<br />

and our size make us an attractive<br />

partner. When it comes <strong>to</strong> closer<br />

cooperation, we have an advantage<br />

as a mid-sized company: we’re more<br />

flexible and we’re seen as an equal.’<br />

Closer cooperation is especially<br />

attractive <strong>to</strong> cus<strong>to</strong>mers whose energy<br />

costs account for a large proportion<br />

of their production costs. ‘Working<br />

<strong>to</strong>gether <strong>to</strong> find ways of optimising<br />

energy supply requires openness<br />

on the part of both parties and in<br />

practice results in contracts that are<br />

more beneficial <strong>to</strong> both cus<strong>to</strong>mer<br />

and supplier, because you can map<br />

energy demand more accurately.’<br />

As well as this cus<strong>to</strong>mer-specific<br />

approach, the multi-site market<br />

also offers good potential for DELTA.<br />

Both public and private sec<strong>to</strong>r<br />

organisations working at many<br />

different sites benefit from clear and<br />

itemised billing for their energy use.<br />

Guido Custers: ‘Our processes are<br />

designed <strong>to</strong> give multi-site cus<strong>to</strong>mers<br />

the best possible service.<br />

Clear billing shows the cus<strong>to</strong>mer how<br />

energy is being used at its sites and<br />

facilitates energy management and<br />

cost reduction.’<br />

14<br />

Guido Custers

Wind farm Kreekraksluis<br />

DELTA upclose<br />

Highlights of <strong>2010</strong><br />

February<br />

Official opening of Sloe power station<br />

Oc<strong>to</strong>ber<br />

Signature of long-term contract with<br />

Gasunie Zuidwending for gas s<strong>to</strong>rage<br />


DELTA Energy<br />

4.2 <strong>Zeeland</strong> consumer market<br />

In <strong>Zeeland</strong>, its home market,<br />

DELTA provides digital services<br />

as well as supplying energy.<br />

This multi-utility concept has<br />

won DELTA a large share of<br />

the <strong>Zeeland</strong> market.<br />

DELTA scores above average<br />

DELTA emerges well from a comparison with other large suppliers. Its energy<br />

prices are attractive, which has not come about by chance: DELTA works<br />

hard <strong>to</strong> keep prices down. This is one way <strong>to</strong> reward <strong>Zeeland</strong> consumers for<br />

their loyalty and underline DELTA’s links with the province. Not for nothing<br />

did DELTA choose as its slogan for its <strong>2010</strong> campaign: ‘DELTA, voordelig en<br />

dichtbij’, which translates as ‘DELTA, low prices and close <strong>to</strong> home’.<br />

Prima service én<br />

een voordelige, vaste prijs?<br />

Profiteer ook van Zeeuwse zekerheid!<br />

DELTA, voordelig en dichtbij.<br />

Bel 0800-5150 en stap in voor 1 juli!<br />

Maakt de prijs voor u het verschil?<br />

Kies ook voor 3 jaar energie!<br />

DELTA, voordelig en dichtbij.<br />

Bel 0800-5150 en stap in voor 1 juli!<br />

As well as price, service is also a priority for DELTA, because these are the<br />

main areas in which it can set itself apart from the competition. There was<br />

also good news in <strong>2010</strong> on the service front. The results published by the<br />

Dutch Competition Authority of a number of surveys of the service provided<br />

by energy suppliers placed DELTA at the <strong>to</strong>p, with an average score of 6.0.<br />

DELTA also performed well in a survey by Vereniging Eigen Huis, the Dutch<br />

homeowners’ association, coming third with a score of 7.6.<br />

The quality of service of <strong>Zeeland</strong>Net, DELTA’s digital service provider, was<br />

also rated highly by consumers. In late <strong>2010</strong>, <strong>Zeeland</strong>Net and another provider<br />

shared first place in the Consumer Association’s Provider Moni<strong>to</strong>r survey.<br />

The consumer panel gave both providers a score of 7.8, on such aspects as<br />

quality and level of service and problem resolution. Over the past year,<br />

the two-monthly surveys have shown a steadily rising line. The research<br />

indicates that <strong>Zeeland</strong>Net’s cus<strong>to</strong>mers are the most satisfied with their<br />

provider’s services, giving an overall score of 7.5. On the aspect of<br />

‘friendliness’, the score was 8.1.<br />

Highlights of <strong>2010</strong><br />

May<br />

DELTA reduces the variable energy<br />

price by 11% with effect from 1 July<br />

<strong>2010</strong>, making it the lowest variable<br />

price at that time. The gas price was<br />

also kept low.<br />

July<br />

The number of digital TV viewers<br />

has grown 6.3%, according <strong>to</strong> the<br />

Telecompaper market research<br />

bureau. DELTA is outperforming the<br />

national growth rate of 4%.<br />

September<br />

• <strong>Zeeland</strong>Net Zakelijk announces that<br />

the 3,000th business cus<strong>to</strong>mer has<br />

opted for internet via cable.<br />

• More HD-quality channels on air:<br />

DELTA HD subscribers can now<br />

receive 17 channels in HD quality.<br />

Oc<strong>to</strong>ber<br />

DELTA performed well and <strong>to</strong>ok third<br />

place in a cus<strong>to</strong>mer satisfaction<br />

survey published by the Dutch<br />

homeowners’ association.<br />


DELTA upclose<br />

The teams at DELTA Comfort and<br />

<strong>Zeeland</strong>Net, the DELTA divisions<br />

that address the consumer market<br />

in <strong>Zeeland</strong>, see good ratings as<br />

an important stimulus <strong>to</strong> raising<br />

the service level even higher, and<br />

they worked hard again last year<br />

<strong>to</strong> further optimise the service.<br />

In the energy sec<strong>to</strong>r, they use the<br />

‘cus<strong>to</strong>mer journeys’ method:<br />

what steps does a cus<strong>to</strong>mer have<br />

<strong>to</strong> take, for example, <strong>to</strong> sign up for<br />

services, report faults or change<br />

the amount of a regular direct debit<br />

payment? Careful analysis of these<br />

processes, as viewed from the<br />

cus<strong>to</strong>mer’s perspective, can result<br />

in improvements that benefit the<br />

company as well as the cus<strong>to</strong>mer.<br />

The digital services provided by<br />

<strong>Zeeland</strong>Net were also placed under<br />

the microscope last year. General<br />

Manager Pascal de Klerk, who is<br />

responsible for operations on the<br />

<strong>Zeeland</strong> consumer market: ‘The good<br />

scores given by independent bodies<br />

such as the Competition Authority<br />

and consumer organisations are a<br />

sign that we’re doing it right. For us,<br />

they are a strong incentive <strong>to</strong> keep<br />

focusing on the combination of price<br />

and quality.’<br />

Market trends<br />

DELTA’s share of the energy segment of its <strong>Zeeland</strong> home market is<br />

large and comparatively stable. Pascal de Klerk: ‘Although there has<br />

been competition on the energy market for seven years now, DELTA<br />

still serves most of the consumer market. The number of households in<br />

<strong>Zeeland</strong> that switch suppliers is low, at 1.5–2%. Nationally, the figure is<br />

around 10%.’<br />

DELTA provides internet and telephone services under the <strong>Zeeland</strong>Net<br />

brand. In this segment, <strong>to</strong>o, DELTA has a large share of the market.<br />

Low prices and good products are the key <strong>to</strong> its success. Its aboveaverage<br />

level of service and unique multi-utility concept ensure that<br />

cus<strong>to</strong>mers remain loyal <strong>to</strong> DELTA.<br />

Pascal de Klerk<br />


Er worden bovendien 1.000 typisch Zeeuwse prijzen verdeeld onder de eerste 3.000 inschrijvingen.<br />

Bent u er op tijd bij, dan heeft u dus een kans van 1 op 3 om een gezellig weekendje weg in <strong>Zeeland</strong>,<br />

een heerlijk etentje voor twee in een sterrenrestaurant of één van de 998 andere prijzen te winnen.<br />

Zeeuwse prijzen etentje voor 2 personen in een Zeeuws sterrenrestaurant: Oud-Sluis, Inter Scaldes of De Kromme Watergang<br />

• weekend weg voor 2 personen in <strong>Zeeland</strong> • rondvlucht voor 2 personen boven <strong>Zeeland</strong> • tickets voor concert at SEA • kaartjes<br />

voor DELTA park Neeltje Jans • tickets Voetbal Experience • limited edition <strong>Zeeland</strong> T-shirts<br />

Zeeuwse prijzen etentje voor 2 personen in een Zeeuws sterrenrestaurant: Oud-Sluis, Inter Scaldes of De Kromme Watergang • weekend weg voor 2 personen in <strong>Zeeland</strong> •<br />

rondvlucht voor 2 personen boven <strong>Zeeland</strong> • tickets voor concert at SEA • kaartjes voor DELTA park Neeltje Jans • tickets Voetbal Experience • limited edition <strong>Zeeland</strong> T-shirts<br />

DELTA Energy<br />

Campaigns in <strong>2010</strong><br />

DELTA again ran several<br />

advertising campaigns<br />

in <strong>2010</strong> <strong>to</strong> raise its profile<br />

with consumers.<br />

Competition in the energy<br />

and digital services markets<br />

is intense and it is essential<br />

<strong>to</strong> maintain a high-profile<br />

presence in the marketplace<br />

if you want <strong>to</strong> extend<br />

your market share.<br />

Energy<br />

Every six months, in the middle and at<br />

the end of the year, DELTA cus<strong>to</strong>mers<br />

are given details of attractive energy<br />

deals by letter or e-mail, backed up<br />

by an intensive regional campaign<br />

of radio and TV commercials and<br />

advertisements in regional media.<br />

Digital advertising media are also<br />

used, <strong>to</strong> ensure full coverage of<br />

<strong>Zeeland</strong>’s population. The ‘I love<br />

<strong>Zeeland</strong>’ campaign in late <strong>2010</strong> was<br />

the first phase of a drive <strong>to</strong> sign up<br />

households outside the province.<br />

www.DELTA.nl/energieuitzeeland<br />

www.DELTA.nl/energieuitzeeland<br />

Zin om te genieten van<br />

het beste uit <strong>Zeeland</strong>?<br />

Laat vrijblijvend uw gegevens achter op www.DELTA.nl/energieuitzeeland.<br />

U komt als eerste alles te weten over het nieuwe DELTA aanbod, voor het eerst buiten de Zeeuwse grenzen.<br />

Green<br />

DELTA mounted a number of<br />

advertising campaigns in <strong>2010</strong> <strong>to</strong><br />

raise <strong>Zeeland</strong>ers’ awareness of the<br />

importance of energy saving and CO 2<br />

reduction. The spring campaign under<br />

the slogan ‘Dagelijks duurzaam’<br />

(approximately ‘Green every day’) was<br />

rounded off with a sustainable dinner<br />

for many guests in the <strong>Zeeland</strong>hallen<br />

centre. From Oc<strong>to</strong>ber <strong>to</strong> December,<br />

CO 2<br />

reduction was the central theme<br />

of the ZeeuwsGroen (‘<strong>Zeeland</strong> Green’)<br />

campaign. By buying ZeeuwsGroen<br />

energy, households are helping <strong>to</strong><br />

reduce CO 2<br />

emissions.<br />

Kies donderdag<br />

21 ok<strong>to</strong>ber voor<br />

ZeeuwsGroen<br />

Zet de thermostaat een graadje lager,<br />

trek een dikke trui aan en draag bij<br />

aan een CO 2<br />

-neutraal <strong>Zeeland</strong><br />

Maak kans<br />

op een<br />

doe-het-zelf<br />

pakket zonnepanelen<br />

Maak hier een fo<strong>to</strong> van, plaats deze op<br />

www.DELTA.nl/ZeeuwsGroen en maak kans<br />

op een doe-het-zelf pakket zonnepanelen!<br />

www.delta.nl/ZeeuwsGroen<br />

Zin om te genieten van<br />

het beste uit <strong>Zeeland</strong>?<br />

Heeft u familie, vrienden of kennissen die<br />

geïnteresseerd kunnen zijn in een energieaanbod<br />

van DELTA buiten <strong>Zeeland</strong>?<br />

Verwijs hen naar www.DELTA.nl/energieuitzeeland.<br />

Daar kan men zich vrijblijvend inschrijven. Begin 2011 doen we hen een aanbod!<br />

Bovendien worden 1.000 prijzen verdeeld onder de eerste 3.000 inschrijvingen, waaronder een gezellig weekendje weg<br />

in <strong>Zeeland</strong>, een heerlijk etentje voor twee in een Zeeuws sterrenrestaurant of één van de 998 andere Zeeuwse prijzen.<br />

Voor meer informatie over deze actie kijk op PIM.<br />

Ook uw bijdrage telt! Word vandaag<br />

ZeeuwsGroen met groene stroom van DELTA.<br />

Kijk op www.DELTA.nl/ZeeuwsGroen voor alle informatie,<br />

tips en adviezen over het besparen van energie en CO 2 .<br />

AB<br />

1014_DELTA_ZeeuwsGroen_PZC_16-10_installaties_130x194_AB.indd Medium Formaat 1 130x194<br />

06-06-11 17:31<br />

Aanleverdatum 14/10/10 Verschijningsdatum 16/10/10<br />


Wij willen alle 31 winnaars van het DELTA HD-prijzenpakket nogmaals feliciteren.<br />

Op Schouwen-Duiveland, Tholen, Walcheren, Noord-Beveland,<br />

Zuid-Beveland en Zeeuws-Vlaanderen; overal waren er winnaars.<br />

<strong>Zeeland</strong> kleurde dankzij jullie, én duizenden andere Zeeuwen<br />

die meededen aan de actie, oranje.<br />

Er kijken steeds meer Zeeuwen in HD! Wanneer neemt u de stap?<br />

WInnAArS vAn DE DElTA Wk pOSTErAcTIE<br />

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-<br />

Meulmeester, Aagtekerke | 16 juni Fam. Boer, Terneuzen | 17 juni Fam. Barendregt, St. Maartensdijk | 18 juni Dhr. Van Arkel, IJzendijke | 19 juni Mevr. Rooda,<br />

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<br />

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,<br />

Meliskerke | 29 juni Fam. Vermeulen, Kwadendamme | 30 juni Dhr. Bostelaar, IJzendijke | 1 juli Fam. Xavier, Sluiskil | 2 juli Fam. Verhage, Koudekerke | 3 juli<br />

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<br />

Fam. Braspenning, Breskens | 9 juli Fam. v.d. Noord, Kloosterzande | 10 juli Fam. v.d. Duyn-Schouten, Vlissingen | 11 juli Fam. van Liere, Middelburg<br />

www.delta.nl/digitaletv<br />

Deze actie wordt mede mogelijk gemaakt door:<br />

WInnAArS<br />

vAn DE<br />

DElTA Wk pOSTErAcTIE<br />

DELTA upclose<br />

Digital<br />

The aim of the ‘fast 4ward’ campaign<br />

launched in the spring was <strong>to</strong> draw<br />

<strong>Zeeland</strong>ers’ attention <strong>to</strong> <strong>Zeeland</strong>Net’s<br />

lightning-fast internet service: four<br />

times faster than the competition.<br />

The campaign included TV and radio<br />

commercials and special websites.<br />

The soccer World Cup provided<br />

an opportunity <strong>to</strong> promote the<br />

company’s HD television service.<br />

An ambitious campaign was mounted<br />

under the slogan ‘Hup HD Hup’, using<br />

posters, newspaper advertisements<br />

and TV commercials. DELTA helped <strong>to</strong><br />

bring super sharp TV viewing within<br />

reach by giving a €100 discount on an<br />

HD receiver.<br />

At the end of the year, first-time<br />

subscribers <strong>to</strong> <strong>Zeeland</strong>Net’s internet<br />

service were given a 50% discount<br />

for six months. The same discount<br />

was given <strong>to</strong> new cus<strong>to</strong>mers signing<br />

up for digital telephone and<br />

TV services.<br />

Effectiveness<br />

The effectiveness of the campaigns<br />

was carefully moni<strong>to</strong>red.<br />

Pascal de Klerk, General Manager of<br />

DELTA Comfort: ‘The ‘Hup HD Hup’<br />

campaign achieved high penetration<br />

in a very short time: surveys found<br />

that 62% of <strong>Zeeland</strong>ers were aware<br />

of it. The number of HD subscription<br />

sales rose sharply during the<br />

campaign period and most of our<br />

other products also benefited.’<br />

OrAnJE WAS<br />

OnvErgETElIJk<br />

In HD<br />

nET gEEn WErElDbEkEr,<br />


KIJK<br />

HET WK<br />

IN HD<br />


31<br />

gEfElIcITEErD<br />

DELTA.nl in <strong>2010</strong><br />

DELTA.nl had a successful year in<br />

<strong>2010</strong>, with the number of people<br />

visiting the site rising <strong>to</strong> 586,079, up<br />

60% compared with 2009 (365,863).<br />

On average, they viewed six pages<br />

per visit and surfed the site for five<br />

minutes.<br />

There were a record 70,000 visi<strong>to</strong>rs<br />

<strong>to</strong> DELTA.nl in December, who were<br />

mainly interested in the six-monthly<br />

energy campaign, the activities<br />

relating <strong>to</strong> nuclear energy and<br />

the ZeeuwsGroen green energy<br />

campaign. The DELTA HD TV campaign<br />

in June also attracted many more<br />

visi<strong>to</strong>rs <strong>to</strong> the website.<br />

DELTA expanded its social media<br />

activities in <strong>2010</strong> with Facebook<br />

and Twitter accounts. These digital<br />

platforms are expected <strong>to</strong> generate<br />

growth in cus<strong>to</strong>mer, press and other<br />

contacts in 2011.<br />

Neem nù een jaarabonnement<br />

op het DELTA HD-pakket en<br />

ontvang € 100,- korting<br />

op een Samsung HD PVR!<br />

Nu<br />

€100,-<br />

korting<br />

Samsung SMT-C7140<br />

Kies voor HD-kwaliteit:<br />

• <strong>to</strong>t 5 keer scherper beeld<br />

• Dolby Digital 5.1 geluid<br />

• 17 zenders in HD-pakket<br />

deze actie loopt van 17 mei <strong>to</strong>t en met 31 juli <strong>2010</strong>.<br />

www.delta.nl/digitaletv<br />


DELTA Energy<br />

In light of the effects on the renewable energy sec<strong>to</strong>r<br />

of the volatile market conditions and the repercussions<br />

of the financial crisis, DELTA announced in <strong>2010</strong> that it<br />

intended <strong>to</strong> unwind its interest in solar cell production<br />

and close Biovalue, the biodiesel plant in Eemshaven.<br />

In November, DELTA announced its decision <strong>to</strong> withdraw<br />

from solar cell production in response <strong>to</strong> the shifts in the<br />

solar energy market caused by the economic crisis and<br />

in recognition of the fact that the entry of large Asian<br />

players heralded the end of the era of unlimited growth for<br />

European solar energy companies. DELTA consequently<br />

intends <strong>to</strong> unwind its interest in Solland Solar,<br />

the Heerlen-based solar cell manufacturer.<br />

Renewable energy under pressure<br />

DELTA acquired the interest in Solland in late 2006,<br />

when the outlook for the solar industry was still<br />

promising. ‘The returns on these investments were very<br />

disappointing’, says CEO Peter Boerma. ‘Like others,<br />

we did not foresee the market turbulence we have<br />

experienced in recent years. We still believe in solar as<br />

the energy source of the future, but further investment<br />

cannot be justified by a company like DELTA in the current<br />

market conditions. The know-how Solland has accrued<br />

makes the company attractive <strong>to</strong> potential buyers who<br />

can grow it <strong>to</strong> the required scale.’ Consistent with its<br />

present view of the solar market, DELTA has written<br />

down its interest in Solland and Sunergy (a research and<br />

development subsidiary).<br />

Drastic changes in the biodiesel market<br />

Domestic output of biodiesel has fallen sharply in recent<br />

years in the face of rising imports. The government’s<br />

decision <strong>to</strong> reduce the manda<strong>to</strong>ry biodiesel content in<br />

diesel <strong>to</strong> 4% has also been a negative fac<strong>to</strong>r.<br />

In July, DELTA decided <strong>to</strong> close Biovalue, the biodiesel plant<br />

in Eemshaven. DELTA had spent several months before that<br />

trying <strong>to</strong> find other uses for the plant, which employs 26<br />

people, but its efforts proved unsuccessful.<br />


DELTA upclose<br />

Preparations for a new nuclear power station<br />

To achieve a 20% reduction in CO 2<br />

emissions by 2020,<br />

greater use has <strong>to</strong> be made of nuclear power. Those were the<br />

words of the Rutte administration in September’s coalition<br />

agreement. DELTA sees this as vindication of its position:<br />

that it would be irresponsible not <strong>to</strong> use nuclear energy if<br />

we want <strong>to</strong> achieve a significant reduction in CO 2<br />

emissions.<br />

Carbon reduction is essential <strong>to</strong> prevent global warming.<br />

DELTA aims <strong>to</strong> be carbon-neutral by 2050 and, <strong>to</strong> that end,<br />

it is making preparations for a second nuclear power station<br />

in Borssele.<br />

The following are some of the prepara<strong>to</strong>ry steps taken in<br />

<strong>2010</strong> <strong>to</strong> enable work on the new station – which has <strong>to</strong> be<br />

in service in 2018 – <strong>to</strong> proceed.<br />

• In June, the Ministry of Housing, Physical Planning and<br />

the Environment notified DELTA of the requirements that<br />

its environmental impact report had <strong>to</strong> meet for DELTA<br />

<strong>to</strong> qualify for a permit.<br />

• On Thursday, 16 September, the first group of students<br />

taking Nuclear Technology as a secondary subject<br />

embarked on their course. The launch of this course at<br />

senior secondary vocational education (MBO) level and<br />

higher professional education (HBO) level represented<br />

the fulfilment of a long-held wish. In the space of a year,<br />

a course had been organised by Hogeschool <strong>Zeeland</strong>,<br />

the Westerschelde Regional Training Centre, the <strong>Zeeland</strong><br />

Regional Training Centre, DELTA and EPZ <strong>to</strong> train students<br />

for jobs in the nuclear industry alongside their regular<br />

course work.<br />

• In November, DELTA announced that it was <strong>to</strong> cooperate<br />

with EdF, the French energy company, on preparations<br />

for the construction of a new nuclear power station.<br />

EdF has a wealth of experience in building power stations<br />

of this kind and DELTA and EdF are no strangers: they are<br />

joint owners of the Sloe power station in Vlissingen.<br />

• Throughout <strong>2010</strong>, DELTA organised ‘drop-in evenings’<br />

<strong>to</strong> tell people living in the area about the new nuclear<br />

power station and the environmental impact report.<br />

Members of DELTA’s Executive Board also held a series of<br />

informal meetings with people at home, <strong>to</strong> answer their<br />

questions about the plans for the new power station.<br />


DELTA in <strong>2010</strong><br />

Waste<br />

management<br />

The recent his<strong>to</strong>ry of DELTA’s Indaver subsidiary shows that<br />

the company is achieving its growth ambitions in North-West Europe.<br />

Expenditure on waste management has risen sharply in<br />

the past few years. Companies and public authorities are<br />

outsourcing management of their waste<br />

streams <strong>to</strong> specialists because efficient<br />

and cost-effective waste management<br />

has become a complex task.<br />


DELTA upclose<br />

Indaver, which has its headquarters in Mechelen in Belgium, has grown <strong>to</strong> become<br />

an international group with bases across Europe. As well as Belgium, Indaver is also<br />

active in the Netherlands, Ireland, Portugal, Italy and Germany. The company’s clients<br />

include public authorities (chiefly in Belgium, the Netherlands and Ireland) and industry<br />

(North-West Europe).<br />

5<br />

Indaver processes almost four million <strong>to</strong>nnes of waste a year, over half of it in Belgium.<br />

Most of it is processed at the company’s own plants, but some is processed at other facilities.<br />

The company employs several waste management methods including recycling, biomass<br />

production and waste-<strong>to</strong>-energy (waste incineration combined with energy generation).<br />


DELTA Waste management<br />

Integration of DELTA Milieu in<strong>to</strong> Indaver<br />

DELTA Milieu, formerly one of the DELTA divisions, was integrated in<strong>to</strong><br />

Indaver in <strong>2010</strong>. Indaver is 75% owned by DELTA; 16% of the shares in Indaver<br />

are held by Vlaamse Milieuholding and the remaining 9% are held by six<br />

industrial companies. The integration of DELTA Milieu has led <strong>to</strong> the creation<br />

of a country organisation. Indaver has divided the market in<strong>to</strong> four regions<br />

(Belgium, Netherlands, Ireland/UK and Germany) and reconfigured the internal<br />

organisation <strong>to</strong> suit this market approach.<br />

DELTA Milieu has 225 employees and generates revenue of EUR 117 million.<br />

Post-integration, Indaver will have some 1,700 employees in 2011 and will<br />

generate revenue of about EUR 500 million. DELTA Milieu operates out of<br />

30 sites in <strong>Zeeland</strong>, Noord-Brabant and Zuid-Holland.<br />

Integration is the logical culmination of a development that was initiated<br />

in 2007, when DELTA decided <strong>to</strong> expand its waste management activities<br />

by acquiring a stake in Indaver because a wider range of energy and<br />

waste-related services offered more growth potential. The interest in<br />

Indaver thus broadened DELTA’s commercial base. The combination of waste<br />

management and energy services not only meets cus<strong>to</strong>mers’ needs, but is<br />

also a logical step in terms of technology. A growing volume of waste is being<br />

recycled in<strong>to</strong> new materials or used as fuel for electricity generation.<br />

Indaver Nederland:<br />

DELTA Milieu, IGA and AROC<br />

DELTA Milieu specialises in<br />

management mainly of nonhazardous<br />

and domestic waste<br />

produced by public-sec<strong>to</strong>r and<br />

business clients. DELTA Milieu<br />

handled over one million <strong>to</strong>nnes<br />

of waste in <strong>2010</strong>, using a number<br />

of processing methods:<br />

• Composting of vegetable<br />

matter <strong>to</strong> produce high-grade<br />

soil conditioner<br />

• Fermentation of organic waste<br />

streams<br />

• Production of biomass from<br />

green waste<br />

• Paper recycling<br />

• Waste-<strong>to</strong>-energy (incineration<br />

combined with electricity<br />

generation)<br />

• Landfill<br />

old situation<br />

new situation<br />

DELTA Milieu is the waste<br />

collection, recycling and<br />

processing partner of the <strong>Zeeland</strong><br />

municipalities.<br />

DELTA Milieu<br />

The<br />

Netherlands<br />

Belgium<br />

UK &<br />

Ireland<br />

Germany<br />

DELTA Milieu: part of DELTA Indaver: part of DELTA (75%)<br />

As well as DELTA Milieu, IGA<br />

and AROC are also part of<br />

Indaver Nederland. IGA (Indaver<br />

Gevaarlijk Afval, which translates<br />

as ‘Indaver Hazardous Waste’) is<br />

based in Terneuzen and AROC is<br />

based at the Corus Staal bv site<br />

in IJmuiden.<br />


DELTA upclose<br />

Ronny Ansoms, Indaver’s CEO:<br />

‘Indaver’s Dutch arm will continue<br />

<strong>to</strong> work for public authorities under<br />

the DELTA brand. The integration of<br />

DELTA Milieu has created a single<br />

organisation with a strong position<br />

on the North-West European market.<br />

Its combination of expertise and<br />

cus<strong>to</strong>mer concepts - Total Waste<br />

Management and Public Waste<br />

Partnerships – places Indaver in a<br />

strong position.’ With its Total Waste<br />

Management concept, Indaver offers<br />

industrial cus<strong>to</strong>mers a <strong>to</strong>tal package.<br />

The service can take various forms,<br />

from processing and transport<br />

<strong>to</strong> running processing plants at<br />

the cus<strong>to</strong>mer’s site. The concept<br />

is successful because it frees<br />

cus<strong>to</strong>mers <strong>to</strong> focus their<br />

core business.<br />

Indaver is also an attractive<br />

partner for public authorities.<br />

Ronny Ansoms: ‘Guaranteed<br />

continuity and sustainable<br />

processing of waste streams are<br />

essential for public authorities and<br />

Indaver is able <strong>to</strong> meet their needs.’<br />

Public Waste Partnerships,<br />

the market concept targeted on<br />

public authorities, encompasses<br />

three types of service: processing<br />

of household waste, organisation<br />

of waste management systems and<br />

operation of processing installations.<br />

Indaver’s Public Waste Partnerships<br />

concept operates mainly in Belgium,<br />

the Netherlands and Ireland.<br />

DELTA waste management:<br />

a brief his<strong>to</strong>ry<br />

• DELTA acquired a 60% stake<br />

in Indaver NV in Belgium<br />

in 2007 and increased it <strong>to</strong><br />

75% in late 2008.<br />

• DELTA Milieu’s waste<br />

management activities<br />

were transferred <strong>to</strong> Indaver<br />

in <strong>2010</strong>.<br />

• Waste management<br />

accounted for over a quarter<br />

of DELTA’s revenue in <strong>2010</strong>.<br />

Ronny Ansoms<br />


DELTA Waste management<br />

Highlights of <strong>2010</strong><br />

Medipower Antwerp<br />

Meath<br />

June<br />

On 21 June, DELTA’s shareholders approved the integration of<br />

DELTA Milieu and Indaver. The new organisational structure became<br />

operational at the beginning of 2011.<br />

September<br />

Work starts on the construction of Medipower, a new processing plant<br />

for hospital waste in Antwerp.<br />

December<br />

Indaver’s growth necessitates organisational changes. The new country<br />

organisation based on four regions – Belgium, Netherlands, Ireland/UK<br />

and Germany – became operational at the beginning of 2011.<br />


DELTA upclose<br />

New projects in<br />

Meath and Antwerp<br />

Indaver worked hard in <strong>2010</strong> on<br />

two projects that illustrate both<br />

the importance of sustainable waste<br />

management and the company’s<br />

versatility: the first large waste-<strong>to</strong>energy<br />

incineration plant in Ireland<br />

and Medipower, a processing plant<br />

for hospital waste in Antwerp.<br />

Construction of a waste management<br />

plant in Meath in Ireland, 30km north<br />

of Dublin, started in August 2009<br />

and will be completed in September<br />

2011. This waste-<strong>to</strong>-energy facility<br />

can process up <strong>to</strong> 200,000 <strong>to</strong>nnes<br />

of household waste and a similar<br />

volume of industrial waste per year.<br />

The plant generates electricity in<br />

the process: the 20MW turbine<br />

generates enough power <strong>to</strong> supply<br />

20,000 homes.<br />

At an Indaver site in Antwerp,<br />

construction started in September<br />

<strong>2010</strong> on Medipower, a processing<br />

facility for hospital and other waste.<br />

Medipower is scheduled <strong>to</strong> enter<br />

service in early 2012. The Antwerp site<br />

is ideal, because some components<br />

of the existing installation there will<br />

be reused. The entire incineration<br />

section is being renewed, however,<br />

and a new flue gas scrubber will be<br />

installed.<br />

Ronny Ansoms: ‘Belgian hospitals<br />

generate 14,000 <strong>to</strong>nnes of waste<br />

a year. Dutch hospital waste will<br />

probably also be brought <strong>to</strong> Antwerp<br />

for processing. Medipower produces<br />

electricity and steam. We use the<br />

steam <strong>to</strong> heat some of the buildings<br />

and we feed the power generated<br />

by the plant in<strong>to</strong> the public grid.’<br />

Priorities<br />

Preparations were made in <strong>2010</strong><br />

for the organisational changes<br />

needed <strong>to</strong> accommodate<br />

Indaver’s growth. These changes<br />

<strong>to</strong>ok effect at the beginning<br />

of 2011 and the company has<br />

a new country organisation<br />

divided in<strong>to</strong> four regions<br />

(Belgium, Netherlands, Ireland/<br />

UK and Germany). The following<br />

priorities have been set:<br />

• <strong>to</strong> expand the Public Waste<br />

Partnerships for the publicsec<strong>to</strong>r<br />

market, with waste<br />

incineration and high-grade<br />

recycling as core activities,<br />

in Belgium, the Netherlands<br />

and Ireland;<br />

• <strong>to</strong> roll out Total Waste<br />

Management more widely,<br />

focusing on incineration of<br />

hazardous industrial waste<br />

in the EU;<br />

• <strong>to</strong> expand the biomass and<br />

composting activities and<br />

secure a strong leading<br />

position in the processing<br />

of biomass streams in the<br />

Netherlands and Belgium.<br />


In financial terms, <strong>2010</strong> was an eventful year for DELTA.<br />

With the solar energy segment suffering the effects of<br />

the weak economy, it was decided <strong>to</strong> withdraw from this business<br />

and unwind DELTA’s interest in it.<br />

IFRS requires separate recognition of the financial consequences of that<br />

decision as ‘discontinued operations’ in the financial statements, and<br />

the consolidated balance sheet, income statement and cash flow statement<br />

have been prepared on that basis.<br />

Although the reported loss is a disappointment, DELTA had a good year in all<br />

segments except solar cell production. The results in the energy segment were<br />

very good, largely due <strong>to</strong> the fixing of selling prices in 2008. The networks<br />

segment also performed well. The waste management division successfully<br />

integrated all DELTA’s activities in this field and delivered good results.<br />

Revenue and profit<br />

Owing <strong>to</strong> the separate recognition of the solar energy activities as<br />

‘discontinued operations’ in the <strong>2010</strong> financial statements, the 2009 financial<br />

information has been restated <strong>to</strong> facilitate comparison.<br />

Revenue from continuing operations in <strong>2010</strong> was about 10% higher at almost<br />

EUR 2.1 billion, mainly due <strong>to</strong> higher electricity sales. The Sloe power station,<br />

which came on stream in <strong>2010</strong>, has boosted DELTA’s generating capacity.<br />

Despite the low economic growth in <strong>2010</strong>, DELTA was able <strong>to</strong> increase<br />

the gross margin on continuing operations by EUR 8 million. This increase is<br />

all the more remarkable because the gross margin in 2009 was boosted<br />

by an upward revaluation of the trading portfolio of EUR 34 million,<br />

compared with the revaluation of +EUR 3 million in <strong>2010</strong>.<br />


DELTA upclose<br />

Financial<br />

6<br />

performance<br />

The growth in net operating expenses was held down<br />

by rigorous cost control and efficiency improvement,<br />

but additional costs were incurred by the separation of<br />

ICT systems in connection with the independent<br />

positioning of DELTA Netwerkbedrijf and faster<br />

amortisation of several IT applications (EUR 9 million).<br />

A number of one-off provisions were formed in the energy<br />

segment (EUR 20 million) and a fair-value write-down<br />

(EUR 12 million) was applied in the waste management<br />

segment in the light of the restrictions on landfill and<br />

the economic developments in Ireland.<br />

Reflecting DELTA’s strict recruitment policy, the number<br />

of full-time equivalent employees decreased by 88 as<br />

at year-end <strong>2010</strong> compared with the year before,<br />

which translated in<strong>to</strong> a slight reduction in staff costs<br />

(excluding inflation).<br />

Adjusted for the non-recurring expenses and write-downs<br />

referred <strong>to</strong> above, net operating expenses showed little<br />

change in <strong>2010</strong>. The share in the profit of joint ventures<br />

and associates in <strong>2010</strong> was very close <strong>to</strong> the 2009 figure.<br />

The profits were generated largely by the power stations<br />

(EPZ, Elsta and Sloe), waste incineration companies<br />

Sleco and AZN and water company Evides.<br />

With higher operational cash flow and the capital<br />

expenditure held at the same level as in 2009, there<br />

was little change in the level of borrowing in <strong>2010</strong>.<br />

Finance costs were lower in <strong>2010</strong>, helped by the<br />

repayment of the bridging finance for the Sloe power<br />

station at the end of 2009 and movements in<br />

external interest rates.<br />

These fac<strong>to</strong>rs <strong>to</strong>gether resulted in profit after tax on<br />

continuing operations of EUR 90 million in <strong>2010</strong>.<br />

The assets and liabilities relating <strong>to</strong> the solar energy<br />

activities were written down <strong>to</strong> zero. The financial<br />

implications are recognised <strong>to</strong>gether with the operating<br />

profit for <strong>2010</strong> and the expected proceeds of sale in<br />

‘Profit for the year from discontinued operations’.<br />

The financial implications of the insolvency of Biovalue<br />

are also recognised under this heading. The <strong>to</strong>tal cost<br />

involved amounts <strong>to</strong> EUR 265 million.<br />

Less the profit attributable <strong>to</strong> non-controlling interests<br />

(EUR 2 million), the profit for the year was EUR 178 million<br />

negative.<br />


Financial performance<br />

Cash flow and Investments<br />

Although the balance sheet and income statement have<br />

been restructured in connection with the discontinuation<br />

of activities, the cash flow statement for <strong>2010</strong> (and 2009)<br />

has been prepared in accordance with IFRS on the basis<br />

of the result and the balance sheet before recognition of<br />

the effect of that decision. Consequently, movements in<br />

the income statement and/or the balance sheet cannot<br />

be reconciled directly with cash flows.<br />

In the light of the financial results and the need <strong>to</strong> improve<br />

the longer-term finance structure, DELTA continued in <strong>2010</strong><br />

<strong>to</strong> pursue structural improvement in the cash flow. This<br />

<strong>to</strong>ok the form of a strict debt collection policy, close focus<br />

on cost control and a conservative investment policy.<br />

The negative operating result can be attributed largely<br />

<strong>to</strong> the effects of write-downs and impairment within the<br />

solar energy segment. Because these decisions required<br />

only a low cash outflow in <strong>2010</strong>, their adverse effect was<br />

more than offset by the positive cash flow from operating<br />

activities. The debt collection policy also contributed<br />

by further reducing the receivables.<br />

In 2009, there was non-recurring revenue in the form<br />

of the proceeds of sale of assets (<strong>to</strong> TenneT) and a<br />

non-recurring improvement in the working capital due <strong>to</strong><br />

the adoption of more rigorous collection and payment<br />

terms (<strong>to</strong>tal EUR 135 million).<br />

The <strong>to</strong>tal investment in property, plant and equipment<br />

and intangible assets (EUR 141 million) was higher than<br />

in 2009 (EUR 125 million), mainly due <strong>to</strong> the investment<br />

in a new incinera<strong>to</strong>r (EUR 55 million). Regular investment<br />

expenditure on expansion and replacement of operating<br />

equipment and networks in <strong>2010</strong> (EUR 90 million) was less<br />

than the regular depreciation charge (EUR 110 million).<br />

The cash flow generated by the above events was used <strong>to</strong><br />

pay the 2009 dividend, so there was little change in the<br />

net debt position in <strong>2010</strong>.<br />

Financial position and profitability<br />

The net effect of the movement in the hedge reserve<br />

(EUR 103 million), the payment of the 2009 dividend<br />

(EUR 50 million) and various movements in reserves was<br />

<strong>to</strong> increase equity by EUR 49 million, but this was offset by<br />

the negative result (EUR 178 million), so that group equity<br />

before profit appropriation ended the year EUR 129 million<br />

lower compared with year-end 2009. In combination with<br />

the reduction in <strong>to</strong>tal assets due <strong>to</strong> the lower derivatives<br />

position, the group’s equity ratio improved <strong>to</strong> 42.2%<br />

(2009: 40.6%).<br />

Prospects for 2011<br />

Work will continue in 2011 on developing a more effective<br />

organisational structure and reducing costs still further.<br />

Cost reduction is essential because margins are expected<br />

<strong>to</strong> come under pressure from lower energy prices and high<br />

fuel prices in the years ahead.<br />

Further progress is being made in optimizing the financing<br />

structure, for example by matching long-term investments<br />

and long-term finance.<br />

The new waste management facility (a waste-<strong>to</strong>-energy<br />

plant) in Ireland will come on stream in 2011 and work is<br />

continuing on the plans for a new nuclear power station<br />

in <strong>Zeeland</strong>.<br />


DELTA upclose<br />

Independent audi<strong>to</strong>r’s report<br />

To: the board of direc<strong>to</strong>rs and shareholders of DELTA N.V.<br />

The consolidated balance sheet as at December 31, <strong>2010</strong>, the consolidated income statement and<br />

the consolidated cash flow statement for the year ended December 31, <strong>2010</strong> included in the<br />

brochure “DELTA upclose” on page 32 through 35 are derived from the audited financial<br />

statements of DELTA N.V. for the year ended December 31, <strong>2010</strong>. We expressed an unqualified<br />

audit opinion on those financial statements in our report dated April 11, 2011. Those financial<br />

statements, and the aforementioned information, do not reflect the effects of events that occured<br />

subsequent <strong>to</strong> the date of our audi<strong>to</strong>r’s report dated April 11 2011.<br />

The aforementioned balance sheet income statement and cash flow statement do not contain all<br />

the disclosures required by International Financial Reporting Standards (IFRS). Reading the<br />

summary financial statements, therefore, is not a substitute for reading the audited financial<br />

statements of DELTA N.V.<br />

Management’s responsibility<br />

Management is responsible for the preparation of the balancesheet, income statement and cash<br />

flow statement in accordance with the same information in the financial statements for the year<br />

ended December 31, <strong>2010</strong> and in accordance with the accounting principles applied in these<br />

financial statements.<br />

Audi<strong>to</strong>r’s responsibility<br />

Our responsibility is <strong>to</strong> express an opinion on the summary financial statements based on our<br />

procedures, which were conducted in accordance with Dutch Law, including the Dutch Standard<br />

on Auditing 870 “Engagements <strong>to</strong> report on summary financial statements”.<br />

Opinion<br />

In our opinion, the balancesheet, income statement and cash flow statement derived from the<br />

audited financial statements of DELTA N.V. for the year ended December 31, <strong>2010</strong> are<br />

consistent, in all material respects, with those financial statements, in accordance with the<br />

accounting principles applied in these financial statements.<br />

Middelburg, June 27, 2011<br />

Deloitte Accountants B.V.<br />

Signed: W.A. de Leeuw RA<br />


Financial performance<br />

Consolidated balance sheet as at 31 December <strong>2010</strong><br />

(in EUR 1,000)<br />

Non-current assets<br />

31-12-<strong>2010</strong> 31-12-2009<br />

Intangible assets 419,949 514,878<br />

Property, plant and equipment 977,407 1,032,810<br />

Joint ventures, associates and other investments 521,563 548,271<br />

Loans <strong>to</strong> joint ventures, associates, etc. 13,775 15,797<br />

Other financial assets 22,295 54,468<br />

Deferred tax assets 91,056 88,580<br />

Derivatives 51,574 179,316<br />

Financial assets 700,263 886,432<br />

Total non-current assets 2,097,619 2,434,120<br />

Current assets<br />

Inven<strong>to</strong>ries 14,975 33,040<br />

Trade receivables 310,179 339,778<br />

Current tax assets 61,065 35,067<br />

Work in progress for third parties 0 2,070<br />

Other receivables 43,791 87,745<br />

Derivatives 219,470 272,655<br />

Total receivables 634,505 737,315<br />

Assets held for sale 3,964 0<br />

Total current assets 653,444 770,355<br />

Cash 49,410 59,137<br />

Total assets 2,800,473 3,263,612<br />


DELTA upclose<br />

Consolidated balance sheet as at 31 December <strong>2010</strong> (continued)<br />

(in EUR 1,000)<br />

31-12-<strong>2010</strong> 31-12-2009<br />

Shareholders’ equity 1,307,601 1,251,014<br />

Profit for the year (177,787) 7,091<br />

Equity attributable <strong>to</strong> shareholders of DELTA N.V. 1,129,814 1,258,105<br />

Non-controlling interests 53,270 54,369<br />

Group equity 1,183,084 1,312,474<br />

Provisions 95,504 92,538<br />

Pension liabilities 21,874 20,936<br />

Long-term debt 451,007 438,256<br />

Deferred tax liabilities 62,688 60,454<br />

Deferred revenue 68,843 69,944<br />

Other non-current liabilities 161,460 154,975<br />

Derivatives 31,209 186,827<br />

Non-current liabilities 892,585 1,023,930<br />

Trade payables 227,303 283,491<br />

Current tax liabilities 109,796 96,307<br />

Deferred revenue 12,268 14,950<br />

Work in progress for third parties 964 0<br />

Other liabilities 114,467 101,657<br />

Bank borrowings 65,329 96,074<br />

Derivatives 164,677 334,728<br />

Current liabilities 694,804 927,207<br />

Liabilities held for sale 30,000 0<br />

Current liabilities 724,804 927,207<br />

Total equity and liabilities 2,800,473 3,263,612<br />


Financial performance<br />

Consolidated income statement<br />

(in EUR 1,000)<br />

<strong>2010</strong> 2009R<br />

Revenue 2,073,051 1,869,441<br />

Cost of sales (1,454,047) (1,294,902)<br />

Gross operating margin 619,004 574,539<br />

Other gains and losses (third parties) 28,618 34,019<br />

Fair value gains and losses on the trading portfolio 3,248 33,912<br />

Gross margin 650,870 642,470<br />

Third-party services 249,759 226,288<br />

Staff costs 197,958 195,778<br />

Depreciation, amortisation and impairment 125,490 111,948<br />

Other operating expenses 12,811 8,080<br />

Total net operating expenses 586,018 542,094<br />

Earnings from operations 64,852 100,376<br />

Share in results of joint ventures and associates 62,993 66,492<br />

Operating result 127,845 166,868<br />

Net finance income (expense) (21,863) (26,875)<br />

Profit before tax 105,982 139,993<br />

Corporate income tax (16,383) (21,559)<br />

Profit after tax from continuing operations 89,599 118,434<br />

Profit after tax from discontinued operations (265,393) (108,300)<br />

Profit for the year (175,794) 10,134<br />

Attributable <strong>to</strong>:<br />

Non-controlling interests 1,993 3,043<br />

Shareholders of DELTA N.V. (177,787) 7,091<br />

DELTA decided in <strong>2010</strong> <strong>to</strong> sell off its solar energy activities. DELTA Biovalue B.V. was also declared insolvent in <strong>2010</strong>. The financial implications, including trading results<br />

of the activities concerned in <strong>2010</strong>, are presented as profit after tax from discontinued operations. The comparative figures for 2009 have been restated accordingly<br />

(as indicated by the suffix ‘R’: 2009R).<br />


DELTA upclose<br />

Consolidated cash flow statement<br />

(in EUR 1,000)<br />

<strong>2010</strong> 2009<br />

From operating activities<br />

Earnings from operations (234,221) (29,235)<br />

Proceeds from activities sold off - 51,535<br />

Fair value gains and losses on the trading portfolio (3,248) (33,912)<br />

Adjustment for deferred income (3,783) 9,847<br />

Depreciation, amortisation and impairment 382,251 191,243<br />

Movement in provisions 17,834 (11,730)<br />

Movement in inven<strong>to</strong>ries 10,728 (2,001)<br />

Movement in trade receivables 25,167 39,207<br />

Movement in trade payables (49,028) 118,524<br />

Movement in other receivables/payables 17,450 (10,636)<br />

Other movements (2,907) (2,347)<br />

From operating activities 160,243 320,495<br />

Cash flows arising from dividends received from joint ventures and associates 65,712 30,423<br />

Cash flows from finance income and expense (24,283) (29,500)<br />

Cash flows from taxes on profits (19,802) 4,716<br />

Cash flow from operating activities 181,870 326,134<br />

From investing activities<br />

Acquisition and disposal of intangible assets and property, plant and equipment<br />

(after deduction of cash acquired)<br />

(141,417) (124,791)<br />

Acquisition of investments in subsidiaries and associates and interests in joint ventures<br />

(after deduction of cash disposed)<br />

(14,307) (58,920)<br />

Disposal of investments in subsidiaries and associates and interests in joint ventures 10,435 -<br />

Movement in other financial assets 4,162 206,083<br />

Cash flow from investing activities (141,127) 22,372<br />

From financing activities<br />

Movement in bank borrowings (30,745) (8,317)<br />

Movement in long-term liabilities 30,275 (285,619)<br />

Dividend payments (50,000) (50,458)<br />

Cash flow from financing activities (50,470) (344,394)<br />

Cash flow during the year (9,727) 4,112<br />

Cash as at 1 January 59,137 55,025<br />

Cash as at 31 December 49,410 59,137<br />

Exchange differences - -<br />

Net cash in the consolidated balance sheet 49,410 59,137<br />

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.<br />

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<br />

consolidated balance sheet as at year-end <strong>2010</strong>. Nor is there an obvious reconciliation with the income statement since adjustments have been made in the income<br />

statement for all results relating <strong>to</strong> the assets held for sale and the discontinued operations.<br />


<strong>Related</strong><br />

<strong>to</strong> <strong>Zeeland</strong><br />

There is a special link between DELTA<br />

and the province, not only because it is<br />

in public ownership, which is becoming<br />

increasingly rare, but also because so many<br />

<strong>Zeeland</strong>ers are cus<strong>to</strong>mers, buying one or<br />

more services from the multi-utility company.<br />

There are few businesses whose links <strong>to</strong> the region<br />

are as close. DELTA is well aware of this and<br />

wants not only <strong>to</strong> contribute <strong>to</strong> the province<br />

at the economic level but also <strong>to</strong> be involved<br />

at the social level.<br />

• Social involvement is essential for a company that has<br />

such close ties <strong>to</strong> the region. But how do you express<br />

that involvement in practice?<br />

> See DELTA’s social significance (page 38).<br />

• ‘Education is a core social function and helps <strong>to</strong> determine<br />

a region’s attractiveness, so we think it’s important <strong>to</strong> invest<br />

in education on a broad front, from secondary vocational<br />

<strong>to</strong> university level’, says HRM Manager Paul van Raaij.<br />

> See Investing in education <strong>to</strong>o (page 44).<br />

• DELTA’s shares are held by the municipalities and province.<br />

How do the managers of those bodies feel about ‘their’ DELTA?<br />

What position should DELTA occupy within the region?<br />

> See DELTA is really important <strong>to</strong> <strong>Zeeland</strong> (page 48).<br />


DELTA upclose<br />

7<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

7.1 DELTA’s social significance<br />

Rooted in <strong>Zeeland</strong>’s soil, one of the biggest<br />

employers in the province, with a client base<br />

that includes over 95% of <strong>Zeeland</strong> households<br />

and with the Province of <strong>Zeeland</strong> and all<br />

the <strong>Zeeland</strong> municipalities as its shareholders,<br />

DELTA is an integral part of the region.<br />

This forms the basis of DELTA’s social involvement.<br />


Brouwersdam, Concert at Sea<br />

DELTA upclose<br />

Public-sec<strong>to</strong>r shareholders are different from other<br />

shareholders such as pension funds and have their own<br />

priorities. Their focus is on preserving local employment<br />

and investing in sustainability and social support.<br />

DELTA’s social involvement is not, however, driven solely<br />

by its shareholders’ preferences: DELTA sees involvement<br />

in <strong>Zeeland</strong> as a logical step.<br />

‘We want <strong>to</strong> give something back <strong>to</strong> our cus<strong>to</strong>mers<br />

and <strong>to</strong> the community’’, says CEO Peter Boerma.<br />

‘And of course it’s important for DELTA that our<br />

shareholders see us investing part of our revenue in<br />

their community and showing that we value and share<br />

<strong>Zeeland</strong>’s qualities. That also engenders goodwill on the<br />

part of <strong>Zeeland</strong>ers and loyalty among our cus<strong>to</strong>mers.’’<br />

DELTA’s own future also benefits from investment in<br />

the community, for example in the labour market, which<br />

is why DELTA invests in education. In <strong>2010</strong>, for example,<br />

DELTA worked with EPZ and COVRA (the Dutch Central<br />

Organisation for Radioactive Waste) <strong>to</strong> introduce a nuclear<br />

energy course at senior secondary vocational education<br />

(MBO) level and higher professional education (HBO) level.<br />

The first moves were also made last year <strong>to</strong> introduce a<br />

new course for energy professionals. Boerma: ‘We are<br />

creating niches in which <strong>Zeeland</strong> educational institutions<br />

can specialise, while at the same time ensuring a future<br />

supply of well-trained staff.’’<br />

DELTA continued <strong>to</strong> pursue its targeted sponsorship policy<br />

in <strong>2010</strong>, after the radical shift of emphasis three years ago.<br />

DELTA formerly supported all kinds of projects, from very<br />

small <strong>to</strong> very large, but <strong>to</strong> little net effect. It was decided<br />

<strong>to</strong> focus on supporting mainly social initiatives, but<br />

external <strong>to</strong> the DELTA organisation, via the DELTA <strong>Zeeland</strong><br />

Fund. DELTA also wanted <strong>to</strong> raise its profile by providing<br />

substantial support for a small number of major events<br />

as principal sponsor.<br />

DELTA was the principal sponsor of three large <strong>Zeeland</strong><br />

events in <strong>2010</strong>: the DELTA Tour <strong>Zeeland</strong> cycling event,<br />

including the DELTA Ride for the Roses, the Film by the Sea<br />

film festival and the DELTAWEEK sailing event. By acting<br />

as principal sponsor, DELTA wanted <strong>to</strong> demonstrate its<br />

involvement and its willingness <strong>to</strong> invest in that role.<br />

In return, DELTA demanded that it be given some input<br />

in<strong>to</strong> the programming of the event.<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

Sponsorship of the three events also gave DELTA<br />

an opportunity <strong>to</strong> meet clients there by inviting<br />

major business cus<strong>to</strong>mers <strong>to</strong> opening ceremonies or<br />

competitions and giving domestic cus<strong>to</strong>mers a chance<br />

<strong>to</strong> experience the events. After evaluating the events,<br />

DELTA decided in <strong>2010</strong> that 2011 would be the last year it<br />

would be principal sponsor of the DELTA Tour. This decision<br />

was communicated <strong>to</strong> the organisers in good time <strong>to</strong><br />

enable them <strong>to</strong> consider alternatives. The company will<br />

continue <strong>to</strong> sponsor DELTA Ride for the Roses in 2011.<br />

A new event which DELTA will sponsor in 2011 is the annual<br />

Concert at Sea, held at Brouwersdam.<br />

Support of a quite different order is provided via<br />

the DELTA <strong>Zeeland</strong> Fund, whose object is <strong>to</strong> promote<br />

the vitality of the <strong>Zeeland</strong> community. A contribution<br />

<strong>to</strong> the fund of EUR 500,000 was earmarked for <strong>2010</strong>.<br />

As with DELTA’s role as principal sponsor, this fund<br />

was born of a desire <strong>to</strong> streamline DELTA’s fragmented<br />

sponsorship policy. DELTA initiates projects, but does not<br />

involve itself in organisation or resource allocation.<br />

Of the seven members of the fund’s Board of Trustees,<br />

only one has a link with DELTA. The other six, including<br />

chairman Cees van Liere, come from all parts of <strong>Zeeland</strong><br />

and have expertise in at least one of the four spheres<br />

of interest: sport and leisure, nature and environment,<br />

health and welfare and art and culture. The maximum<br />

grant is EUR 25,000 and support is limited <strong>to</strong> three years.<br />

To qualify, the application must relate <strong>to</strong> an innovative<br />

initiative that serves the <strong>Zeeland</strong> community.<br />

A detailed description of all the criteria can be found<br />

at www.deltazeelandfonds.nl.<br />

DELTA <strong>Zeeland</strong> Fund received some 200 applications<br />

in <strong>2010</strong>, of which over one-third were accepted.<br />

Because DELTA operates a fairly restrictive acceptance<br />

policy, the quality of the projects has improved.<br />

Before a formal application is submitted, a quick scan<br />

can be performed on the website <strong>to</strong> indicate whether<br />

a project meets the basic criteria. Applications are<br />

assessed by the Board of Trustees independently,<br />

without consulting DELTA.<br />

When it became apparent from applicants’ responses<br />

that the DELTA <strong>Zeeland</strong> Fund did not have a high enough<br />

profile, the fund launched the Together<strong>Zeeland</strong> project<br />

in November <strong>2010</strong> <strong>to</strong> give more active support <strong>to</strong> the civil<br />

society. A linked competition was organised under the<br />

slogan ‘Help! I have a good idea’, with a cash prize of<br />

EUR 50,000. The prize was presented <strong>to</strong> the winner at<br />

the Inspiration meeting on 23 March 2011.<br />

DELTA Tour <strong>Zeeland</strong>, Goes<br />


DELTA Tour <strong>Zeeland</strong>, <strong>Zeeland</strong>brug<br />

DELTA upclose<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

A festival<br />

of film for,<br />

by and<br />

with young<br />

people<br />

www.filmbythesea.nl<br />

In conjunction with DELTA, we developed a programme<br />

designed mainly for young people. All <strong>Zeeland</strong> children<br />

in primary and secondary education can take part in<br />

the educational programme. They have a choice of films<br />

appropriate <strong>to</strong> their age and suitable for Film by the Sea.<br />

DELTA sponsors their bus travel. We also hold the DELTA Shorts<br />

competition for short films made by young people from<br />

all over the Netherlands, for a cash prize of EUR 1,000<br />

– the DELTA Young Talent Award. That part of our programme<br />

is continuing <strong>to</strong> grow in both quality and quantity.<br />

It’s turning in<strong>to</strong> a big event. We had close <strong>to</strong> 30 entries<br />

in <strong>2010</strong>, of which 17 were selected. And we are of course<br />

delighted with the DELTA pavilion, a fine venue that we can<br />

use for many activities, now the festival is<br />

getting <strong>to</strong>o big <strong>to</strong> fit in<strong>to</strong> the cinema.<br />

Leo Hannewijk, Direc<strong>to</strong>r of Film by the Sea Festival<br />

The DELTA Ride for<br />

the Roses is a way<br />

of contributing actively <strong>to</strong> the<br />

work of the Dutch Cancer Society<br />

(KWF). Cycling through the beautiful<br />

<strong>Zeeland</strong> countryside keeps you fit while<br />

helping an important good cause. Thanks <strong>to</strong><br />

the sponsorship provided by DELTA, which bears all the<br />

www.deltaridefortheroses.nl<br />

organisation costs, all the money<br />

raised can go <strong>to</strong> KWF. In <strong>2010</strong>,<br />

that was EUR 66,416. The DELTA<br />

Ride for the Roses is a growing<br />

success in the <strong>Zeeland</strong> cycle <strong>to</strong>uring<br />

calendar. Last year, 3,400 cyclists <strong>to</strong>ok part,<br />

as against 2,800 the year before. This year we’re<br />

hoping for 5,000.<br />

Kees Bal, Chairman of<br />

DELTA Ride for the Roses<br />

42<br />

We organised the fortieth DELTAWEEK sailing event in <strong>2010</strong>, with DELTA as our<br />

principal sponsor for the second year. We’re a perfect match. DELTA has added<br />

fresh momentum <strong>to</strong> DELTAWEEK, as we saw in <strong>2010</strong> in a growing number<br />

of entries. As a sailing event with a strong <strong>Zeeland</strong> character,<br />

local links are important. That’s also what DELTA stands for.<br />

That was evident last year during the Netherlands-Brazil World<br />

Cup match, which we watched on a big screen in the marquee,<br />

and the successful concert by singer Jeroen van der Boom.<br />

We plan <strong>to</strong> keep growing in 2011.<br />

Gijs Pleyte, DELTAWEEK Executive Committee member<br />


Daan de Meester,<br />

General Coordina<strong>to</strong>r, Stichting Hoogvliegers<br />

High fliers in <strong>Zeeland</strong><br />

On Saturday, 5 June, we <strong>to</strong>ok a group of chronically sick children<br />

flying for the first time. Around 75 children with their parents, carers,<br />

brothers and sisters came <strong>to</strong> <strong>Zeeland</strong> Airport at Arnemuiden. Once in<br />

the air, we let them pilot the plane themselves. The day was a great<br />

success. It was a DELTA staff member who <strong>to</strong>ld us about the DELTA<br />

<strong>Zeeland</strong> Fund while we were making preparations and our application<br />

was accepted. After evaluating the event, DELTA <strong>Zeeland</strong> Fund<br />

informed us that they wanted <strong>to</strong> help again in 2011. DELTA staff will<br />

help us with the organisation on a<br />

voluntary basis. It will be a great day.<br />

www.stichtinghoogvliegers.nl<br />

DELTA upclose<br />

quo<br />

tes<br />

The <strong>Zeeland</strong> Talent Fund was set up several years ago in conjunction with<br />

DELTA <strong>to</strong> reduce the fragmentation of sports sponsorship. Via the <strong>Zeeland</strong><br />

Talent Fund, people who have achieved a<br />

given status in their sport, as measured<br />

against national criteria, can<br />

apply for extra financial<br />

support, for example <strong>to</strong> fund<br />

training or purchase better<br />

equipment. It’s attracting a<br />

lot of interest. The number of<br />

talented individuals receiving<br />

support has grown from 20 in 2007 <strong>to</strong> almost a hundred in <strong>2010</strong>. Fortunately,<br />

the DELTA <strong>Zeeland</strong> Fund helped us set up the <strong>Zeeland</strong> Talent Fund properly.<br />

It’s now part of the <strong>Zeeland</strong> Olympic Network for <strong>to</strong>p athletes.<br />

www.olympischnetwerkzeeland.nl<br />

Marja Noordhoek,<br />

Direc<strong>to</strong>r of Sport<strong>Zeeland</strong><br />

The Borsele Sloepoort Cup has included a <strong>to</strong>urnament for G soccer teams since<br />

September <strong>2010</strong>. In the Dutch name, ‘G’ stands for ‘integrated’, which means teams<br />

of young people who can’t play regular soccer because of some mental or physical<br />

disability. The <strong>to</strong>urnament was a great success. No fewer than 16 teams from <strong>Zeeland</strong>,<br />

West Brabant, the Rotterdam area and Belgium <strong>to</strong>ok part, playing on the SV Nieuwdorp<br />

pitches. Everyone enjoyed it. It was really impressive. The DELTA <strong>Zeeland</strong> Fund was<br />

enthusiastic about this <strong>to</strong>urnament, which was the first of its kind in <strong>Zeeland</strong>, and<br />

provided financial support. The fund has already promised <strong>to</strong> support us in 2011!<br />

Peter de Vos, Competition Coordina<strong>to</strong>r, SV Nieuwdorp and Borsele Sloepoort Cup<br />

Soccer<br />

for all<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

7.2 Investing in Education <strong>to</strong>o<br />

How do you keep educational provision in <strong>Zeeland</strong> up <strong>to</strong> standard<br />

when the population is shrinking? Would companies be able<br />

<strong>to</strong> attract suitable staff if there were no longer adequate access<br />

<strong>to</strong> education in our province? Or would they move <strong>to</strong> a region<br />

that is better provided? Government, education and business<br />

are working <strong>to</strong>gether <strong>to</strong> avoid being caught in such a<br />

downward spiral. DELTA is participating in various initiatives.<br />

‘In education <strong>to</strong>o, what’s good for <strong>Zeeland</strong> is good for us.’<br />

Rotterdam’s front garden, Antwerp’s back garden<br />

Education provision in <strong>Zeeland</strong> is under pressure from a combination of population ageing and falling<br />

population numbers. An active policy is needed <strong>to</strong> maintain standards of healthcare, education and<br />

general welfare. As Rotterdam’s front garden and Antwerp’s back garden, the <strong>Zeeland</strong> region had plenty<br />

of potential. By investing and promoting cooperation with Flanders, the tide can be turned.<br />

At the request of the Ministry of Education, Taskforce <strong>Zeeland</strong> issued a report on education provision<br />

in <strong>Zeeland</strong>, with recommendations, in August <strong>2010</strong>. More information can be found at:<br />

www.onderwijsarbeidsmarkt.nl.<br />

DELTA invests over half a million euros a year in various education projects, mostly at the professional<br />

education level. DELTA works inter alia with the <strong>Zeeland</strong> Regional Training Centre, the Westerschelde Regional<br />

Training Centre, Hogeschool <strong>Zeeland</strong>, the Roosevelt Academy and the Delft University of Technology.<br />


DELTA upclose<br />

‘There is clearly a labour shortage in <strong>Zeeland</strong>. It’s not always easy <strong>to</strong><br />

recruit the right people,’ says Paul van Raay, DELTA’s HRM Direc<strong>to</strong>r.<br />

‘By helping <strong>to</strong> deliver good and varied education, we can ease the<br />

problem, so that’s what we’re doing. It’s not for nothing that our<br />

business strategy is entitled ‘Good for <strong>Zeeland</strong>’. We believe it’s<br />

important <strong>to</strong> keep education up <strong>to</strong> standard in the province. That will<br />

benefit the region as a whole, as well as serving our own interest.’<br />

Van Raay briefly explains why DELTA is supporting education in<br />

<strong>Zeeland</strong>. ‘Education is core social function and is a fac<strong>to</strong>r that affects<br />

the attractiveness of a region, which is why we believe it is important<br />

<strong>to</strong> invest over a broad front, from senior secondary vocational (MBO)<br />

level <strong>to</strong> university. The emphasis is on technical vocational education<br />

because of the nature of our business.’<br />

As well as joint educational projects, DELTA also provides opportunities<br />

for training and professionalisation in the form of internships and work<br />

experience. Each year, dozens of senior secondary vocational education<br />

(MBO), higher professional education (HBO) and university students<br />

spend time at DELTA as interns, working on research projects and other<br />

tasks, and many young people gain work experience at DELTA which<br />

improves their opportunities on the labour market. Van Raay: ‘We also<br />

provide comprehensive professional development opportunities for<br />

our own staff. Through DELTALENT, our internal training department,<br />

facilities are provided for staff <strong>to</strong> continue their personal development.<br />

Every year, our management trainee programme turns recent graduates<br />

in<strong>to</strong> all-round professionals.’<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

Energy professionals,<br />

from MBO <strong>to</strong> university<br />

DELTA is working with the <strong>Zeeland</strong> Regional Training<br />

Centre, Hogeschool <strong>Zeeland</strong> and Delft University of<br />

Technology <strong>to</strong> develop a course for energy professionals.<br />

The course will provide a progressive line of study which<br />

will enable students <strong>to</strong> pursue an education programme<br />

that starts with MBO and ends at university.<br />

The course, which will start in September 2011, will<br />

produce professionals who will be able <strong>to</strong> deploy their<br />

expertise in fuels, energy markets, process technology<br />

and commercial management within many departments<br />

of an energy company.<br />

Green economy<br />

The object of Bio Base Europe is <strong>to</strong> promote a<br />

green economy. With fossil fuels becoming more<br />

scarce, we need <strong>to</strong> look at alternatives for plastics<br />

and traditional fuels, for example. Bio Base Europe<br />

has launched a project that includes a training centre<br />

for process opera<strong>to</strong>rs in green bio-based industry.<br />

The building will be ready in 2011. The <strong>to</strong>tal project<br />

will cost EUR 21 million, which has been provided<br />

by government, the education sec<strong>to</strong>r and industry,<br />

including DELTA.<br />


DELTA upclose<br />

Nuclear<br />

technology Technology<br />

There are several companies in <strong>Zeeland</strong> working in<br />

nuclear technology and there are plans <strong>to</strong> build a new<br />

nuclear power station in the province, so demand for<br />

technicians with expertise in this field will increase.<br />

For that reason, business and education have joined<br />

forces <strong>to</strong> develop secondary (minor) courses at all<br />

levels, from MBO <strong>to</strong> university. Having completed<br />

the course, these young professionals will be eligible<br />

for recruitment not just by DELTA, but also by<br />

EPZ, COVRA (the Dutch Central Organisation for<br />

Radioactive Waste) and Veiligheidsregio <strong>Zeeland</strong><br />

(the <strong>Zeeland</strong> regional safety authority).<br />

Truck<br />

Climate trolley<br />

Learning through playing: for young children,<br />

that’s the best way <strong>to</strong> get the sustainability message<br />

across. In Schouwen-Duiveland, primary school<br />

pupils can take part in a ‘climate race’, a race <strong>to</strong><br />

control global warming played in the DELTA Climate<br />

Forest at Ecoscope. DELTA funds the trolleys<br />

holding the materials used in the game.<br />

Via the ‘Sun at School’ project, DELTA is also<br />

funding solar panels for primary schools,<br />

which not only generate some of<br />

the school’s power requirements<br />

but can also be used in lessons<br />

on renewable energy.<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

7.3 “DELTA is really important <strong>to</strong> <strong>Zeeland</strong>”<br />

What do shareholders think about DELTA being publicly owned?<br />

Do they approve of the company’s multi-utility approach?<br />

How do they really feel about nuclear energy?<br />

Municipal and provincial officers give their views<br />

on ‘their’ DELTA below.<br />

Municipality of Terneuzen<br />

‘I think DELTA will have a good future<br />

based on its multi-utility strategy.<br />

That doesn’t mean our municipal<br />

council will not continue <strong>to</strong> moni<strong>to</strong>r<br />

the business closely. Debates on<br />

public shareholdership and dividend<br />

policy will continue <strong>to</strong> be part of that.<br />

I think the company has become<br />

more transparent over the past five<br />

years and the shareholders are<br />

taking a more professional approach<br />

<strong>to</strong> ‘their’ DELTA. It used <strong>to</strong> be more<br />

a matter of unquestioning loyalty.<br />

The shareholders have always<br />

taken a constructive approach, but<br />

it’s now increasingly in the form of<br />

constructive criticism. That kind<br />

of stance benefits both the company<br />

and our region.’<br />

Municipality of<br />

Schouwen Duiveland<br />

‘DELTA is no longer exclusively<br />

<strong>Zeeland</strong>-focused, because the<br />

company is also pursuing its<br />

multi-utility strategy outside the<br />

province, but it has lost none of its<br />

<strong>Zeeland</strong> common sense. I see the<br />

write-downs on the solar cell and<br />

biodiesel businesses as evidence of<br />

that common-sense approach.<br />

It was a <strong>to</strong>ugh decision, but it’s good<br />

that DELTA is focusing on its core<br />

businesses: energy, waste and water.<br />

‘Whether it is big enough at its<br />

present size, only time will tell.<br />

I know that <strong>Zeeland</strong> people are<br />

proud that DELTA has its roots in<br />

the province and the company’s<br />

engagement with the community is<br />

one of its strengths.’<br />

Province of <strong>Zeeland</strong><br />

‘DELTA is really important <strong>to</strong><br />

<strong>Zeeland</strong>, not just because it creates<br />

employment but also because it’s<br />

a client of many businesses in this<br />

region. Through its involvement in<br />

education and its cultural and sports<br />

sponsorship, DELTA demonstrates its<br />

ties <strong>to</strong> the region and that’s important.<br />

For <strong>Zeeland</strong>ers, DELTA means<br />

convenience: one supplier for many<br />

services. You don’t get that anywhere<br />

else – it’s what makes DELTA unique.’<br />

‘The multi-utility concept is a strong<br />

card in DELTA’s hand, but it does<br />

potentially involve risk because it<br />

means operating on several fronts<br />

simultaneously, and that makes<br />

heavy demands on the organisation<br />

and management. The plans for<br />

a new nuclear power station are<br />

crucially important <strong>to</strong> DELTA’s future.<br />

I’m in favour, provided a convincing<br />

business case can be made.<br />

The events in Japan have <strong>to</strong> be<br />

taken very seriously, because safety<br />

is paramount.’<br />

Jaap Bos, alderman<br />

Ad Verseput, alderman<br />

Cees van Beveren, executive councillor<br />

© H. W. Fluks, http,//borden.plaatsengids.nl/<br />


DELTA upclose<br />

Municipality of Goes<br />

‘DELTA is a large company that’s important <strong>to</strong> <strong>Zeeland</strong> in general and<br />

Goes in particular. We recently welcomed DELTA Netwerkbedrijf <strong>to</strong> our<br />

municipality. DELTA Infra already had a base here.’<br />

‘A company has <strong>to</strong> make a profit and must always focus on the bot<strong>to</strong>m<br />

line. While I agree with DELTA’s decision <strong>to</strong> withdraw from the unprofitable<br />

solar cell and biodiesel businesses, that decision has opened up a debate<br />

within the municipality on the course DELTA is pursuing. Our job is<br />

<strong>to</strong> moni<strong>to</strong>r the company’s progress and explain its business strategy<br />

<strong>to</strong> the people of Goes. I think it’s good that the shareholders are working<br />

<strong>to</strong>gether more and keeping the company under constructive scrutiny.’<br />

Loes Meeuwisse, alderman<br />


<strong>Related</strong> <strong>to</strong> <strong>Zeeland</strong><br />

Municipality of Vlissingen<br />

‘DELTA is at the centre of the<br />

<strong>Zeeland</strong> community – as a supplier,<br />

an employer, a knowledge centre and,<br />

at the social level, a sponsor of<br />

cultural and community activities.<br />

The company charts its own course<br />

and the multi-utility strategy helps it<br />

stay on it. The challenge is <strong>to</strong> maintain<br />

that course in the future.’<br />

‘There’s bound <strong>to</strong> be some tension<br />

between a public authority and<br />

a commercial enterprise, because<br />

we have different responsibilities.<br />

But the transparent way DELTA runs<br />

its business gives me confidence in<br />

its policies. That includes the plans<br />

for a new nuclear power station.<br />

I think it’s good that these plans are<br />

being made, because we need nuclear<br />

power if we are <strong>to</strong> achieve energy<br />

sustainability. The important thing is<br />

<strong>to</strong> draw up the business case for<br />

a new power station.’<br />

Jacques Suurmond, alderman<br />

Municipality of Noord Beveland<br />

‘I agree with the course DELTA has<br />

chosen. It’s significant that DELTA<br />

is withdrawing from the solar cell<br />

business and shifting the emphasis<br />

<strong>to</strong> waste management and energy.<br />

Waste management is a stable<br />

business and I’m pleased that DELTA<br />

is putting its money on nuclear<br />

energy. Size is important – you have<br />

<strong>to</strong> be big enough <strong>to</strong> carry weight at the<br />

international level – so I’m glad DELTA<br />

is developing activities elsewhere.’<br />

‘I think it’s important that the<br />

company plays an active role in<br />

the <strong>Zeeland</strong> community and I know<br />

it is appreciated. We are kept well<br />

informed about the company’s<br />

activities at a general level, and it’s<br />

general information I have <strong>to</strong> rely on<br />

<strong>to</strong> do my job. So it’s important that<br />

the new Supervisory Board oversees<br />

policy with a commercial eye and<br />

keeps the business on a healthy<br />

course.’<br />

Henny van Kooten, mayor<br />

Municipality of Hulst<br />

‘DELTA is our company and we have<br />

<strong>to</strong> cherish it. It’s quite obvious<br />

<strong>to</strong> me that DELTA’s multi-utility<br />

strategy is the key <strong>to</strong> continuity:<br />

energy alone is not enough. If only<br />

for the employment it provides,<br />

the expertise it possesses and the<br />

policy of community involvement it<br />

pursues through sponsorship, it’s<br />

important that the company remains<br />

viable in this form and that public<br />

shareholdership is preserved.<br />

We don’t have <strong>to</strong> follow the same path<br />

as other places in the Netherlands if<br />

it’s not in <strong>Zeeland</strong>’s interest.’<br />

‘I’m in favour of a second nuclear<br />

power station. Hulst lies between<br />

Doel and Borsele, and we’re at home<br />

with nuclear energy. I see nuclear<br />

energy as the best option while<br />

renewable sources are still reliant on<br />

grants and I’m confident that COVRA’s<br />

waste s<strong>to</strong>rage facilities are safe.’<br />

Jan-Frans Mulder, mayor<br />


DELTA upclose<br />

Municipality of Goedereede<br />

‘DELTA is very clearly ‘one of us’.<br />

There are close ties between the<br />

company and the shareholders,<br />

and I like that. DELTA is accessible<br />

and has invested in a good<br />

information system. Last year,<br />

our council visited Middelburg and<br />

the new Sloe power station. Visits like<br />

that are opportunities for dialogue<br />

and provide useful information.’<br />

‘The multi-utility strategy is a little<br />

unusual, but I think it suits our region.<br />

It emphasises once again that DELTA<br />

exists <strong>to</strong> serve the people, both as<br />

a provider of several services and<br />

as an employer and sponsor of<br />

community activities.’<br />

Peter Feller, alderman<br />


<strong>Related</strong><br />

<strong>to</strong> <strong>Zeeland</strong><br />

Annual report <strong>2010</strong><br />

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<br />

Entered in the trade register of the Chamber of Commerce in Middelburg under number 22031457

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