Annual Report 2013

Annual Report
DELTA N.V. 2013
The English translation of the annual report is for information purposes only.
The Dutch text including the independent auditor’s report in Dutch are the
formal Annual Report 2013.

Annual Report DELTA N.V. 2013 2

Overview
The DELTA annual report gives a detailed view of our activities during 2013.
In an effort to encourage open dialogue with all our stakeholders, we have
combined the social and financial reports, wherever possible, into this one report.
We believe this makes DELTA ever more transparent and accountable.
Financial reporting changes
The financial information has been prepared according to
the International Financial Reporting Standards (IFRS)
and the relevant provisions in the Dutch Civil Code. In the
financial figures for 2013, we followed the new
regulations for the presentation of investments in
associates. DELTA has a number of important activities
that operate with partners as joint ventures. Activities
performed in a separate legal entity and to which DELTA
has rights and obligations equal to the partners by virtue
of holding shares and by being a customer are included
in the consolidated figures in a different manner in 2013.
In the place where we describe the share in the assets of
the joint venture concerned with the share in the profits of
the activity on the profits and loss sheet, we have added
our share in the separate assets and liabilities, revenues,
results and costs with our figures. This provides a better
understanding of our assets and results. The differences
between the figures in both methods will be explained in
the financial statement.
Social Responsibility Report (CSR)
DELTA has a good corporate conscience. Our emphasis
is on the company’s energy activities, particularly within
the group companies and joint ventures. Information
about DELTA and responsible energy production and
distribution has been summarised in this report. More
detailed information can be found at the websites of the
energy producing plants: www.epz.nl,
www.sloecentrale.nl and www.bmcmoerdijk.nl.
Waste processing activities have been fully transferred to
the subsidiary Indaver. Indaver issues its own CSR that
can be downloaded at www.indaver.com.
The water company, Evides, in which DELTA has a 50%
interest, has not been included in this report. Evides
reports on its CSR policy and the activities arising from
this at www.evides.nl.
2013 Transparency Benchmark
DELTA CSR policy and reporting is evolving in line with
the criteria toward meeting the transparency benchmark.
We are aware that we do not fully meet this criterion at
time of this report’s publication in the area of social
responsibility. We will continue working towards reaching
the benchmark in reporting throughout 2014.
Annual Report DELTA N.V. 2013 3

1Annual Report 2013
Annual Report DELTA N.V. 2013 4

Contents
Annual Report 2013
1 Management Board Report 2013
1.1 DELTA is connecting to the future 6
1.2 Profile and key figures 10
1.3 Notes on the finances 13
1.4 Focus 15
1.5 DELTA and Corporate Social Responsibility 17
1.6 DELTA and its employees 21
1.7 DELTA and Corporate governance 25
1.8 Opportunities and Risks 32
1.9 Energy & Multimedia 36
1.10 Networks 41
1.11 Waste management 45
1.12 Executive Board Statement 47
2 Financial Statements for 2013 49
3 Other information 147
4 DELTA in financial figures 149
Annual Report DELTA N.V. 2013 5

DELTA is connecting to the future
1.1
DELTA is connecting
to the future
For DELTA, 2013 was a year characterised by connections. Internally, we created
logistic connections between the various business activities in order to better respond
to market developments and make life easier for our clients. Externally, DELTA created
new and smart innovative connections with partners from the health and social care
and tourism sectors. DELTA also connected people and activities as an employer,
partner, supplier and organisation, both inside and outside of Zeeland.
In 2013, we were also able to demonstrate the robust
stability of the multi-utility concept through high customer
satisfaction scores. We created a good balance between
risks, return and employment while safeguarding the socioeconomic
impact in the South-West Delta.
Relatively good financial results
Thanks to the diverse nature of DELTA, 2013 was a
relatively good year. The energy market showed no
improvement and even further deteriorated in 2013.
Structural recovery of the economy has still failed to appear
which has brought negative effects for electricity producers.
Growth was primarily achieved in 2013 through DELTA’s
other activities. We recorded a net profit of around EUR 75
million and achieved net revenue of EUR 2.1 billion. Given
the static conditions of the energy market, we are satisfied
and proud of these figures.
DELTA’s main activities
In Multimedia, there was a further shift from analogue to
digital services. The combination of constructing new
connections and opportunities for multimedia solutions in
various sectors provided positive financial results in 2013.
From 1 July 2013, DELTA subsumed its activities into one
division to provide better synergy between the Energy and
Multimedia activities and for greater flexibility: Energy &
Multimedia. We succeeded in translating the value of our
product range into a high level of customer satisfaction and
we were also able to secure a number of new clients,
particularly in the business segment.
DELTA has a good mix of energy production. As a result of
this diversity, we are balanced and in a good position to be
able to respond to the various developments in the market.
Our production units create power from nuclear energy
(EPX), gas (ELSTA and Sloe power stations), coal (EPZ) and
poultry litter (BMC).
DELTA Netwerkbedrijf and DELTA Infra also performed well
in 2013. During 2013 we made all of the necessary
preparations for the merger of these two divisions into Delta
Netwerkgroep, which took effect on 1 January 2014. Merging
the two divisions ensures that the new Delta Netwerkgroep
can operate even more efficiently and effectively pro-actively
responding to market developments.
The waste management company Indaver, in which DELTA
has a 75% interest, had a good year. Despite increasing
pressure on prices in the market, due to cost savings by local
governments, there was growth in both the revenue and the
customer base in the Netherlands, Belgium, Germany and
Ireland. In 2013 Indaver secured a place for itself among the
major European operators in waste management.
The drinking water and industrial water company Evides that
is 50% owned by DELTA, was able to end 2013 with
impressive results. This is even more impressive because
once again the rates for drinking water did not increase in
2013
‘2013 was a relatively good
year for DELTA.
We recorded a net profit of
around EUR 75 million.’
Annual Report DELTA N.V. 2013 6

DELTA and Corporate Social Responsibility (CSR)
The CSR strategy of DELTA is based on three cornerstones:
energy transition to sustainable energy system, responsible
business operation and a commitment to Zeeland.
Sustainable energy
DELTA is working in numerous ways on the transition to a
more sustainable energy system with projects in the areas of
wind and solar energy, biomass and green gas. DELTA is
actively involved with the development of projects in the
areas of hydro energy and wind energy produced at sea.
2013 was an important year for wind energy. In September,
DELTA commissioned the Kreekraksluis wind farm together
with Eneco, Scheldewind and Winvas. This wind farm
increases the total wind energy capacity in Zeeland by 25%
in one fell swoop. DELTA’s part of the wind farm has 16 wind
turbines with an installed power output of 42 MWh.
One of DELTA’s ambitions in 2013 was to convert the coalfired
power station into a biomass-fired plant. With the help of
a contribution from central government, DELTA wanted to
further contribute to making energy production greener and
reducing CO 2 emissions. Unfortunately, biomass for largerscale
applications was completely excluded from the Energy
Agreement. DELTA is continuing to consult with the parties
concerned so that we can arrive at a balanced
implementation of the agreement for our company.
We also worked on increasing the share of sustainable
energy in small-scale energy generation. In Autumn 2012,
DELTA introduced ‘Zon Garant’ (Guaranteed Sun). This
product allows consumers to generate their own energy.
DELTA also considers raising awareness about energy
consumption as one of its duties to society. The DELTA
Comfort Indicator for instance, gives consumers a better
understanding of their energy consumption. In order to
further stimulate reductions in energy consumption, Delta
started a number of projects in 2013 including the DELTA
Tailor Made advice, a connection with the ‘Meer met Minder’
(More with Less) platform. DELTA continues to support the
primary school campaign ‘Sjaak zoekt Sjakies’ that kids love
and from which they learn a lot about responsible energy
consumption.
Responsible business
Wherever possible, DELTA makes responsible choices in
company operations. These choices involve procurement,
energy use, recycling and car use. However, DELTA also
applies this to the way in which it deals with its employees by
paying attention to issues such as safety, personal
development and absence due to illness. Personal safety
and safe working and production processes are crucial for
DELTA. The standard benchmark in our industry for absence
from work as a result of an accident in the workplace, LTIR
2013, was 2.30 and remained the same as in 2012.
However, we want to further improve this figure. In 2013 we
experienced a number events on which we were able to
follow-up with improvements. In 2013, the variable pay
component for managers was made conditional on the active
contributions they make to a safer organisation.
DELTA carried through the ‘Redesign’ reorganisation in
2013. We carefully looked within the company for other
positions for the people in jobs that were made redundant.
When this was not possible, these people received guidance
from a specialist in company restructuring. During this
process every effort was made to accommodate dialogue
with employees.
‘We are committed to
many developments
in society and activities
in the region’
An organisation committed to Zeeland
DELTA is based in the province of Zeeland. We maintain a
strong commitment to many activities in the region. This year
we once again enjoyed the DELTA Ride for the Roses and
Concert at SEA together with many residents of Zeeland and
visitors from outside of the region. DELTA also supported
community projects such as Welzijn voor Ouderen
(Wellbeing for the Senior Citizens), Sport Zeeland, SCOOP
and the Zeeland Library. The DELTA Zeeland Fund also
made many projects possible in the areas of art and culture,
nature and environment, sport and leisure and health and
social care.
Looking to the future
Despite the good results achieved by DELTA in 2013, the
future is not as certain as we would like it to be. The
prospects for the energy market continue to be challenging.
Change and a lack of clarity about subsidy policies have
caused a great deal of uncertainty and disruption in the
market. We are trying to put further measures into effect to
make our business more sustainable. The issue of whether
or not our company will be forced to unbundle continues to
be a great focus. We have always described the unbundling
up of our grid operator as a poor solution to a problem that
does not exist. The legal proceedings are still on going.
The judgement by the Dutch Supreme Court during 2014 will
provide greater clarity on whether the grid operator has to be
fully unbundled. DELTA continues to hold the view that
unbundling will create greater competition in the market but it
will create a less financially healthy company. Furthermore,
the law has already regulated on a far-reaching separation
between the supplier and the grid operator and there is
maximum supervision by ACM (Authority of Consumers and
Markets). There are also new views on grid operators that
work together with energy companies to enable
decentralised energy generation. There is absolutely no need
to unbundle. Unbundling would also ultimately be detrimental
to employment in Zeeland because the chance is greater that
a separate energy supplier and a grid operator would enter
into closer ties over time.
Annual Report DELTA N.V. 2013 7

It is now a case of choosing the right strategy that takes into
account the challenges of a rapidly and continuously
changing energy market. The choice of an independent
DELTA, a merger or a partial sale is on the agenda for
Spring 2014.
CEO Rob Frohn left DELTA in October 2013. In January
2014, the Supervisory Board appointed Arnoud Kamerbeek
as the new CEO. We are grateful to Rob Frohn for his
contribution to DELTA.
To sum up, we can say that DELTA achieved good results in
2013 despite a number of challenges and continuous
uncertainty. This is a collective result and so we would like to
send our thanks to all of our employees and, naturally, to our
faithful and loyal clients. DELTA is fostering strong ties with
its surroundings and sees this as a guarantee for a
sustainable future for its organisation.
Arnoud Kamerbeek, CEO as of 16 January 2014.
Frank Verhagen, CFO, acting CEO between 1 November
2013 and 16 January 2014
Annual Report DELTA N.V. 2013 8

Annual Report DELTA N.V. 2013 9

1.2
Profile and key figures
Profile
and key figures
DELTA is an independent supplier of energy and waste services. The company supplies
energy, waste management, infrastructure and digital services. DELTA wants to make life
as easy as possible for its customers and is constantly searching for ways of offering
added value. The company is one of the few suppliers of these types of services that still
remains in public hands. The shares are owed by the municipalities of Zeeland, Noord-
Brabant, Zuid-Holland and the provinces of Zeeland and Noord-Brabant. The headquarters
of DELTA are located in Middelburg. DELTA and its subsidiaries employ 3,394 people
(FTE).
1.2.1 What we do
Subsidiaries
DELTA
Netwerkgroep
Zeeuwse
Netwerkholding
DELTA
Netwerkbedrijf
DELTA Infra
DELTA N.V.
Energie &
Multimedia
DELTA Energy
DELTA Comfort
Afval
Indaver
N.V.
You can find an overview of the consolidated and nonconsolidated
investments in associates on page 129 of the
financial statements.
Products and services
DELTA generates electricity, trades in energy and supplies
gas, electricity and digital services to private and business
clients in Zeeland and beyond. Furthermore, DELTA
provides drinking water and services in the area of
wastewater through its interest in Evides. ZRD (Zeeland
Cleansing Department), a subsidiary of Indaver, operates
household waste collection centres across the whole of
Zeeland and takes care of collecting the household waste of
almost all of the municipalities in Zeeland.
Grid operator group
DELTA Netwerkbedrijf B.V. (DNWB) and DELTA Infra B.V.
were subsumed into the DELTA Netwerkgroep on 1 January
2014. DNWB is the regional grid operator for electricity and
gas. It is responsible for managing the gas and electricity
distribution grids in Zeeland. DELTA Infra is also responsible
for constructing and servicing these grids as well as
maintaining and constructing water mains networks operated
by the water company Evides and DELTA’s cable network.
DELTA Infra B.V. also carries out activities in areas such as
high voltage and measurement technology both in Zeeland
and elsewhere in the Netherlands.
Annual Report DELTA N.V. 2013 10

Waste management
DELTA’s operations in the area of waste processing have
been brought together in Indaver N.V., a subsidiary company
in which DELTA owns a 75% share interest. Indaver offers
high-quality and sustainable waste management solutions to
industry and local authorities. It constantly focuses on
environmentally safe ways of processing all waste products
and maximising the reuse of energy and materials. The
company processes waste at its own facilities but also at the
facilities belonging to other parties. The company chooses
the best processing technique for each type of waste. This
includes recycling, processing into biomass or Waste-to-
Energy (incineration).
In recent years, Indaver has grown into an international
operator in Europe and has facilities in Belgium, Germany,
Ireland and the Netherlands. The company manages
approximately 5 million tons of waste products each year and
has around 1,700 employees.
1.2.2 What we stand for
DELTA offers its clients the convenience of sustainable and
innovative multi-utility solutions. The company guarantees
continuity in its product range and business relations. DELTA
is the natural partner for purchasers of utility services and
products such as energy, water, digital services and waste
collection and processing on both a small and large scale.
DELTA is also conscious that traditional energy sources are
finite. That is why DELTA is investing in making its processes
and techniques sustainable. This applies to energy creation
and to waste management and water. In an increasingly
complex environment, DELTA will further integrate its
products and services in order to respond to the needs of its
customers for information and convenience.
DELTA aims to generate CO 2 neutral electricity in 2050.
When all energy generated is made from CO 2 free methods,
this is referred to as carbon neutral. There is another variant
of this where many alternative steps are taken to
compensate for these CO 2 emissions. Fully sustainable
energy management will not be feasible for the next few
decades. DELTA’s view on energy provision is that nuclear
energy is needed to keep the reliability of the energy
provision at a steady level and to avoid the unnecessary
emission of greenhouse gases. Using nuclear energy for
generating energy does not produce CO 2 emissions and
emits fewer other pollutants such as nitrogen oxides (NO x),
sulphur dioxide (SO 2) and soot. That is why DELTA
considers this to be a responsible way of generating energy.
1.2.3 The world in which we operate
DELTA has strong ties to its surroundings through its public
shareholders and customers. The company works closely
with society in Zeeland and is pleased to assume its role in
society. After all, what is good for DELTA is also good for the
South-West Delta region. In 2012, DELTA began research
into its reputation among the general public and stakeholders
in Zeeland and corporate clients in the Netherlands. The
RepTrak survey was carried out by the Reputation Institute.
This institute researches the reputation of numerous
organisations throughout the world. In 2013, DELTA scored
79.2 on the RepTrak 100. This high score is unique in our
sector and shows that the general public values DELTA very
highly. Our aim for 2014 is to maintain this uniquely high
score. In addition to developing a KPI model, our reputation
will be measured on a monthly basis instead of annually.
This will give DELTA even more control of its reputation.
The multi-utility concept provides DELTA with a stable base.
The distribution of activities across various business
segments (energy and multimedia, networks and waste
management) lowers the company’s risk profile and makes
DELTA less vulnerable to fluctuations in the economy.
DELTA has compensated for its relatively small company
size through risk diversification and stable sources of
income. That is why DELTA is constantly looking for ways to
offer added value and make life easier for its customers. It
does this for instance by providing more products or offering
bespoke solutions. The situation in which DELTA now finds
itself is complex but offers chances. DELTA must look to
successfully bringing the financial ratios to a better level. This
requires a simple, cautious strategy and taking the necessary
measures. These measures will not always be
straightforward and will take time to implement, but we need
to do this for the continuity of the company.
‘Traditional sources of energy
are finite.
DELTA is investing in making
its processes and techniques
sustainable.’
The CO 2 data for 2013 on fuel mix was not ready when this
annual report was prepared. The final emission reports will
only be available later this year. The share of CO 2 neutral
and renewable energy fell in 2012 compared to 2011. This
fall is expected to continue in 2013. Due to the current
economic situation, the Sloe power station is running far less
and the coal-fired power station is running at base load.
Furthermore, in 2013 the nuclear power station was shut
down for several weeks, which caused proportionately more
energy generation with CO 2 emissions.
We will establish the 2013 CO 2-footprint in June 2014.
Annual Report DELTA N.V. 2013 11

Annual Report DELTA N.V. 2013 12

1.3
Notes on finances
Notes on the finances
Multi-faceted business activities and a clear financial
policy have ensured a positive close to 2013
Thanks to DELTA’s versatility and distributed activities, a reorganisation and a
competitive financial policy, the company had a relatively good year in 2013. The net
profit was EUR 74.8 million and it achieved revenue of EUR 2.1 billion. The energy
market has continued to show few changes. Structural recovery of the economy has
still failed to appear which has brought negative effects for electricity producers. The
prices for electricity further deteriorated in 2013. However, thanks to the good results
from the other divisions, we can look back on 2013 with satisfaction. MultiMedia
recorded positive results and DELTA Netwerkbedrijf, DELTA Infra and the associates
Indaver and Evides performed well in 2013.
Application of IFRS 10, 11, 12, IAS 19 (revised) and
IAS 27 (revised) and 28 (revised)
The new rules under IFRS that were all endorsed in 2012,
have been applied in this reporting year. This has meant
that the associated companies in which DELTA has an
interest together with a partner have been reconsidered.
We evaluated whether these should be processed as ‘joint
business activities’ (partial consolidation) or as a ‘joint
venture’ (consolidation based on the equity method). The
comparative figures have been used according to the rules
in the legislation, including the transition between the
figures based on the old and new methods of
consolidation. The following notes are based on the 2013
figures and the figures prepared under the new rules in
2012.
Revenue and Results
The revenue in the reporting year was slightly lower than in
2012. The multimedia business achieved good results by
responding well to the shift from analogue to digital. The
grid operator and DELTA Infra also recorded good results.
The waste management company Indaver, in which DELTA
holds a 75% interest, had a good year yet despite
increasing price pressure in the market, due in particular to
cost savings by governments. It saw its customer base in
the Netherlands, Belgium, Germany and Ireland grow.
Indaver secured a place in 2013 among the major
European operators in waste management. Despite a tariff
increase that was not forthcoming for drinking water, 2013
was an extremely successful year for the water company
Evides, in which DELTA owns a 50% share interest.
The grid segment continued along the lines of 2012 and
profited from the favourable tariffs in the regulated transport
of electricity and gas. This caused the turnover of the grid
operator to rise by 6%. The infrastructure company had a
large volume of on-going contracts and the revenue and
gross margin remained at the 2012 levels. The volumes of
sales dropped within the energy segment due to factors
including the bankruptcy of a large client in mid-2012 and
the strategy deployed during the previous year to guide the
company on the basis of added value instead of revenue.
Furthermore, strict credit management ensured once again
substantially reduced working capital allocation.
The waste management company Indaver once again
achieved revenue of over EUR 500 million. The high
capacity utilisation of the facilities was the main reason for
this.
The overall gross margin was down EUR 50 million
(- 5.8%) on the previous financial year. The most significant
reason for this was the outage of the nuclear power station
in EPZ, where a fault in the conventional part of the power
station led it being offline for 2.5 months.
The operating expenses remained stable thanks to a
continuous cost savings and the efficiency improvements.
The Redesign reorganisation was implemented during the
reporting year and led to reduced staffing in the holding
company and increased efficiency in the divisions through
the transfer of support services to the divisions.
Annual Report DELTA N.V. 2013 13

There was a slight reduction in the number of employees
during the reporting year. At the end of 2013 there were
3,394 employees (FTE) in the various subsidiaries
compared to 3,470 employees (FTE) at the end of 2012.
These figures include the full-time employees in the
respective ‘joint business activities’. This reduction was a
result of a strict recruitment policy and efficiency
programmes that were introduced.
In 2013, the results from associated companies were EUR
41.5 million and down on the 2012 level of EUR 73.2
million. The decline was explained by a gain in 2012 on the
sale of the participation in N.V. KEMA. Compared to 2012,
the external financial requirements are up by EUR 17.4
million this financial year. During the year, the interestbearing
debt net of available cash and cash equivalents
increased by EUR 2.6 million to EUR 632.7 million at the
end of 2013. The interest expenses were EUR 26.6 million
in 2013. The interest addition to provisions remained at
steady EUR 18.4 million, EUR 1.5 million down on 2012. In
2012, the financial income and expenses were positively
influenced by the receipt of funds from the ‘Landsbanki
claim’. The total financial income and expenses increased
in the reporting year compared to the previous year.
Corporate income tax was strongly impacted by lower fiscal
results in 2013, reimbursements from previous financial
years (to both DELTA N.V. and Indaver N.V.) and a lower
corporate income tax burden in the joint business activities
EPZ and Sloe.
The subsequent results recorded under ‘profits after tax
from discontinued business activities’ are connected to an
interest sold in DELTA Industriële Reiniging B.V. at the
beginning of 2013.
2013 ended with a post-tax profit of EUR 74.8 million
attributable to the shareholders, compared to the end of
2012 that ended with a post-tax profit of EUR 81.0 million.
Cash flow and investments
With the exception of the energy production segment, cash
flows from the business operations are positive.
Operational cash flow was positively impacted by control of
the operating capital. This led to good results, particularly in
the corporate energy segment. The total operational cash
flow was EUR 224.6 million. Cash flow from investing
activities was EUR 187.2 million. EUR 37.9 million of this
relates to the Grids segment (expansion and replacement
of grids and equipment), excluding contributions by third
parties to these investments. EUR 39.8 million relates to
the waste management activities (in addition to regular
replacement investments, a new digester was constructed
in the Netherlands). EPZ invested EUR 33.7 million of
which approximately EUR 31 million was maintenance
investments in the nuclear power station and the
associated conventional systems. Investments in the
Energy & Multimedia segment concerned the Kreekraksluis
wind farm, the new invoicing system for consumers and the
cable network.
The expenditure for investments in tangible fixed assets
and intangible fixed assets were balanced with
depreciations in the reporting year. The proceeds from the
sale of the minority shareholding in KEMA in 2012 was
included in that year under ‘disposal of investments in
subsidiaries and associates’.
The free cash flow after payment of a dividend of EUR 40
million to our shareholders was a negative EUR 2.6 million.
In a year in which the activities in the area of energy
production came under sustained pressure and in which
the outage of one of DELTA’s major power stations brought
additional cash outflow, this is a positive result.
Financial position and solvency
In 2013 comprehensive income stood at EUR 79.8 million.
This, coupled with the increase in value of the reserves, the
put option related to Indaver (EUR 5.1 million) and the
dividend payout for EUR 40 million boosted DELTA N.V.
shareholders’ equity to EUR 1,213 million. The solvency
ratio was 31.8%, at the end of 2013. This is a slight
improvement over the end of 2012 when solvency ratio was
31.1%.
The profit we made in 2013 enables us to propose a
dividend of EUR 20 million. This is less than in 2012
because the poor conditions in the energy market persist
and we must maintain the level of our financial reserves as
a buffer for an uncertain future. We will put this proposal
before the shareholders.
Outlook
The outlook for the energy market continues to be
negative. There is uncertainty about various European
governmental subsidy policies and this causes disruption to
the operation of the market. The issue of whether or not our
company will be forced to unbundle continues to be a great
focus. The Executive Board and the Supervisory Board aim
to choose the right strategy for DELTA. This strategy
should take account the challenges of a rapidly and
continually changing energy market where energy prices
remain depressed. This choice for an independent DELTA,
a fusion or a partial sale is on the agenda for Spring 2014.
Annual Report DELTA N.V. 2013 14

1.4 Focus
Focus
The situation of DELTA is complicated, but also offers some fine opportunities. In
order to take the financial ratios of DELTA to a better level in 2013, the decision was
taken for a simple, cautious strategy and the implementation of the necessary
measures. The aim is for a financially independent and healthy company.
Various scenarios were carefully considered in order to
arrive at the strategy for DELTA in 2013. Important factors
were the discussions about independence, financial results
which may or may not be disappointing, the uncertain
economic situation, the energy market that is coming under
further pressure and the far-reaching legislation and
regulations. When everything was taken into consideration,
the choice for a financially independent and healthy
company was obvious.
The focus of the strategy in 2013 was to maintain the
robustness and stability of the multi-utility concept,
strengthen the continuity of DELTA, create a good balance
between risks, returns and employment and safeguard the
socio-economic impact in the southwest Delta region.
In 2013, the focus on profits and cash flows was reinforced.
No new large investments were made, the organisation
was brought into line with the commercial circumstances,
divisions were more efficiently organised, greater
responsibility was vested in the divisions, staffing levels in
the holding in Middelburg were reduced and auditing of the
business and financial processes was made more
professional. In this report we have described the specific
implementation of this strategy for each division. If DELTA
also wants to achieve returns for the shareholders,
maintain employment in Zeeland and exercise its role in
society, then a modified strategy is needed for 2014 and
subsequent years. This strategy is one of the topics for
conversation with the shareholders and other stakeholders.
At the end of 2013, the shareholders agreed that the
Executive Board should study three options: merger,
takeover or be financially independent and healthy.
‘In 2013 the focus was on
being financially
independent and healthy.
We need a modified
strategy for the coming
years.’
Annual Report DELTA N.V. 2013 15

Annual Report DELTA N.V. 2013 16

DELTA and CSR
1.5
DELTA and CSR
(Corporate Social Responsibility)
DELTA is inextricably linked to Zeeland. The link is important because DELTA is
one of the largest employers in the region. It is a link through the cables and pipes
which provide residents of Zeeland with electricity, gas and internet. This link is
also seen in in the way DELTA fulfils its responsibilities to society by supporting
regional and local projects and events.
In recent years, DELTA has issued a separate CSR report
to let the market know about our track record. This year the
CSR reporting is incorporated into the annual financial
report. This is a logical step for DELTA. Socially
responsible business is after all an integral part of our
operations. There is a deep-rooted awareness, both at the
corporate level and within the divisions, of participating in
and behaving in a responsible way in society. CSR at
DELTA is: energy transition, responsible operational
management and a committed organisation based in
Zeeland. In this chapter we will discuss DELTA’s CSR
results for 2013 at the operations level. Each of the
divisions is responsible for setting and meeting CSR
objectives. The separate CSR results for each division can
be found in the relevant chapters.
DELTA realises that there are still gains to be made in the
area of CSR. In working on CSR, DELTA uses ISO-26000
for guidance. This contains seven important principles on
social responsibility: accounting for responsibility,
transparency, ethical conduct, respect for the interests of
stakeholders, respect for the law, respect for international
codes of conduct and respect for human rights.
Communication
DELTA has organised its communication channels so that
stakeholders can always enter into dialogue with DELTA.
The Communication and Public Affairs department sends
information about important events, reports on finances
and results and has contact with stakeholders through
traditional and social media and also in person. The
environmental publication Zeeland Magazine used to be
issued regularly and could also be read online. Due to cost
saving measures, publication of the magazine ceased in
March 2013. Digital newsletters are now sent on a regular
basis instead.
Socio-economic impact
In part through the head quarter operation and the
consumer spending of DELTA’s employees, DELTA
contributes EUR 600 million to the Gross Regional Product
of Zeeland. Furthermore, the dividend for the province and
municipalities is an important financial force behind local
and regional business initiatives. That is why DELTA is
very important for employment in the region and as a result
makes a substantial contribution to the regional economy.
‘CSR is an integral part of
our operations.
However, we realise that
there are still gains to be
made.’
Changes in energy provision
The electricity market has been going through great
changes for many years. There is currently an issue of
overcapacity in the Netherlands due to falling demand
because of the economic situation. Electricity pricing has
levelled out and the price for carbon credits is low.
However, developments abroad are having a greater
immediate impact on the electricity market in the
Netherlands. Examples of this are the extraction of shale
gas in the United States and the rapid energy transition in
Germany where cheap German electricity is flooding onto
the Dutch market.
Annual Report DELTA N.V. 2013 17

Energy Agreement
In September 2013, the Energy Agreement was presented.
Over forty organisations including central government,
employers, trade unions, nature and environmental
organisations and other social organisations and financial
institutions committed themselves to the Energy Agreement
for sustainable growth. The key element of the agreement
is how 16% sustainable energy can be achieved in 2023,
the ways in which energy savings can be stimulated and
how CO 2 reductions can be achieved. The arrangements
resulting from the Energy Agreement have an impact on
the current and future operation of DELTA. You can read
more about this in the relevant chapters.
Responsible business
Wherever possible, DELTA makes responsible choices in
its business operations. These choices involve
procurement, energy use, recycling and car use. However,
DELTA also applies this to the way in which it deals with its
employees by paying attention to issues such as safety,
personal development and sickness absence. You can
read more about this in the chapter ‘DELTA and its
employees’.
5.1 Carbon footprint
DELTA has implemented a CO 2 benchmark over the last
few years, in part to be able to see where reductions can
be made. The carbon footprint of DELTA’s office
organisation was last measured in 2012. The 2013 footprint
will be measured in 2014 and the results from this will be
included in the 2014 report. DELTA tries to make savings
and reduce its carbon footprint wherever possible. This
remains a point for consideration, as DELTA’s emissions
are still 22% higher than the average for a comparable
office-based organisation. The transport and heating
factors for old buildings play a particular role in the carbon
footprint. In 2012, the carbon footprint rose by 5% to 5,505
tons of CO 2 compared to 2011 figures. The purchase of
green electricity makes a great contribution to lowering
emissions. Based on the benchmark, approximately 62%
can be reduced in theory. Due to the limited availability of
public transport in Zeeland, this total reduction will not be
feasible in practice. However, there was a small drop in
2012 in the area of transport due to the modest deployment
of electric cars in the DELTA fleet.
5.2 In dialogue with the stakeholders
DELTA is pleased to meet with anyone who has any form
of interest with the developments of the organisation. Our
doors are open at our headquarters in Middelburg. DELTA
ensures that the company engages all of its stakeholders in
dialogue and that everyone’s interests are considered in
policy decisions. DELTA is proud of its role and reputation
in Zeeland and treats this with care.
This carefulness is expressed in the many interactions that
the company has with its stakeholders. DELTA looks for
stakeholders who are directly involved so that they are able
to talk about specific subjects. Furthermore, the
stakeholders must have an interest or promote an interest
in a certain subject. DELTA regularly explores important
and new themes in systematic or ad-hoc meetings with its
discussion partners. DELTA tries to be as pro-active as
possible in the dialogues by being present at regional
sporting or cultural events, by attending professional
meetings that have a link to DELTA’s areas of work or
which are relevant to the region.
‘We enjoy meeting our
stakeholders.
The doors of our
headquarters are always
open.’
DELTA’s stakeholders include: customers (business and
consumers), professional, industry and network
organisations (energy, waste, networks, multimedia,
general), government authorities (regional, national and
European), social organisations, suppliers and partners,
educational institutions, (sport, culture and other)
associations, regulatory bodies, financiers, suppliers and
the shareholders. DELTA’s employees are an extremely
important group of stakeholders.
Coal dialogue
In June 2012, EnergieNederland took the initiative to start
the coal dialogue in which energy companies, mining
companies, NGOs and trade unions would place the
interpretation of supply chain responsibility by Dutch
energy companies on the agenda. The reason for this
initiative came from publications about Dutch energy
companies that were purchasing coal from mining
companies in Columbia and South Africa. These mining
companies may have been involved in serious breaches of
human rights. DELTA is one of the partners taking part in
the coal dialogue.
Smart Delta Resources
At the beginning of 2013 DELTA was the driving force
behind a manifesto for the conversion of a coal-fired power
station into a bio-energy power station. Prominent
representatives from eight organisations in Zeeland signed
a manifesto on Tuesday 15 January 2013 in which they
called on politicians to enable subsidies for this sustainable
project that is unique for the Netherlands. The manifesto
received a response at the beginning of 2014 in the
formation of the Smart Delta Resources platform. Twelve
companies that make intensive use of energy and raw
materials, including DELTA, want to work together to
strengthen industry in Zeeland. The participating
companies have a joint energy consumption of
approximately 25% of the total gas consumption in the
Netherlands. This offers many opportunities for synergy
and innovation. Together, they are looking for smart
solutions to the current international competitive
disadvantage and loss of employment as a result of the
falling energy and raw materials position.
Annual Report DELTA N.V. 2013 18

Focused on clients
DELTA wants to know what is important for clients and how
clients value the services it provides. DELTA enters into
dialogues with clients through customer service, website
and in personal meetings. In addition to this, Advisory
Boards were created in 2013. DELTA is also serious about
dealing with complaints. In 2013, DELTA received the
Customer Centric DNA Award in the energy category.
DELTA was awarded this prize because it showed the best
development and customer focus of all energy companies.
This emerged from research with 10,000 consumers into
their experiences with customer focus in sectors including
the energy sector.
Government authorities
Energy moves in a strictly regulated market and with
regulations that come from national and European
legislators. The challenges in the area of sustainability and
security of supply are high on the political agenda. In order
to properly define our positions in these debates and to
inform political and official stakeholders, DELTA has a
Public Affairs department. The responsibilities of this
department are regional, national or European, DELTA
maintains close contact with political and official
stakeholders within Zeeland. Various projects are also
carried out in conjunction with the regional authorities.
Society
DELTA engaged in various dialogues with stakeholders in
2013. For instance, it discussed with representatives from
the health and social care sector how it could use
multimedia provisions to assist with helping elderly people
to remain at home and live independently for longer.
DELTA is involved with the association ‘Vier het Leven’
(Celebrate Life) and discusses the wellbeing of the elderly
with organisations for the senior citizens. Together with
parties such as the Zeeland Environment Federation,
Zeeland Library and the Province of Zeeland, it reflected on
the distribution of knowledge and facilitating the dialogue
on making energy more sustainable which led to ‘Energie
in de Etalage’ (Energy on Display), a digital platform about
sustainable energy. In 2013, the initiative ‘Elke Stap Telt’
(Every Step Counts) by the Zeeland association Welzijn
Ouderen (Elderly Wellbeing) and SportZeeland together
with DELTA took form. This is a walk-in project that is easy
to access and is focused on senior citizens in which
development of fitness and stimulating social contacts are
key elements.
Knowledge
DELTA participates in the Zeeland Scientific Council
dialogue on the knowledge infrastructure in Zeeland as a
driving force for innovation and economic growth for the
region. A new group of service technicians has completed
the DELTA infra professional training course. This training
course was set up in 2012 in partnership with the training
company InstallatieWerk Brabant-Zeeland and Markiezaat
College in Bergen op Zoom.
Shareholders
The most important dialogue that was carried out in 2013
was the dialogue about the future of DELTA. In November,
the Province of Zeeland, as the largest shareholder, talked
about the shareholder strategy. Three possible options
were discussed: continue working on financial
independence, merger or takeover. It was decided that
these options should be looked at in more depth and there
is an on-going dialogue on these between DELTA and the
shareholders.
‘An important dialogue
that we held in 2013
was the dialogue about our
future. We will continue
with this in 2014.’
Annual Report DELTA N.V. 2013 19

1.5.3 Donations and sponsorship
DELTA is closely involved with the quality of life in Zeeland,
not only as an employer, but also as a responsible
company operating in the region. One of the ways in
which DELTA contributes to the quality of life is by
funding the DELTA Zeeland Fund Association.
Various innovative initiatives in the areas of art and
culture, nature and environment, sport and leisure time,
health and social care and wellbeing were also financed
through this fund.
99 applications were approved and implemented in 2013
and made a systematic contribution to society in Zeeland
at the sum of EUR 320,100. We aim to fairly divide the donations.
However, in some categories applicants miss out. DELTA
does not determine itself which initiatives are granted money.
The fund has a committee of seven members for this.
The vice-chairman is a DELTA employee. The other
six members come from all parts of Zeeland and are
experts in at least one out of the four key areas.
2013 2012 2011
Art & culture 132.850 133.000 131.500
Nature & environment 11.500 32.500 43.500
Sport & leisure 99.500 139.576 120.000
Health & social care 76.250 93.250 87.200
TOTAL 320.100 398.326 382.200
Sponsorship
In 2013 DELTA sponsored two large events in Zeeland.
These were Concert at SEA and the DELTA Ride for the Roses.
The aim of sponsoring these two events included showing which
essential products DELTA is able to deliver to large events.
For Concert at SEA, DELTA supplied water, electricity,
internet facilities and cleared the refuse at the end of the event.
The revenue from all participants of the fifth DELTA Ride for the
Roses was EUR 169,760. Since DELTA took care of the organisation
costs, the entire amount could be paid to the Dutch Cancer Society.
In addition to this, DELTA supports annual activities that are focused
on two specific groups: vulnerable elderly people and young people
with a disability. As part of these activities, a sports day for children
with a disability was organised in 2013. In partnership with
Stichting Vier het Leven (Celebrate Life), a film evening at
Film by the Sea and a private concert by Willeke Alberti were
organised for senior citizens.
Annual Report DELTA N.V. 2013 20

1.6
DELTA and its employees
DELTA
and its employees
DELTA and society in Zeeland are inseparably connected. In addition to the products
and services that people from Zeeland purchase from us, DELTA is one of the largest
employers in Zeeland. The company creates a good and safe working atmosphere
for its employees and allows sufficient room for career development.
6.1 Manpower and work force
On 31 December 2013 DELTA (including associates) had a
total workforce of 3,394 employees (FTE). 1,297
employees (FTE) of this total belonged to the DELTA
divisions in Zeeland in Goes, Middelburg and Vlissingen.
The social key indicators of the EPZ and Indaver
associates were not included in this report. They each
issue their own reports.
Total workforce (associates included)
2013 2012 2011
Total 3,394 2,954 2,975
In the DELTA divisions in Zeeland, 74% of the workforce is
male. There is a reasonably equal ratio in management
positions. The average age in 2013 was 44.5 and this has
increased slightly compared to last year. With the exception
of several members of management, everyone at DELTA
comes under the collective labour agreement for production
and supply companies.
6.2. Inflow/outflow
Staff numbers decreased at DELTA last year, in part due to
the reorganisation of the divisions. In 2013, 88 people left
the company and DELTA welcomed 28 new employees.
The completion of the new billing system also saw the end
of many secondment contracts. DELTA is taking a critical
look over the forthcoming years at the secondment policy.
DELTA wants to promote the upward progression of
employees. In this way their potential can be best used.
They can grow as members of DELTA and their experience
can be retained. This offers opportunities to employees and
creates savings.
Due to the age profile in the company, a relatively large
group of colleagues will be leaving DELTA in the coming
years. Approximately 20% of the employees will leave in
the next 5 years. To address this issue, DELTA Infra has
set up a programme that combines work and study in
partnership with the training company InstallatieWerk
Brabant-Zeeland and Markiezaat College in Bergen op
Zoom. The aim is to recruit young technicians and to offer
them further training. Twenty new technicians joined the
company in this way during 2013. There are also close
contacts with other schools. DELTA has signed a voluntary
agreement with HZ University of Applied Sciences to bring
about a better match for work experience places. Every
year DELTA organises introductory meetings for potential
trainees. In addition to this, DELTA is exercising its social
responsibility by offering work experience places to people
at a distance from the employment market. DELTA is also
a member of the Employment Market and Training
Committee of the Brabant-Zeeland Employers Association.
6.3 Restructuring
In 2013, DELTA restructured parts of the organisation.
Naturally a restructuring is always accompanied by
emotional moments because employees are forced to
leave the work activities that they rely on. DELTA
proceeded with the entire process as carefully as possible.
A complaints committee was set up and a special
placement committee, consisting of a representative from
the central works council, the management and HR
specialists from DELTA, accompanied the entire
restructuring process and tested the rules and the
redundancy rules for meticulous and simple application. In
addition to the restructuring, there were also cut backs to
the employment conditions in the divisions in 2013.
Annual Report DELTA N.V. 2013 21

The aim was to incorporate duties and responsibilities
deeper within the organisation and to guide the staff
according to the ‘lean & mean principle’. Middelburg was
the first phase, where the Origination, Trade and Supply
(OTS), Consumer and Business and parts of Asset
Development & Operation (AD&O) divisions were merged
into a new division. Corporate staffing was reduced
considerably through the partial decentralisation of parts of
the staff functions, including HR and partial reduction
through discontinuing activities. Preparations were set in
motion in Goes for the merger on 1 January 2014 of
DELTA infra and DELTA Netwerkbedrijf into the new
DELTA Netwerkgroep. The reorganisation is taking place at
the same time as the loss of several hundred employment
posts, for which a good redundancy plan was drawn up in
consultation with the trade unions. This is based on moving
from one job to another. The severance payment in the
redundancy plan has been cut back. The principle of
proportionality was applied and wherever possible as many
redundant workers as possible were redeployed in other
vacant positions. Initially, temporary contracts were not
extended and hired-in contracts were stopped where
possible so that permanent employees could be
redeployed to those positions. A matching method was
used to see whether employees would also really fit the
new role.
‘Development
possibilities are a
source of energy and
have a positive
influence on the
employability and
enthusiasm of
employees.’
6.4 HR key objectives
A lot has changed for the HR department during the
restructuring at the head office in Middelburg. Policy is still
centralised at the head office, but the implementation of the
HR policy has been incorporated in the divisions. The HR
policy had three key objectives in 2013.
Key Objective for Internal Mobility and Sustainable
Employability
Current developments in the economic climate and
safeguarding the future of DELTA make internal mobility an
important building block for the achievement of the strategy
in the coming years. Development possibilities are a source
of energy and have a positive influence on the
employability and enthusiasm of employees.
We are focusing on the entire DELTA organisation,
including the majority interests to allow employees to
progress and give priority to vacancies. Agreements have
been put in place with all of the divisions about the
exchange of vacancies and partnership will be further
intensified through the mobility platform.
Personal leadership Key Objective
In order to assist employees, DELTA provides resources
such as assessments, Personal Development Plans and
training courses. In addition to personal leadership, control
of the individual’s own personal situation, DELTA also
demands that everyone in a managerial position takes
responsibility for people and results by guiding, inspiring
and motivating and by seeking partnerships with others
both inside and outside of their department/division in order
to achieve the best result for DELTA.
Strategic personnel planning
Providing high-quality employment in Zeeland creates
added value for DELTA. DELTA wants to provide
employees with sufficient sources of energy and
challenging work, where wellbeing and social and physical
safety are guaranteed. HR supports these goals through
the deployment of strategic personnel planning. The
feasibility of strategic and tactical business decisions is
tested on any potentially vacant position and we look to fill
that vacancy with someone from within DELTA.
The key HR objectives for 2014 were determined in 2013.
These have largely remained the same, though there has
been a shift in emphasis. Given the quantity of internal job
changes, reorganisations, cost reductions and cutbacks,
the issue is to maintain services at a steady level or
improve these with a flexibility that allows us to move with
changes in the market and in legislation. DELTA will
continue to place emphasis on the sustainable deployment,
quality and flexibility of its employees.
6.5 Satisfied employees
DELTA carries out an employee satisfaction survey every
two years. We have been working throughout 2013 on the
most important results from the 2012 survey. That survey
combined with a periodic medical examination and a study
into personal safety showed that 21% of employees are
enthusiastic and are capable of being optimally deployed.
29% of employees suffered from stress complaints and 8%
of these risked burn out. In 2012, 86% of employees were
satisfied with working at DELTA. There was an average
score of 7.2 for personal safety.
At DELTA, we believe in a satisfied and enthusiastic
workforce. DELTA believes that enthusiastic employees
are motivated and vigorous and continue working
productively for longer periods. Each division drew up an
action plan in 2013 in order to improve enthusiasm. We
began by listening to employees. In 2013 the divisions
organised improvement sessions and peer groups to gain
feedback from employees about their sources of energy
and causes of stress. These are the preconditions for the
degree of enthusiasm. Furthermore, there have been
additional investments to ensure that management can
better stimulate enthusiasm in employees.
6.6 Safety
At DELTA, safety is emphatically the first matter of
importance. In 2013, we dedicated ourselves to the
exemplary behaviour of managers. The variable pay
component of a large number of managers has been made
dependent on an active contribution to a safer organisation.
A safety statement was prepared at DNWB and DELTA
Infra that employees must observe. Safety is given extra
attention at DELTA Infra and DNWB due to the extra risks,
but work is being actively done on safety awareness in the
office organisation too. For instance, workplace inspections
and health and safety drills are being carried out.
Annual Report DELTA N.V. 2013 22

The further increase in safety awareness in 2013 can be
seen from among other things the increasing learning
opportunities that are reported via the HSE portal on our
intranet. In 2013 there was a total of 449 reports for
learning opportunities, as a result of a potentially unsafe
situation, via the intranet HSE portal. The number of safety
incidents with injuries fell in 2013. We continue to strive for
zero incidents.
6.7 Personal Safety
In order to promote personal safety at DELTA, a number of
employees were appointed several years ago as persons
to whom one can confidentially report a personal, workrelated
situation. Since little use had been made of these,
at the beginning of 2013 the Executive Board once again
took the opportunity to emphasise that openness is
important. Ultimately 32 notifications were made in 2012
related to personal safety at work.
In 2012 a Code of Conduct was drawn up that included all
of the norms and values that operate at DELTA. A number
of new sections were added to the Code of Conduct in
2013, including the Alcohol and Drugs Policy.
6.8 Sickness absence
In 2013, sickness absence was 4.1%. Work-related
psychological leave was not recorded separately in 2013.
In order to avoid burnout or stress related complaints, in
2013 managers were trained in recognising signs of stress.
Preventative health management should contribute towards
more enthusiastic and versatile employees.
Sickness absence DELTA
Sickness
absence
2013 2012 2011 Standard
4,1% 4,1% 4,2% 4,5%
‘Safety comes first at
DELTA.
Safety awareness increased
further in 2013.
Annual Report DELTA N.V. 2013 23

’
Annual Report DELTA N.V. 2013 24

1.7
DELTA and Corporate governance
DELTA and
Corporate governance
Sound business practices, integrity, respect, supervision, transparent reporting and
other forms of accountability constitute the main cornerstones of DELTA’s corporate
governance policy. DELTA complies with the Dutch Corporate Governance Code that
applies to listed companies in the Netherlands.
Corporate governance structure
DELTA N.V. is a company with a two-tier board as referred
to in Section 2:154 of the Dutch Civil Code. The legal
consequences that the Dutch Civil Code attaches to this
status are not entirely appropriate to the company’s
governance structure. The involvement of the General
Meeting of Shareholders (GMS) and the Supervisory Board
with the company’s operations is reflected in its articles of
association and various sets of regulations. These can be
found at www.DELTA.nl/RvC. It also establishes where the
approval of the supervisory board or general meeting of
shareholders is needed for proposed executive board
decisions concerning investments and/or takeovers or the
selling of parts of the company. If the amount involved
exceeds five million euros, the proposed resolution requires
approval from the Supervisory Board. If the proposal
involves an investment in excess of 55 million euros, it
requires the prior approval of DELTA’s shareholders.
Executive Board
The powers and responsibilities of DELTA’s Executive
Board are defined in the Executive Board Regulations.
These provide for a division of duties among the members
of the Executive Board, define internal powers of attorney,
lay down decision-making procedures, and contain rules
that are consistent with the Dutch Corporate Code,
including those dealing with conflicts of interest of
Executive Board members.
DELTA endorses the new rules on a balanced composition
of the Executive Board as laid down in Section 391.7, Title
9, Book 2 of the Dutch Civil Code, as introduced on 1
January 2013. Consideration will be given to the new
guidelines as and when appropriate.
Supervisory Board
DELTA’s Supervisory Board oversees the company’s
overall performance, including compliance with its policies,
the results achieved by the Executive Board, the
company’s financial position and risk profile, and its
financial reporting. The Supervisory Board also acts as
sparring partner for the Executive Board. In order for the
Supervisory Board to properly fulfil its role, its profile must
be consistent with that of the company. The profile that was
drawn up by the Supervisory Board in the course of 2010
describes the capabilities required of its prospective
members, having regard to the expanded powers of
nomination vested in the Central Works Council.
The Supervisory Board also complies with the Code in
terms of its membership composition (independence, age
diversity, background, and expertise). Despite the
appointment of Marieke Schöningh as a member of the
Supervisory Board, gender diversity still remains a concern.
The Supervisory Board’s powers and duties and internal
decision-making and the role of its chair are set out in the
Supervisory Board Regulations. These also provide for
matters such as periodic reviews of the Supervisory
Board’s own performance, in accordance with the Code.
Audit Committee
One of the duties of the Audit Committee, in addition to
issues of a financial and fiscal nature, is to monitor risks the
company wishes to take. Risk management and risk policy
are regular items on the agendas of both the Audit
Committee and the Supervisory Board’s plenary meetings.
Shareholders
The role of DELTA’s shareholders and the powers of the
General Meeting of Shareholders are set out in the
company’s Articles of Association. DELTA’s shareholders
are committed and dedicated, in part because they are
public sector entities. As stated in the Code, DELTA
shareholders should also in principle strive towards their
own interests within the context of legal principles of
reasonableness and fairness. However, owing to the wideranging
powers entrusted to the GMS under the Articles of
Association, the way in which the shareholders exercise
their voting rights has a significant influence on the
company’s policies and operations.
‘DELTA shareholders are
committed and dedicated,
in part because they are
public sector bodies’
In a broader context, the Frijns Committee encountered the
same situation at numerous other companies in the
Netherlands, and has recommended pursuing a policy to
promote bilateral contacts between companies and their
shareholders. At DELTA, we have introduced a policy that
Annual Report DELTA N.V. 2013 25

provides for periodic and informal talks between the
Executive Board and our shareholders throughout the year.
Works Council
Throughout the Articles of Association, regulations and
other arrangements, the relationship between DELTA
Works Council and Central Works. This is a relationship
built on mutual respect, as reflected in the systematic
consultations between the company/Executive Board and
the Works Council. At divisional level, systematic
consultations are held with the divisional works councils.
Compliance
DELTA operates a Whistleblower Scheme, adopted by the
Supervisory Board, which, in addition to the compliance
officer’s activities, enables employees to raise concerns
about malpractice with the Executive Board and/or a
counsellor in confidence. If preferred, this report can be
made to an external employee.
7.1 Executive Boardmembers 2013
In 2013, The Executive Board of DELTA N.V. was
composed of Rob Frohn (CEO) and Frank Verhagen
(CFO). On 31 October 2013, Rob Frohn left the company
and Frank Verhagen was interim CEO.
Executive Boardmembers
Rob J. Frohn (1960)
CEO 1 January 2013 - 31 October 2013
Nationality: Dutch
Outside interests:
• Member of the Supervisory Board of Nutreco N.V.
• Member of the Advisory Board of HAN
University of Applied Sciences
• Member of the Supervisory Board of Havenbedrijf
Rotterdam N.V.
• Chairman of the Audit Committee of the all
forementioned organisations
Frank Verhagen (1961)
CFO 1 February 2009 – present
Interim CEO 1 November 2013 – 15 January 2014
Nationality: Dutch
Outside interests:
• Advisory Board member of Admiraal de
Ruyter Hospitals
• Board member of employers’ association WENb
Annual Report DELTA N.V. 2013 26

7.2 Report by the Supervisory Board
The Supervisory Board reports on its activities undertaken
in 2013 and the way in which it has performed its
supervisory and advisory duties.
Composition
The Supervisory Board at DELTA consisted of the following
members in 2013:
Mr D. van Doorn (Supervisory Board Chairman)
Mr J. Bout
Mr J. G. van der Werf
Mr B.P.T. de Wit
Ms M. Schöningh (from 17 May 2013)
Meeting and other activities of the Supervisory Board
The Supervisory Board convened five meetings in 2013
with the Executive Board under the articles of association
during which the following issues were discussed:
Appointment of roles within the Board and the
Committees
The Supervisory Board adopts the philosophy that
almost all items will be discussed in the plenary
meetings of the Supervisory Board. Therefore, from
the perspective of collective responsibility, the
Supervisory Board does not consider there to be any
place for numerous committees composed of its
members that may exercise primary responsibility in
subsidiary areas. The Supervisory Board has allowed
two exceptions: the audit committee in line with the
Dutch Corporate Governance Code and the committee
for any new CEO appointment.
On 17 May 2013 Marieke Schöningh was appointed as
a new member of the Supervisory Board.
Financial matters such as quarterly reports, the annual
financial statements and the business plan containing
the operational and financial targets of the company.
Strategic issues, including acquisitions, divestments
and investments. In addition to matters of a strategic
nature, the most significant risks of the implemented
policy were also discussed.
Dividend policy, investment and financing policy, risk
management and corporate governance.
Helping its shareholders formulate a shareholders’
strategy within the governance framework.
Developments regarding the Independent Grid
Operation Act and talks with shareholders about
developments involving the company’s share interest
in water company Evides N.V.
Developments surrounding the integration of EPZ N.V.
into the company’s organisation, particularly focusing
on safety aspects and governance.
The Supervisory Board assessed its own operation without
the presence of the Executive Board under the articles of
association. It briefly discussed the most important tasks
and responsibilities of the Board (supervision,
recommendations) and also cultural and conduct aspects.
The Supervisory Board also convened to review its own
performance, without the Executive Board attending.
Annual Report DELTA N.V. 2013 27

Audit Committee
The issues discussed by the Audit Committee in 2013
included the management letter, group plan, quarterly
reports, half-year report, financial statements, financial
returns on projects and investments, risk management,
IFRS, and several other proposals to invest or divest.
The Audit Committee consisted of Mr J. Bout and Mr B.P.T.
de Wit. The Audit Committee meetings were attended by
the Executive Board, the Manager of the Internal Audit
Group, and the external auditor.
CEO Appointment Committee
A nomination was made to this ad hoc committee with the
help of an external company.
Composition of the Directors under the articles of
association
As a result of the departure of Mr Frohn on 31 October
2013 the Executive Board consisted of Mr F. Verhagen.
The remuneration policy for the members of the Executive
Board was adopted by the General Meeting of
Shareholders, in line with the Supervisory Board’s
proposal. The policy’s guiding principle is that DELTA
should be able to offer a pay package that allows the right
people to be recruited and retained by the company. The
Supervisory Board determines the remuneration of
Executive Board members annually, within the limits set by
this policy.
The Supervisory Board determined the remuneration of
both Executive Board members within the limits of the pay
policy. The remuneration of the newly appointed CEO was
approved by the shareholders’ committee.
Financial Statements
The Supervisory Board has reviewed and approved the
annual report, financial statements, and notes for the 2012
financial year, as submitted by the Executive Board. The
Executive Board prepared the 2013 financial statements on
that basis, and the Supervisory Board recommends their
unqualified adoption by the General Meeting of
Shareholders. The dividend proposal, which will be
submitted for approval to the GMS, involves a payout of
EUR 20 million and adding the remaining net profit to the
reserves.
DELTA N.V.’s Supervisory Board
D. van Doorn,
Chairman
Executive Board Remuneration
Name Date End
nomination
period
Mr D. (Daan) van 21 June 2010 20 June 2014
Doorn, Chairman
Mr J. (Johan) van der 25 June 2012 3 June 2014
Werf, Vice-Chairman
Mr. J. (Jan) Bout, OR 13 December 12 December
Works Council Supervisory Director 2010 2014
Mr P. (Peter) de Wit 13 December 12 December
2010 2014
Ms M. (Marieke) 17 May 2013 16 May 2017
Schöningh
Annual Report DELTA N.V. 2013 28

7.3 Supervisory Boardmembers
Mr D. (Daan) van Doorn (1948), Chairman of the Supervisory
Board
Nationality: Dutch
First appointed: 21 June 2010
In term until: 20 June 2014
Profession/Main role: Former Chairman of the Board of
VION Food Group
Outside interests: Supervisory Board Chairman of Brunel
International N.V., Chairman of the Wageningen University
Fundraising Committeé, Chairman of the Science Group
Advisory Council at Wageningen University, Chairman of
the Netherlands Mussels Farmers’ Association, Chairman
of the Delta Region Strategic Board, Supervisory Board
Chairman of Rabobank Oosterschelde, Supervisory Board
member of A-ware Food Group
Mr J.G. (Johan) van der Werf (1952), Vice-Chairman
Nationality: Dutch
Mr B.P.T. (Peter) de Wit, MA (1949)
Nationality: Dutch
First appointed: 1 January 2011
In term until: end of 2014
Profession/principal position: former CEO of Shell
Netherlands B.V.
Outside interests: Non-executive Board director of
Caithness Petroleum, London, Advisory Council member of
Energy Delta Gas Research (EDGaR)
Ms A.M.H. (Marieke) Schöningh (1963)
Nationality: Dutch
First appointed: 17 May 2013
In term until: 16 May 2017
Profession/principal position: Program Director Profit
Improvement DSM
First appointed: 2001
In term until (final term): 3 June 2014
Profession/Main role: former member of the Board of
Directors of AEGON N.V.
Outside interests: Supervisory Board Chairman of Ordina,
Chairman of the Board of Trustees of NOS, Chairman of
the Board of Trustees of Utrecht University Hospital,
Supervisory Board member of De Lotto, Supervisory Board
member of ONVZ, Advisory Council member of SVB,
member of the Board of Trustees of Nederlands
DansTheater
Mr J. (Jan) Bout (1946)
Nationality: Dutch
First appointed: 1 January 2011
In term until: end of 2014
Profession/Main role: former Chairman of the Board of
Royal Haskoning
Outside interests: Supervisory Board member of Ballast-
Nedam N.V., Supervisory Board member of Brunel
International N.V., and Audit Committee Chairman,
Supervisory Board member of Royal Haskoning DHV
Groep B.V. and Audit Committee member, member of the
Board of Trustees of Deltares and Audit Committee
member, Vice-Chairman of the Netherlands Environmental
Impact Assessment Commission, co-founder of Bout & Co,
Chairman of the Advisory Council on sustainable
healthcare at Nijmegen University Hospital St. Radboud,
Chairman of the High Level Group on Export Financing,
Board member of the Ubbo Emmius Fund
Annual Report DELTA N.V. 2013 29

Annual Report DELTA N.V. 2013 30

7.4 Report of the Works Council
DELTA considers employee participation important. This is
well organised with works councils at various levels.
The various divisions and staff departments from DELTA all
started 2013 with their own Works Council. Participation
was organised as follows:
Central Employees Council (CWC)
Staff Services Works Council
O.T.S. Works Council
Consumer and Corporate Works Council
Grid operator Works Council
Infra B.V. Works Council
EPZ Works Council
A total of thirteen representatives from each Works Council
sat in the Central Works Council. Furthermore, DELTA also
has a European Works Council with representatives from
the Central Works Council and the subsidiary Indaver. The
organisational change that took place in 2013 also
impacted on the organisation of the works councils. The
consequence of Redesign Middelburg was that the OTS
and C&Z divisions were merged and as a result the OTS
works council and the C&Z works council were merged into
the E&M transition works council. De Staff Services works
council was terminated. The consequence of Redesign
Goes was that the DNWB and the Infra division merged
and as a result the DNWB and Infra works council merged
into a DNWG transition works council. In May 2014, early
works council elections will take place.
In 2013 each works council organised six meetings and six
consultations with their director. Matters related to their
own division were discussed during these consultations.
Matters that crossed divisions or matters that impacted the
entire company were largely dealt with in the central works
council. The assistance scheme for the works council
establishes how many exemptions workers will receive for
tasks that he or she performs for the works council.
Issues Addressed
Reorganisation
A lot of attention was given to the restructuring of the
organisation, which led to reductions in the numbers of
employees. The works councils are involved with the early
stages of preparing plans with the directors of the divisions
concerned. In consultation with the trade unions and the
director, good redundancy packages were prepared.
Future Discussion
Discussions about the future of DELTA were also keenly
followed by the CWC in 2013. Members of the Central
Works Council and Works Council participated in working
groups that outlined the three future scenarios that will be
further studied in 2014.
Code of Conduct
DELTA established a Code of Conduct in 2012 for all
employees and managers. This was further elaborated in
2013. The works councils had an advisory role in drawing
up the Code of Conduct and verifying whether the Code of
Conduct was observed by everyone. At the request of the
Central Works Council, DELTA gave further consideration
to the leadership style of managers in 2013.
Departure of CEO
The members of the works councils regret the decision by
the CEO Rob Frohn to leave DELTA on 31 October 2013
and were in discussions with new candidates in December.
Composition of the Central Works Council
Executive Committee:
Chairman Bram Nonnekes Energy & Multimedia
Vice-chairman Bart van Houten Energy & Multimedia
Secretary Harrie Martens Netwerkgroep
Vice-secretary Huub Knoors EPZ
Other members:
Stephan de Beer
Leen Boer
Tonny Jobse–Griep
Martijn Hofman
Peter Maljers
Angelique van Nielen
Theo Nieuwburg
Jan Scheele
Hans van Stel
Energy & Multimedia
Netwerkgroep
EPZ
Netwerkgroep
EPZ
Group Staff
Netwerkgroep
Energy & Multimedia
Group Staff
Composition of the European Works Council as of 31
December 2013
Employee representatives:
Stephan de Beer DELTA N.V.’s Works Council
The Netherlands
Huub Knoors,
DELTA N.V.’s Works Council
The Netherlands
Bram Nonnekes DELTA N.V.’s Works Council
The Netherlands
Karin Aspeslagh Indaver Netherlands’ Works
Council
Christof Kooiman Indaver Belgium’s Works
Council
Guy Smits
Indaver Belgium’s Works
Council (secretary)
Rainer Martens
SAV Germany’s Works Council
Rudi Wachtel
SAV Germany’s Works Council
Employer’s representatives:
Frank Verhagen CFO, interim CEO DELTA N.V.
(Chairman)
Paul de Bruycker CEO Indaver
Michel van Neutigem HRM Director HRM
DELTA N.V.
Karin Smet
Groups HR Manager Indaver
Andre van Os
DELTA N.V. (formal secretary)
7.5 Remuneration
On the basis of the final index figure of the average
household consumer prices index (CPI), the indexing was
set at 2.5% for 2012. Remuneration in 2013 was as follows:
Mr Daan van Doorn, Supervisory Board chairman,
EUR 42,100
Mr Jan Bout, Supervisory Board member and Audit
Committee member, EUR 31,600
Mr Johan van der Werf, Supervisory Board member,
EUR 29,500
Mr Peter de Wit, Supervisory Board member and Audit
Committee member, EUR 31,600
Ms Marieke Schöningh, Supervisory Board member,
EUR 26,300
Annual Report DELTA N.V. 2013 31

1.8
Opportunities and Risks
Opportunities
and Risks
DELTA exploits the opportunities in the market and limits risks as far as possible
using an intelligent risk management system and we ensure that this is applied and
observed in all areas. With this system, DELTA takes account of the specific features
of the market in which it operates at a divisional level and which are consolidated a
company level.
DELTA Internal Control Framework
The Executive Board has ultimate responsibility for risk
management within DELTA. Responsibility starts at the
divisional level, where employees and division
management (1st line) are primarily responsible for the
adequate implementation of activities in the areas of risk
management and internal controls. The Corporate Services
Department Group Internal Control (2nd line) has
developed a system to assist with the implementation of
this responsibility: the DELTA Internal Control Framework
(DICF), based on the COSO ERM model. Part of the DICF
is an annual Strategic Risk Assessment (SRA) and various
Process Risk Assessments (PRA). The Divisional
Managers discuss any developments that influence the
risks with the Executive Board at least two times per year.
Group Internal Control helps with the implementation and
observance of this extensive risk management system that
has been developed to identify and assess risks and
opportunities. The risk management system has been set
up so that:
DELTA is informed in good time of the extent to which
strategic, operational and financial targets have been
reached;
financial reporting is reliable;
DELTA operates in accordance with the legislation and
regulations;
contributions are safely provided;
DELTA has a clear understanding of its obligations;
there are effective and efficient processes throughout
the company.
Management in Control Statement
In 2013, the management of each division issued a
Management in Control Statement to the Executive Board
on two occasions. The Management in Control Statements
from the divisions form the basis for the Control statement
that is included in this annual report.
Internal Audits
The risk management of the divisions is the subject of the
periodic audits that are performed by the independent
department Internal Audit (3rd line). This assesses matters
such as the quality management system, the procedures
around risk management, control and compliance.
External Auditor
As part of the financial statement audit, the external auditor
(4th line) evaluates the structure, existence and operation
of internal control measures focused on financial reporting.
Findings and recommendations that arise from the auditing
activities are recorded in an annual Management Letter
and reported to the Executive Board, Audit Committee and
the Supervisory Board. The Management Letter forms the
basis for the further tightening of processes by the 1st line.
Supervisory Board
DELTA’s Executive Board reports and accounts for the
structure and effective operation of the internal risk
management system to the Audit Committee and the
Supervisory Board (5th line). External parties such as the
Consumer & Markets Authority supervise the correct
application of the legislation and regulations.
Risk and Control Measures in 2013
DELTA’s most important business responsibilty is providing
energy, waste management and internet access to its
customers. Furthermore, DELTA is one of the largest
employers in Zeeland and holds that responsibility at a high
level of importance. Therefore, DELTA identifies as clearly
as possible the risks that may threaten these duties and
acts to limit these risks wherever possible.
DELTA operates in the international gas and electricity
markets. The prices in these markets fluctuate a great deal.
Making use of financial instruments allows DELTA to
mitigate commodity market risks, currency risks, interestrate
risks, and liquidity and credit risks. The preconditions
for this have been set out in the Risk Policy Document and
the Treasury Regulations.
Annual Report DELTA N.V. 2013 32

The Risk Management Committee has - under the
responsibility of the Executive Board - established general
procedures and limits. It ensures that the energy trading
and sales activities of DELTA remain within the defined risk
margins. The various types of risk and how DELTA deals
with them are explained below.
Commodity Price Risks
Market risks arise from price movements on the markets in
which DELTA buys and sells gas, electricity, coal, oil, CO 2,
currencies, transport capacity, import/export capacity, etc.
DELTA’s policy aims to reduce the impact of price
movements in the short term and to follow the applicable
market prices in the longer term. For this systematic
control, DELTA determines how its assets will be used and
which positions should be adopted, depending on the
expected price developments. The positions are monitored
on a daily basis. Trading risks are limited by the strict
application of a system of limits.
Value at Risk
DELTA uses the Value at Risk (VaR) method to assess
market risks on the commodity markets in which it
operates. The method involves various assumptions
regarding possible changes in market conditions. The
method identifies the maximum losses likely to be incurred
as a result of price changes over a three-day period with a
confidence level of 95% The VaR is calculated using the
Monte Carlo simulation based on historic volatilities and
correlations. Since portfolios include opposing positions
and there is an underlying correlation, the VaR on the total
portfolio is smaller than the sum of that on the individual
portfolios.
The VaR method is an important tool for managing the
portfolios within DELTA and the value at risk is therefore
calculated and reported each day.
Cash Flow Hedges
DELTA uses financial instruments to prevent fluctuations in
expected cash flows as far as possible. In order to control
the consequences of future movements in market prices,
DELTA uses derivatives such as forwards, options and
swaps. The hedging instruments are derivatives in the
commodities traded by DELTA that are concluded to
mitigate cash flow, price and currency risks. Hedge
accounting is used to soften the total change in value of
these derivatives. Where permitted, DELTA accounts for
these financial instruments and physical purchase and sale
contracts in a cash flow hedge in accordance with IAS 39.
Currency Risks
Currency risks involve the price risk that is connected to
exchange rate movements. DELTA’s risk policy is focused
on hedging currency risks on positions in foreign
currencies. To hedge the risks, DELTA uses financial
instruments, forward transactions, to prevent fluctuations in
expected cash flows as far as possible. Currency positions
resulting from contracts, including commodity contracts, are
reported to the Treasury Department on a daily basis for
hedging at group level. Currency risk limits are set
periodically in consultation with the Risk Management
Committee and monitored by the Treasury Department.
Interest Risks
DELTA’s interest rate risk policy is to limit the effect of
interest rate fluctuations. DELTA uses derivatives such as
interest rate swaps to hedge risks. Using these swaps
ensures that the variable interest rate is converted into a
fixed rate.
Liquidity Risk
Liquidity risk is the risk that DELTA might not have
sufficient funds available to settle its liabilities. DELTA’s
capital management policy focuses on centralising cash
management and funding and borrowing repayment
operations at the level of the holding company DELTA N.V.
as far as possible. A financing plan is prepared each year
on the basis of the business plan, giving direction to the
activities of the DELTA N.V. Treasury department. This
includes the annual determination of the ratio of current to
non-current borrowings. Furthermore, DELTA also ensures
that it more than meets banking ratios and other ratios
necessary to keep its corporate credit rating and optimise
working capital management. Furthermore, a very
restrictive policy applies to issuing guarantees and
depositing cash collateral. DELTA also possesses a standby
credit facility in order to meet its operating capital
requirements. This gives DELTA the necessary flexibility in
connection with seasonal cash fluctuations, pre-financing of
projects and any acquisitions. For independent projects,
divisions where DELTA does not have full share ownership
and divisions where this is required under the current
legislation, independent credit lines are arranged without
recourse to DELTA N.V.
The credit rating for DELTA issued by Standard & Poor’s
also remained unchanged in 2013: BBB+ with a stable
outlook.
Overview of the Most Significant Risks
The listing below describes a number of the most
significant risks faced by DELTA. The table also shows the
way in which the likelihood and/or impact of that risk is
lowered for each risk.
Description of the Risks and Risk Control Measures
Forced Unbundling of the Grid company
There is a chance that the Grid company will have to be
unbundled as a result of a court ruling. DELTA has the
support of top lawyers and is attempting to convince policy
makers that the intended positive effects of the Unbundling
Act are negligible and, on the contrary, the negative effects
are great.
Further Negative development of the unbundling in
electricity production
As a result of the falling sale prices of electricity where
purchasing prices have not similarly fallen, the return on
power stations will be subject to sustained pressure. Future
positions are being hedged using lock-in on the basis of
market forecasts and models. This will mitigate the risk of
further falling spreads but it also reduces the possibility to
profit from favourable market developments.
Annual Report DELTA N.V. 2013 33

Unplanned outage of power stations
As a result of unplanned outages of power stations, there is
the chance that it may not be possible to achieve planned
volumes which will cause revenue to fall and energy that
has already been sold in the market will have to be
repurchased which may lead to imbalance costs.
Malfunctions are being avoided or prevented as far as
possible through the use of appropriate maintenance
programmes, sufficient spare parts and benchmarks.
Nevertheless, 2013 proved that DELTA can be faced with
lengthy unplanned outages.
Doubtful receivables
As a consequence of a depressed economic situation,
there is an increased likelihood that clients will not be able
to meet their financial obligations which means that it will
not be possible to collect receivables from these clients.
DELTA has strict procedures in place, which are within the
frameworks set by the RMC, concerning credit limits
extended to trading partners and clients. Large clients are
only accepted if they have approved credit inusrance.
Payment behaviour of clients is carefully monitored and
immediate action is taken if necessary.
Risk management in 2014
The most significant risks will be monitored and mitigated in
2014 wherever this is possible and commercially justified.
Specific attention will be given to risks connected to
information security owing to the increasing tension
between the growing professionalism of cyber criminals
and the widespread use of information technology.
Unethical and fraudulent conduct by employees constitutes
a significant risk. The DELTA Code of Conduct addresses
issues such as how we deal with company property and
company information. The Executive Board drew up the
Policy Document on Managing Fraud Risk in 2013. This
policy document examines issues such as promoting good
conduct and the prevention, monitoring, detection and
response to fraud. This will be further elaborated in 2014.
Security risks will continue to remain in focus in 2014.
DELTA ensures for good working conditions, solid and
reliable company processes and competent employees.
Unfavourable changes in legislation concerning waste
incineration
As a result of changes in the law, there is a chance that the
revenue from Green Steam Certificates will reduce or
disappear and/or there will be a reduction in the gate-fees
received. The management of Indaver is attempting to
convince governments to leave the legislation unchanged.
Furthermore, Indaver also processes waste for incineration
in Dutch facilities which causes a reduction in overcapacity
and reduced pressure to change the European legislation.
Annual Report DELTA N.V. 2013 34

Annual Report DELTA N.V. 2013 35

1.9
Energy & Multimedia
Energy
& MultiMedia
DELTA produces energy using its own facilities and using power stations that it
shares with partners. Furthermore, DELTA operates in various markets in fuels:
gas, coal, oil, electricity, carbon credits and supplies corporate clients and
consumers. Around three-quarters of DELTA’s turnover is connected to the
company’s energy activities.
On 1 July 2013, the Origination, Trade and Supply (OTS),
Consumer and Business and Asset Development &
Operation (AD&O) business divisions were merged into a
new division, Energy & Multimedia, to create more synergy.
Corporate Services departments such as Finance, HR and
IT are now included within the division. In addition to
energy, DELTA supplies multimedia services such as
internet and telephone services through its subsidiary
ZeelandNet. DELTA also transmits television and radio
over the cable network.
ICT
In 2013 a large number of changes were made to the IT
structure and administrative processes. DELTA moved
from the IT supplier ATOS and entered into a new service
contract with Cegeka. The Kompas project was
implemented to provide even better service to clients. All
client details, which were previously contained in various
systems, were brought together in a new computerised
system. This system also allows DELTA to meet the new
working methods in the sector, provides a better
understanding of client needs and makes invoicing more
convenient for DELTA.
On 1 August 2013 the Stroomopwaards Programme, Dutch
national legislation changing the way meter data is
collected, was introduced. DELTA continues to provide one
invoice for customers in compliance with the Meter Market
Model section of Stroomopwaaards that gives charges for
energy use and network grid fees.
9.1 Energy on the corporate market
The energy sector had a particularly difficult year in 2013
due to high raw-material prices, overcapacity and
competition from cheap, subsidised sustainable energy
from Germany. This caused margins to drop once again
and turnover fell compared to 2012. The mediocre
economic situation can be particularly noticed in the
corporate energy market. Nevertheless, DELTA was able
to maintain a strong position in the corporate market and
acquired new clients. Despite being deeply rooted in the
South-West Delta region, around 80% of DELTA’s
corporate clients are from outside of the province of
Zeeland.
DELTA is one of the four largest suppliers in the Dutch
corporate electricity market. Just as in the private market,
the ability to stand out is becoming increasingly important
in the corporate market. DELTA achieved this in 2013 by
combining a good level of service with innovative service
provision for corporate customers, such as the web-based
application DELTA Management Information that was
introduced in 2012. Alongside this, we took a critical look at
the contract terms and conditions that led to improvements
on the results within our current customer base. We are
focusing more on value than on volume. That is good for
margins. Average client satisfaction in the corporate market
was 7.8 in 2013. The switch rate in the corporate market
was 8%. The national average in 2013 was 12.7%.
9.2 Energy on the private market
DELTA has been providing comfort to homes in Zeeland for
almost a century. The majority of people in Zeeland are
trusted customers of DELTA. In 2013 there was even a
slight increase once again, in part due to keen pricing and
the vigorous dedication to service. The margins on
electricity and gas are low. DELTA tries to engage
customers above all by offering added value. In 2013
customer friendliness and customer focus were both
awarded the independent Customer Centric DNA Award
2013. DELTA was nominated the most customer-oriented
energy supplier in a large-scale survey of 10,000
consumers. The jury praised DELTA as “the only energy
supplier that was able to score eight for confidence. This
firmly supports the strong position of DELTA as a regional
player.” Furthermore DELTA was nominated the most
customer friendly energy supplier in the Netherlands by the
market research firm MarketResponse. The average client
satisfaction in the private market was 7.7 in 2013. At 3.1%,
the switch rate was far below the national average of 10%.
Since DELTA was able to welcome more clients than
clients who left, the total client base increased by 0.5% in
2013.
‘Above all we try to offer our
clients added value’
Annual Report DELTA N.V. 2013 36

DELTA Comfort Wijzer
In May 2013, DELTA introduced DELTA Comfort Wijzer.
This system provides consumers with information about
their energy consumption and therefore allows them to
make targeted energy savings. The main part of the system
is the gateway fit in the meter box. The gateway collects
information from the electricity and gas meters and the
smart plugs (adaptor plugs that measure the electricity
consumption of individual appliances). It also measures
electricity generated by solar panels with DELTA Zon
Garant. The gateway is connected to the internet so that
through a website or app the client can view all of their
details on a smartphone, tablet or laptop. This allows the
worst energy guzzlers in the home to be infallibly
unmasked and enables clients to make targeted energy
savings. Furthermore, appliances that are connected to the
system using smart plugs can be switched on and off and
programmed through the website or app.
Awareness of sustainability
DELTA takes responsibility for energy consumption
awareness seriously. In 2013, various projects and
programmes took place that contributed to this. DELTA Opmaat
allows clients to have their home tested against the
national guidelines and the EPA by one of DELTA’s
accredited EPA consultants. Furthermore, DELTA is
connected to the Meer met Minder platform that guides
clients when locating suppliers to help them take energy
saving measures. On 4 June 2013, DELTA, Zeeland
Library/SCOOP, ZMf and the Province of Zeeland
organised an evening event about sustainable and energyefficient
living in the auditorium and foyer of Zeeland
Library.
The ‘Sjaak zoekt Sjakies’-campaign took place at the end
of October to raise the awareness young children have
about energy consumption. Eight primary schools in
Zeeland competed with each other to create the highest
energy savings within a number of weeks. The schools
taking part in the competition were supported with teaching
materials that complement the Nature and Technology
course the kids already have at school. Schools were able
to win EUR 1,000 by taking part in the competition. Schools
had to show that they had done their best to raise
awareness about the importance of saving energy. A
fantastic party was organised at the end of the competition
at the school that was able to score the most points in the
game and at the school that made the most creative
contribution during the competition.
9.3 Multimedia
In a highly competitive consumer market, DELTA was able
to hold its own as a supplier of multimedia services. DELTA
believes that the future lies in the power of connecting.
Instead of offering products and services such as energy,
internet, telephony and television, DELTA searches for total
solutions for the client. For instance, by carefully listening
to clients in the advisory boards that were created in 2013,
DELTA has created services that make life more efficient
and comfortable. Interaction and the Zeeland identity lie at
the heart of this. In 2013, important steps were taken in this
direction. Since consumers have an increasing need for
convenience and benefits, DELTA and ZeelandNet
introduced three new all-in-one packages in the first quarter
for telephone calls, TV viewing and internet. Clients who
entered into a two-year subscription received a tablet for
free during the promotional period. The promotion was a
success. Almost 12,000 contracts were entered into during
a one-week period. The clustered offer makes it easier for
consumers to compare this offer with the offers of other
providers who also often provide all-in-one packages.
The internet speeds at ZeelandNet were increased
considerably at the end of October. The highest
subscription was raised to 200 Mb/s.
Television in HD
From 1 March 2013, DELTA DIGITALE TV, the HD channel
package was included in the standard package. Since then
DELTA has considered HD quality as the standard for the
majority of channels and subscribers no longer pay extra
for HD-quality channels. At the beginning of November
2013, DELTA started to offer interactive TV on channel 12
of DELTA DIGITALE TV. Services are offered on the
Portaal van Zeeland (Zeeland Portal) are: Uitzending
Gemist (TV catch-up service), two daily news bulletins from
Omroep Zeeland, local weather forecasts for Zeeland,
Buienradar (Storm radar), Videoland, NOS Sport, a TV film
guide and an option to view photos which individuals from
Zeeland have uploaded via ZeelandNet.
Second screen
Since clients are finding that they increasingly need a
second screen at home, at the beginning of 2013 DELTA
introduced a free app for Apple and Android users that
allows clients to simply watch television on their computer
or smartphone. ZeelandNet subscribers have direct access
to the 12 most popular channels from the basic package
via the wireless home network.
Wi-Fi in Zeeland
In order to meet the demand for mobile internet, in 2012
DELTA and the Province of Zeeland and Promotie Zeeland
Delta (PZD) worked together to develop Wi-fi hotspots in
Zeeland. By the end of March 2013, the one hundredth
installation site for Wi-Fi ZEELAND had been installed. Wi-
Fi ZEELAND is now available for residents and visitors in
the municipalities of Goes, Hulst, Kapelle, Middelburg,
Noord-Beveland, Schouwen-Duiveland, Sluis, Terneuzen,
Tholen and Vlissingen. At the beginning of 2013 an
average of 3,000 people were using the network each
week. Furthermore DELTA is ready to offer assistance and
advice to recreational companies who wish to offer internet
provisions to their clients. In 2013 the ‘Het Kustlicht’ (The
Lighthouse) project was delivered. DELTA modified the
cable network at the Zoutelande recreation park so that it
was even more suitable for internet and digital television.
Connecting with the Health and Social Care Sector
DELTA is part of Project Zeeuwse huiskamer (Zeeland
Livingroom Project) in which new technology for care at a
distance, energy saving and security have been brought
together in show homes. An agreement of intent was
signed in August 2013 with IZ-Zeeland (Innovation in the
Health and Social Care sector) and the development
company Impuls Zeeland.
Excellent ZeelandNet service
In April 2013, the Dutch Consumer’s Association
nominated ZeelandNet, DELTA’s internet provider, as the
Best Provider for the 14th time in a row. In April,
DELTA/ZeelandNet was awarded the highest score in the
Netherlands for customer friendliness over a continuous
period of two years and four months for its internet,
telephony and digital television. DELTA/ZeelandNet
obtained a score of 8.0 for all its divisions. In November,
Zeelandnet.nl was chosen for the third year running as the
website of the year in the telecoms sector.
Annual Report DELTA N.V. 2013 37

9.4 Energy generation
Alongside fossil fuels and renewable energy, DELTA uses
nuclear energy to produce electricity. Approximately one
third of the power is generated as carbon neutral electricity,
in joint ventures with operating companies. DELTA is
ultimately aiming for a fuel mix of roughly 1/3 nuclear, 1/3
gas and 1/3 sustainable - 2/3 carbon neutral. DELTA aims
to produce carbon-neutral electricity by 2050 The situation
in the energy market is currently very unfavourable due to
the high purchase prices for raw materials, overcapacity
and the recession. The revenue from carbon credits is also
falling. This means that DELTA must adopt a conservative
investment policy.
Together with other parties, DELTA operates the following
power stations and wind farms:
Coal-fired power station (Borssele 12)
Nuclear power station ( Borssele 30)
Gas-fired power station (Sloe plant)
Combined-cycle power plant (Elsta plant)
Biomass power station (BMC plant)
Wind farms
Coal-fired power station
Work was done in 2012 on plans to convert the coal-fired
EPZ power station in Borssele into a 100% biomass-fired
power station and licence applications were submitted. If
this power station were to run fully on biomass, this would
signify a 20% increase in sustainable electricity production
in the Netherlands. This would mean that the power station
would make an important contribution to the sustainability
targets of central government. The share of sustainable
energy should be 14% in 2020. It is currently approximately
4%. In 2013, DELTA generated support at a local level for
this project through the ‘Bio-energy plant Zeeland’
manifesto in which eight public, private and social
organisations from Zeeland joined forces. Furthermore, a
100% biomass-fired power plant could play a role in the
development of the bio-based economy. By mid-2013, the
necessary licences for a 100% biomass-fired power station
were irrevocable. In addition, DELTA held various
discussions with central government about financing this
plan. Unfortunately, the necessary subsidy was improbable
by August of this year since a national Energy Agreement
entered force in which biomass subsidies would not be
provided to coal-fired power stations from the 1980s.
DELTA is still holding discussions with the Ministry,
because the implementation of the agreement is currently
on hold since the Consumer and Market Authority (ACM)
concluded that the closure of five coal-fired power stations
would be detrimental for the consumer and in conflict with
competition legislation. Despite the fact that the coal-fired
power station did not produce any profit in 2013, the final
returns were better than expected. This was mainly due to
a lower purchase price of coal and cost-cutting measures in
business operations.
Nuclear power station
In March 2013, the Minister for Economic Affairs Henk
Kamp agreed to the proposal to change the nuclear energy
legislation in connection with increasing working life from
40 to 60 years. With careful maintenance, inspections and
replacements, the nuclear power station in Borssele will
continue to prove to be among the safest 25% of nuclear
power stations in the western world until 2034. This was
one of the conditions of the agreement between EPZ, its
shareholders and the State in which it was agreed to keep
the power station open until the end of 2034.
In terms of production, the nuclear power station was a
disappointment. The power station was taken out of
operation on 13 September 2013 due to damage to the two
generator coolers. The two defective generator coolers had
to be replaced and the generator had to be inspected and
cleaned. The generator is not a nuclear component of the
power plant and is housed in the conventional part outside
the reactor building. On Monday 2 December, the power
station could be brought back into operation. The halt in
production that lasted one month had a considerable
negative impact on the financial results.
In February 2013, EPZ received an irrevocable licence to
deploy Mixed Oxide (MOX) nuclear fuel. Mixed oxide is a
nuclear fuel composed of uranium and plutonium.
Plutonium is a residual product that is given off during the
recycling of used fuel elements. Using plutonium makes
EPZ less dependent on price fluctuations on the market for
natural uranium. Furthermore, the use of natural uranium
ore can be further reduced in the nuclear power station. In
addition, EPZ no longer has to transfer its plutonium to third
parties and is effectively reusing a by-product.
In mid-2012, defects were discovered through an
ultrasound inspection in the reactor vessel of nuclear power
station Doel 3 in Belgium. 8,000 defects were reported
during the inspection. Further examination showed that
these were hairline cracks that were caused by hydrogen
absorption during manufacturing. Following this event, EPZ
analysed the construction, maintenance and inspection
history (including ultrasound examination) of the vessel in
2012 and 2013. We were able to ascertain, partly on the
basis of the original documents, that the reactor vessel in
Borssele is not affected by the Doel 3 phenomenon.
Furthermore, EPZ carried out an extensive inspection of
the reactor vessel. Independent, accredited inspection
company, NRG from Arnhem, performed and inspection of
he reactor vessel at Borssele. On behalf of the
government, the inspection itself and the results were
audited by expert consultancy Lloyd’s Register. The
supervisory body, the department of Nuclear Safety,
Security and Safeguards (KFD), confirmed in May 2013
that there is no evidence of the ‘Doel 3’ phenomenon in
Borssele.
Gas-fired Power Stations
The Sloe gas-fired power station in Vlissingen-Oost and the
ELSTA power station in Hoek have been through a difficult
year due to the unfavourable market situation. The
purchase price of gas is relatively high, while the revenue
from electricity is low due to overcapacity and imports of
green power from neighbouring countries such as
Germany. This was partly the reason why the Sloe power
station was regularly shut down in 2013. The power station
was mainly used as a buffer to maintain levels of energy
provision. The quiet periods are used to make technical
improvements to the power station. The ELSTA power
station also did not operate at full capacity in 2013. Two of
its three gas turbines were in operation, in order to reduce
costs.
Moerdijk Biomass Power Station
The biomass power station in Moerdijk (BMC) once again
had a good year. There was a positive cash flow and it
showed improved returns. The biomass power station is
the only power station on the European mainland that
converts poultry litter into green electricity. In 2017 the
Environmental Quality of Electricity Production (MEP)
subsidy for the power station will come to an end, which will
mean that its profitability will come under pressure. DELTA
is giving serious thought to a second future for the power
station.
Annual Report DELTA N.V. 2013 38

Wind farms
On Friday 27 September 2013 DELTA, Eneco,
Scheldewind and Winvast officially commissioned
‘Kreekraksluis wind farm’ in Zeeland. This is the largest
wind farm in Zeeland. The construction of the wind farm
was performed safely, to schedule and within budget.
Kreekraksluis wind farm has 31 wind turbines and a total
power of 77.5 MegaWatts, making it unique in the province.
In total, the wind turbines provide enough power for the
energy consumption of 55,000 households per year. The
creation of the wind farm ensured for a 25% increase of the
wind energy capacity in Zeeland. Furthermore, the wind
farm is making a significant contribution to limiting the
greenhouse effect because it achieves a 138,000 ton
reduction in CO 2. This corresponds to the emissions from
15,000 households. The wind turbines have a lifespan of
approximately 20 years. Out of the 31 windmills in the wind
farm, 16 were constructed by DELTA. The remaining were
built by Eneco - 7, Scheldewind - 6 and Winvast - 2. In
November 2013, a wind turbine was delivered to the
Kloosterboer site in Vlissingen-Oost. Kloosterboer will use
the power generated through the network for the operation
of the cooling installations for its cold-storage warehouses.
This wind turbine produces around 4,000 megawatt hours
per year. It provides an annual reduction of around 2,320
tons of CO 2 The CO 2 reduction over the working life of the
turbine is around 34,800 tons of CO 2.
DELTA Fuel Mix for Energy Generation in 2013
Fuel GWh % GWh %
Natural Gas 1,538.7 22.86%
Natural gas CoGen 876.6 13.02%
Coal 1,698.1 25.23%
Oil - 0.00%
Nuclear 1,916.3 28.47%
Other - 0,00%
Wind 263.0 3.91%
Solar 2.3 0.03%
Biomass 436.0 6.48%
Total 6,730.9 100.00%
9.5 Sustainable Projects Under the Borssele
Agreement
In 2006 the Borssele agreement’was entered into by
Secretary of State Van Geel and the owners of the nuclear
power station in Borssele (DELTA and Essent). Permission
was granted for the plant to remain open until 2034. It was
established in the agreement that DELTA and Essent
would each invest at least 125 million Euros in new,
innovative projects to produce sustainable energy and
produce fewer CO 2 emissions At the end of 2013, Wise,
ZMf and Stroom naar de Toekomst published a study into
the funds that would be invested in the Borssele
agreement. The report concluded that it is unclear which
sustainable projects DELTA and Essent are investing in.
DELTA is implementing the agreement and striving to
reach the innovation targets and CO 2 savings. DELTA has
already made resources available including EUR 25 million
for the Sustainable Energy Technology (SET) fund and has
submitted various additional innovative projects to the AIP
Committee (Additional Innovative Projects). Owing to
competition sensitivity, DELTA was reserved about
declaring which projects it had submitted to the AIP
Committee.
In 2013 DELTA decided to be more transparent about the
projects submitted to the AIP committee and which have
been approved. This has been achieved in part, but it
should be clear that DELTA has not been able to realise all
of the projects due to the deteriorated economic climate.
Part of the agreement was that projects should be
financially viable. The following projects were involved:
Pyrolysis
Project
EPZ Wind
Project
STBE Project
Solar Wafer
Project
Green Gas
wind farm
Solsilc
Kreekraksluis
wind farm
Zon Garant
(Garanteed
Sun)
Oosterschelde
Water Power
This project involves the development of
a pyrolysis installation that will enable
far greater quantities of biomass fuel to
be used in the coal-fired power station.
The project involves the development of
two large wind turbines on a storage
site for coal that is managed by OVET
and owned by Zeeland Seaports.
The project involves the development
and bringing to market of a patent in
which glycerine, a residual product from
biodiesel production, is converted into
STBE, a diesel substitute that can be
mixed with biodiesel.
This project involves the development of
an entirely new procedure for the
production of solar wafers, the chip
used in solar cells, as well as the
necessary investment for large-scale
production including the construction
and equipping of a production facility.
Green gas is one of the main focus
areas of the government’s transition
policy. The aim is to replace 10% of
natural gas with Green Gas by 2020,
which is produced from the fermentation
and gasification of biomass. DELTA
would like to add two project proposals
to this.
This involves a pilot project that will start
with one or two extremely large
turbines, and a larger project at a later
stage with eight or nine of these
turbines elsewhere in Zeeland.
This project involves a pilot project as
the first factory in which the semiproduct
for the solar cell industry is
created in a new way from special raw
materials.
This project involves a new wind farm
that is 8 km from the Woensdrecht
airbase and consists of sub-farms
belonging to DELTA, Eneco, Winvast
and Scheldewind respectively. This
project has a further spin-off to other
airfields in the Netherlands that will give
potential wind-farm projects a more
favourable business case in the future.
This project involves the rental of a
solar-panel system to consumers in
Zeeland in combination with an Energy
Management System, active monitoring
and making life easier for the client.
This involves a project with three
turbines that are attached to the tidal
barrier in Oosterschelde. Energy will be
created through both horizontal currents
and vertical wave movement.
Annual Report DELTA N.V. 2013 39

Verifying the Sources of Coal
In June 2012, EnergieNederland took the initiative to start the coal dialogue in which energy companies, mining companies,
NGOs and trade unions would place the interpretation of supply chain responsibility by Dutch energy companies on the agenda.
The reason for this initiative came from publications about Dutch energy companies that were purchasing coal from mining
companies in Columbia and South Africa that may have been involved with serious breaches of human rights.
The coal-fired power stations owned by EPZ use an average of two and a half million kilograms of coal every day. The fuel is
transported by ship and stored in the coal depot in the Sloe region. DELTA takes the calls for clarity about the origins of the coal
used by EPZ and the effect of the extraction of this fuel on the environment very seriously. EPZ and the Dutch Energy
Producers stated in the coal dialogue that they would be transparent about the origins of the coal used for the generation of
electricity in Dutch coal-fired power stations. This transparency is provided using the top 5 mines from where the largest
volumes of coal are supplied to Dutch coal-fired power stations from the relevant companies in the year concerned.
Annual Report DELTA N.V. 2013 40

1.10 Networks
Networks
2013 was a busy year for DELTA Netwerkbedrijf (DNWB) and DELTA Infra. Both
organisations, located in Goes, worked towards a merger. On 1 January 2013, both
companies were merged under the name DELTA Netwerkgroep. The organisational
change was required to achieve greater synergy and efficiency. It was a successful
merger. The number of disruption minutes in Zeeland stayed low, once again, compared
to the national average.
From 2 to 1
DELTA Netwerkbedrijf (DNWB) has its own status
within DELTA that is determined in law. As a grid
administrator, DNWB ensures safe, reliable and
efficient management of the gas and electricity grids.
DELTA Infra takes care of the maintenance to these
grids and constructs new provisions. Furthermore,
DELTA Infra provides the maintenance of the water
mains network and the cable network in the southwest
of the Netherlands. DELTA Infra also provides services
to clients including industrial clients and clients from
outside the region.
DNWB and DELTA Infra have had a good year. The
Consumer & Market Authority announced at the beginning
of October 2013 that grid administrators should greatly
reduce the tariffs charged to consumers for the transport of
energy over the next three years. In 2013, fewer new home
connections were installed which was a consequence of
the faltering housing market. However, DELTA Infra did
manage to acquire some new contracts. It constructed a
new transformer substation at the Zeeland Refinery in
Vlissingen-Oost. It was delivered on time, within budget
and without any accidents. Furthermore, DELTA Infra
made an important contribution to the World Class Wind
Turbine Maintenance project in 2013. In this project by the
Dutch Institute World Class Maintenance (DI-WCM) 23
large and small companies, knowledge institutions and
schools are working together on an independent, highquality
maintenance programme for wind turbines.
Reliability of Supply
As in previous years, reliability of supply was good. Minutes
of disruption was below the previously set standard and
well below the national average.
Annual Electricity Outage Time
DNWB DNWB National
Realisation
Standard
2013 17.6 21 22.4 (provisional)
2012 19.4 21 26.0
Yearly disruption (in minutes) = average outage time (in
minutes) x outage frequency
Goes Redesign
In 2013, a lot of attention was given to preparations for the
merger of DNWB and DELTA Infra into DELTA
Networkgroep – Redesign Goes. The merger means that
clients get better and faster service and DELTA Infra can
adopt even more competitive prices. Redesign Goes went
smoothly. We carefully checked whether the merger would
be legally permitted. Almost all of the employees made
redundant were redeployed elsewhere within the company.
Work processes were coordinated and at the end of 2013 a
process was started to create a shared culture and identity.
The 2012 employee satisfaction survey showed that older
employees in particular are sometimes more sensitive to
stress at work. Various workshops were held with
employees in 2013 in which problem-solving approaches
were actively sought.
Annual Report DELTA N.V. 2013 41

Unbundling Act
The discussion around the independence of grid operation,
The Unbundling Act was followed with great interest in
2013. DELTA is taking legal action against this unbundling
of ownership. The European Court of Justice dealt with the
case in 2013. The Dutch Supreme Course must now give
its final opinion. PwC performed a study in 2013 at the
request of DELTA N.V. into what the introduction of the
independent grid management act has delivered. By doing
this, DELTA wants to add to a discussion that has been
ongoing about the advantages and disadvantages of
unbundling. The study was mainly focused on ownership
unbundling: the ban on grid administrators on the one hand
and producers, traders and electricity and gas suppliers, on
the other hand, to belong to the same legal group. The
study endorses DELTA’s position that extensive
implementation of the Dutch policy is not required for a
well-functioning energy market.
Digital Applications
The government has decided that by 2020 all current gas
and electricity meters will be replaced by smart meters. The
smart meters can be read at a distance. They enable
clients to have a better understanding of their energy
consumption without a meter reader or a meter card. In
Zeeland, around 200,000 smart meters must be installed
before 2020. DELTA made a small-scale start on this from
1 January 2012. In 2013, almost 30,000 smart meters were
installed in customers’ homes. The large-scale rollout
begins in 2014.
Number of smart meters (gas and electricity) installed
in 2013
Target
Result
Number of smart meters 27,400 29,200
Smart Meter App
DELTA Networkbedrijf introduced a special new app in
2013 for clients with a smartphone. This free app allows
clients to check, 24/7, whether there has been a
breakdown in the electricity or gas network in Zeeland and
the cause.
In January it was revealed in London that DNWB had won
a European Innovation Award for the mobile app
SMARAPP (Smart Meter Administrative Rollout
Application). The app helps technicians from DNWB to
more efficiently process information when fitting smart
meters. Administration and recording of address details,
meter readings and serial numbers when fitting smart
meters has so far been done manually with the help of a
laptop. This method is liable to errors, takes time and for
this reason is more expensive.
Thanks to SMARAPP, the implementation of this process
can be almost fully automated. The app was awarded a
prize in the Rollout Innovation 2013 category.
Sustainable operations
DELTA network company and DELTA Infra made
operational processes more sustainable in many ways
during 2013. New, more efficient company cars were
acquired. The replacement of the fleet delivered a saving of
5,761 kg CO 2. This continues with the expectation of a total
saving in coming years of 37,443 kg CO 2. Employees of
DNWB and DELTA Infra who spend a lot of time on the
road were offered a course in defensive driving techniques
in 2013. This is expected to deliver a fuel saving of
approximately five per cent.
Safe for people and the environment
In 2013, DELTA implemented preventative measures
across the group to promote safety, such as workplace
inspections. In order to further raise awareness for safety
for DNWB and DELTA Infra employees, all external
employees of DELTA Infra obtained the DEKRA certificate
Safety Conscious Person in the Energy Industry.
Furthermore, a policy statement was prepared and signed
by the management team with the title ‘Ik werk veilig of ik
werk niet’ (I work safely or I don’t work). The statement
contains ten safety rules that apply to all employees at
DNWB and DELTA Infra. The rules will be annually
reviewed and updated where necessary. They are part of
the results-oriented arrangements cycle under which every
employee will commit to the rules.
DNWB and DELTA Infra Top 10 Safety Rules
1. Whenever I start a job, I think about safety
and review the consequences of my actions
before I begin
2. I flag unsafe behaviour, speak to others and
others can speak to me
3. I make safety open for discussion
4. I play an exemplary role when it comes to
safety
5. I use the required personal protective
equipment and approved tools
6. I am personally responsible for creating
safe working conditions
7. I keep my workplace clean and organised
and avoid damage to the environment
8. I respect others and act on the basis of
openness and sincerity
9. I am willing to admit any errors I have
made and to learn from these
10. I always choose safety first in the event of
doubt
Annual Report DELTA N.V. 2013 42

A lot of use was made of the reporting system for unwanted
HSE situations on the intranet in 2013. In this system, all
HSE related are recorded and reviewed with a view to
improvement. 384 learning opportunities were recorded in
2013. This is considerably more than the previously set
target of 200. The number of accidents leading to absence
from work per million hours worked (LTIR) was 6.52 in
2013. Unfortunately the target of 5 was not reached. 15
environment-related reports were made.
Number of incidents and submitted learning opportunities
to DNWB and DELTA Infra
Incidents with absence 5
Incidents without absence 7
Incidents with adapted work
1 (third party)
Incidents with material damage 23
Learning opportunities/suggested
improvements 348
In 2013, DNWB as a legal operator of the electricity and
gas networks in Zeeland was under the supervision of the
Consumer & Markets Authority and the government
inspectorate, State Supervision of Mines (SodM).
Furthermore, various certification audits took place. These
all proceeded well.
Overview of the Achieved and Stopped
Accreditations/Certifications
Retained
DNWB:
• ISO 9001
• ISO 27001
• NTA8120
DELTA Infra:
• ISO 9001
• VCA **
• CKB
• Meterpool
Stopped
DNWB:
VCO - This was because DNWB and
Delta Infra were subsumed into one
organisation. As a result this
certification for DNWB as a client of
Infra was unnecessary. However,
important elements from VCO were
preserved within the operation of the
new DELTA Networkgroep.
New Growth
In order to be able to obtain well trained technical
personnel in the future, DELTA Infra started its own twoyear
vocational training course in partnership with the
training company InstallatieWerk Brabant-Zeeland and
Markiezaat College in Bergen op Zoom: the DELTA Infra
Vocational Training Course (DIVO). Once again in 2013, a
number of new students also started this on the job training
so that the old guard will be able to pass on their
knowledge in time to the young service technicians in the
making. Once again, a number of work-experience places
at DNWB and DELTA Infra were available for people at a
distance from the employment market.
Future
DNWB and DELTA Infra B.V. were merged into the DELTA
Network Group (DNWG) on 1 January 2014. The relatively
small organisation makes it possible to switch over rapidly
and anticipate market changes. DNWG is and remains a
smart follower. Its limited scale means that it is not possible
to lead in the area of innovation. However, DNWG tries to
follow trends and innovations with a view to increasing the
reliability of its services. The grid requirements in the
Netherlands will change in the future. Energy generation is
becoming ever more decentralised, sometimes taking place
at the client’s premises. Examples of this are energy
generation using solar panels or wind turbines. However,
the existing grid was constructed to take energy to the
client. It travels at 380 kV, along medium voltage and low
voltage networks to the client’s front door. The changes are
placing great demands on the infrastructure. The grid is
being more intensively used and there is now two-way
traffic. Consequently, it is becoming increasingly more
complicated to balance the demand and supply of
electricity and ways must be found to store energy. DELTA
is already playing a part in these future developments and
is reflecting on the great modifications that will need to take
place in the network in its in long-term planning.
Furthermore, DELTA takes part in local initiatives for
decentralised energy generation within the regulated
frameworks. One example of this is The Test Bed in Goes
in which DNWB and DELTA together with a contractor and
a housing association are experimenting on energy
provision for the future.
‘The network
requirements in the
Netherlands are
changing.
Energy generation is
becoming increasingly
decentralised.’
Annual Report DELTA N.V. 2013 43

Annual Report DELTA N.V. 2013 44

Waste Management
1.11
Waste Managment
DELTA’s company activities in the area of waste management and processing have
been brought together in the subsidiary Indaver N.V. DELTA has a 75% interest as a
shareholder. Indaver provides high-quality, sustainable solutions to waste
management for industrial companies and government authorities.
Indaver has enjoyed a good year. The company achieved a
turnover of EUR 520 million and recorded a high net profit.
Revenue and sales were well divided across the four most
important regions where the company is active: The
Netherlands, Belgium, Germany and Ireland. Indaver has
therefore become an important European operator in the
waste processing market.
The market in which Indaver operates went through
difficulties in 2013. This led to intense pressure on price,
mainly due to cost-saving measures that major government
clients had to take. However, Indaver withstood this well
and was able to expand its client base. An attempt to take
over the Dutch waste processing company Attero failed.
Indaver met its waste management targets in the
Netherlands, Belgium and Ireland. In Germany, it met part
of its targets. Several facilities in Germany had to deal with
reduced availability due to technical problems. Alongside
this, there was a lower supply of industrial waste from
Southern Europe at Indaver in Germany, where facilities for
processing industrial waste are mainly located. An action
plan was drawn up in order to bring order to the facilities
and achieve a higher supply, which had begun to show the
first positive results at the end of 2013.
Indaver Connects too
For Indaver, 2013 was characterised by further
consolidation. The company succeeded in depicting
Indaver as a strong brand in all of the regions in which it is
active. All of the business divisions now operate under the
name Indaver. In addition, the various business divisions
are working more and more according to the Indaver way
of thinking. The rights and obligations of the company
divisions towards the group and vice-verse are clearly
shown in a cooperation agreement. The underlying work
agreements between the various business divisions have
also been included in that cooperation agreement.
Furthermore, an integrated management system was
introduced for the entire Indaver group so that all of the
business divisions are working with a similar leadership
style. This is based around three Cs:
Care: running a business with respect for people
Connect: running a business with a team
Coach: helping each other to achieve targets.
Sustainable Solutions
Indaver wants to be at the forefront of sustainable waste
management and it worked hard in 2013 on making its own
business processes and those of its clients more
sustainable. It is difficult for Indaver to formulate targets for
reducing CO 2 emissions because these emissions depend
greatly on the supply of waste that has to be processed.
Therefore the company tried to do that for all of the waste
that it processed in the most sustainable way. A basic
principle behind this is maximum reuse of materials,
without any loss of quality. Where this is not possible, a
choice is made for waste-to-energy. Indaver wants to avoid
returning polluting substances to the cycle. The company
safely stores the residues of hazardous waste products that
cannot be processed so that these do not endanger people
and the environment.
Two Concepts of Service
Indaver offers two concepts of service. In the Industrial &
Hazardous waste segment, the company is taking a
leading role in the market in North-West Europe with the
Total Waste Management concept and thermal treatment
of hazardous waste. That concept means that a total
package is offered that starts with advice and prevention of
waste and ends with processing and if required, the full
operation of facilities. As much material is recovered as
possible using a variety of facilities. Public Waste
Partnerships is the service concept in which the market for
household and comparable company waste is approached.
Indaver is a major partner in this area for governments in
Belgium, the Netherlands and Ireland. The most important
processing methods in this segment are recycling and
incineration combined with energy production.
‘Indaver is always
looking for the most
sustainable way
to process waste
products’
Annual Report DELTA N.V. 2013 45

In 2013, approximately 40% of the processed waste
products were reused without any loss in quality. 40% of
waste products were converted into energy, where 50% of
this was green energy and 20% was processed (destroyed
or stored). The heat generated during the processes is
reused at many sites, for instance by channelling heat to
nearby companies. In 2013, a fermentation facility for the
sustainable processing of household green and garden
waste was started on an existing the compost site in
Alphen aan den Rijn. Fermentation enables biogas to be
produced from wet organic waste streams. At Alphen aan
den Rijn the biogas is converted into green gas that has
the same quality as natural gas. The green gas is fed into
the natural gas network. The site with the digester and
composter has a capacity of 75 Kilotons per year and will
produce around 4 million m 3 of green gas each year.
Safety Efforts
In 2013, Indaver made substantial investments in safety,
mainly through the deployment of an extensive safety
campaign. This aimed to further raise awareness of safety
among employees and contractors. It was a success.
Safety performance in 2013 was good. Unfortunately there
was a fatal accident at the beginning of 2013 at the Indaver
site in Beveren, Belgium. As a result of this sad incident,
Indaver has pressed the sector for tighter safety measures.
Future
Indaver will continue to look for new solutions to waste
management in the coming years. The company stands
apart from its competitors due to its ability to offer custom
solutions to clients on a project basis using its highly
qualified personnel and innovative assets. In 2014 the
focus will be on looking with clients for efficiency gains. It
will strive to run all of its facilities at full capacity and to
further expand its client base. Alongside this, Indaver is
bringing its financing structure in line with the strategic
targets for the future.
Annual Report DELTA N.V. 2013 46

1.12
Executive Board Statement
Executive Board
Statement
In control statement
As the Executive Board of DELTA, we are responsible for
the structure and effective operation of our system of risk
management and internal control: the DELTA Internal
Control Framework (DICF). We have evaluated the set-up
and operation over 2013 partly on the basis of the
Management in Control Statements from the divisions, the
Internal Audit reports and the statement from the external
auditor.
Taking risks is inextricably linked to running a company and
when implementing an expansion strategy. The DICF
enables DELTA to recognise business risks, to take control
and actively monitor these risks and, where necessary,
take appropriate action. We are striving to reduce as far as
possible the chance and impact of errors, incorrect
decisions and unforeseen circumstances. We realise that
this does not offer absolute certainty for achieving our
business targets, or that this can entirely prevent all
inaccuracies, loss, fraud and breaches of rules and
regulations.
Directors’ Statements
As far as we are aware the financial statements provide:
A reliable picture of the assets, liabilities, financial
position and the profits of DELTA N.V.;
The additional information as included in this annual
report, a good view of the situation on 31 December
2013 and the course of affairs during the 2013
financial year of DELTA N.V.;
The actual risks that DELTA N.V. could face have
been described in the Opportunities and Risks chapter
in this annual report.
Middelburg, 26 March 2014
Arnoud Kamerbeek, CEO
Frank Verhagen, CFO
As part of the 2013 financial statement audit, the external
auditor assessed the structure, existence and operation of
internal control measures focused on financial reporting.
The external auditor reported his findings to the Executive
Board, the Audit Committee and the Supervisory Board. In
consideration of the above, the Executive Board is of the
opinion that the risk management and internal controls
worked satisfactorily during 2013 and gives a reasonable
degree of certainty that the financial statements on the
reporting year do not contain any material inaccuracies.
The Executive Board will also supervise the further
strengthening and professionalisation of DICF in 2014.
Annual Report DELTA N.V. 2013 47

Annual Report DELTA N.V. 2013 48

2 Financial statements for 2013
Annual Report DELTA N.V. 2013 49

Contents
Financial statements for 2013 49
Consolidated balance sheet as at 31 December 2013 51
Consolidated income statement 52
Consolidated statement of comprehensive income 53
Consolidated statement of changes in equity 54
Consolidated cash-flow statement 55
Accounting policies 56
Notes to the consolidated balance sheet 79
Notes to the consolidated income statement 116
Notes to the consolidated cash-flow statement 127
Post-balance-sheet events 128
Consolidated companies 129
Non-consolidated companies 131
Company financial statements for 2013 133
Company income statement 135
Notes to the company financial statements 136
Notes to the company balance sheet 137
Notes to the company income statement 145
Other information on the 2013 financial statements 147
Profit appropriation 147
Independent auditor’s report 148
DELTA in financial figures, consolidated 149
DELTA in key figures 150
Annual Report DELTA N.V. 2013 50

Consolidated balance sheet as at 31 December 2013 (before profit
appropriation)
(EUR 1,000) Ref. no. 31-12-2013 31-12-2012 A 01-01-2012 A
Non-current assets
Intangible assets 1 473,189 480,919 489,454
Property, plant and equipment 2 1,783,584 1,780,017 1,810,100
Joint ventures, associates and other investments 3 412,522 391,642 402,353
Loans to joint ventures, associates, etc. 4 15,366 14,352 14,370
Deferred tax assets 4 90,670 89,094 95,246
Other financial assets 4 89,725 78,281 11,881
Derivatives 5 88,080 101,402 68,007
Financial assets 696,363 674,771 591,857
Total non-current assets 2,953,136 2,935,707 2,891,411
Current assets
Inventories 6 87,445 87,212 72,691
Trade receivables 7 384,408 371,275 395,247
Current tax assets 7 24,814 1,815 6,583
Other receivables 7 52,760 81,579 47,002
Derivatives 5 141,856 137,165 230,250
Total receivables 603,838 591,834 679,082
Assets held for sale 24 143 1,743 2,647
Total current assets 691,426 680,789 754,420
Cash 8 174,115 194,068 257,545
Total assets 3,818,677 3,810,564 3,903,376
Shareholders’ equity 1,093,289 1,051,656 1,046,221
Profit for the year 74,788 80,963 82,690
Equity attributable to shareholders of DELTA N.V. 1,168,077 1,132,619 1,128,911
Non-controlling interests 45,352 52,521 53,570
Group equity 1,213,429 1,185,140 1,182,481
Provisions 9 592,393 633,409 597,531
Pension liabilities 9 31,322 27,012 16,763
Long-term debt 10 616,361 630,024 798,459
Deferred tax liabilities 11 60,689 53,705 59,028
Deferred revenue 11 87,381 77,286 70,999
Other non-current liabilities 11 198,578 198,117 37,840
Derivatives 5 115,839 137,635 104,838
Non-current liabilities 1,702,563 1,757,188 1,685,458
Trade payables 12 341,048 303,614 332,507
Current tax liabilities 12 100,548 88,574 73,279
Deferred revenue 12 15,130 19,391 19,911
Current portion of provisions 12 15,301 12,254 15,876
Other liabilities 12 148,344 170,078 257,117
Bank borrowings 12 120,998 125,803 101,762
Derivatives 5 160,555 146,861 230,535
Subtotal current liabilities 901,924 866,575 1,030,987
Liabilities held for sale 24 761 1,661 4,450
Current liabilities 902,685 868,236 1,035,437
Total equity and liabilities 3,818,677 3,810,564 3,903,376
Annual Report DELTA N.V. 2013 51

Consolidated income statement
(EUR 1,000) Ref. no. 2013 2012 A
Revenue 13 2,103,593 2,167,709
Cost of sales 14 (1,317,921) (1,341,936)
Gross operating margin 785,672 825,773
Other gains and losses 15 24,676 39,375
Fair value gains and losses on the trading portfolio 16 (683) (5,002)
Gross margin 809,665 860,146
Third-party services 17 287,786 302,410
Staff costs 18 256,725 243,146
Depreciation, amortisation and impairment 19 174,262 208,970
Other operating expenses 20 9,337 28,664
Total net operating expenses 728,110 783,190
Earnings from operations 81,555 76,956
Share in results of joint ventures and associates 21 41,548 73,245
Operating result 123,103 150,201
Net finance income (expense) 22 (39,584) (32,184)
Profit before tax 83,519 118,017
Corporate income tax 23 (3,278) (28,847)
Profit after tax from continuing operations 80,241 89,170
Profit after tax from discontinued operations 24 (705) (1,385)
Profit for the year 79,536 87,785
Attributable to:
Non-controlling interests 4,748 6,822
Shareholders of DELTA N.V. 74,788 80,963
Annual Report DELTA N.V. 2013 52

Consolidated statement of comprehensive income
(EUR 1,000) 2013 2012 A
Profit after tax for the year 79,536 87,785
Other comprehensive income:
- items that will not be reclassified subsequently to income statement
Remeasurements of defined benefit obligations
Remeasurements of defined benefit obligations (3,409) (9,850)
(Deferred) corporate income tax 1,000 3,162
(2,409) (6,688)
Total of other comprehensive income (2,409) (6,688)
that will not be reclassified subsequently to income statement
- items that may be reclassified subsequently to income statement
Effective portion of gains and losses on cash flow hedges
Energy derivatives (14,737) 3,706
Reclassification adjustments 2,112 177
(12,625) 3,883
Interest rate derivatives 22,011 (3,209)
Reclassification adjustments (9,235) (3,831)
12,776 (7,040)
(Deferred) corporate income tax (97) 713
54 (2,444)
Share of other comprehensive income of
joint ventures and associates
Share of other comprehensive income of
joint ventures and associates 2,597 (7,603)
Reclassification adjustments - -
2,597 (7,603)
(Deferred) corporate income tax - -
2,597 (7,603)
Translation reserve differences
Translation reserve differences (10) 4
Reclassification adjustments - -
(10) 4
(Deferred) corporate income tax - -
(10) 4
Other movements
Other movements - -
Reclassification adjustments - (22,891)
- (22,891)
(Deferred) corporate income tax - -
- (22,891)
Other comprehensive income of assets held for sale - -
Total other comprehensive income that may be reclassified
subsequently to income statement 2,641 (32,934)
Totaal other comprehensive income 232 (39,622)
Total comprehensive income 79,768 48,163
Total comprehensive income attributable to:
Non-controlling interests 4,310 4,455
Shareholders of DELTA N.V. 75,458 43,708
For an explanation of the changes in energy and interest-rate derivatives, see Section 5.
The adjustment due to IAS 19 (amended) relates entirely to changes at Indaver N.V.
Annual Report DELTA N.V. 2013 53

Consolidated statement of changes in equity
(EUR 1,000)
Total
Paid-up
capital
Statutory
reserve
Hedge
reserve
Revaluation
reserve
Other
reserves
Unappropriated
profit
Non-controlling
interests
Carrying amount as at 31 December 2011 1,179,820 6,937 202,007 (6,044) 23,115 942,546 (42,832) 54,091
Adjustment due to IAS 19 2,661 3,182 (521)
Adjustment due to IFRS 11 - 24,628 (24,628)
Carrying amount as at 31 December 2011 1,182,481 6,937 226,635 (30,672) 23,115 945,728 (42,832) 53,570
Profit appropriation for 2011 - - - - - (42,832) 42,832 -
Payment of dividend
Other changes
Transfer to liabilities due to put options
Total comprehensive income
(40,000) - - - - (40,000) - -
- - (1,849) - - 1,849 - -
(5,504) - - - - - - (5,504)
48,163 - (6,084) (3,645) (23,115) (4,411) 80,963 4,455
Profit appropriation for 2012 - - 7,126 - - - (7,126) -
Carrying amount as at 31 December 2012 1,185,140 6,937 225,828 (34,317) - 860,334 73,837 52,521
Profit appropriation for 2012 - - - - - 73,837 (73,837) -
Payment of dividend
Other changes
Transfer to liabilities due to put options
Total comprehensive income
(40,000) - - - - (40,000) - -
(4,900) - - - - - - (4,900)
(6,579) - - - - - - (6,579)
79,768 - 2,603 (341) - (1,592) 74,788 4,310
Profit appropriation for 2013 - - (13,565) - - - 13,565 -
Carrying amount as at 31 December 2013 1,213,429 6,937 214,866 (34,658) - 892,579 88,353 45,352
The statutory reserve relates to the undistributed profits of joint operations, joint ventures and
associates. The statutory reserve is therefore not freely distributable. This applies equally to the hedge
reserve, which should be seen in relation to the unrealised income from the change in fair value of the
derivatives used for hedging purposes.
The changes in the fair value of derivatives after tax are part of the hedge reserve (which is a nondistributable
reserve). For further explanation, see Section 5 ‘Basis of recognition and measurement of
financial instruments’ and 5.1.3 of the ‘Notes to the consolidated balance sheet’.
The 'Other reserves' item consists primarily of retained profit.
The transfer to liabilities due to put options in 2013 relates to the third-party minority interest in Indaver
N.V. A put option, which is recognised in the non-current liabilities, has been granted to these
shareholders, who hold 25% of the Indaver N.V. shares.
The non-controlling interests in the consolidated equity of DELTA mainly concerns the interest held by
NEIF (NIBC European Infrastructure Fund) in the German waste processing company Indaver
Deutschland GmbH.
Annual Report DELTA N.V. 2013 54

Consolidated cash-flow statement
(EUR 1,000) 2013 2012 A
From operating activities
Earnings from operations 81,555 76,956
Fair value gains and losses on the trading portfolio 682 5,002
Adjustment for deferred income 2,263 3,776
Depreciation, amortisation and impairment 174,262 208,970
Provisions (62,657) (21,876)
Inventories (4,038) (10,919)
Trade receivables (13,133) 23,972
Trade payables 37,434 (28,893)
Other receivables/payables 8,823 (5,062)
Other (3,812) 128
From operating activities 221,379 252,054
Cash flows arising from dividends received from joint ventures and associates 33,975 46,205
Cash flows from finance income and expense (20,991) (12,604)
Cash flows from taxes on profits (9,728) (18,533)
Cash flow from operating activities 224,635 267,122
From investing activities
Acquisition and disposal of intangible assets and property, plant and
equipment (after deduction of cash acquired) (167,751) (141,071)
Acquisition of investments in subsidiaries and associates and
interests in joint ventures (after deduction of cash disposed) (10,765) (2,739)
Disposal of investments in subsidiaries and associates and interests
in joint ventures (77) 22,735
Other financial assets (8,610) (65,462)
Kasstroom uit investeringsactiviteiten (187,203) (186,537)
From financing activities
Bank borrowings (4,805) 24,041
Long-term liabilities 47,257 239,722
Paying off borrowings (59,837) (367,825)
Dividend payments (40,000) (40,000)
Cash flow from financing activities (57,385) (144,062)
Evolvement cash flow during the year (19,953) (63,477)
Cash as at 1 January 194,068 257,545
Evolvement cash position during the year (19,953) (63,477)
Cash as at 31 December 174,115 194,068
Free cash flow before dividend 37,432 80,585
Movement net debt (2,568) 40,585
Annual Report DELTA N.V. 2013 55

Accounting policies
DELTA N.V. is a public limited liability company formed under Dutch law, and is the parent company of
a number of subsidiaries active in:
electricity generation and the transportation and supply of energy
environmental services concerned with waste management
the provision of cable services for both analogue and digital television as well as for internet and
digital telephony via cable
the development and production of sustainable energy using wind power
water operations
The group also has interests in a number of joint arrangements, associates and other investments.
The owners of DELTA N.V. are the provincial authority of Zeeland, the municipalities of Zeeland, certain
municipalities in Zuid-Holland and Noord-Brabant and the provinces of Zuid-Holland and Noord-
Brabant.
DELTA N.V. has its registered offices at Poelendaelesingel 10, Middelburg, in accordance with its
articles of association.
The following changes occurred in the consolidation in 2013:
1. PVNED UK Ltd was established on 1 February 2013.
2. DELTA Mourik Industrial Services vof was liquidated on 22 April 2013.
3. Partners Vliegveld Zeeland B.V. was liquidated on 1 July 2013; as of 27 June 2013, DELTA has a
direct stake in Zeeland Airport B.V.
4. DELTA Personeel B.V. was established on 9 July 2013.
5. Zeeuwgrond B.V. was sold on 15 August 2013.
6. Vedis Reiniging B.V. was wound up on 20 December 2013.
7. DELTA COM B.V. was established on 30 December 2013.
DELTA Comfort B.V. was transferred from DELTA Energy B.V. to DELTA COM B.V. with effect
from 31 December 2013. This means that both DELTA Energy B.V. and DELTA Comfort B.V. are
now direct subsidiaries of DELTA COM B.V.
As of 31 December 2013, DELTA Infra B.V. is a direct subsidiary of Zeeuwse Netwerkholding N.V.
8. The names of various subsidiaries of Indaver Nederland B.V. as recorded in the articles of
association have been amended following the legal merger of Indaver Nederland B.V. and DELTA
Milieu B.V. on 1 January 2013.
The functional currency is the euro. Unless otherwise stated, all amounts are presented in thousands of
euros.
DELTA N.V. availed itself of the option in Part 9, Book 2, of the Dutch Civil Code to prepare the
company’s financial statements in accordance with the IFRS accounting policies used in the
consolidated financial statements with the exception of the equity-accounted subsidiaries, joint
operations, joint ventures and associates. The company income statement is presented in abridged
form in accordance with Article 402, Title 9, Book 2, of the Dutch Civil Code.
The Supervisory Board signed these 2013 financial statements on 26 March 2014 and released them
for publication. The Supervisory Board will present the financial statements to the General Meeting of
Shareholders for adoption on 16 May 2014.
Annual Report DELTA N.V. 2013 56

1A. Compliance with IFRS and summary of changes in IFRS
recognition and measurement rules
The company’s consolidated financial statements have been drawn up in compliance with the
International Financial Reporting Standards (IFRS) issued by the International Accounting Standards
Board (IASB) and the interpretations issued by the IFRS Interpretations Committee (IFRS IC) of the
IASB, as endorsed by the European Commission (EC) up to year-end 2013.
New standards, interpretations or supplements/improvements in relation to the previous financial year
were issued by the IASB and approved by the European Commission for adoption within the European
Union in 2013. Those changes not yet adopted by the EC are not discussed.
1A.1 DELTA applied the following new standards and improvements in its financial statements
for 2013.
1) Amendments to IAS 1, Presentation of Financial Statements – Presentation of Items of Other
Comprehensive Income
The objective of the amendments to IAS 1 is to make the presentation of the increasing number
of items of other comprehensive income clearer, and to assist the users of financial statements
in distinguishing between the items of other comprehensive income that can be reclassified
subsequently to profit or loss, and those that will never be reclassified to profit or loss.
2) Amendments to IAS 19, Employee Benefits
The amendments to IAS 19 should help users of financial statements better understand how
defined benefit plans affect an entity’s financial performance and cash flows.
The main changes are:
a) Elimination of an option to defer the recognition of gains and losses, known as the ‘corridor
method’. Presentation of changes in assets and liabilities arising from defined benefit plans,
including requiring remeasurements in other comprehensive income,
b) Introduction of net interest on the net defined benefit liability (asset) and in consequence
elimination of the expected return on assets. The net interest is based on the IAS 19
discount rate and the (un)funded status,
c) In general it became easier under the amended IAS 19 to classify a pension plan as a
defined contribution plan,
d) In determining the pension liabilities, items such as risk sharing or shared financing can also
be taken into account.
3) IAS 12, Income Taxes – deferred taxes: recovery of underlying assets.
The objective of the amendments to IAS 12 is to introduce an exception to the measurement
principle in IAS 12 in the form of a rebuttable presumption that assumes that the carrying
amount of an investment property measured at fair value would be recovered through sale and
an entity would be required to use the tax rate applicable to the sale of the underlying asset.
4) IFRS 13, Fair Value Measurement
IFRS 13 sets out a single IFRS framework for measuring fair value and provides comprehensive
guidance on how to measure the fair value of both financial and non-financial assets and
liabilities. IFRS 13 applies when another IFRS requires or permits fair value measurement or
disclosures about fair value measurements.
Annual Report DELTA N.V. 2013 57

5) Amendments to IFRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets and
Financial Liabilities
The amendment to IFRS 7 aims to ensure the provision of additional quantitative information in
order to allow the users to better compare and reconcile the disclosures under IFRS and the
Generally Accepted Accounting Principles (GAAP) of the United States.
6) IFRS 1: Amendments to IFRS 1, First-time adoption of International Financial Reporting
Standards - Government loans
The amendments to IFRS 1 deal with loans received from governments at below market interest
rates and their objective is to give first-time adopters of IFRS relief from full retrospective
application on transition to IFRS.
7) Annual improvements to International Financial Reporting Standards, 2009-2011 Cycle
Three of the improvements (namely Appendix D of IFRS 1 referring to borrowing costs, IAS 16
referring to classification of servicing equipment and IAS 34 referring to segment information for
total assets and liabilities) are clarifications or corrections of the respective standards. The other
three improvements (namely IFRS 1 referring to repeated application of IFRS 1, IAS 1
clarification of the requirements for comparative information and IAS 32 referring to the tax
effect of distribution to holders of equity instruments) involve changes to the existing
requirements or additional guidance on the implementation of those requirements.
1A.2 The standards IFRS 10, IFRS 11, IFRS 12, IAS 27 (amended) and IAS 28 (amended) have
been applied by DELTA with effect from the 2013 financial statements. They are
explained below.
1) IFRS 10, Consolidated Financial Statements
The objective of IFRS 10 is to provide a single consolidation model that identifies control as the
basis for consolidation for all types of entities. IFRS 10 replaces IAS 27 Consolidated and
Separate Financial Statements and Interpretation SIC 12 Consolidation – Special Purpose
Entities.
2) IFRS 11, Joint Arrangements
IFRS 11 establishes principles for the financial reporting by parties to a joint arrangement, and
replaces IAS 31 Interests in Joint Ventures and Interpretation SIC 13 Jointly Controlled Entities
– Non-monetary Contributions by Venturers.
3) IFRS 12, Disclosure of Interests in Other Entities
IFRS 12 combines, enhances and replaces the disclosure requirements for subsidiaries, joint
arrangements, associates and unconsolidated structured entities.
4) Amended IAS 27, Separate Financial Statements
IAS 27 has been amended as a consequence of the new IFRS 10, IFRS 11 and IFRS 12.
5) Amended IAS 28, Investment in Associates and Joint Ventures
IAS 28 has been amended as a consequence of the new IFRS 10, IFRS 11 and IFRS 12.
6) Amendments to IFRS 10, IFRS 11 and IFRS 12, Transition guidance
The objective of the amendments in IFRS 10 Consolidated financial statements, IFRS 11 Joint
arrangements and IFRS 12 Disclosure of interests in other entities is to clarify the IASB’s
intention when first issuing the transition guidance in IFRS 10. The amendments also provide
additional transition relief in IFRS 10, IFRS 11 and IFRS 12, limiting the requirement to provide
adjusted comparative information to only the preceding comparative period. Furthermore, for
disclosures related to unconsolidated structured entities, the amendments remove the
requirement to present comparative information for periods before IFRS 12 is first applied.
Annual Report DELTA N.V. 2013 58

1A.3 The following standards and improvements have not yet been adopted by DELTA for the
2013 financial statements (they are officially applicable only from 1 January 2014 or later)
1) Amendments to IAS 32, Financial Instruments: Presentation - Offsetting Financial Assets and
Financial Liabilities
IAS 32 has been amended to provide additional guidance to reduce inconsistent application of
the standard in practice. No material impact on the presented figures is anticipated due to the
application of this amendment.
2) Amendments to IFRS 10, IFRS 12, IAS 27 and IAS 28 – investment entities
IFRS 10 Consolidated financial statements has been amended in order to better reflect the
business model of investment entities. IFRS 10 requires that investment entities measure their
subsidiaries at fair value through the profit or loss account rather than consolidate them. IFRS
12 Disclosure of interests in other entities has been amended in order to require specific
disclosure about such subsidiaries of investment entities. The amendments to IAS 27 Separate
financial statements also removed the option for investment entities to measure investments in
certain subsidiaries either at cost or at fair value in their separate financial statements. No
impact on the presented figures is anticipated as there are no investment entities within the
DELTA Group.
3) Amendments to IAS 36, Impairment of assets
The objective of the amendments is to clarify that the scope of the disclosures of information
about the recoverable amount of assets, where that amount is based on fair value less cost of
disposal, is limited to impaired assets. Application of this amendment to IAS 36 will have no
impact on the presented figures.
4) Amendments to IAS 39, Financial instruments: recognition and measurement – novation of
derivatives and continuation of hedge accounting
The objective of the amendments is to provide relief in situations where a derivative that has
been designated as a hedging instrument is novated from one counterparty to a central
counterparty as a consequence of laws or regulations. Such a relief means that hedge
accounting can continue irrespective of the novation which, without the amendment, would not
be permitted.
Annual Report DELTA N.V. 2013 59

1B. Principal changes in the valuation policy for the 2012
balance sheet and income statement
1B.1 IAS 19 (amended): Employee benefits
In the amended IAS, the ‘corridor’ approach is no longer used and certain changes to the valuation of
defined benefit plans are recognised in other comprehensive income.
1B.2 IFRS 10, 11 and 12, and IAS 27 (amended) and 28 (amended): Classification of investments
In view of the application for the first time of IFRS 10, 11 and 12, IAS 27 (amended) and 28 (amended),
DELTA reassessed the investments within the group to ascertain how they should be recognised in the
consolidated figures. It was concluded that a number of material investments should be classified as
joint operations on the basis of IFRS 11 (joint arrangements). As a consequence, the equity method of
valuation can no longer be applied; instead partial consolidation is required for the investments in
question.
An explanation is given below of the main considerations in deciding whether to classify an investment
as a joint arrangement (whether a joint operation or a joint venture).
In May 2011, the IASB issued the IFRS 11 standard; to summarise, the consequence of this standard is
that the economic practice rather than the legal structure is the determining factor for recognition in the
financial statements — ‘substance over form’. IFRS 11 was approved by the European Commission in
December 2012 for application within the EU.
The key element when deciding on the correct classification of an investment as a joint operation or
joint venture is the arrangements that have been made for the agreements between shareholders and
other stakeholders regarding the business operations (the joint arrangement). Control is important here,
in particular the rights to the assets, the obligations with respect to the liabilities and the ability the
shareholder/stakeholder has to manage inputs and outputs and to influence profits, i.e. the extent to
which a (partial) shareholder is in control of the company in question. The need, or lack of such need,
for unanimous consent in decision making is the deciding factor in the first instance when determining
the classification of joint arrangements.
Each joint arrangement has been assessed to see whether it is a joint operation or a joint venture
according to the stipulations in IFRS 11.
The main considerations are listed below for the various companies run jointly with one or more
partners that led to the decision whether to classify them as a joint operation or joint venture.
1B.3 Explanation of considerations in the classification of the key joint arrangements
1. Joint operations
Sloe Centrale Holding B.V./Sloe Centrale B.V.
Joint control applies at Sloe Centrale Holding B.V.; unanimous consent is required for relevant
decisions and the shareholders are the only users, through a tolling agreement, of the electricity
generated. The shareholders/tollers do not have primary responsibility for the project financing that is
acquired; this is acquired by Sloe Centrale B.V. and is serviced through the tolling fees paid by the two
tollers.
N.V. Elektriciteit-Productiemaatschappij Zuid-Nederland (EPZ)
Joint control applies at N.V. EPZ for predefined key decisions; unanimous consent is required for
relevant decisions (other than those agreed in advance) and the shareholders are the only users,
through a tolling agreement, of the electricity generated.
Annual Report DELTA N.V. 2013 60

SLECO Centrale nv
At SLECO Centrale nv, there is joint control over the plant and in key decisions concerning the
operations. Both shareholders guarantee the supply of waste for the plant. The gate fee payable for this
is determined jointly. The energy that is generated is sold to a third party through a joint contract.
However, this revenue is of secondary importance compared with the other benefits to the shareholders
from the agreement.
SVEX nv
The work carried out by SVEX nv is exclusively for the benefit of the commercial operation and
maintenance of certain plants belonging to the shareholders. SVEX nv does not render any services to
third parties. The company’s objective is to operate on a break-even basis. Because its operations are
so closely linked to the operations of SLECO Centrale nv, SVEX nv is also treated as a joint operation.
2. Joint ventures
Evides N.V.
Joint control applies at Evides N.V. and unanimous approval is required for key decisions that exceed
the mandate of the board of directors and the supervisory board. The two shareholders have an equal
share in dividends paid by the company. Evides N.V.’s customers are consumers and businesses,
mainly in the provinces of Zuid-Holland and Zeeland.
ELSTA B.V. & Co. C.V.
Joint control applies at ELSTA B.V. & Co. C.V. and unanimous approval is required for key decisions.
Part of the output, namely all the steam and some of the electricity, is delivered to one customer that is
not a shareholder. The remaining part of the electricity generated is delivered to two of the three
partners. The company does not depend entirely on the partners to fulfil its financing commitments as
there are multiple customers.
1B.4 Consequences of changes in recognition for the DELTA figures
IAS 19 (amended):
In the amended IAS, the ‘corridor’ approach is no longer used and certain changes to the valuation of
defined benefit plans are recognised in other comprehensive income.
IFRS 10, 11 and 12, and IAS 27 (amended) and 28 (amended): Classification of investments
The investments that have been classified as joint operations since the application of IFRS 11 are
recognised as such with effect from the 2013 financial year. The comparative figures for 2012 have
been adjusted accordingly to enable a comparison. Furthermore, the figures as at 1 January 2012 have
been adjusted on the basis of IFRS 11 and IAS 1. In this section, the adjusted figures are denoted by
2012 A, 01-01-2012 A and 31-12-2012 A.
The main changes are specified below.
Balance sheet
The companies that were recognised as joint ventures in the financial non-current assets prior to the
application of IFRS 11 and are now classified as joint operations have been partially consolidated. As a
consequence, a percentage of the individual assets and liabilities proportionate to the stake in the joint
operation in question is recognised in the consolidated figures.
Intangible non-current assets
The increase in the intangible non-current assets is partly due to the recognition of the goodwill of the
investment in SLECO Centrale nv, which is classified as a joint operation under IFRS 11. This goodwill
was previously recognised in the financial non-current assets along with the joint venture. In addition, a
proportionate share of the IT systems is included, as recognised in the intangible non-current assets of
Sloecentrale.
Annual Report DELTA N.V. 2013 61

Property, plant and equipment
The property, plant and equipment has been increased by a share in proportion to the interest in the
carrying amount of the land, buildings, power stations and equipment and other tangible non-current
assets belonging to the joint operations that were recognised as joint ventures prior to the application of
IFRS 11. This item also includes recognition of the fair value that DELTA allocated to the EPZ nuclear
power station when acquiring a 20% interest in 2010; this was previously classified as a financial noncurrent
asset.
Financial non-current assets
The joint ventures that were classified as financial non-current assets prior to the application of IFRS 11
and have been reclassified as joint operations under IFRS 11 are recognised in the individual items of
the assets and liabilities of the joint operations. Other changes in the financial non-current assets
concern the Foundation for managing the funds for dismantling the nuclear power station, the
proportionate share of the minority interests in the former joint ventures and other non-current
receivables (including deferred taxes) of Sloe Centrale Holding B.V., N.V. EPZ and SLECO Centrale
nv.
Current assets and liabilities
The current assets and liabilities have also changed through the addition of the proportionate share in
the joint operations. The inter-company transactions within the group have been completely eliminated.
DELTA’s shareholders’ equity
The application of IFRS 11 does not affect the shareholders’ equity.
Provisions
The additions to the provisions primarily relate to the provisions for the dismantling of the power
stations and equipment belonging to the joint operations.
Furthermore, the provision for storage and reprocessing costs for the Borssele nuclear power station
are recognised here.
Long-term debt
The main increase in the long-term debt concerns the proportionate share in the bank financing
acquired by the joint operations.
Income statement
The net revenue has changed because of the elimination of the deliveries to the former joint ventures
that were previously recognised as external sales prior to the application of IFRS 11 and are now
treated as inter-company deliveries. The figures for the revenue after application of IFRS 11 include the
additional external sales by the joint operations to customers that are not associated with the joint
operations as shareholders.
Under the new rules, the revenue and cost of sales of the companies that were classified as joint
ventures before application of IFRS 11 are now recognised separately in the revenue and cost of sales
figures in proportion to the relevant interest. As a result, the cost of sales DELTA previously recognised
for the purchase of production from the joint ventures in question no longer apply. The gross margin
has increased following application of IFRS 11 due to the recognition as described above of the
proportionate share in the revenue and cost of sales of the joint arrangements that are included in the
consolidation after application of IFRS 11.
There is an increase in the operating expenses equal to the proportionate share in the costs of the joint
operations.
The net profit is not affected; however, users of the financial statements have a better insight thanks to
the separate proportionate recognition of the figures for the joint operations in the consolidated figures
of DELTA N.V.
Please refer to the relevant chapters for the general accounting policies for the consolidation, valuation
for the balance sheet and determination of the income and expense.
Annual Report DELTA N.V. 2013 62

1B.5 Effect on the income statement of the application of IFRS 11 and IAS 19 (amended)
(EUR 1,000) Ref. no. 2012 IAS19R IFRS11 2012 A
Revenue 13 2,171,793 - (4,084) 2,167,709
Cost of sales 14 (1,551,017) - 209,081 (1,341,936)
Gross operating margin 620,776 - 204,997 825,773
Other gains and losses (third parties) 15 33,431 - 5,944 39,375
Fair value gains and losses on the trading portfolio 16 (5,002) - - (5,002)
Gross margin 649,205 - 210,941 860,146
Third-party services 17 240,862 - 61,548 302,410
Staff costs 18 204,054 219 38,873 243,146
Depreciation, amortisation and impairment 19 131,835 - 77,135 208,970
Other operating expenses 20 17,113 - 11,551 28,664
Total net operating expenses 593,864 219 189,107 783,190
Earnings from operations 55,341 (219) 21,834 76,956
Share in results of joint ventures and associates 21 77,674 (16) (4,413) 73,245
Operating result 133,015 (235) 17,421 150,201
Net finance income (expense) 22 (29,783) - (2,401) (32,184)
Profit before tax 103,232 (235) 15,020 118,017
Corporate income tax 23 (13,901) 74 (15,020) (28,847)
Profit after tax from continuing operations 89,331 (161) - 89,170
Profit after tax from discontinued operations 24 (1,385) - - (1,385)
Profit for the year 87,946 (161) - 87,785
Attributable to:
Non-controlling interests 6,862 (40) - 6,822
Shareholders of DELTA N.V. 81,084 (121) - 80,963
Annual Report DELTA N.V. 2013 63

1B.6 Effect on the balance sheet as at 1 January 2012
(EUR 1,000) Ref. no. 01-01-2012 IAS19 IFRS11 01-01-2012 A
Non-current assets
Intangible assets 1 394,801 - 94,653 489,454
Property, plant and equipment 2 1,035,754 - 774,346 1,810,100
Joint ventures, associates and other investments 3 867,809 443 (465,899) 402,353
Loans to joint ventures, associates, etc. 4 14,370 - - 14,370
Deferred tax assets 4 75,851 (13) 19,408 95,246
Other financial assets 4 9,305 - 2,576 11,881
Derivatives 5 68,007 - - 68,007
Financial assets 1,035,342 430 (443,915) 591,857
Total non-current assets 2,465,897 430 425,084 2,891,411
Current assets
Inventories 6 17,303 - 55,388 72,691
Trade receivables 7 390,303 - 4,944 395,247
Current tax assets 7 7,324 - (741) 6,583
Other receivables 7 46,629 (1,246) 1,619 47,002
Derivatives 5 230,250 - - 230,250
Total receivables 674,506 (1,246) 5,822 679,082
Assets held for sale 24 2,647 - - 2,647
Total current assets 694,456 (1,246) 61,210 754,420
Cash 8 52,390 - 205,155 257,545
Total assets 3,212,743 (816) 691,449 3,903,376
Shareholders’ equity 1,043,039 3,182 - 1,046,221
Profit for the year 82,690 - - 82,690
Equity attributable to shareholders of DELTA N.V. 1,125,729 3,182 - 1,128,911
Non-controlling interests 54,091 (521) - 53,570
Group equity 1,179,820 2,661 - 1,182,481
Provisions 9 236,824 (1,433) 362,140 597,531
Pension liabilities 9 21,869 (4,879) (227) 16,763
Long-term debt 10 588,606 - 209,853 798,459
Deferred tax liabilities 11 57,470 1,774 (216) 59,028
Deferred revenue 11 70,999 - - 70,999
Other non-current liabilities 11 25,472 - 12,368 37,840
Derivatives 5 77,149 - 27,689 104,838
Non-current liabilities 1,078,389 (4,538) 611,607 1,685,458
Trade payables 12 324,381 - 8,126 332,507
Current tax liabilities 12 59,191 - 14,088 73,279
Deferred revenue 12 13,401 - 6,510 19,911
Current portion of provisions 12 15,876 - - 15,876
Other liabilities 12 247,082 1,061 8,974 257,117
Bank borrowings 12 66,429 - 35,333 101,762
Derivatives 5 223,724 - 6,811 230,535
Current liabilities 950,084 1,061 79,842 1,030,987
Liabilities held for sale 24 4,450 - - 4,450
Current liabilities 954,534 1,061 79,842 1,035,437
Total equity and liabilities 3,212,743 (816) 691,449 3,903,376
Annual Report DELTA N.V. 2013 64

1B.7 Effect on the balance sheet as at 31 December 2012
(EUR 1,000) Ref. no. 31-12-2012 IAS19 IFRS11 31-12-2012 A
Non-current assets
Intangible assets 1 390,232 - 90,687 480,919
Property, plant and equipment 2 1,010,059 - 769,958 1,780,017
Joint ventures, associates and other investments 3 826,459 18 (434,835) 391,642
Loans to joint ventures, associates, etc. 4 14,352 - - 14,352
Deferred tax assets 4 63,122 3 25,969 89,094
Other financial assets 4 9,337 - 68,944 78,281
Derivatives 5 101,232 - 170 101,402
Financial assets 1,014,502 21 (339,752) 674,771
Total non-current assets 2,414,793 21 520,893 2,935,707
Current assets
Inventories 6 16,916 - 70,296 87,212
Trade receivables 7 370,792 - 483 371,275
Current tax assets 7 2,949 - (1,134) 1,815
Other receivables 7 71,212 (1,427) 11,794 81,579
Derivatives 5 136,557 - 608 137,165
Total receivables 581,510 (1,427) 11,751 591,834
Assets held for sale 24 1,743 - - 1,743
Total current assets 600,169 (1,427) 82,047 680,789
Cash 8 48,931 - 145,137 194,068
Total assets 3,063,893 (1,406) 748,077 3,810,564
Shareholders’ equity 1,052,889 (1,233) - 1,051,656
Profit for the year 81,084 (121) - 80,963
Equity attributable to shareholders of DELTA N.V. 1,133,973 (1,354) - 1,132,619
Non-controlling interests 53,892 (1,371) - 52,521
Group equity 1,187,865 (2,725) - 1,185,140
Provisions 9 230,088 - 403,321 633,409
Pension liabilities 9 22,158 4,502 352 27,012
Long-term debt 10 429,087 - 200,937 630,024
Deferred tax liabilities 11 51,939 (1,266) 3,032 53,705
Deferred revenue 11 77,286 - - 77,286
Other non-current liabilities 11 177,691 (1,917) 22,343 198,117
Derivatives 5 101,283 - 36,352 137,635
Non-current liabilities 1,089,532 1,319 666,337 1,757,188
Trade payables 12 311,725 - (8,111) 303,614
Current tax liabilities 12 73,414 - 15,160 88,574
Deferred revenue 12 13,172 - 6,219 19,391
Current portion of provisions 12 12,254 - - 12,254
Other liabilities 12 136,623 - 33,455 170,078
Bank borrowings 12 98,303 - 27,500 125,803
Derivatives 5 139,344 - 7,517 146,861
Current liabilities 784,835 - 81,740 866,575
Liabilities held for sale 24 1,661 - - 1,661
Current liabilities 786,496 - 81,740 868,236
Total equity and liabilities 3,063,893 (1,406) 748,077 3,810,564
Annual Report DELTA N.V. 2013 65

1B.8 Effect on assets, liabilities and shareholders’ equity as at 31 December 2013 of the
application of the amended standard IAS 19
(EUR 1,000) 31-12-2013
Joint ventures and associates accounted for using equity method (199)
Non-current liabilities post employment benefit obligations (3,121)
Other non-current liabilities (Putoption Indaver) 528
Deferred tax liabilities 907
Impact on net assets (1,885)
Non-controlling interests 302
Profit (Loss) for the year -
Other retained earnings/losses carried forward 1,583
Retained earnings/losses carried forward 1,583
Impact on equity 1,885
1B.9 Effect on the cash flow in 2012 of the application of IFRS 11
2012
Cash flow from operating activities 45,074
Cash flow from investing activities (88,820)
Cash flow from financing activities (16,272)
Evolvement cash flow during the year (60,018)
Annual Report DELTA N.V. 2013 66

2. General
2.1 Estimates and assumptions
The preparation of financial statements entails the use of estimates and assumptions based on past
experience and on factors considered acceptable in the management’s judgement. These estimates
relate primarily to (i) the proceeds from the sale and transport of electricity and gas to domestic
consumers because of staggered meter readings, (ii) deferred tax assets and (iii) the level of
provisions.
They affect the figures in the financial statements, which may differ from the actual figures. The effects
of changes in estimates are recognised prospectively in the income statement. Changes in estimates
can also lead to adjustments in assets and liabilities or in equity components. Such changes in
estimates are recognised in the period in which they occur. In the notes to the balance sheet and the
income statement, separate disclosures are made of specific aspects relating to estimates and
assumptions.
2.2 Impairment of assets
During the year, assessments are made to check for indications that assets may be impaired. If so, an
estimate is made of the asset’s recoverable amount, which is equal to the higher of the fair value less
selling costs and the value in use. If the fair value less selling costs results in unavoidable costs, the
carrying amount is written down accordingly. The value in use is measured by taking the present value
of the estimated future cash flows, based on the business plans drawn up internally and approved by
the Executive Board of directors, and using the pre-tax discount rate that reflects the current market
interest rates. Specific risks relating to the asset or the cash-generating unit are incorporated in the
estimated future cash flows. Annual impairment tests are performed for recognised goodwill.
Impairment losses are recognised if the carrying amount of an asset or the cash-generating unit to
which the asset belongs exceeds the recoverable amount. Impairment of assets attributed to cashgenerating
units is first deducted from the carrying amount of the goodwill attributed to the cashgenerating
units (or groups of units) and then, pro rata, from the carrying amount of the other assets of
the unit or group of units. The carrying amount of the assets concerned is never less than their
individual recoverable amount.
An impairment loss is reversed if it is established that there has been a change in the basis on which
the recoverable amount was determined previously, but only to the extent that the carrying amount of
the asset after such reversal does not exceed the carrying amount of the asset, less depreciation or
amortisation, if no impairment had occurred. Impairment of goodwill is not reversed. Impairment losses
and reversals thereof are recognised in the profit or loss.
2.3 Valuation of financial instruments
Unless stated otherwise in the notes to the individual items in the financial statements, the management
judges the carrying amount of a financial instrument to be a reasonable approximation to the fair value
of that financial instrument.
2.4 Government grants
Government grants are recognised as soon as it is reasonably certain that the conditions for obtaining
the grant have been met or will be met and that the grants have been or will be received. On
capitalisation of investment projects, grants received and contributions received to construction costs
are deducted from the acquisition cost of the assets. Operating grants are included in the
revenue.Subsidies in the form of tax breaks are recognised in the calculation of the taxable amount.
2.5 Foreign currencies
Assets and liabilities denominated in foreign currencies are translated into euros at the exchange rates
prevailing at year-end. Differences resulting from movements in exchange rates are recognised in profit
or loss in so far as they do not relate to the net investment in foreign entities, in which case they are
recognised in equity as part of the ‘Other comprehensive income’. Income and expenses denominated
in foreign currencies are translated into euros at the exchange rates prevailing at the time of the
transaction.
Annual Report DELTA N.V. 2013 67

3. Basis of consolidation
The consolidated financial statements comprise the financial data of DELTA N.V. and its subsidiaries.
The subsidiaries are legal entities and partnerships in which DELTA controls the operating and financial
policy decisions.
Group companies are legal entities and companies over which control is exercised with regard to their
governance and operational and financial policy. According to IFRS, control is exercised if the investor
is exposed, or has rights, to variable returns through its involvement in the investee and has the ability
to influence those returns through its power over the investee.
Existing and potential voting rights that can currently be exercised or converted are taken into account
in assessing control. The existence of other agreements that allow DELTA N.V. to govern the operating
and financial policy are also taken into account. In determining whether control is exercised, the existing
and potential voting rights that could be exercised or converted on the balance-sheet date are taken
into account. The assessment also takes into consideration the extent to which there are any other
agreements that give DELTA N.V. the ability to determine the operational and financial policy.
Subsidiaries are included in the consolidation from the date on which control is obtained. Consolidation
is discontinued with effect from the date on which control no longer exists.
Subsidiaries are fully consolidated, with 100% of their equity and results included in the consolidation. If
DELTA’s interest in a subsidiary is less than 100%, the non-controlling interest is recognised separately
in the balance sheet and the income statement.
A share in joint arrangements in case it is a joint operation, is recognised proportionate to the interest
DELTA or one of its group companies has in the arrangement. They are included in the consolidation
from the date on which the agreement is concluded. Furthermore, consolidation ends on the date on
which the agreement is terminated.
The partial consolidation method is used for the consolidation of joint arrangements that are run in the
form of joint operations.
In doing this, the investor recognises its interests in the consolidated financial statements as follows:
• Assets to which the investor has direct rights are recognised by the investor in full in the financial
statements.
• Liabilities for which the investor is directly responsible are recognised by the investor in full in the
financial statements.
• The revenue from the sale of the joint operation’s output by the joint operation itself, to which the
investor has a right, is recognised by the investor in full in the financial statements (the joint
operation is independently responsible for the sale of the output).
• The revenue from the sale of the joint operation’s output to which the investor has a right and for
which the investor itself is responsible is recognised by the investor in full in the financial
statements.
• The costs attributable to the investor are recognised by the investor in full in the financial
statements.
• Assets, liabilities, revenue and costs that are not directly attributable to the investors are allocated
to the investors indirectly based on their relative share in the joint operation.
The equity method is used for recognising joint arrangements that take the form of joint ventures.
Associates are also recognised using the equity method.
Annual Report DELTA N.V. 2013 68

Acquisitions are accounted for using the purchase accounting method. Subsidiaries’ accounting policies
are adjusted where necessary to ensure consistency with the policies applied by DELTA.
In the case of put options, the corresponding non-controlling interest is classified as current or noncurrent
liabilities. The exercise of the put option that was acquired in 2007 is seen as part of the
purchase price, ultimately affecting the amount of goodwill. Put options are accordingly treated in the
same way as an earnout clause, in accordance with IFRS 3.
Scope of the consolidation
The joint operations where partial consolidation is required under IFRS 11 were recognised using the
equity method prior to the application of IFRS. There were no other changes to the consolidation base
in 2013.
These financial statements include a separate overview of the main subsidiaries, participating interests
and joint ventures, including the shareholdings.
Annual Report DELTA N.V. 2013 69

4 Basis of recognition and measurement of assets and
liabilities
The financial statements have been prepared according to the historical cost convention, except for the
measurement of the carrying amount of derivatives (financial instruments), which is based on the fair
value. All transactions in financial instruments are accounted for on the transaction date.
4.1 Intangible assets
Intangible assets comprise goodwill arising on acquisition, development costs, software, customer
contracts and acquired transport rights.
Goodwill
The goodwill represents the positive difference between the acquisition cost of subsidiaries and the fair
value of the acquisition. Goodwill paid on the acquisition of subsidiaries and joint arrangements is
recognised as an intangible asset.
Goodwill arising from the acquisition of an interest in a joint venture or an investment in an associate is
included in the cost of the relevant investments. If the cost is lower than the fair value of the identifiable
assets, liabilities and contingent liabilities acquired (negative goodwill), the difference is recognised
directly as income.
The carrying amount of the goodwill comprises the historical cost less the accumulated impairment.
Goodwill is not amortised. Annual impairment tests are performed to identify any impairment of
goodwill. For the purpose of these tests, goodwill is allocated to cash-generating units. If a transaction
qualifies as a transaction between owners, the difference between the acquisition cost and fair value is
recognised in equity.
Development costs
Development expenditure is measured at historical cost and amortised over a period of 10 years
according to the pattern of the additional cash flows generated by the acquired process knowledge.
Software
Capitalised software is carried at historical cost less amortisation. In principle, straight-line amortisation
is applied over a five-year period. The useful life is assessed annually. Any adjustments are accounted
for prospectively.
Customer contracts
Customer contracts are measured at cost and amortised according to the pattern of the additional cash
flows generated by the acquired accounts.
Transport rights
Transport rights are measured at cost and amortised on a straight-line basis over a period of 20 years.
The useful life is assessed annually. Any adjustments are accounted for prospectively.
4.2 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation on a straight-line basis
over the estimated useful life, determined on the basis of technical and economic criteria, taking
account of the estimated residual value, less any accumulated impairment losses. In accordance with
IFRIC 18, third-party contributions to the construction costs of property, plant and equipment are no
longer deducted from the carrying amount of the assets; instead, they are recognised under liabilities as
deferred revenue.
Another item included in property, plant and equipment is the discounted amount that is expected to be
necessary for capping landfill sites when landfill activities come to an end. Depreciation is based on the
actual period for which the landfill capacity is used. Changes in residual values as a result of technical
and economic developments and the consequences of applying a different discount rate are recognised
in the carrying amounts of the assets concerned and recognised in future years in profit or loss through
depreciation. In the case of assets that have been fully depreciated, the difference is recognised as an
expense immediately.
Annual Report DELTA N.V. 2013 70

Directly attributable external financing expenses for assets (construction period interest) are included in
the cost.
If assets consist of components with different depreciation periods and residual values, the components
are recognised separately. Investments for the replacement of components are capitalised, with
simultaneous write-down of the component to be replaced. The estimated life and the estimated
residual value are assessed annually when the business plan is produced. The carrying amount is
adjusted accordingly if impairment tests indicate impairment.
Property, plant and equipment under construction is stated at the costs incurred as at the balance-sheet
date, including the costs of materials and services, direct staff costs and an appropriate share of directly
attributable overhead costs.
In 1999, Indaver entered into a cross-border lease with an American investor for the use of lines 1 and
2 of the incineration plant in Doel (Belgium), whereby the legal and economic ownership of the assets
remained with the company. These assets are accordingly recognised in the consolidated financial
statements on the basis of the accounting policies applied for property, plant and equipment.
4.3 Financial assets
General
A business combination involves the bringing together of separate entities or businesses into one
reporting entity. A business combination as defined is accounted for using the purchase method, which
involves the following steps:
1. identifying an acquirer
2. measuring the cost of the business combination
3. allocating the acquisition-date cost of the business combination
The cost of a business combination is the aggregate of the fair values, at the date of exchange, of the
assets provided, liabilities incurred or assumed and equity instruments issued by the acquirer plus any
costs directly attributable to the business combination. Under IFRS 3 (as approved by the EU in 2004),
the sum was increased for costs directly attributable to the business combination. Since the revision of
IFRS 3 (applied with effect from 2009) the costs directly attributable to the acquisition are no longer
recognised as a cost of the business combination but are recognised directly in profit or loss. Goodwill
is measured as the value by which the cost of the business combination exceeds the acquirer’s interest
in the net fair value of identifiable assets, liabilities and contingent liabilities. Negative goodwill is
recognised directly in profit or loss and non-controlling interests are recognised in equity.
Joint ventures, associates and other investments
Joint ventures are joint arrangements in which the parties that have joint control over the arrangement
have rights to the net assets in the arrangement. The parties are called joint venturers.
A joint operation is a joint arrangement in which the parties that have joint control over the arrangement
(including DELTA N.V. or any of its subsidiaries) have rights to the assets and are liable for the
obligations connected to the arrangement. These parties are called joint operators.
In the case of joint operations, DELTA recognises a proportion of the assets and liabilities, revenue and
expenditure equivalent to its interest in the joint operation; its share in the joint operation’s equity is
therefore not recognised as a financial non-current asset.
Associates are entities over which the DELTA N.V. exercises significant influence, whether directly or
indirectly, but which it does not control. Generally speaking, this is the case if DELTA N.V. can exercise
between 20% and 50% of the voting rights.
Other investments are non-associate investments in which DELTA N.V. has an interest of less than
20%.
The financial statements include an overview of the principal joint arrangements and investments.
Annual Report DELTA N.V. 2013 71

Valuation of joint ventures, associates and other investments
Interests in joint ventures and investments in associates are recognised in the consolidated financial
statements using the equity method. According to this method, the investments are initially carried at
cost, i.e. the fair value of the underlying asset or liability, including goodwill. If the fair value is higher
than the cost price, the difference will be added to the equity participation. The share in the profits or
losses is recognised in the carrying amount each year and dividend distributions are deducted.
If the (cumulative) losses of the joint venture and/or associate would lead to a negative book value,
these losses are not recognised unless DELTA N.V. has an obligation to clear these losses or has
made payments to do so.
Changes in other investments are recognised in other comprehensive income unless they involve a
permanent impairment, in which this is charged to the result. If insufficient information is available,
valuation is at cost.
The undistributed profits of a joint venture or an associate and direct increases in equity at a joint
venture or associate, whose distributions cannot be received without restriction, are added to the
statutory reserve.
The accounting policies of the joint ventures and investments are adjusted where necessary to ensure
consistent application of accounting policies within the DELTA group.
Loans to other investment entities
Loans granted to investees or third parties are carried at face value, i.e. amortised cost. Where
necessary, provisions are recognised for bad debts and are deducted from the carrying amount.
Deferred tax
Financial assets also includes deferred tax assets arising from the difference between reported
amounts and recognised amounts for tax purposes, and from tax loss carryforwards. Deferred tax
assets and liabilities are recognised at face value, calculated using standard corporate income tax rates
enacted or substantially enacted at the end of the reporting period. Deferred tax assets are recognised
if it is reasonable to assume that future taxable profits will be available, permitting them to be realised.
The recognition of a deferred tax asset is reassessed each year.
4.4 Inventories
Construction and maintenance materials are stated at the lower of cost, on the basis of the first-in firstout
(FIFO) method, and the net selling price, less a provision for obsolescence. Impairment losses on
inventories are recognised as an expense and disclosed separately.
4.5 Receivables
Trade receivables are measured at fair value on initial recognition and subsequently carried at
amortised cost less impairment. The short time horizon means that the amortised cost is the same as
the face value of the receivables as a rule.
4.6 Construction contracts
DELTA applies the percentage-of-completion method to determine construction contract costs and
revenues to be recognised in the income statement for the reporting period. The percentage of
completion is based on production measurements. Work in progress on construction contracts is
recognised at cost less a provision for expected losses and less invoiced instalments. The profit
realised in proportion to the percentage of completion is included in the carrying amount if it can be
reliably measured.
4.7 Non-current assets held for sale and discontinued operations
DELTA classifies an asset (or disposal group) as held for sale if its carrying amount will be recovered
principally through a sale transaction rather than through its continued use. For this to be the case, the
asset (or disposal group) must be available for immediate sale in its present condition and its sale must
be highly probable and expected to take place within one year.
Annual Report DELTA N.V. 2013 72

On recognition of a group of assets as being held for probable or definite sale, the liabilities directly
associated with those assets will be included in the carrying amount. Immediately after classification as
held for sale, the value of the assets is measured at the lower of the carrying amount and the fair value
less selling costs, and depreciation is discontinued. Any impairment losses are recognised as an
expense.
4.8 Cash
Cash includes not only cash but also cash equivalents that can be converted into cash with no material
risk of impairment. Cash is carried at fair value.
4.9 Shareholders’ equity
Movements in shareholders’ equity are presented in the consolidated statement of changes in equity.
The company’s authorised capital amounts to EUR 9,080,000, divided into 20,000 shares, each with a
nominal value of EUR 454. As at 31 December 2013, EUR 6,937,120 was issued and paid up.
Dividends are recognised as a liability in the period in which they are declared.
No changes occurred during the year. None of the shares have pre-emptive rights or restrictions.
4.10 Provisions
Provisions are recognised in respect of legal or constructive obligations relating to operations. The
provisions are carried at the present value of the expected expenditure. The present value is computed
using a discount rate before tax, reflecting the current market view of the time value of money.
The expected expenditure within one year of the balance-sheet date is included in current liabilities.
4.11 Employee benefits
Provisions relating to pension obligations and health insurance costs are determined on an actuarial
basis. The related liabilities are presented separately in the balance sheet. This is only the case for the
subsidiary Indaver. Indaver provides post-employment benefits for most of its employees. These
benefits are paid through defined contribution plans and defined benefit plans involving both pension
insurance and unfunded arrangements. The contributions payable under the defined contribution plans
are recognised immediately in the income statement. For the defined benefit plans, the cost of each
benefit payment is determined separately using the actuarial projected unit credit method.
The annual pension costs are made up of:
costs for the annual pension accrual (service costs)
net finance expense or income on the pension balance (net interest)
other changes to the pension balance (remeasurements).
The costs of the annual pension accrual, including the expenditure for past pensionable service, are
recognised in the income statement. The net finance expense or income on the pension balance is
recognised in the income statement. Other changes, such as actuarial results, differences between the
actual and expected return on investments and changes in the effect of the limit on the pension
receivable to be recognised, are recognised in the other comprehensive income. Differences due to
remeasurements are disclosed immediately in shareholders’ equity through the other comprehensive
income; they will not be initially taken to the income statement in future years either.
4.12 Non-current liabilities
Non-current liabilities are measured at amortised cost, applying the effective interest method.
Repayment commitments on non-current liabilities due within one year are included in current liabilities.
In the case of finance leases (in which all the risks and rewards of ownership are borne by the lessee),
the finance lease is recognised as an asset at the start of the lease period and the liabilities are
included in equity and liabilities at fair value. The depreciation of the asset is calculated according to the
rules for property, plant and equipment.
In the case of operating leases (in which all the risks and rewards of ownership are borne by the lessor)
the lease payments are recognised in the income statement on a straight-line basis over the lease term.
The non-current portion of deferred revenue is classified as a non-current liability. The portion that is
released in the next reporting period is included in current liabilities. The portion relating to the current
reporting period is included in revenue.
Annual Report DELTA N.V. 2013 73

4.13 Put options
The put options are recognised at the fair value attributable to the put option holder concerned, less any
dividends paid. The value is based on the indirect recoverable amount of the appropriate noncontrolling
interest.
Annual Report DELTA N.V. 2013 74

5 Basis of recognition and measurement of financial
instruments
5.1 Financial instruments
DELTA uses financial instruments to manage and optimise normal market risks associated with the
company’s energy, currency and interest-rate positions. DELTA applies IAS 32 Financial Instruments:
Disclosure and Presentation and IAS 39 Financial Instruments: Recognition and Measurement. These
standards require derivatives to be measured and recognised at fair value through profit or loss, and
the trading contracts are accounted for in the income statement on this basis.
Definition
A derivative is a financial instrument or other contract falling within the scope of IAS 39, with the
following three features:
- The value changes as a result of movements in a particular interest rate, price of a financial
instrument, commodity price, exchange rate, index of prices or interest rates or other variable,
provided that, in the case of non-financial variables, the variable is not specific to a contract party
(also known as the ‘underlying asset’).
- No, or only a minor, net initial investment is required in relation to other types of contract that
respond in similar ways to movements in market factors.
- Settlement takes place in the future.
5.2 Derivatives
DELTA trades in contracts for electricity, gas, coal, oil, CO 2 certificates and currencies relating to the
current year and the five following years. DELTA regards the markets for these commodities to be liquid
over this time horizon, reliable prices being available from brokers, markets and suppliers of price
information. Where necessary, these published prices are supplemented with seasonal or hourly
variations using historical figures. The fair value of commodity contracts is calculated on the basis of
these published prices, using the discounted cash-flow (DCF) method with these prices. In-house
valuation models are not used. The fair value of interest-rate derivatives is also determined using the
DCF method with a yield curve that is based on data from the European Central Bank (ECB).
Classification and netting
Derivatives are classed as current or non-current assets if the fair value represents a gain and as
current or non-current liabilities if the fair value represents a loss. Receivables and payables in respect
of derivatives for different transactions with the same party are shown net where there is a contractual
or legally enforceable right of set-off and DELTA also settles the relevant cash flows on a net basis.
Recognition of fair value gains and losses
Pursuant to IAS 39, energy commodity contracts (electricity, gas, coal, oil and CO 2 certificates, as well
as the related foreign currency positions) and interest-rate swap contracts are regarded as derivatives.
IAS 32, IAS 39 and IFRS 7 require all derivatives to be measured at fair value from the time of initial
recognition.
The general principle is that adjustments to the fair value of derivatives should be recognised through
profit or loss. There are, however, two exceptions:
1. Accrual accounting: DELTA accounts for commodity contracts intended for its own use on an
accruals basis, which means that interim increases in value are not reflected in the results. Such
transactions are recognised as purchases or sales at the time of settlement, at the prices obtaining
at that time.
2. Hedge accounting: this affords the possibility of limiting the effect of fair value gains and losses on
the results by taking account of opposite effects on results due to fair value gains and losses on the
hedge and on the hedged position. With hedge accounting, fair value gains and losses on
derivatives are recognised in equity (via the statement of changes in unrealised income) until the
hedged position/transaction is settled.
Annual Report DELTA N.V. 2013 75

Hedge accounting
DELTA uses derivatives to hedge price and currency risks arising from energy commodity contracts
(electricity, gas, coal and oil). Interest-rate swaps are also used to hedge the risk of cash-flow volatility
due to interest-rate movements. DELTA uses cash-flow hedging for this purpose, contracting hedging
instruments to offset the exposure to variations in existing and future cash flows that could ultimately
affect the results. The hedges are attributed to a specific risk relating to a balance-sheet item or a highly
probable forecast transaction. The effective portion of the fair value gain or loss is recognised directly in
hedge reserves in equity (through the statement of comprehensive income). The ineffective portion of
the gain or loss on the hedging instrument is recognised in the income statement. The cumulative
amounts recognised in equity are taken to the income statement in the same period as the hedged
transaction.
Criteria for the application of hedge accounting
For hedge accounting to be applied, there are strict rules with regard to documentation and the
assessment of effectiveness. A derivative can be included in hedge accounting if it complies with the
following criteria:
1. At the inception of the hedge there is formal designation and documentation of the hedging
relationship and the risk-management objective and strategy for undertaking the hedge.
2. For cash-flow hedges, a forecast transaction that is the subject of the hedge must be highly
probable and must present an exposure to variations in existing or future cash flows that could
ultimately affect the results.
3. The effectiveness of the hedge can be reliably measured.
4. The hedge is expected to be highly effective.
5. The hedge is assessed on an ongoing basis and determined actually to have been highly effective.
Assessment of hedge effectiveness
DELTA formally assesses whether the derivatives used as hedging instruments have been highly
effective in mitigating changes in the fair value or cash flows attributable to the hedged position, both at
the inception of the hedge and during its life. To this end, DELTA assesses and determines whether
changes in the fair value or cash flows attributable to the hedged position are offset by changes in the
fair value or cash flows attributable to the hedge within a range of 80% to 125%.
The ineffective portion of a hedging relationship, in a fair value hedge, is the extent to which changes in
the fair value of the derivative differ from the changes in the fair value of the hedged position or, in a
cash-flow hedge, the extent to which changes in the fair value of the derivative exceed the fair value
movements in the expected cash flow.
Ineffective hedges and gains and losses on components of derivatives that are disregarded in the
assessment of the effectiveness of a hedge are recognised directly in the income statement. DELTA
discontinues hedge accounting if the hedging relationship is no longer effective or is no longer expected
to remain effective.
Annual Report DELTA N.V. 2013 76

6. Accounting policies for determining the result
6.1 Revenue
Revenue represents income arising directly from the supply of goods and services to third parties, net
of any discounts and net of sales taxes, such as VAT and regulating energy tax (regulerende
energiebelasting, or REB, in the Netherlands).
Revenue is recognised when the material risks and benefits of ownership of the goods have been
transferred to the buyer. Revenue from services is recognised proportionate to the service delivered as
at the end of the reporting period.
Recognition of revenue from transport services and the supply of electricity and gas is based on
supplies during the calendar year. Revenue from supplies to domestic and small-business users is
partly estimated as meter readings are taken throughout the year.
Recognition of revenue from electricity sales is based on the assumption that electricity generated by
the group’s own production facilities (including joint arrangements) will be supplied to third parties, while
the power supplied to end-users will be procured entirely from third parties.
In the case of gas and electricity trading contracts that do not involve physical delivery, the amounts of
purchases and sales are netted off, provided that this has been contractually agreed.
Revenue from telecommunications covers subscription fees for signal distribution as well as income
from internet services and other data transmission services.
Income from environmental services and directly related expenses for environmental services are
allocated to the period in which the services are supplied.
Revenue from construction contracts is recognised in the income statement in accordance with the
percentage-of-completion method.
6.2 Net operating expenses
Net operating expenses are recognised and measured on the basis of actual performance and
according to the accounting policies set out above. The operating expenses are accounted for in the
year to which they relate. Gains are recognised in the year in which they are realised; losses are
recognised in the year in which they are identified.
6.3 Net finance income (expense)
Finance income and expense is attributed to the period to which it relates, in accordance with the
effective interest method. DELTA capitalises the costs of external financing (construction period
interest) as appropriate.
6.4 Corporate income tax
Corporate income tax on the result is calculated by applying the standard current rate to the profit
before tax shown in the financial statements, taking account of permanent differences between this
result and the result based on tax valuations.
On 31 December 2013, the DELTA N.V. tax group for corporate income tax was split into two tax
groups. The no-settlement method is applied within both DELTA N.V.’s tax groups, except in the case
of transferable tax-loss carryforwards predating the date of inclusion in a tax group. For the network
operations, the separate return approach is used because of the special regulatory regime.
6.5 discontinued operations
In the income statement, all financial consequences arising from final decisions to dispose of or wind up
operations, plus the normal trading results for 2013, are accounted for in the 'Profit after tax from
discontinued operations' item.
Annual Report DELTA N.V. 2013 77

7. Accounting policies for the cash-flow statement
The cash-flow statement is prepared using the indirect method, based on the actual cash flows. A
distinction is made between operating, investing and financing activities. Although the current portion of
the non-current liabilities is recognised in the balance sheet as part of ‘Other liabilities’ (under current
liabilities), the corresponding movement in the current portion of the non-current liabilities in the cashflow
statement is included in the cash flow from financing activities.
Cash flows relating to minority interests (dividend payments), finance income and expenses and
corporate income taxes (tax assessments) are based on the actual receipts and payments.
Annual Report DELTA N.V. 2013 78

Notes to the consolidated balance sheet
1. Intangible assets
(EUR 1,000) Total Goodwill Software Customer Transport Other
contracts rights
2012
Carrying amount as at 1 January 2012 489,454 433,417 40,055 3,732 7,809 4,441
Investments 13,284 - 13,284 - - -
Amortisation (17,165) - (15,676) (478) (1,011) -
Impairment (4,286) (4,286) - - - -
Disposals (402) - - - - (402)
Earn Out 620 620 - - - -
Change in the scope of the consolidation 298 298 - - - -
Other movements (884) - (884) - - -
Carrying amount as at 31 December 2012 480,919 430,049 36,779 3,254 6,798 4,039
Accumulated amortisation and impairment 325,397 103,744 167,639 22,238 12,510 19,266
Acquisition cost as at 31 December 2012 806,317 533,793 204,418 25,492 19,308 23,306
2013
Carrying amount as at 1 January 2013 480,919 430,049 36,779 3,254 6,798 4,039
Investments 7,365 - 7,365 - - -
Amortisation (14,308) - (12,691) (435) (1,182) -
Disposals (87) - - - - (87)
Earn Out (9) (9)
Other movements (691) - (691) - - -
Carrying amount as at 31 December 2013 473,189 430,040 30,762 2,819 5,616 3,952
Accumulated amortisation and impairment 339,705 103,744 180,330 22,673 13,692 19,266
Acquisition cost as at 31 December 2013 812,894 533,784 211,092 25,492 19,308 23,218
Amortisation periods in years n/a 5 variable 20 variable
General
No significant impairments occurred in 2013, as in 2012.
Allocation of goodwill to cash-generating units 31-12-2013 31-12-2012
Indaver 418,807 418,816
Kreekraksluis 1,390 1,390
Zeelandnet 9,843 9,843
Total Goodwill 430,040 430,049
Goodwill
IFRS requires an impairment test to be performed each year to determine whether the carrying amount
of goodwill paid in the past for subsidiaries should be written down.
Indaver
With regard to Indaver’s activities, impairment calculations were made at the level of its cash-flow
generating units. The management based cash-flow predictions on the business plans for 2014-2016
and in a number of cases on a longer time frame. An infinite series was used from the end of the time
frame, taking account of the available information relating to market developments. No use was made
of extrapolations with growth rates in excess of inflation.
Annual Report DELTA N.V. 2013 79

The impairment tests were carried out using a specific discount rate for each entity. Allowing for the
ratio of debt to equity that is customary in the market and the risk perceptions in each country and
sector, a number of scenarios were worked out with regard to the discount rate. The discount rate per
entity ranged from 7.6% to 9.1% before tax, account being taken of the tax rates applicable locally.
These calculations gave no grounds for recognising any impairment.
To assess the risks associated with the valuation, a sensitivity analysis was carried out, first with a
discount rate that was 0.5% higher for each entity, then with an inflation rate that was 0.75% lower. In
both cases there were no grounds for an impairment.
All of the increase in capitalised goodwill with respect to the figures reported for 2012 before application
of IFRS 11 concerns the goodwill paid for the interest in SLECO Centrale nv when Indaver N.V. was
acquired (EUR 89.4 million, which takes into account impairments in previous years). Before application
of IFRS 11, the goodwill for SLECO Centrale nv was included in the equity valuation of the joint
venture.
Software
In 2013, Kompas, the new customer registration and invoicing system, came into use. IT software was
amortised at a faster rate in 2013 because of the extension, replacement and merging of several key
software applications relating to both commercial and network activities.
Annual Report DELTA N.V. 2013 80

2. Property, plant and equipment
(EUR 1,000)
2012
Total
Land and
buildings
Plant and
equipment
Other assets
Assets under
construction
Third-party
contributions
Carrying amount as at 1 January 2012 1,810,100 272,656 1,535,763 30,232 125,613 (154,163)
Investments 129,625 1,073 30,040 22 100,920 (2,429)
Capitalised interest 513 - - - 513 -
Depreciation (165,261) (20,058) (144,079) (7,390) - 6,265
Impairments (23,950) (673) (24,507) (789) - 2,019
Disposals (4,363) (339) (1,116) (2,908) - -
Change in the scope of the consolidation (846) 7 (853) - -
Reclassified as held for sale (1,600) - - (1,600) - -
Other movements 35,800 43,294 102,099 23,930 (135,946) 2,422
Carrying amount as at 31 December 2012 1,780,017 295,960 1,497,347 41,497 91,099 (145,886)
Carrying amount before deduction of contributions
1,925,903 295,960 1,497,347 41,497 91,099
Accumulated depreciation and impairment 1,497,909 183,810 1,245,114 64,507 4,478
Acquisition cost as at 31 December 2012 3,423,812 479,770 2,742,461 106,004 95,577
2013
Carrying amount as at 1 January 2013 1,780,017 295,960 1,497,347 41,497 91,099 (145,886)
Investments 162,379 1,578 30,354 21 132,424 (1,997)
Capitalised interest 364 - - - 364 -
Depreciation (159,409) (19,632) (135,098) (10,705) - 6,026
Impairments (545) (545) - - - -
Disposals (2,116) (369) (1,526) (18) (203) -
Other movements 2,893 (3,097) 123,777 33,830 (154,448) 2,832
Carrying amount as at 31 December 2013 1,783,584 273,895 1,514,854 64,625 69,236 (139,025)
Carrying amount before deduction of contributions
1,922,609 273,895 1,514,854 64,625 69,236
Accumulated depreciation and impairment 1,663,888 203,987 1,380,212 75,211 4,478
Acquisition cost as at 31 December 2013 3,586,497 477,882 2,895,065 139,836 73,714
Depreciation periods in years 0 - 40 7 - 40 5 - 15 n/a
The level of investment in 2013 was greater than in 2012, partly because of the investments in the
Kreekraksluis wind farm (Zeeland), which was delivered at the end of September 2013. This investment
is recognised under ‘Plant and equipment’. Other than that, the investments in plant and equipment
(including the changes in assets under construction) mainly concerned extension and replacement work
in electricity and gas networks (Netwerkbedrijf), extension and renovation work at the waste processing
plants, the construction of a fermentation plant in Alphen aan den Rijn (Indaver) and investments in
EPZ’s nuclear power station. The ‘Other assets’ are investments by EPZ.
The gross investment amounts per segment are as follows:
Networks
EUR 37.9 million
Indaver
EUR 39.8 million
EPZ
EUR 33.7 million
Energy & Multimedia EUR 53.2 million
The acquisition price of the tolling rights obtained through acquisitions is written off during the remaining
life of the activities in question. This led to a depreciation of EUR 16 million in the financial year. The
expense in 2012 was EUR 20 million.
In 2012, an impairment was recognised for the write-down of combined heat and power systems (CHP)
and the write-down of a supply connection to an industrial estate. An assessment was made in 2013 as
to whether the write-down of the CHPs could be reversed based on the portfolio of CHPs with
associated contract terms and the expected development in the energy prices, but this was not the
case at the end of 2013. The impairment of the supply connection resulting from a sharp decline in the
purchases by the businesses on the industrial estate in question is also being maintained. In both
assessments, a discount rate of 7.8% before tax was used.
As required by IFRIC 18, with effect from 1 January 2009, contributions received from third parties
towards the costs of constructing property, plant and equipment are no longer deducted from the
carrying amount of the assets concerned but recognised instead as deferred revenue.
Annual Report DELTA N.V. 2013 81

3. Interests in joint ventures, investments in associates and
other investments
(EUR 1,000) Total Joint Ventures Associates Other investments
Carrying amount as at 1 January 2012 402,354 309,419 52,869 40,066
Acquisitions 16 9 7 -
Investments/Disposals (22,663) - - (22,663)
Dividends received (46,205) (29,686) (6,726) (9,793)
Share of profits 56,043 23,409 6,618 26,016
IAS39 movement (23,115) - - (23,115)
Other movements 25,212 23,203 (145) 2,154
Carrying amount as at 31 December 2012 391,642 326,354 52,623 12,665
Carrying amount as at 1 January 2013 391,642 326,354 52,623 12,665
Acquisitions 492 265 227 -
Investments/Disposals 3,817 143 - 3,674
Dividends received (33,975) (25,621) (8,104) (250)
Share of profits 41,548 33,411 8,884 (747)
Other movements 8,998 9,054 (254) 198
Carrying amount as at 31 December 2013 412,522 343,606 53,376 15,540
The dividends received are primarily attributable to the water company Evides, some relatively small
joint ventures and associates in the field of energy generation that work on the basis of a tolling
agreement with DELTA, networks and waste processing.
The ‘Other movements’ mainly concern a change in the shareholders’ equity of a joint venture and the
contributions to the SET (Sustainable Energy Technology) Fund C.V. and SET Fund II C.V. and
developments in their value in the course of the year.
The completion of the sale of the shares in N.V. KEMA led to the write-off of the interest and recognition
of the realised sale value in 2012. These items were recognised in ‘Other investments’ in that financial
year.
Annual Report DELTA N.V. 2013 82

3.1 Joint ventures
A summary is given below of the balance sheet and income statement information relating to the joint
ventures (based on 100% interest).
EVIDES N.V.
(EUR 1,000) 31-12-2013 31-12-2012
Current assets 68,096 59,083
Non-current assets 1,025,661 1,021,124
Current liabilities (154,133) (338,985)
Non-current liabilities (500,555) (317,024)
2013 2012
Revenue 295,303 271,295
Profit from continuing operations 56,802 73,117
Profit from discontinued operations - -
Profit for the year 56,802 73,117
Other comprehensive income - -
Total comprehensive income 56,802 73,117
Dividend received by DELTA 23,550 28,250
Abovementioned income statement consists among others of the following:
Depreciation, amortisation and impairment 65,837 64,121
External finance income/expenses 9,286 8,720
Corporate income tax 1,321 621
31-12-2013 31-12-2012
Equity 439,069 424,198
DELTA's interest 50% 50%
Goodwill 95,502 95,502
Carrying amount as at 315,037 307,601
Annual Report DELTA N.V. 2013 83

ELSTA B.V. & Co. C.V.
(EUR 1,000) 31-12-2013 31-12-2012
Current assets 79,269 53,358
Non-current assets 100,069 118,210
Current liabilities (35,590) (31,644)
Non-current liabilities (84,680) (99,706)
2013 2012
Revenue 73,205 73,011
Profit from continuing operations 25,883 23,728
Profit from discontinued operations - -
Profit for the year 25,883 23,728
Other comprehensive income - -
Total comprehensive income 25,883 23,728
Dividend received by DELTA - -
Abovementioned income statement consists among others of the following:
Depreciation, amortisation and impairment 18,928 18,816
External finance income/expenses 7,539 9,251
Corporate income tax - -
31-12-2013 31-12-2012
Equity 59,068 33,185
DELTA's interest 25% 25%
Goodwill - -
Other 1,938 1,753
Carrying amount as at 16,557 9,966
Other joint ventures
(EUR 1,000) 31-12-2013 31-12-2012
Profit from continuing operations attributable to DELTA N.V. (1,396) (19,023)
Profit from discontinued operations attributable to DELTA N.V. - -
Other comprehensive income attributable to DELTA N.V. - -
Total comprehensive income attributable to DELTA N.V. (1,396) (19,023)
Total carrying amount as at 12,012 8,786
Annual Report DELTA N.V. 2013 84

3.2 Associates
A summary is given below of the balance sheet and income statement information relating to the
associates (based on 100% interest).
AZN Holding B.V.
(EUR 1,000) 31-12-2013 31-12-2012
Current assets n/a 32,676
Non-current assets n/a 256,303
Current liabilities n/a (68,789)
Non-current liabilities n/a (88,392)
2013 2012
Revenue n/a 142,303
Profit from continuing operations 24,148 24,359
Profit from discontinued operations - -
Profit for the year 24,148 24,359
Other comprehensive income - -
Total comprehensive income 24,148 24,359
Dividend received by DELTA 2,341 1,984
31-12-2013 31-12-2012
Equity 138,553 139,214
DELTA's interest 20% 20%
Goodwill - -
Other 11,861 10,906
Carrying amount as at 39,572 38,749
IHM cvba
(EUR 1,000) 31-12-2013 31-12-2012
Current assets 10,032 10,784
Non-current assets 30,379 30,312
Current liabilities (1,999) (3,677)
Non-current liabilities (6,765) (7,194)
2013 2012
Revenue 8,130 8,502
Profit from continuing operations 1,421 1,779
Profit from discontinued operations - -
Profit for the year 1,421 1,779
Other comprehensive income - -
Total comprehensive income 1,421 1,779
Dividend received by DELTA 457 463
31-12-2013 31-12-2012
Equity 31,647 30,226
DELTA's interest 30% 30%
Goodwill - -
Other (11) 456
Carrying amount as at 9,483 9,524
Annual Report DELTA N.V. 2013 85

Other associates
(EUR 1,000) 31-12-2013 31-12-2012
Profit from continuing operations attributable to DELTA N.V. 3,628 1,212
Profit from discontinued operations attributable to DELTA N.V. - -
Other comprehensive income attributable to DELTA N.V. - -
Total comprehensive income attributable to DELTA N.V. 3,628 1,212
Total carrying amount as at 4,321 4,350
3.3 Other investments
All reported entities presented as other investments are included in the list of non-consolidated
companies.
As part of the implementation of the Borssele covenant, the Sustainable Energy Technology Fund
(SET-Fund I C.V.) was set up in 2007, with the then energy companies DELTA (via DELTA
Investeringsmaatschappij B.V. as a silent partner) and Essent (now part of RWE) each having an
interest of 50%. Given the Fund’s articles of association and the change in the shareholding in N.V.
EPZ, a new fund, the SET-Fund II CV, was established on 23 December 2011. DELTA has a 70%
interest and Essent (RWE) a 30% interest in the fund’s initial capital of EUR 10 million. In view of the
limited degree of control, the investments in both entities are classed as financial instruments and
recognised at fair value.
3.4 Transactions with related parties
The transactions with related parties are shown below in so far as the value of the related party is of
significance to the DELTA annual figures and the sales and purchase transactions, receivables and
payables, and loans granted amount to at least EUR 5 million.
(EUR 1,000)
Elsta B.V & Co C.V. 24.75%
Elsta B.V. 25.00%
Sales Purchases Trade receivables Trade payables Loans granted Interest
%
Interest 2013 2012 2013 2012 31-12-2013 31-12-2012 31-12-2013 31-12-2012 31-12-2013 31-12-2012 2013 2012
- 103 25,315 25,065 12 12 2,664 2,481 -
132 - -
BMC Moerdijk B.V. 50.00% 1,767 1,732 5,829 5,819 136 484 1,000 1,137 12,703 14,320 2,550 1,552
Zebra Gasnetw erk B.V. 33.33% - 786 495 3,360 - 397 9 - - - - -
IHM cvba 30.00% 983 856 401 166 379 178 150 61 - - - -
Evides N.V. 50.00% 29,621 27,148 - - 2,690 1,536 821 - - - - -
Total 32,371 30,625 32,040 34,410 3,217 2,607 4,644 3,679 12,703 14,452 2,550 1,552
Transactions with Elsta B.V. are conducted on the basis of tolling agreements (effectively on a cost-plus
basis).
Other transactions are at arm’s length.
No allowance for doubtful receivables has been recognised for receivables from related parties since
there is no need to do so.
Although DELTA’s shareholders (provincial and municipal authorities) are related parties, there are no
material transactions between DELTA and its shareholders.
The remuneration paid to the Executive Board and Supervisory Board is clarified under staff costs and
the other operating expenses.
Annual Report DELTA N.V. 2013 86

3.5 Consolidated company with a significant minority interest
Indaver N.V.
(EUR 1,000) 31-12-2013 31-12-2012
Current assets 173,656 162,890
Non-current assets 694,834 707,900
Current liabilities (281,001) (273,838)
Non-current liabilities (238,076) (274,709)
Equity attributable to DELTA N.V. 228,046 202,292
Equity attributable to non-controlling interests 121,367 119,952
2013 2012
Revenue 514,661 519,292
Costs (472,609) (488,051)
Profit for the year 42,052 31,241
Profit attributable to DELTA N.V. 31,539 23,431
Profit attributable to non-controlling interests 10,513 7,810
Profit for the year 42,052 31,241
Other comprehensive income attributable to DELTA N.V. (1,284) (3,979)
Other comprehensive income attributable to non-controlling interests (438) (2,368)
Other comprehensive income (1,722) (6,347)
Total comprehensive income attributable to DELTA N.V. 30,255 19,452
Total comprehensive income attributable to non-controlling interests 10,075 5,442
Total comprehensive income 40,330 24,894
Dividend paid to non-controlling interests 1,500 1,250
Cash flow from operating activities 79,632 67,427
Cash flow from investing activities (37,488) (38,572)
Cash flow from financing activities (41,250) (32,243)
Evolvement cash position during the year 894 (3,388)
Annual Report DELTA N.V. 2013 87

4. Other financial assets
Total Loans to joint Deferred tax Other
ventures and asset financial
(EUR 1,000) associates etc. assets
Carrying amount as at 1 January 2012 121,497 14,370 95,246 11,881
Reversal of current portion 814 3,350 - (2,536)
New loans 70,823 1,685 - 69,138
Results (10,423) - (10,423) -
Repayments (1,229) (618) - (611)
Transferred to equity as hedge reserve 184 - 184 -
Other movements 4,086 (450) 4,087 449
Carrying amount as at 1 December 2012 185,751 18,337 89,094 78,321
Current portion of financial assets (4,025) (3,985) - (40)
Carrying amount as at 1 January 2013 (long term) 181,726 14,352 89,094 78,281
Reversal of current portion 4,025 3,985 - 40
New loans 11,702 1,257 - 10,445
Results (9,351) - (9,351) -
Repayments (3,342) (2,643) - (699)
Transferred to equity as hedge reserve (235) - (235) -
Other movements 12,971 - 11,163 1,808
Carrying amount as at 31 December 2013 197,496 16,951 90,670 89,875
Current portion of financial assets (1,735) (1,585) - (150)
Carrying amount as at 31 December 2013 (long term) 195,761 15,366 90,670 89,725
4.1 Loans to joint ventures, associates etc.
This concerns loans to joint ventures, associates and other investment entities. The loans are stated at
face value. Of these loans, an amount of EUR 14.1 million is in the form of subordinated loans. As at
year-end 2013, the weighted average interest rate was 6.9% (2012: 7.2%).
Annual Report DELTA N.V. 2013 88

4.2 Deferred tax assets
(EUR 1,000) 31-12-2013 31-12-2012
Intangible assets and property, plant and equipment 29,419 (8,455)
Financial assets 6,352 5,565
Provisions 18,986 59,157
Unutilised tax losses 27,177 20,307
Hedge reserve pursuant to IAS39/derivatives 8,723 12,381
Other 13 139
Total deferred tax assets 90,670 89,094
Deferred tax assets relate to the carrying amounts of intangible assets, property, plant and equipment
and previously recognised provisions. The deferred tax asset relating to intangible assets and property,
plant and equipment is largely the result of differences between the tax base and the carrying amounts
for reporting purposes in the balance sheet as at 1 January 1998 (the opening balance sheet for tax
purposes for DELTA). Furthermore, a deferred tax asset has been recognised for unused tax losses
that are expected to be offsettable in the coming years. At the balance-sheet date, consultations with
the tax authorities were still ongoing to establish the extent of these tax losses. Depending on the
outcome of these talks, the deferred tax asset may change. The deferred tax assets on loss
carryforwards are reviewed annually and are recognised if, as expected, they can be offset against
future taxable profits. The corporate income tax assessments for DELTA N.V. have been finalised up to
2009.
Since 2006, a hedge reserve for unrealised fair value gains and losses on derivatives/trading contracts
has also been recognised in compliance with IAS 39/32. A deferred tax asset is also recognised in
respect of these unrealised fair value gains and losses. As at year-end 2013, this hedge reserve was
negative (therefore an asset), resulting in an increase in the deferred tax asset.
As at year-end 2013, a deferred tax asset amounting to EUR 27.4 million was not recognised in the
balance sheet because of uncertainty as to when the related tax loss carryforwards (in the Netherlands
and in other countries) might be utilised or the asset might be realised.
EUR 8.8 million of the losses that may be carried forward expires within five years. The remainder has
a carry-forward period of more than five years.
At the end of 2013, the former tax group for the corporate income tax of DELTA N.V. was split. The split
means that part of the deferred tax previously reported in this section is reported with the deferred tax
liabilities as of the 2013 financial statements. The reclassification is recognised in ‘Other movements’ in
2013.
4.3 Other financial assets
The 'Other financial assets' as at year-end 2013 mainly comprise prepayments.
In addition, the financial non-current assets include the Foundation that provides the financial security
required by the Nuclear Energy Act to ensure the presence of sufficient funds for the dismantling of the
nuclear power station after the expected closing down date. Keeping the money in a separate
foundation covers the risk of the available funds being part of the assets of the permit holder in the
event of the company going into liquidation.
Annual Report DELTA N.V. 2013 89

5. Derivatives and risk management
DELTA N.V. trades in contracts for gas, electricity, coal, oil, CO 2 certificates and currencies relating to
the current year and the four following years. DELTA N.V. regards the markets for these commodities to
be liquid over this time horizon: reliable prices are available from brokers, markets and suppliers of
price information. Fair values for these contracts are calculated on the basis of these published prices;
in-house valuation models are not used. Adjustments are only made to the published prices for the
months, quarters or years ahead in order to match the corresponding periods in the trading systems.
DELTA has a contractual obligation to settle forward contracts on maturity.
To hedge interest-rate risks, DELTA makes use of derivatives such as interest-rate swaps. The effect of
this type of swap contract is to change loans contracted at floating rates into fixed-rate loans.
This section covers the following topics:
5.1 Derivatives
5.1.1 Relationships of derivatives in the financial statements
5.1.2 Derivatives position
5.1.3 Changes in the hedge reserve
5.1.4 Hierarchy of financial instruments
5.2 Risk management
5.2.1 Risk management
5.2.2 Market risks
5.2.3 Liquidity risk
5.2.4 Credit risk
5.1.1 Relationships of derivatives in the financial statements 2013
(EUR 1,000)
Assets
2013
Balance of derivatives
Assets
2012
Liabilities
2013
Liabilities
2012
Change in 2013,
assets
Derivatives on the balance sheet (see 5.1.2)
Non-current assets 88,080 101,402 (13,322)
Deferred tax (see 5.1.3) 11,915 12,012 (97)
Current assets 141,856 137,165 4,691
241,851 250,579 (8,728)
Changes in derivatives
Change in 2013,
liabilities
Non-current liabilities 115,839 137,635 (21,796)
Current liabilities 160,555 146,861 13,694
276,394 284,496 (8,102)
Other balance sheet items relating to derivatives
Hedge reserve (see 5.1.3) (34,657) (34,316) (341)
Deferred tax (see 5.1.3) -
Non-controlling interest connected with swaps (see 5.1.3) (556) (951) 395
Subtotal - - (35,213) (35,267) - 54
-
Purchase of interest rate derivatives by DNWB 2,250 2,250 -
Changes in equity through profit or loss (2,104) (2,106) 2
Fair value changes in equity through profit or loss 524 1,206 (682)
- - (34,543) (33,917) - (626)
Total 241,851 250,579 241,851 250,579 (8,728) (8,728)
Annual Report DELTA N.V. 2013 90

5.1.2 Derivatives position
(EUR 1,000)
ASSETS LIABILITIES NET
Non-current Current Non-current Current
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Commodity contracts
Gas 33,532 24,774 43,946 52,123 (30,577) (37,335) (50,923) (56,284) (4,022) (16,722)
Electricity 51,502 57,358 75,770 57,528 (47,898) (39,918) (64,146) (47,781) 15,228 27,187
Coal - 1,805 4,398 1,596 (2,337) (3,168) (13,285) (8,228) (11,224) (7,995)
Oil - 1,243 2,981 4,037 - - (84) (709) 2,897 4,571
Other - 2,847 - 5,205 (1,239) (10,440) (7,261) (14,193) (8,500) (16,581)
Other derivatives
Foreign exchange contracts 2,827 13,061 14,715 16,367 (6,886) (8,262) (17,408) (10,694) (6,752) 10,472
- -
Interest rate swaps 219 314 46 309 (26,902) (38,512) (7,448) (8,972) (34,085) (46,861)
Total 88,080 101,402 141,856 137,165 (115,839) (137,635) (160,555) (146,861) (46,458) (45,929)
A positive amount of EUR 0.2 million (2012: negative amount of EUR 3.2 million) from the gains and
losses on these contracts has been recognised in the hedge reserve.
5.1.2a Offsetting financial assets
2013
(EUR 1,000)
Assets
Non-current assets
Current assets
Gross amount Offsetting Net amount Gross amount Offsetting Net amount
Commodity contracts
Gas 50,526 16,994 33,532 94,866 50,920 43,946
Electricity 254,531 203,029 51,502 622,935 547,165 75,770
Coal 1,064 1,064 - 45,036 40,638 4,398
Oil - - - 6,127 3,146 2,981
Other 2,455 2,455 - 7,061 7,061 -
Other derivatives
Foreign exchange contracts 2,827 - 2,827 14,715 - 14,715
Interest rate swaps 219 - 219 46 - 46
Total 311,622 223,542 88,080 790,786 648,930 141,856
5.1.2b Offsetting financial liabilities
2013
(EUR 1,000)
Liabilities
Non-current liabilities
Current liabilities
Gross amount Offsetting Net amount Gross amount Offsetting Net amount
Commodity contracts
Gas (47,571) (16,994) (30,577) (101,842) (50,919) (50,923)
Electricity (250,928) (203,030) (47,898) (611,312) (547,166) (64,146)
Coal (3,401) (1,064) (2,337) (53,923) (40,638) (13,285)
Oil - - - (3,230) (3,146) (84)
Other (3,694) (2,455) (1,239) (14,321) (7,060) (7,261)
Other derivatives
Foreign exchange contracts (6,886) - (6,886) (17,408) - (17,408)
Interest rate swaps (26,902) - (26,902) (7,448) - (7,448)
Total (339,382) (223,543) (115,839) (809,484) (648,929) (160,555)
Annual Report DELTA N.V. 2013 91

5.1.3 Changes in the hedge reserve
The changes in the fair value after tax of the derivatives are included in the hedge reserve. This reserve is
not freely distributable.
The movements in the hedge reserve over the past two years are presented below.
(EUR 1,000)
COMMODITY CONTRACTS
Gas Electricity Coal Oil CO 2 Forex Total
SWAPS
Interest
rate
swaps
Total
2012
Hedge reserve 1-1-2012 (gross) 1,109 2,275 (3,808) 2,906 (21,512) 14,876 (4,154) (39,968) (44,122)
Changes in 2012
Recognised directly in equity (4,875) 11,478 (5,755) 3,213 (4,552) 4,197 3,706 (3,209) 497
Released to income (7,367) 5,244 2,723 (107) 7,532 (7,848) 177 (3,831) (3,654)
Total changes 2012 (12,242) 16,722 (3,032) 3,106 2,980 (3,651) 3,883 (7,040) (3,157)
Hedge reserve 31-12-2012 (gross) (11,133) 18,997 (6,840) 6,012 (18,532) 11,225 (271) (47,008) (47,279)
Deferred tax 2,783 (4,815) 1,710 (1,503) 4,633 (2,806) 2 12,010 12,012
Non-controlling interest - (121) - - - - (121) 1,072 951
Hedge reserve at 31-12-2012 (8,350) 14,061 (5,130) 4,509 (13,899) 8,419 (390) (33,926) (34,316)
2013
Hedge reserve 1-1-2013 (gross) (11,133) 18,997 (6,840) 6,012 (18,532) 11,225 (271) (47,008) (47,279)
Changes in 2013
Recognised directly in equity 1,994 33 (9,818) 2,060 (1,563) (7,443) (14,737) 22,011 7,274
Released to income 1,872 (5,287) 6,718 (5,844) 10,811 (6,158) 2,112 (9,235) (7,123)
Total changes 2013 3,866 (5,254) (3,100) (3,784) 9,248 (13,601) (12,625) 12,776 151
Hedge reserve 31-12-2013 (gross) (7,267) 13,743 (9,940) 2,228 (9,284) (2,376) (12,896) (34,232) (47,128)
Deferred tax 1,817 (3,438) 2,485 (557) 2,321 594 3,222 8,693 11,915
Non-controlling interest - (5) - - - - (5) 561 556
Hedge reserve at 31-12-2013 (5,450) 10,300 (7,455) 1,671 (6,963) (1,782) (9,679) (24,978) (34,657)
The composition of the hedge reserve in relation to the commodities, on a gross basis, as at yearend
2013 is attributable as follows to the years ahead.
Annual Report DELTA N.V. 2013 92

Hedge-reserve commodities
COMMODITY CONTRACTS
Gas Electricity Coal Oil CO 2 Forex Total
2014 (7,463) 7,920 (8,094) 2,228 (7,711) (1,673) (14,793)
2015 (453) 5,060 (1,846) - (1,573) (703) 485
2016 649 763 - - - 1,412
2017 - - - - - - -
Totaal (7,267) 13,743 (9,940) 2,228 (9,284) (2,376) (12,896)
The release from the hedge reserve to profit or loss is recognised in the gross operating margin.
The timing of the expected cash flows does not always coincide with their recognition in the income
statement. This is because some hedges have a ‘timing effect’. This is the case, for example, with the
majority of gas hedges, in that the gas price for the first quarter of a year may be determined by the
average oil price over the six months preceding that quarter. The value of the swaps used in such a
hedging relationship, settlement of which takes place in the six months preceding the quarter in which
delivery is made, is recognised in the hedge reserve up to the beginning of the delivery quarter, with the
gain or loss recognised in income in the first quarter of delivery. The maximum time lag on contracts in
a hedging relationship is nine months. During the reporting period, there were no hedging relationships
that were discontinued because an expected transaction did not go ahead.
5.1.4 Hierarchy of financial instruments
The financial instruments are all recurring valuations, measured at fair value, and they are classified
according to the hierarchy below as required by IFRS 13 Fair value measurement
Level 1: Inputs at level 1 are prices quoted on active markets (without adjustment) for identical assets
or liabilities, to which the entity has access on the valuation date.
Level 2: Inputs at level 2 are inputs other than the quoted prices in level 1 that are directly or indirectly
observable for the asset or liability in question.
Inputs at level 2 include:
a) Quoted prices for similar assets or liabilities in active markets.
b) Quoted prices for identical or similar assets or liabilities in markets that are not active.
c) Inputs other than the quoted prices that are directly or indirectly observable for the asset
or liability in question, such as:
i) interest rates and yield curves that are published on a regular basis
ii) implied volatilities
iii) credit spreads (differences in interest rates)
d) Market-corroborated inputs
Level 3: Inputs at level 3 are unobservable inputs for the asset or liability in question.
Annual Report DELTA N.V. 2013 93

Assets and liabilities measured at fair value
(EUR 1,000)
FAIR VALUE HIERARCHY
Total as at 31
December Level 1: Level 2: Level 3:
2013 2012 2013 2012 2013 2012 2013 2012
Assets
Derivatives 229,936 238,567 - - 229,936 238,567 - -
Part of other investments and other
financial assets 95,566 80,004 - - - - 95,566 80,004
Total assets 325,502 318,571 - - 229,936 238,567 95,566 80,004
Equity and liabilities
Derivatives 276,394 284,496 - - 276,394 284,496 - -
Put options 156,905 151,826 - - - - 156,905 151,826
Total equity and liabilities 433,299 436,322 - - 276,394 284,496 156,905 151,826
The change in the ‘Part of other investments and other financial assets’ in 2013 is EUR 15.6 million.
EUR 14.4 million of this concerns investments/new receivables and EUR 1.2 million concerns the
result.
The other investments include the participating interests in SET Fund C.V. and SET Fund II C.V. (see
also note 3.3). The other financial assets include the Foundation for managing the funds for dismantling
the Borssele nuclear power station (see also note 4.3).
The fair values are based on:
- measurement in accordance with the International Private Equity and Venture Capital Valuation
(IPEV) Guidelines issued by the IPEV Board and approved by the European Private Equity and Venture
Capital Association (EVCA)
- specially established asset funds with their own market value per participating interest
The put options were distributed to the minority shareholders in connection with the acquisition of
Indaver in 2007. The options can be exercised during the calendar year 2015.
Profit attributable to non-controlling interests is added to the value of the put option. The exercise price
of the put option can be determined using the discounted cash flow method, taking several estimates
into account. DELTA therefore uses a bandwidth when determining the fair value of the put options.
The valuation as at the balance-sheet date falls within this bandwidth.
There were no reclassifications in 2013 from one level of the fair value hierarchy to another.
5.2 Risk management
5.2.1 Risk management
DELTA operates on the international gas and electricity markets. The prices on these markets fluctuate
a great deal. Making use of financial instruments allows DELTA to mitigate commodity market risks,
currency risks, interest-rate risks, liquidity risks and credit risks. The preconditions for this have been
set out in the Risk Policy Document and the Treasury Regulations.
The Risk Management Committee, under the aegis of the Executive Board, has established general
procedures and limits. It ensures that the energy trading and sales activities of DELTA remain within the
defined risk margins.
The various types of risk and how DELTA deals with them are explained below.
Annual Report DELTA N.V. 2013 94

5.2.2 Market risks
5.2.2.1 Commodity prices
Market risks arise from price movements on the markets on which DELTA buys and sells (gas,
electricity, coal, oil, CO 2 emission rights, currencies, transport capacity, import/export capacity etc.).
DELTA’s policy aims to reduce the impact of price movements in the short term and to follow the
applicable market prices in the longer term. To implement this systematic risk control, DELTA
determines how its assets will be used and which positions should be adopted, depending on the
expected price developments.
The positions are monitored on a daily basis. Trading risks are mitigated by strictly enforcing a system
of limits.
5.2.2.2 Value at Risk
DELTA uses the Value at Risk (VaR) method to assess market risks on the commodity markets in
which it operates. The method involves various assumptions regarding possible changes in market
conditions. The VaR method is an important tool for assessing market risks within DELTA. The method
identifies the maximum losses likely to be incurred as a result of price changes over a three-day period
with a confidence level of 95% (i.e. the maximum loss might be expected to exceed the VaR limit in just
5% of cases). The VaR is calculated using Monte Carlo simulations based on historical volatilities and
correlations. Since portfolios include opposing positions and there is an underlying correlation, the VaR
on the total portfolio is smaller than the sum of that on the individual portfolios.
Value at Risk
(EUR 1,000)
Value at Risk
31-12-2013 31-12-2012
Asset Book 8,539 12,977
Trade Books 1,137 2,546
Diversification over Books (1,837) (2,665)
Total 7,839 12,858
The VaR method is an important tool for managing the portfolios within DELTA and the value at risk is
therefore calculated and reported every day. Although the VaR for the Asset Book and for the total
portfolio is reported on a daily basis, it is not used as a management parameter. The Asset Book is
hedged on the basis of a predetermined disposal schedule to establish the average market value.
Departures from the disposal schedule come into Trade Books, for which the VaR is the key measure
of risk.
5.2.2.3 Cash-flow hedges
DELTA uses financial instruments to prevent fluctuations in expected cash flows in so far as possible.
DELTA uses derivatives such as forwards, options and swaps in order to control the consequences of
future movements in market prices. The hedging instruments are derivatives in the commodities traded
by DELTA that are concluded to mitigate cash-flow, price and currency risks. Hedge accounting is
applied to cushion the total change in value of these derivatives.
Where permitted, DELTA accounts for these financial instruments and physical purchase and sale
contracts in a cash-flow hedge in accordance with IAS 39. The item hedged is the future purchase
transaction (power stations, long-term sourcing) or gas and electricity sales transaction.
Annual Report DELTA N.V. 2013 95

Cash flow hedges
(EUR 1,000)
AMOUNT AT FAIR VALUE
2013 2014 2015 2016
2017 and
beyond
Total
Average
price
Contract
value
Gas forwards (8,752) (15) 163 - (8,605) 0.266 (226,135)
Electricity forwards 6,887 3,252 577 - 10,716 48.395 (460)
Coal swaps (9,264) (2,183) - - (11,447) 68.622 (100,669)
Oil swaps 2,981 - - - 2,981 626.694 (33,841)
CO 2 forwards (4,565) (2,649) - - (7,214) 6.832 (27,219)
Currency swaps 1,525 (871) - - 654 0.899 (263,676)
Total (11,189) (2,466) 740 - (12,914)
2012 2013 2014 2015
2016 and
beyond
Total
Average
price
Contract
value
Gas forwards (1,484) (11,075) (1,023) - (13,582) 0.266 (268,713)
Electricity forwards 3,168 9,742 1,612 - 14,522 53.461 98,521
Coal swaps (3,216) (758) - - (3,974) 82.993 (29,304)
Oil swaps 2,860 1,243 - - 4,103 660.307 (106,573)
CO 2 forwards (10,294) (4,458) (815) - (15,567) 11.015 (40,975)
Currency swaps 3,993 7,471 740 - 12,204 0.921 (291,213)
Total (4,973) 2,165 514 - (2,294)
The hedge reserve includes changes in the value of underlying derivatives in the period in which they
are included in an effective hedge. The derivatives presented in the analysis of cash-flow hedges
concern the derivatives that were part of a hedging relationship on the balance-sheet date.
A mismatch occurs because:
the analysis of cash-flow hedges also includes the ineffective portion of the hedging instrument;
the gains and losses on the hedging instrument prior to the inception of a hedging relationship are
also included in the analysis of cash-flow hedges;
also included in the hedging reserve are the gains and losses on the hedging instruments that were
part of a hedging relationship in the past but that were no longer part of such a relationship at the
year-end.
The amounts recognised in the hedge reserve take account of the date on which an instrument was
designated as part of a hedging relationship, which may be different from the date of the associated
trade. In addition, only the gains and losses in the fair value of the effective portion of the hedging
instruments are recognised in the hedge reserve.
Annual Report DELTA N.V. 2013 96

5.2.2.4 Currency risk
Currency risk concerns the price risk related to exchange-rate movements. DELTA’s risk policy is to
hedge currency risks on positions in foreign currencies. To hedge the risks, DELTA uses financial
instruments to prevent fluctuations in expected cash flows in so far as possible. Currency positions
resulting from contracts, including commodity contracts, are reported to DELTA’s Treasury Department
a daily basis for hedging at the group level. Currency risk limits are set periodically in consultation with
the Risk Management Committee and monitored by the Treasury Department.
The following exchange rates with respect to the euro were used for the conversion of the currency
positions included in the balance sheet.
Middle rates 31-12-2013 31-12-2012
US dollar 1.3770 1.3175
Pound sterling 0.8322 0.8150
5.2.2.5 Interest-rate risk
DELTA’s interest-rate risk policy is to limit the effect of interest-rate fluctuations. To hedge the risks,
DELTA makes use of derivatives such as interest-rate swaps.
Hedged loans
DELTA has a number of interest-rate swaps. All the swaps were effective at the end of the reporting
period. Sensitivity is measured by increasing or decreasing the floating spot by 10%.
The swaps remained effective. Several of these interest-rate derivatives can be classified as option
contracts, which qualify for the exemption referred to in IAS 39, paragraph 74. The change in the fair
value is accounted for in the hedge reserve, with the change in the time value recognised through profit
or loss. The following table shows the effect of a 10% increase and a 10% decrease compared with the
carrying amounts as at 31 December 2013.
Sensitivity interest rate
(EUR 1,000)
10% increase 10% decrease
Position as at 31 Value based on yield Increase in value Value based on yield Decrease in value
December
curve relative to carrying
curve relative to carrying
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Derivatives
Derivatives (34,084) (46,861) (31,400) (44,516) 2,684 2,345 (36,768) (49,245) (2,684) (2,384)
Deferred tax on derivatives 8,693 12,010 8,014 11,430 (679) (580) 9,372 12,601 679 591
Total (25,391) (34,851) (23,386) (33,086) 2,005 1,765 (27,396) (36,644) (2,005) (1,793)
Interest rate swaps
Hedge reserve 24,978 33,926 22,982 32,238 (1,996) (1,688) 26,972 35,645 1,994 1,719
Non-controllig interest 561 1,072 536 1,037 (25) (35) 586 1,105 25 33
Total 25,539 34,998 23,518 33,275 (2,021) (1,723) 27,558 36,750 2,019 1,752
Gains and losses on swaps
Total 2,104 2,106 2,118 2,061 14 (45) 2,088 2,144 (16) 38
As at 31 December 2013, the interest-rate derivatives position represented a loss. An upward
movement of the yield curve reduces this loss.
The hedge reserve relating to interest-rate swaps as at 31 December 2013 constituted a debit item in
equity. An upward movement of the yield curve reduces the amount of this debit.
Annual Report DELTA N.V. 2013 97

Unhedged loans
If the interest rates on unhedged variable-rate loans had been 10% higher or lower at the end of the
reporting period with all other variables remaining constant, the profit or loss (before allowing for noncontrolling
interests) would have been EUR 0.4 million per annum lower or higher, respectively.
5.2.3 Liquidity risk
Liquidity risk is the risk that DELTA might not have sufficient funds available to settle its liabilities.
DELTA’s capital management policy focuses on centralising cash management and funding and
borrowing repayment operations at the holding company level as far as possible. A financing plan is
prepared each year on the basis of the business plan, giving direction to the activities of the DELTA
N.V. Treasury Department.
This includes the annual determination of the ratio of current to non-current borrowings.
DELTA also explicitly aims to satisfy banking ratios and ratios related to the maintenance of its
corporate credit rating and the optimisation of working capital management by a comfortable margin. It
also operates a very strict policy regarding the issue of guarantees and entering into obligations with an
associated liquidity risk.
In March 2013, DELTA refinanced the revolving credit facility for a period of five years to March 2018.
The revolving credit facility amounts to EUR 450 million. The facility includes an accordion option that
allows the principal to be increased by EUR 50 million. The revolving credit facility is in part a standby
facility and in part to be used for the financing of working capital and coping with seasonal fluctuations.
Investments in long-term assets are financed using long-term loans. In 2012 long-term private loans
totalling EUR 180 million were concluded by DELTA N.V.
A number of entities within the DELTA Group have their own financing facilities, as follows:
1. Indaver has credit facilities for the financing of its working capital requirements. The project funding
for Indaver Germany was completely refinanced by Indaver in 2013. As at year-end 2013, Indaver
had drawn down EUR 170 million under the existing credit facilities.
2. DELTA Netwerkbedrijf, as required by the Dutch Independent Network Management Act (WON),
had a separate credit facility of EUR 190 million as at the balance-sheet date. It repaid EUR 40
million of this in 2013.
3. Sloe Centrale B.V. is financed through project funding to the tune of EUR 202 million (based on a
50% interest).
4. As at year-end, the funding of SLECO Centrale nv amounted to EUR 22 million. (based on a 50%
interest).
The credit rating for DELTA issued by Standard & Poor's remained unchanged in 2013 BBB+ with a
stable outlook.
Annual Report DELTA N.V. 2013 98

In order to provide a view of the liquidity risk, the following table presents the contractual maturities of
the financial obligations.
Contractual maturities of financial obligations as at 31 december 2013
(EUR 1,000) < 1 year 1-5 years > 5 years Total
Trade payables 341,048 - - 341,048
Interest-bearing loans 285,799 277,570 243,436 806,805
Derivatives 160,555 115,839 - 276,395
Other 208,243 286,696 1,658 496,597
Total 995,645 680,105 245,094 1,920,845
Related interest payable 11,033 26,239 5,581 42,853
Contractual maturities of financial obligations as at 31 december 2012
(EUR 1,000) < 1 year 1-5 years > 5 years Total
Trade payables 303,614 - - 303,614
Interest-bearing loans 220,975 348,382 255,245 824,602
Derivatives 146,861 137,635 - 284,496
Other 220,422 276,192 1,973 498,587
Total 891,872 762,209 257,218 1,911,299
Related interest payable 11,620 30,799 8,436 50,855
The contractual maturities of the financial obligations reflect the expected outgoing cash flows relating
to the outstanding financial commitments as at the balance-sheet date.
The ‘Other’ contractual maturities item consists primarily of deferred revenue, current taxation and the
Indaver put option.
Annual Report DELTA N.V. 2013 99

5.2.4 Credit risk
Credit risk concerns the losses that could arise if a counterparty defaults on a contractual obligation.
DELTA has set credit limits for its external counterparties in order to limit the credit risk. An internal
rating system sets a credit limit for each external counterparty. This system uses publicly available
information on the company concerned or the guarantor (such as financial statements and credit
ratings). If the credit rating of an external counterparty or guarantor is not or is no longer investment
grade, no additional credit risk is accepted. This was the case for a number of external counterparties in
2013.
At year-end 2013, the proportion of DELTA’s external counterparties in each of the different credit rating
classes was as follows.
35%
Credit rating of counterparties
30%
25%
20%
15%
10%
2013
2012
5%
0%
AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+
In addition to the credit limits based on this credit rating, DELTA uses various instruments to manage
credit risks, including operating under standard contracts and conditions, trading through exchanges,
diversification in its end-users and requesting additional collateral.
For end-users whose energy is supplied by DELTA, creditworthiness is based on data from external
information providers. For existing customers, the historical payment behaviour is also taken into
consideration when deciding whether or not to enter into a supply contract. For a part of the business
end-users the credit risk is covered by a credit insurance. Additional collateral in the form of a bank
guarantee, deposit or advance is requested if necessary.
Annual Report DELTA N.V. 2013 100

6. Inventories
(EUR 1,000) 31-12-2013 31-12-2012
Raw materials 71,347 71,784
Consumables 5,883 6,398
Finished products 6,241 6,292
Goods for resale 4,582 3,390
Total 88,053 87,864
Less: Provision for obsolescence (608) (652)
Total inventories 87,445 87,212
Annual Report DELTA N.V. 2013 101

7. Receivables
(EUR 1,000) 31-12-2013 31-12-2012
Trade receivables 384,408 371,275
Current tax assets 24,814 1,815
Work in progress for third parties 202 -
Cash not available on demand 26,739 49,300
Current portion of long-term loans granted 1,735 4,025
Other receivables, prepayments and accrued income 24,084 28,254
Total other receivables 52,558 81,579
Total receivables (excluding derivates) 461,982 454,669
The cash not available on demand consists of deposits relating to the trading activities on the futures
exchange markets.
A provision for possible bad debts totalling EUR 20.1 million (2012: EUR 20.2 million) was recognised
in respect of the trade receivables.
Aged analysis of trade receivables
(EUR 1,000)
Age
(in days)
31-12-2013 31-12-2012
< 30 364,254 343,667
31-60 13,228 17,049
61-90 2,966 6,791
91-120 2,450 3,948
> 120 21,593 20,068
Total 404,491 391,523
Bad debt provision (20,083) (20,248)
Total trade receivables 384,408 371,275
The

Movements in the bad debt provision
(EUR 1,000) 31-12-2013 31-12-2012
Balance as at 1 January 20,248 13,794
Bad debts written off (2,781) (1,711)
Added/released 2,616 8,165
Balance as at 31 December 20,083 20,248
In 2012, several amounts were added to the provision as a consequence of the bankruptcy of a major
multi-utility customer.
Annual Report DELTA N.V. 2013 103

8. Cash
Cash comprises not only cash but also cash equivalents that can be converted into cash with no
material risk of impairment.
(EUR 1, 000) 31-12-2013 31-12-2012
Deposits 77,130 123,559
Cash / Bank 96,985 70,509
Total Cash 174,115 194,068
The amounts placed on deposit become available within three months.
Annual Report DELTA N.V. 2013 104

9. Provisions
(EUR 1,000)
Total
Site
reconstruction
costs
Unprofitable
contracts
Employee
benefits
Dismantling
costs
Other provisions
Carrying amount as at 1 January 2012 597,531 62,845 165,560 5,500 174,592 189,034
Reversal of current portion of provision 15,876 9,710 - 830 3,474 1,862
Added 91,311 4,256 27,021 1,093 34,467 24,474
Interest added 19,909 2,846 6,758 92 4,485 5,728
Released (48,431) - (46,788) (63) (2,104) 524
Utilised (29,338) (484) - (1,163) - (27,691)
Other movements (1,196) (885) - (86) - (225)
Carrying amount as at 31 December 2012 645,662 78,288 152,551 6,203 214,914 193,706
Current portion of provisions (12,253) (9,299) - (461) (1,370) (1,123)
Carrying amount as at 31 December 2012 633,409 68,989 152,551 5,742 213,544 192,583
Reversal of current portion of provision 12,253 9,299 - 461 1,370 1,123
Added 28,777 89 6,482 5,282 (329) 17,253
Interest added 18,398 2,970 5,765 150 4,999 4,514
Released (48,573) (44) (46,755) - (4) (1,770)
Utilised (40,900) (1,238) - (784) - (38,878)
Other movements 4,330 4,329 - - - 1
Carrying amount as at 31 December 2013 607,694 84,394 118,043 10,851 219,580 174,826
Current portion of provisions (15,301) (10,199) - (2,910) (1,366) (826)
Carrying amount as at 31 December 2013 592,393 74,195 118,043 7,941 218,214 174,000
The part of the provisions which it is probable will be utilised within one year, which amounted to EUR
15.3 million (2012: EUR 12.3 million), has been included in current liabilities.
The provisions that amount to more than EUR 5 million are clarified below.
Site restoration costs
Indaver has recognised provisions for the capping and aftercare of its current landfill sites. An amount
of approximately EUR 24.8 million of these provisions is expected to be utilised over the next five years.
The costs have been estimated by the management using best estimates based on existing technology.
Discounting is applied using a discount rate of 4.0% (2012: 4.67%, 5.0% and 5.1%) for all regions.
The current portion of the provision mainly relates to the Koegorspolder landfill site, which ceased to be
used in 2005.
Within Indaver, EUR 4.2 million of provisions has been included for expected costs due to contaminants
identified at certain locations.
Unprofitable contracts
In light of the current market prices for electricity (which are under pressure due to the economic
development in relation to the available production capacity on the one hand and the rise in fuel prices
due to the increasing global demand on the other), some energy purchase/sale contracts that were
made in the past are no longer profitable. Therefore, a provision has been made for onerous contracts
to cover the unprofitable part of some contracts. Withdrawals are made annually to offset the
accumulated negative gross margin. Any results of a production unit involved are added annually to this
provision, because of the causal link between the result of the participation and the formation of the
provision. Provisions are reviewed each year in the light of developments in the electricity and fuel
markets, the relevant legislation and contractual agreements. The price developments in electricity and
fuel components are based on the independent Pöyry midprice curves.
The discount rate for the calculation of this provision is 4.25% (4.25% in 2012).
Annual Report DELTA N.V. 2013 105

The provision remaining at the end of 2013 primarily relates to contracts with a joint operation and a
joint venture.
Employee benefits
These provisions have been recognised in order to be able to meet existing future financial obligations.
Under the terms of the collective labour agreement (CLA), DELTA pays employees long-service
benefits. From the date on which an employee joins the company, a provision is recognised for these
benefits, based on the number of years of service, expected price and wage inflation and statistical
attrition, invalidity and mortality rates.
In addition, a provision has been recognised in connection with the transitional arrangements relating to
the IZA/IZR health insurance schemes (public-sector schemes) for former employees that were agreed
with the unions in 2006 and cover a period of ten years. Furthermore a provision is formed for future
payments of sick pay when an employee has been sick for more than two years (that was not the case
as at year-end 2013). The liability for benefits already in payment pursuant to the Unemployment
(Benefits) Act is also part of this provision.
The discount rate is 4.5% (2012: 4.5%). The discount rate has not been changed because of the longterm
nature of these obligations.
Dismantling of energy generation units
The purpose of this provision is to fund the future dismantling of units once they stop operating. The
forecast final dismantling costs are based on the results from periodic studies, with the inclusion of any
adjustments for price developments, any more recent insights and an estimate of potential
environmental impacts. The provision for the dismantling of the nuclear power station is structured in
such a way that dismantling work on the nuclear power station can start as soon as it stops operating in
2034, in accordance with the agreements made with the national government in the Borssele nuclear
power station covenant.
The provisions have been discounted using a discount rate of 4.5% (4.5% in 2012).
Other provisions
The ‘Other provisions’ include the following:
Provisions for processing and storage costs
This provision was formed on the basis of the current existing obligations. It is determined as the
present value of the estimated future processing and storage costs, minus the estimated present value
of the residual products released in future and the net value of the amounts payable and receivable.
The discount rate is 4.5% (4.5% in 2012).
Annual Report DELTA N.V. 2013 106

Retirement benefits
Pension liabilities in the Netherlands
Almost all employees at the DELTA Group’s Dutch locations are members of the ABP pension fund
foundation’s pension plan. The ABP plan is a multi-employer plan. The members bear nearly all the
actuarial and investment risks in this plan. Employers taking part in this plan have no obligation to make
supplementary contributions in the event of a funding shortfall. Our obligations are limited to the
payment of the contribution as determined by the fund. The ABP Board of Trustees sets this
contribution each year based on its own data for the membership base and with due observance of the
parameters and requirements set by the ABP regulatory authority (De Nederlandsche Bank). The
obligation to pay contribution ensues from the participation in the fund in the year in question and not
from participation in previous years. For reporting purposes, the ABP plan is classified as a defined
contribution plan. Therefore the contributions are recognised as an expense and no further explanatory
notes are required.
Retirement benefit obligations at Indaver
Indaver provides defined benefit plans for the employees of the Indaver holding company and some
subsidiaries that were part of the Indaver group before 31 December 2007. This concerns two plans
contracted with various insurance companies.
Indaver also operates unfunded defined benefit plans for the employees of Indaver Deutschland GmbH
in Germany. Indaver also provides defined contribution plans for new employees who have joined the
holding company and some subsidiaries in Belgium since 1 January 2008, as well as for the employees
of Indaver Ireland.
On the above basis, Indaver has the following long-term pension liabilities.
(EUR 1,000) 31-12-2013 31-12-2012
Pension liabilities 31,322 27,012
Total pension liabilities 31,322 27,012
The current portion of the pension liabilities relating to Indaver, amounting to EUR 0.8 million (2012:
EUR 1.0 million), has been included in current liabilities.
Annual Report DELTA N.V. 2013 107

Retirement benefit provisions outside the Netherlands (Indaver)
(EUR 1,000)
31-12-2013 31-12-2012
1 Net liability
Belgium Germany Belgium Germany
Present value of defined benefit obligation 38,416 16,792 32,835 15,594
Fair value of plan assets (24,114) (1,549) (21,352) (1,427)
Present value of net obligation 14,302 15,243 11,483 14,167
Actuarial gains and losses 1,968 - 1,572 -
Defined benefit plan based on simple actuarial calculations 457 190 268 483
Net liability on the face of the balance sheet 16,727 15,433 13,323 14,650
2 Movements in present value
Opening defined benefit obligation 32,835 15,594 24,951 12,794
Contributions by employer 2,264 316 1,817 254
Interest cost 1,354 650 1,321 688
Actuarial gains and losses 2,567 835 6,314 2,513
Experience adjustments (653) (464) 941 113
actuarial (gains)/losses from changes in demographic assumptions 627 - - (2)
actuarial (gains)/losses from changes in financial assumptions 2,593 1,299 5,373 2,402
Contributions by employees 282 - 281 -
Costs paid (83) - (59) -
Insurance premiums paid (306) - (300) -
Benefits paid (497) (603) (1,472) (613)
Net transfer in/out - - - (42)
Curtailments and settlements - - (18) -
Closing defined benefit obligation 38,416 16,792 32,835 15,594
3 Movements in fair value
Opening fair value of plan assets 21,352 1,427 20,393 1,246
Return on plan assets 1,276 30 976 34
expected return 938 62 1,146 13
gain/(loss) 338 (32) (170) 21
Contributions by employer 2,090 92 1,485 147
Contributions by employees 282 - 281 -
Expenses paid (83) - (59) -
Premiums paid (306) - (300) -
Benefits paid (497) - (1,472) -
Settlements - - (13) -
Other - - 61 -
Closing fair value of plan assets 24,114 1,549 21,352 1,427
4 Retirement benefit costs
Contribution by employer 2,264 315 1,817 254
Net interest defined benefit liability 416 576 175 662
Net benefit expense recognised in staff costs 2,680 891 1,992 916
5 Actuarial valuation assumptions
Employee benefit plan obligations
Discount rate 3.75% 3.75% 4.25% 4.25%
Expected return 3.75% 3.75% 4.30% 4.30%
Future pay rises 3.50% 2.00% 3.50% 2.00%
Increases in medical expenses 3.00% 3.00%
Annual Report DELTA N.V. 2013 108

6 Actual return on fund investments
The actual return on fund investments in 2013 was EUR 1.3 million (2012: EUR 1.0 million)
7 Sensitivity
1% increase in:
Discount rate (5,934) (2,366) (5,285) (2,117)
Future salary growth 3,555 91 3,075 86
Medical cost trend rate 349 n/a 230 n/a
1% decrease in:
Discount rate 5,281 3,036 4,486 2,692
Future salary growth (4,739) (85) (4,311) (82)
Medical cost trend rate (266) n/a (180) n/a
Annual Report DELTA N.V. 2013 109

10. Movements in long-term debt
(EUR 1,000) 31-12-2013 31-12-2012
Carrying amount as at 1 January 701,149 829,590
Loans drawn down 47,257 239,722
Movements in cross-border leases (367) (338)
Repayments (59,837) (367,825)
688,202 701,149
Current portion (71,841) (71,125)
Long-term debt 616,361 630,024
The liabilities include bank borrowings. EUR 226 million of the carrying amount falls due after more than
five years. The average interest rate on the debt as at year-end 2013 was 1.7% (2012: 1.9%).
DELTA has a bilateral standby credit facility amounting to EUR 450 million with five banks. No security
has been provided for this facility.
Collateral amounting to EUR 1.8 million has been pledged as security for the negative fair value of
interest-rate swaps entered into in previous years by Indaver Germany.
Annual Report DELTA N.V. 2013 110

11. Other non-current liabilities
(EUR 1,000) 31-12-2013 31-12-2012
Deferred tax liabilities 60,689 53,705
Deferred revenue 87,381 77,286
Indaver put option 156,905 151,826
Other non-current liabilities 41,673 46,291
Total other non-current liabilities 346,648 329,108
Deferred tax liabilities
The deferred tax liabilities relate to differences in the valuation of the balance sheet for commercial
purposes and that for tax purposes. The deferred tax liability is primarily due to past acquisitions. When
an equity interest is acquired, the acquired property, plant and equipment and intangible assets are
recognised at fair value. Fair value adjustments are not tax-allowable, necessitating the recognition of a
deferred tax liability in connection with the adjustment to the fair value of the acquired assets. The tax
liability decreases in proportion to the fair value adjustments, except for the fair value adjustments on
land.
In addition, the deferred tax liability includes the temporary difference that arises because the provision
that is allowable for commercial purposes for unprofitable contracts is not allowable for tax purposes.
Because of the split of the tax group for DELTA N.V.’s corporate income tax, a transfer took place at
year-end 2013 from the deferred tax assets to the deferred tax liabilities. Because of this transfer, the
individual deferred tax assets and liabilities of the tax groups are reported separately. The transfer led
to an increase in the deferred tax liabilities.
Equally, additions to provisions lead to a deferred tax asset. The movement in the tax asset depends on
the utilised provisions.
The deferred tax liability is attributable to:
(EUR 1,000) 31-12-2013 31-12-2012
Intangible assets 2,347 2,943
Property, plant and equipment 95,638 52,342
Other (37,296) (1,580)
Total 60,689 53,705
Deferred revenue relates to payments already received in respect of waste that still has to be
processed by Indaver. In both 2013 and 2012, the contributions received from third parties for new
capital projects within the network business were added to the deferred revenue (in accordance with
IFRIC 18).
Annual Report DELTA N.V. 2013 111

Indaver put option
In 2008, DELTA increased its interest in Indaver to 75%. When Indaver was acquired in 2007, put
options were granted to the minority shareholders; these options can be exercised in the course of
2015. Consequently the put options are included in the non-current liabilities at year-end 2013. They
are valued at their fair value as at 31 December.
The share in the company’s profits attributable to the minority shareholders and other movements in the
equity value are incorporated in the liabilities relating to the put option.
The exercise price of the option is determined using the discounted cash flow method, and various
estimates are discussed. Management has based the cash-flow projections on the business plans for
the years 2014-2016 and in some cases for a longer time frame.
After the period that this covers, a perpetual series is used. This takes into account the available
information regarding market developments. No extrapolations have been used that have growth rates
in excess of inflation.
For this reason, DELTA uses a bandwidth when determining the fair value of the put option. The
valuation as at the balance-sheet date falls within this bandwidth.
Other non-current liabilities
This includes N.V. EPZ’s liability for the costs to cover the final nuclear fuel load still present in the
reactor core when the nuclear power station unit comes to the end of its lifespan. The recognised
liability is based on the known nuclear fuel costs at year-end 2013 for the final fuel load, taking the
present value (based on a discount rate of 4.5%) of the estimated amounts for the future value of the
remaining core, including reprocessing and storage costs.
Movements in ‘Other non-current liabilities’
(EUR 1,000) 31-12-2013 31-12-2012
Carrying amount as at 1 January 329,108 167,867
Movement in deferred tax position 6,984 (5,323)
Released deferred revenue (recognised in profit or loss) (8,577) (8,143)
Deferred revenue (resulting from IFRIC 18) 18,672 14,430
Change in Indaver put option 5,079 151,826
Other movements (4,618) 8,451
Total other non-current liabilities 346,648 329,108
Annual Report DELTA N.V. 2013 112

12. Current liabilities
(EUR 1,000) 31-12-2013 31-12-2012
Trade payables 341,048 303,614
Current tax liabilities 6,122 19,170
Other current tax liabilities 94,426 69,404
Deferred revenue 15,130 19,391
Work in progress for third parties - 3,603
Current portion of provision 15,301 12,254
Current portion of long-term debt 71,841 71,125
Accruals and deferred income 76,503 95,350
Other current liabilites 148,344 166,475
Bank borrowings 120,998 125,803
Total current liabilities (excluding derivatives) 741,369 719,714
The 'Other current tax liabilities' are for the most part sales tax that is still to be paid. In addition, the
current tax liabilities include liable payroll tax and social security contributions, corporate income tax
and energy taxes that are payable.
Repayments on long-term loans and withdrawals from provisions that are planned for 2014 have also
been included under ‘Current liabilities’ (in addition to the other payables and accruals).
Annual Report DELTA N.V. 2013 113

Commitments and contingent liabilities
A summary of the off-balance-sheet rights and obligations is given below, insofar as their impact on the
result exceeds EUR 5 million.
A. Operational
DELTA Energy B.V. trading portfolio
DELTA’s risk management policy aims to actively control the risk exposures connected with production
assets and long-term procurement contracts. Positions arising from trading activities are controlled
through a strict system of limits, using both financial and energy derivatives, including swaps and
options. The sales contracts in the portfolio relate to energy supplied to end-users and trading partners
and associated financial instruments. The value of the 2012 sales contracts at the end of the reporting
period was EUR 1,314 million (2012: EUR 1,040 million).
Procurement contracts in the portfolio relate to production and purchasing agreements with trading
partners and associated contracts for financial instruments. The value of the procurement contracts as
at the balance-sheet date was EUR 3,329 million (2012: EUR 3,238 million). The value of the financial
instruments is determined on the basis of market values derived from transactions contracted in the
physical commodities trade.
Long-term waste processing contracts
Indaver has entered into various long-term contracts for processing waste. They are covered by
payments upfront, which have been recognised in the balance sheet (2013: EUR 39.9 million; 2012:
EUR 44.8 million). In some cases, the client has been given a put option conferring the right to sell
some of the rights concerned back to Indaver. No liability has been recognised in respect of these put
options since exercise of the options is not considered to be a probability.
Investment commitments
As at year-end 2013, the company had outstanding financial commitments totalling approximately EUR
55.5 million (2012: EUR 120.7 million). These commitments relate chiefly to capital projects under
construction.
Borssele covenant
In 2006, a covenant was agreed with the central government on the extension of the service life of the
nuclear power station until 2033. As part of the covenant, agreements were also reached on the efforts
that DELTA (and Essent) would make to address and provide technical and financial support for new
renewable energy developments. In addition to their interests in the Sustainable Energy Technology
(SET) Fund C.V., these commitments include investments in additional innovative projects.
In 2012, a stake was acquired in the Sustainable Energy Technology (SET) Fund II C.V.
Cross-border lease of waste incineration plant
On 17 August 1999, Indaver entered into a cross-border lease with an American investor for the use of
lines 1 and 2 of the incinerator plant in Doel. The initial lease term was 25.4 years, with an option of a
maintenance contract for a further 13 years. Under the terms of the lease, Indaver received an amount
of USD 135 million and placed USD 129.4 million on deposit on the date the contract came into effect.
On the strength of this deposit, a payment agreement almost entirely covering the cost of the lease was
concluded with banks enjoying a high credit rating. In 2011, an additional bank guarantee was provided
on behalf of the American counterparty.
B. Collateral and guarantees
DELTA has issued and received the following financial collateral to guarantee transactions it has
entered into.
Annual Report DELTA N.V. 2013 114

(EUR 1,000)
Collateral granted
Term in years
< 1 year 1 – 5 years > 5 years Total
Collateral granted for associates and joint ventures 21,709 11,447 9,534 42,690
Other collateral granted 83,777 11,256 62,701 157,734
Total collateral granted 105,486 22,703 72,235 200,424
Collateral received
Term in years
< 1 year 1 – 5 years > 5 years Total
Collateral received for associates and joint ventures - - - -
Other collateral received 23,394 40,799 117,368 181,561
Total collateral received 23,394 40,799 117,368 181,561
Principal collateral granted
DELTA has given guarantees totalling EUR 22.3 million to the Zeeland provincial authority in respect of
the financial obligations connected with the capping of the Koegorspolder and North and Central
Zeeland landfill sites. DELTA has also given guarantees totalling EUR 24.6 million to the South Holland
provincial authority for the cost of capping the Derde Merwedehaven landfill site in Dordrecht.
Indaver has also issued a number of bank guarantees, totalling EUR 112.3 million, of which EUR 64.6
million related to the transportation and treatment of waste streams and EUR 35.5 million to a crossborder
lease that was signed in the past.
Indaver has also underwritten the bank loans contracted by the joint venture Sleco Centrale nv, which
totalled EUR 22 million as at 31 December 2013.
Principal collateral received
Of the collateral received, an amount of EUR 151.2 million relates to bank guarantees received in
connection with DELTA’s trading activities.
Indaver has received bank guarantees from customers and suppliers totalling EUR 11.6 million.
C. Lawsuits and claims
Unbundling plan – Independent Network Management Act (WON)
The Minister approved the plan to unbundle the company on 2 December 2009. However, on 22 June
2010, the Court in The Hague declared parts of the unbundling act non-binding. In the light of this
judgement, the unbundling did not go ahead, although the conditions stipulated by the Minister have
been complied with as far as possible and necessary. The government took the case to the Supreme
Court in an attempt to get the decision overturned. On 24 February 2012, the Supreme Court referred
the case to the European Court of Justice in Luxembourg.
On 14 January 2013, the case was presented by the parties in an oral hearing before the Court. The
European Court's ruling on the questions presented was given at the end of 2013, after which the case
was referred back to the Supreme Court. The Supreme Court is expected to pass judgement in 2014.
Annual Report DELTA N.V. 2013 115

Notes to the consolidated income statement
13. Revenue
(EUR 1,000) 2013 2012
Electricity supply 970,030 1,045,684
Gas supply 343,938 331,560
Electricity and gas transport 118,270 111,677
Cable, internet and telecommunications 78,995 75,076
Waste management and environmental
services 514,441 519,292
Other revenue 77,919 84,420
Total revenue 2,103,593 2,167,709
The supply of and trade in electricity was less in the year under review because of the termination of
supplies to a major customer following its liquidation in mid-2012.
Revenues from gas and electricity supplies to domestic and small-business users are partly estimated
as staggered meter readings are taken throughout the year.
Trade volumes increased in the energy segment. Despite increasing pressure on prices, capacity
utilisation rates remained at an acceptable level at Indaver’s plants and revenue remained above EUR
500 million. The introduction of new services and the increase in the share of digital TV viewers meant
that revenue in the cable segment rose by 5%.
Revenue can be broken down geographically as follows.
(EUR 1,000)
Revenue per country
2013 2012
The Netherlands 1,333,067 1,399,133
Belgium 242,068 208,461
Great Britain & Ireland 314,276 355,370
Germany 168,955 173,193
Other EU 40,117 28,723
Outside EU 5,110 2,831
Total 2,103,593 2,167,709
The revenue in each country is made up entirely of external revenue. Revenue outside the Netherlands
was realised almost entirely in the Energy and Waste Management segments.
14. Cost of sales
Part of the electricity requirement was purchased from the related parties Elsta and BMC Moerdijk, in
which DELTA has an equity interest (both are recognised as joint ventures). This electricity is mainly
procured on a cost-plus basis. In addition, a key production unit was out of operation for a number of
weeks, as a result of which electricity had to be purchased.
Annual Report DELTA N.V. 2013 116

15. Other gains and losses
Other gains and losses consist chiefly of payments received for third-party services and payments
made in compensation for losses.
16. Fair value gains and losses on the trading portfolio
DELTA uses derivatives to hedge price and currency risks arising from energy commodity contracts
(electricity, gas, coal and oil). DELTA uses cash-flow hedging for this purpose, contracting hedging
instruments to offset the exposure to variations in existing and future cash flows that could ultimately
affect the results.
The hedges are attributed to a specific risk relating to an item in the balance sheet or a highly probable
forecast transaction. The effective portion of the fair value gain or loss on the hedge reserve is
recognised directly in hedge reserves in equity. The cumulative amounts recognised in equity are taken
to the income statement in the same period as the hedged transaction.
The portion of the gain or loss on the contract portfolio that is not hedged by means of hedging
instruments (the non-effective hedges) is recognised in the income statement as a fair value gain or
loss.
Energy market price movements in 2013 resulted in a net loss on the fair value of the portfolio of
contracts amounting to EUR 13.3 million, of which approximately EUR 0.7 million has been recognised
in income and approximately EUR 12.6 million has been recognised directly in equity.
Annual Report DELTA N.V. 2013 117

17. Third-party services, materials and other external charges
(EUR 1,000) 2013 2012
Third-party work and services 184,751 205,551
Consumption of materials 65,909 65,191
Other external charges 37,126 31,668
Total 287,786 302,410
The ‘Other third-party work and services’ largely concerns costs connected with the electricity, gas and
digital infrastructure. Another item included in third-party work and services is ICT costs.
A large part of the external charges is related to the operations of Indaver, EPZ and Sloe. The costs of
materials used by Indaver, EPZ and Sloe amounted to EUR 62.4 million in 2013, costs for third-party
services amounted to EUR 119.8 million and other external charges totalled EUR 17.2 million.
Annual Report DELTA N.V. 2013 118

18. Staff costs
(EUR 1,000) 2013 2012
Salaries 187,109 184,642
Social securities contributions 31,633 30,151
Pension charges 21,089 20,101
Other staff costs 20,437 14,656
Staff costs 260,268 249,550
Capitalised staff costs (3,543) (6,404)
Total 256,725 243,146
Number of employees (FTEs) as at 31 December 3,216 3,413
FTEs related to discontinued operations/assets held for sale - 128
Number of FTEs related to the above total staff costs 3,216 3,285
Average number of FTEs (related to the above total staff costs) 3,256 3,282
The number of FTEs working for DELTA, including all the FTEs in the joint arrangements (N.V. EPZ,
Sloe Centrale B.V., SLECO Centrale nv and Svex nv) totalled 3,394 (3,470 in 2012).
The FTEs from discontinued operations relate to DELTA Industriële Reiniging B.V.
FTE average: segment 2013
Energy + Corporate 698
EPZ 379
Waste management 1,537
Grids and Networks 642
Total 3,256
FTE average: geographical 2013
the Netherlands 1,990
Foreign 1,266
Total 3,256
Of the pension charges, EUR 3.57 million relates to defined benefit plans (EUR 2.91 million in 2012).
Annual Report DELTA N.V. 2013 119

Remuneration of the members of the Executive Board of DELTA N.V. registered as directors
with the Chamber of Commerce.
The remuneration policy for the members of the company’s Executive Board was adopted by the
General Meeting of Shareholders on the recommendation of the Supervisory Board. The underlying
principle of the remuneration policy is that DELTA N.V. should be able to offer a sufficiently competitive
remuneration package to attract and retain people with the right expertise and experience.
The members of the Executive Board are employed on a permanent basis and are appointed as
directors for a period of four years. Their employment contracts are drafted accordingly and contain, in
addition to a minimum period of notice, a clause providing for severance pay amounting to a maximum
of one year’s salary, in conformity with the Dutch Corporate Governance Code.
The Supervisory Board decides the remuneration for the individual Executive Board members each
year. Since 2010, the benchmark for determining the gross basic salaries has been the median level in
the market for company directors in the Netherlands, i.e. half of those in comparable positions (as
graded by Hay) are paid less and half are paid more.
The annual pay also has a variable component, which depends on the achievement of a number of
agreed targets in the current year. The maximum amount of this variable remuneration is 30% of the
gross basic annual salary. Each year, the targets to be achieved are set by the Supervisory Board and
the CEO. They are partly financial (net profit and cash flows) and partly in the form of personal targets
and related to personal performance and contribution to the achievement of group-wide HR objectives.
The Executive Board members are also covered by the pension plan applicable to all the company’s
employees (administered by the ABP pension fund foundation).
Executive Board remuneration
(amounts in EUR)
R.J. Frohn
CEO
F. Verhagen
CFO
Gross basic annual salary 312,500 280,000
Taxed expense allowances 17,708 9,630
Pension contributions by employer 91,455 81,300
Taking on CEO role on interim basis - 23,750
Variable remuneration - 63,000
Total 421,663 457,680
Mr Frohn stepped down from his position as CEO of DELTA N.V. on 31 October 2013.
The variable remuneration is the remuneration granted for 2013. Based on prior agreements, Frank
Verhagen is entitled to variable remuneration of 30%. Following consultation and in view of the
economic conditions and DELTA’s position in the difficult market, it was decided to cap the variable
bonus at the target level of 22.5%. Furthermore, Mr Verhagen was granted additional variable
remuneration for 2013 as compensation for fulfilling the role of CEO on an interim basis. The variable
remuneration became payable in the following financial year.
The crisis levy is liable for board members under the Implementation of the Budget Agreement Fiscal
Measures Act 2013, which came into effect in 2012; although originally intended as a once-only levy, it
was extended by one year and amounted to EUR 61,885 in 2013 (EUR 32,672 in 2012). In view of the
nature of this levy, this sum is not included in the ‘Executive Board remuneration’ item.
The remuneration of the Executive Board members in 2012 amounted to EUR 892,423.
Annual Report DELTA N.V. 2013 120

19. Depreciation, amortisation and impairment
(EUR 1,000) 2013 2012
Intangible assets
Amortisation 14,308 17,165
Impairment - 4,286
Property, plant and equipment
Depreciation 165,435 171,526
Impairment 545 23,950
Third-party contributions released (received prior to 2009) (6,026) (6,265)
Brought to result from discontinued operations - (1,692)
Totaal 174,262 208,970
The impairment of property, plant and equipment in 2012 relates mainly to a write-down of combined
heat and power (CHP) plants and the write-down of a transport connection to an industrial park. There
were no impairments of any note in 2013.
Annual Report DELTA N.V. 2013 121

20. Other operating expenses
(EUR 1,000) 2013 2012
Added to provision for bad debts 2,616 8,165
Other operating expenses 3,004 3,252
Added to other provisions 3,717 17,247
Total other operating expenses 9,337 28,664
The main reason for the allocation to the provision for bad debts in 2012 was the bankruptcy of a major
multi-utility customer.
'Other operating expenses' includes the directors’ fees for members of the company’s Supervisory
Board.
The additions to the 'Other provisions' relate mainly to additions to provisions for EPZ in relation to the
nuclear power station.
Remuneration of the Supervisory Board 2013
With effect from 1 January 2011, the Supervisory Board has consisted of the chairman and four
members. The remuneration amounts to the following annual fees:
Chairman EUR 42,100,-
Ordinary members EUR 26,300,-
Audit Committee members EUR 5,300,-
The total remuneration of the members of the Supervisory Board in 2013 amounted to EUR 161,100
(2012: EUR 169,000).
Annual Report DELTA N.V. 2013 122

21. Share in the profit of joint ventures and associates
This concerns the results attributable to DELTA from its interests in joint ventures and investments in
associates.
In 2013 the share in the profit of joint ventures and associates was EUR 41.5 million, which is less than
in 2012 (EUR 73.2 million). This is mainly due to the recognised gain recorded in 2012 on the sale of
the investment in N.V. KEMA.
Annual Report DELTA N.V. 2013 123

22. Net finance income (expense)
(EUR 1,000) 2013 2012
External finance income 3,709 19,932
External finance expense (26,602) (33,900)
Interest added to provisions (18,398) (19,910)
Other finance income (expense) 1,343 1,181
(39,948) (32,697)
Capitalised interest 364 513
Total finance income (expense) (39,584) (32,184)
The interest expenses including capitalised intrest were EUR 26.2 million, EUR 7.3 million less than in
2012. This is mainly due to lower debt in 2013 and the costs of ending an interest-rate swap in 2012.
The interest income was considerably more in 2012 than in 2013; this is largely due to a payment and
the revaluation of the Landsbanki funds held by EPZ.
The interest rate applied for the capitalisation of construction-period interest in 2013 was 1.9% (2012:
1.9%).
Annual Report DELTA N.V. 2013 124

23. Corporate income tax
(EUR 1,000) 2013 2012
Corporate income tax
Current corporate income tax liability (1,834) (20,892)
Movements in deferred tax assets and liabilities (953) (7,253)
Total tax (2,787) (28,145)
Of which reported under discontinued operations 491 702
Tax expense recognised in profit or loss (3,278) (28,847)
Effective tax burden (including discontinued operations) 3.3% 27.2%
Current corporate income tax liability
The reconciliation of the profit before tax and the actual taxable amount
with the resulting tax burden, is as follows:
Result before corporate income tax (including discontinued operations) 83,519 103,395
Substantial-holding privilege (98,422) (133,545)
EIA/MIA schemes - -
Temporary differences connected with the carrying amounts of assets
and provisions (incl. VAMIL) (38,094) 3,695
Other differences 1,577 646
Taxable amount, Netherlands (51,420) (25,809)
Standard tax rate in the Netherlands as from 2011 25.00% 25.00%
Tax for the year - -
Adjustment for prior years 8,267 1,890
Taxes domestic joint operations (IFRS 11) (3,744) (9,218)
Tax paid by subsidiaries outside the Netherlands (6,356) (13,564)
Current corporate income tax liability (1,833) (20,892)
Movements in deferred tax assets and liabilities
The tax income results from differences between the reported profit and the profit calculated for tax purposes plus
utilisation of tax loss carryforwards.
Applicable tax loss carryforwards 6,317 6,452
Temporary differences (8,957) (4,697)
Movements in deferred tax for deductible tax losses 643 (10,757)
Adjustment for prior years 1,594
Changes in deferred tax position related to domestic joint operations
(1,284) (606)
(IFRS 11)
Changes in deferred tax position related to foreign consolidated and
partial consolidated companies 2,328 761
Movements in tax provisions (953) (7,253)
Annual Report DELTA N.V. 2013 125

24. Assets held for sale and discontinued operations
On 6 March 2012, the management of DELTA decided that the activities of DELTA Industriële Reiniging
B.V. no longer belonged within the DELTA Group. The sale of the operations took effect on 1 February
2013. Costs were incurred in 2013 for the settlement of the assets and liabilities not included in the
sale.
In addition, the ‘Discontinued operations’ item also includes prior-year revenue relating to the
participating interest in Fesil Sunergy AS, which was sold in 2012.
These developments led to the recognition, in the income statement, of all the resulting financial
implications as profit after tax from discontinued operations and, in the balance sheet, as
assets/liabilities held for sale.
24.1.1 Income statement
The combined effect of the above activities on the income statement is as follows:
(EUR 1.000) 2013 2012
Profit before tax (1,196) (2,087)
Tax 491 702
Profit after tax (705) (1,385)
Most of the negative result from discontinued operations in 2013 is attributable to the settlement of the
assets and liabilities of DELTA Industriële Reiniging B.V.
24.2.2 Balance sheet
The carrying amount of the assets held for sale is presented as a net amount of approximately EUR 0.1
million in accordance with IFRS 5. This amount is an estimate of the selling price less selling costs.
24.3.3 Cash-flow statement
The following amounts have been included in the consolidated cash-flow statement of DELTA N.V. in
respect of the above activities.
The total cash flow from operating activities relating to discontinued operations is an outflow of
approximately EUR 1 million. These expenditures are accounted for in ‘Other movements’.
Annual Report DELTA N.V. 2013 126

Notes to the consolidated cash-flow statement
The statement of cash flows has been prepared in accordance with the indirect method. As some items
in the income statement and the balance sheet do not generate direct cash-flow effects, the cash flow
for these items has been neutralised. This essentially concerns three items:
Treatment of derivatives
Fair value gains and losses on the trading portfolio lead to current and non-current movements on both
the asset and the liability sides of the balance sheet. Some of these gains and losses are also included
in the operating result and some in the hedge reserve, forming part of group equity. However, none of
these movements results directly in cash flows. For this reason, all movements are included in the
operating cash flow, with positive and negative movements cancelling each other out.
Share in profits of joint ventures and associates
Not all of the share in the profits of joint ventures and associates is distributed as dividends; the
undistributed portion results in an increase in the equity of the company concerned and therefore in a
change in the amount of the financial assets recognised on the face of DELTA’s balance sheet.
Consequently, only the actual dividend receipts are recognised in the cash flow.
Corporate income tax
The profit after tax takes account not only of the corporate income tax payable on the profit before tax
but also of the deferred tax assets and liabilities resulting from the agreement with the Dutch Tax
Administration concerning the opening balance sheet for tax purposes in 1998. As movements in
deferred tax do not lead to actual cash flows, movements in deferred tax assets and liabilities have
been eliminated in the cash flow.
The cash flow from operating activities is less than in 2012, despite the improvement in the working
capital position. This is largely due to unplanned downtime in the conventional part of the nuclear power
station that continued for several weeks in the second half of the year.
Capital expenditure on tangible and intangible fixed assets was higher in 2013 than in 2012;
this is mostly because of the investments in the Kreekraksluis wind farm (Zeeland) and a fermentation
plant in Alphen aan den Rijn.
Annual Report DELTA N.V. 2013 127

Post-balance-sheet events
There were no events after the balance-sheet date.
Annual Report DELTA N.V. 2013 128

Consolidated companies
Company Main activity Headquarters
The interest gives the parent company's shareholding in the subsidiary.
Interest in company
31-12-2013 31-12-2012
Zeeuwse Netwerkholding N.V. Grids and networks Middelburg 100% 100% 100%
DELTA Netwerkbedrijf B.V. Grids and networks Middelburg 100% 100% 100%
DELTA Personeel B.V. Other Middelburg 100% n/a 100%
DELTA Infra B.V. Infrastructural Middelburg 100% 100% 100%
DELTA Energy B.V. Energy Middelburg 100% 100% 100%
DELTA Ficus Holding B.V. Energy Middelburg 100% 100% 100%
DELTA Pipe B.V. Energy Middelburg 100% 100% 100%
Deltius B.V. Energy Ritthem 100% 100% 100%
Windpark Kreekraksluis B.V. Energy Middelburg 100% 100% 100%
DELTA Tolling Sloe B.V. Energy Middelburg 100% 100% 100%
DELTA Saefthinge N.V. Energy Doel, Belgium 99.9% 99.9% 99.9%
Limo Energie Nederland B.V. Energy Middelburg 100% 100% 100%
Litro Energie Nederland B.V. Energy Middelburg 100% 100% 100%
DELTA Energy Belgium N.V. Energy Doel, België 99.9% 99.9% 99.9%
DELTA Comfort B.V. Multimedia Middelburg 100% 100% 100%
DELTA Kabelcomfort Netten B.V. Multimedia Middelburg 100% 100% 100%
ZeelandNet B.V. Multimedia Kamperland 100% 100% 100%
DELTA COM B.V. Energy Middelburg 100% n/a 100%
DELTA Industriële Reiniging B.V. Bergen op Zoom 100% 100% 100%
DELTA Investerings Maatschappij B.V. Other Middelburg 100% 100% 100%
DELTA Onroerend Goed Ontwikkelingsmaatschappij B.V. Other Middelburg 100% 100% 100%
Stichting DELTA Zeeland Fonds Other Middelburg 100% 100% 100%
DELTA Development & Water B.V. Middelburg 100% 100% 100%
Triqua B.V. Wageningen 100% 100% 100%
DELTA Biovalue B.V. (declared bankrupt) Eemshaven 100% 100% 100%
DELTA Biovalue Nederland B.V. (declared bankrupt) Eemshaven 100% 100% 100%
DELTA Biopat B.V. (declared bankrupt) Eemshaven 100% 100% 100%
DELTA Solar B.V. Middelburg 100% 100% 100%
Sunergy Investco B.V. Middelburg 100% 100% 100%
Voting
rights
Annual Report DELTA N.V. 2013 129

Consolidated companies (continued)
Company Main activity Headquarters
Interest in company
31-12-2013 31-12-2012
Voting
rights
Indaver N.V. Waste Belgium 75% 75% 75%
Indaver Participaties N.V. Other Belgium 99.9% 99.9% 99.9%
Indaver Logistics N.V. Waste & Transport Belgium 99.9% 99.9% 99.9%
Indaver Medical Services N.V. Other Belgium 99.9% 99.9% 99.9%
Indaver Italia S.R.L. Waste Italy 100% 100% 100%
Indaver Ireland Ltd Waste Ireland 100% 100% 100%
Indaver Energy Ltd Other Ireland 100% 100% 100%
Indaver Nederland B.V. Other the Netherlands 100% 100% 100%
Indaver Gevaarlijk Afval B.V. Waste the Netherlands 100% 100% 100%
Indaver Personeel B.V. Other the Netherlands 100% 100% 100%
Indaver ARP B.V. 1) Waste the Netherlands 100% 100% 100%
DELTA Milieu B.V. Terneuzen n/a 100% n/a
Indaver Compost & Biomassa B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Bio Energie B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Groencompost B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Compost B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Impex B.V. 1) Waste 's-Gravenpolder 100% 100% 100%
Zeeuwse Reinigingsdienst B.V. Waste Terneuzen 99% 99% 99%
Indaver Verwerking B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Recycling B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Perex B.V. 1) Waste Terneuzen 100% 100% 100%
Indaver Afvalberging B.V. 1) Waste Terneuzen 100% 100% 100%
Derde Merwedehaven B.V. Waste Terneuzen 100% 100% 100%
Stortplaats Koegorspolder B.V. Waste Terneuzen 100% 100% 100%
Stortplaats Noord en Midden Zeeland B.V. Waste Terneuzen 100% 100% 100%
Indaver Waste to Energy B.V. 1) Waste Terneuzen 100% 100% 100%
Depmer B.V. Waste Terneuzen 100% 100% 100%
Indaver Afval & Milieu Personeel B.V. 1) Other Terneuzen 100% 100% 100%
Indaver Portugal SA Waste Portugal 100% 100% 100%
Indaver Schweiz AG Other Switzerland 100% 100% 100%
Indaver UK Ltd Waste UK 100% 100% 100%
Indaver Deutschland GmbH Other Germany 51% 51% 51%
SAV Zweite Beteiligungs GmbH & Co. KGHIM GmbH Other Germany 94.90% 94.90% 94.90%
AVG Abfall-Verwertungs-Gesellschaft GmbH Waste Germany 99.74% 99.74% 99.74%
Gareg Umwelt-Logistik GmbH Waste & Transport Germany 100% 100% 100%
HIM GmbH Waste Germany 93.83% 93.83% 93.83%
Panse Wetzlar Entsorgung GmbH Waste & Transport Germany 100% 100% 100%
Joint arrangements
Joint operations
DELTA Energy B.V.:
N.V. EPZ Energy Borsele 70% 70% 70%
Sloe Centrale Holding B.V. Energy Vlissingen 50% 50% 50%
Sloe Centrale B.V. Energy Vlissingen 100% 100% 100%
Indaver N.V.:
SLECO Centrale nv Waste Belgium 50% 50% 50%
Svex nv Waste Belgium 50% 50% 50%
The interest gives the parent company's shareholding in the subsidiary.
1) As a result of the legal merger of Indaver Nederland B.V. and DELTA Milieu B.V. as of 1 January 2013, the
statutory names of these companies have changed.
Annual Report DELTA N.V. 2013 130

Non-consolidated companies
Company Main activity Headquarters
Joint arrangements
Joint Ventures
Interest in company
31-12-2013 31-12-2012
Voting
rights
DELTA Energy B.V.:
Sloewind B.V. Energy Middelburg 50.00% 50.00% 50.00%
Windpark Distridam vof Energy Terneuzen 50.00% 50.00% 50.00%
PVNed Holding B.V. Energy Middelburg 50.00% 50.00% 50.00%
PVNed B.V. Energy Middelburg 100.00% 100.00% 100.00%
Arbel N.V. (Belgium) Energy Mechelen, Belgium 99.90% 99.90% 99.90%
PVNed UK Ltd Energy UK 100.00% n/a 100.00%
BMC Moerdijk B.V. Energy Moerdijk 50.00% 50.00% 50.00%
Sloe Centrale 3 B.V. Energy Middelburg 50.00% 50.00% 50.00%
Windpark Kloosterboer B.V. Energy Middelburg 50.00% 50.00% 50.00%
Indaver N.V.:
Wips N.V. Waste Belgium 50.00% 50.00% 50.00%
HIM GmbH:
Gesellschaft für die Verwertung von Sonderabfallen mbH& Co. KG Waste Germany 50.00% 50.00% 50.00%
Indaver Afvalberging B.V.:
Zeeuwgrond B.V. Waste Nieuwdorp n/a 50.00% n/a
Indaver Bio Energie B.V.:
Ecofuels B.V. Waste Well, Limburg 50.00% 50.00% 50.00%
Laarakker Landbouw B.V. Waste Well, Limburg 100.00% 100.00% 100.00%
DELTA N.V.:
Evides N.V. Water Rotterdam 50.00% 50.00% 50.00%
Elsta B.V. Energy Middelburg 25.00% 25.00% 25.00%
Elsta B.V. & Co C.V. Energy Middelburg 24.75% 24.75% 24.75%
Associates
DELTA Netwerkbedrijf B.V.:
Zebra GasNetwerk B.V. Grids and networks Middelburg 33.33% 33.33% 33.33%
Zebra Activa B.V. Grids and networks Middelburg 100.00% 100.00% 100.00%
Zebra Pijpleiding vof Grids and networks Middelburg 33.33% 33.33% 33.33%
Entrade Pipe B.V. Grids and networks Vught 100.00% 100.00% 100.00%
Zebra Pijpleiding vof Grids and networks Middelburg 66.67% 66.67% 66.67%
DELTA Energy B.V.:
Windpark Neeltje-Jans B.V. Energy Veere 40.00% 40.00% 40.00%
Windpark Zeeland 1 B.V. Energy Vlissingen/Kapelle-Schore 40.00% 40.00% 40.00%
NPG Willebroek N.V. Energy Belgium 49.00% 49.00% 49.00%
WT I B.V. Other Amersfoort 40.00% 40.00% 40.00%
DELTA N.V.:
Partners Vliegveld Zeeland B.V. Other Middelburg n/a 40.91% n/a
Zeeland Airport B.V. Other Middelburg n/a 46.00% n/a
Indaver N.V.:
IHM cvba Waste Belgium 30.00% 30.00% 30.00%
Ibogem cvba Waste Belgium 35.12% 35.12% 35.12%
Intercommunale vereniging Verko N.V. Waste Belgium 39.90% 39.90% 39.90%
Ecowest N.V. Other Belgium 42.61% 42.61% 42.61%
Indaver Participaties N.V.
Sita Decontamination Services N.V. Waste Belgium 26.00% 26.00% 26.00%
Ecov N.V. Other Belgium 50.00% 50.00% 50.00%
Ivago cvba Waste Belgium 50.00% 50.00% 50.00%
N.V. Brussel Compost Waste Belgium 40.00% 40.00% 40.00%
Indaver Nederland B.V.:
AZN Holding B.V. Waste Wijster 20.00% 20.00% 20.00%
B.V. Grondbezit AVI Moerdijk Other Moerdijk 100.00% 100.00% 100.00%
B.V. Grondbezit AVI Moerdijk II Other Moerdijk 100.00% 100.00% 100.00%
N.V. AZN Waste Moerdijk 100.00% 100.00% 100.00%
The interest gives the parent company's shareholding in the subsidiary.
Annual Report DELTA N.V. 2013 131

Non-consolidated companies (continued)
Company Main activity Headquarters
Interest in company
31-12-2013 31-12-2012
Voting
rights
Others
DELTA Netwerkbedrijf B.V.:
Energie Data Services Nederland B.V. Grids and networks the Netherlands 1.65% 1.65% 1.65%
DELTA N.V.:
Synergia Capital Partners B.V. Other the Netherlands 5.00% 5.00% 5.00%
DELTA Investerings Maatschappij B.V.
Sustainable Energy Technology Fund C.V. Other the Netherlands 49.93% 49.93% 49.93%
Sustainable Energy Technology Fund II C.V. Other the Netherlands 60.28% 60.28% 60.28%
Business Park Terneuzen B.V. Other the Netherlands 15.00% 15.00% 15.00%
Zeeland Airport B.V. Other the Netherlands 18.80% n/a 18.80%
N.V. EPZ:
B.V. NEA Energy Arnhem 28.50% 28.50% 28.50%
Electrorisk Verzekeringsmaatschappij N.V. Energy Arnhem 4.13% 4.13% 4.13%
Vliegasunie B.V. Energy Nieuwegein 14.29% 14.29% 14.29%
KSG Kraftwerks-Simulator-Gesellschaft mbH Energy Germany 2.05% 2.05% 2.05%
GfS Gesellschaft für Simulatorschulung mbH Energy Germany 2.05% 2.05% 2.05%
Vlar Papier N.V. Waste Belgium 34.96% 34.96% 34.96%
Ecowest N.V.
IVIO cvba Waste Belgium 1.50% 1.50% 1.50%
Ivvo cvba Waste Belgium 3.46% 3.46% 3.46%
The interest gives the parent company's shareholding in the subsidiary.
Annual Report DELTA N.V. 2013 132

Company financial statements for 2013
Annual Report DELTA N.V. 2013 133

Company balance sheet as at 31 December 2013 (before profit
appropriation)
(EUR 1,000) Ref. no 31-12-2013 31-12-2012 A
ASSETS
Non-current assets
Intangible assets 1 1,515 2,397
Property, plant and equipment 2 22,287 24,584
Financial assets
Investments in subsidiaries 3 952,987 1,028,770
Other investments 3 332,052 318,001
Receivables from subsidiaries 3 60,619 -
Loans to other investment entities 3 457 600
Other loans 3 9 288
Deferred tax assets 4 50,903 51,174
1,397,027 1,398,833
1,420,829 1,425,814
Current assets
Receivables from subsidiaries 177,762 127,415
Other receivables 5 4,141 2,742
181,903 130,157
Cash 7,676 5,407
1,610,408 1,561,378
EQUITY AND LIABILITIES
Shareholders' equity
Shareholders' equity 6 1,093,289 1,051,656
Profit for the year 6 74,788 80,963
1,168,077 1,132,619
Provisions 7 3,493 2,920
Non-current liabilities
Payables to subsidiaries - 7,080
Other non-current liabilities 8 240,624 209,805
240,624 216,885
Current liabilities
Payables to subsidiaries 130,093 168,701
Other payables 9 68,121 40,253
198,214 208,954
1,610,408 1,561,378
Annual Report DELTA N.V. 2013 134

Company income statement
(EUR 1,000) 2013 2012 A
Profit on parent company activities (637) (36,405)
Share in profits of subsidiaries, joint
ventures and associates 75,425 117,368
Profit for the year 74,788 80,963
Annual Report DELTA N.V. 2013 135

Notes to the company financial statements
DELTA N.V. is the holding company, incorporated under Dutch law, of a number of subsidiaries active
in the generation of electricity, in the transportation and supply of energy and in the provision of
environmental and cable services. The functional currency is the euro. Unless otherwise stated, all
amounts are presented in thousands of euros.
DELTA availed itself of the option in Part 9, Book 2, of the Dutch Civil Code to prepare the company
financial statements in accordance with the IFRS accounting policies used in the consolidated financial
statements with the exception of the equity-accounted subsidiaries, joint operations, joint ventures and
associates. The company income statement is presented in abridged form in accordance with Article
402, Part 9, Book 2, of the Dutch Civil Code.
Accounting policies
The investments in the equity of other entities are stated at net asset value, measured in accordance
with the IFRS accounting policies applied in the consolidated financial statements, adjusted for the
goodwill paid on acquisition and any impairment of goodwill. No account is taken of non-controlling
interests and the put-option Indaver, (accounted for in the consolidated figures under other non-current
liabilities), that are recognised in the carrying amount of the subsidiary concerned.
For the other accounting policies, please refer to the notes to the consolidated financial statements.
Annual Report DELTA N.V. 2013 136

Notes to the company balance sheet
1. Intangible assets
(EUR 1,000) Total Software
2012
Carrying amount as at 1 January 3,470 3,470
Investments 427 427
Amortisation (1,500) (1,500)
Carrying amount as at 31 December 2,397 2,397
2013
Carrying amount as at 1 January 2,397 2,397
Amortisation (464) (464)
Other movements (418) (418)
Carrying amount as at 31 December 1,515 1,515
Amortisation period in years 5
Annual Report DELTA N.V. 2013 137

2. Property, plant and equipment
(EUR 1,000)
Total
Land and
buildings
Plant and
equipment
Other assets
Assets under
construction
Third-party
contributions
2012
Carrying amount as at 1 January 26,681 19,108 6,245 1,290 756 (718)
Investments 28 6 - 22 - -
Depreciation (789) (658) - (131) - -
Disposals (12) - - (12) - -
Other movements (1,324) (455) (661) (99) (159) 50
Carrying amount as at 31 December 24,584 18,001 5,584 1,070 597 (668)
Carrying amount before deduction of
25,252 18,001 5,584 1,070 597
Accumulated depreciation and impairment 97,809 26,126 51,815 19,868
Acquisition cost as at 31 December 123,061 44,127 57,399 20,938 597
2013
Carrying amount as at 1 January 24,584 18,001 5,584 1,070 597 (668)
Investments 91 - - - 91 -
Depreciation (693) (637) - (56) - -
Disposals - - - - - -
Other movements (1,695) (450) (644) (52) (597) 48
Carrying amount as at 31 December 22,287 16,914 4,940 962 91 (620)
Carrying amount before deduction of
22,907 16,914 4,940 962 91
Accumulated depreciation and impairment 98,502 26,763 51,815 19,924
Acquisition cost as at 31 December 121,409 43,677 56,755 20,886 91
Depreciation periods in years 0 - 40 7 - 40 5 - 15 n/a
Property, plant and equipment consists chiefly of investments in premises. There were no material
investments or disposals in 2013.
Annual Report DELTA N.V. 2013 138

3. Financial assets (excluding tax assets)
(EUR 1,000)
Total
Investments in
subsidiaries
Other
investments
Receivables
from
subsidiaries
Receivables
from other
investment
Other
receivables
Carrying amount as at 31 December 2011 1,385,150 996,808 327,997 59,567 418 360
Changes IAS19 (1,233) (1,233) - - - -
Reversal of current portion 165 - - - 165 -
Acquisition/grant of loans 2,280 - - 1,670 610 -
Share in profits 117,368 52,295 65,073 - - -
Disposals / repayments / dividends (119,214) (5,000) (52,223) (61,237) (143) (611)
Movements in hedge reserve (8,545) (8,545) - - - -
Other movements (28,312) (5,555) (22,846) - (450) 539
Carrying amount as at 31 December 2012 1,347,659 1,028,770 318,001 - 600 288
Reversal of current portion (110) - - - - (110)
Acquisition/grant of loans 50,205 - - 50,200 - 5
Share in profits 75,425 40,341 35,084 - - -
Disposals / repayments / dividends (124,841) (110,808) (23,610) 10,419 (143) (699)
Movements in hedge reserve (5,305) (5,305) - - - -
Other movements 3,091 (12) 2,578 - - 525
Carrying amount as at 31 December 2013 1,346,124 952,987 332,052 60,619 457 9
The value of the hedge reserve decreased in 2013 and is exclusive of the related deferred tax.
4. Deferred tax assets
Deferred tax assets have arisen as a result of temporary differences between the carrying amounts in
the financial statements and the corresponding tax bases. Amounts are also included in the deferred
tax assets for loss carryforwards. DELTA also recognises a hedge reserve for unrealised movements in
the value of derivatives/trade contracts, in accordance with IAS 39/32.
Annual Report DELTA N.V. 2013 139

5. Other receivables
(EUR 1,000) 31-12-2013 31-12-2012
Trade receivables 631 717
Total current taxes 2,348 1,109
Other receivables, prepayments and accrued income 727 591
Current portion of long-term loans granted 435 325
Other receivables 1,162 916
Total 4,141 2,742
Annual Report DELTA N.V. 2013 140

6. Statement of changes in equity
(EUR 1,000)
Total
Paid-up
capital
Statutory
reserve
Hedge
reserve
Assets held
for sale
Other
reserves
Unappropriated
profit
Carrying amount as at 31 December 2011 1,125,729 6,937 202,007 (6,044) 23,115 942,546 (42,832)
Adjustment due to IAS 19 3,182 3,182
Adjustment due to IFRS 11 - 24,628 (24,628)
Carrying amount as at 31 December 2011 1,128,911 6,937 226,635 (30,672) 23,115 945,728 (42,832)
Profit appropriation for 2011 - - - - - (42,832) 42,832
Payment of dividend (40,000) - - - - (40,000) -
Other movements (33,610) - (7,933) (23,115) (2,562) -
Movement in hedge reserve for energy derivatives (4,331) - - (4,331) - - -
Movement in hedge reserve for interest rate derivatives 1,965 - - 1,965 - - -
Add: Corporate income tax effect (1,279) - - (1,279) - - -
Net profit for 2012 80,963 - 7,126 - - - 73,837
Carrying amount as at 31 December 2012 1,132,619 6,937 225,828 (34,317) - 860,334 73,837
Profit appropriation for 2012 - - - - - 73,837 (73,837)
Payment of dividend (40,000) - - - - (40,000) -
Other movements 1,011 - 2,603 - - (1,592) -
Movement in hedge reserve for energy derivatives (3,321) - - (3,321) - - -
Add: Corporate income tax effect 2,980 - - 2,980 - - -
Net profit for 2013 74,788 - (13,565) - - - 88,353
Carrying amount as at 31 December 2013 1,168,077 6,937 214,866 (34,658) - 892,579 88,353
The statutory reserve comprises the undistributed profits of joint operations, joint ventures and
associates. It is consequently not freely distributable. The hedge reserve is also not freely distributable
inasmuch as it relates to the unrealised fair value gains and losses on the trading portfolio. For an
explanation of changes in equity, see the consolidated financial statements.
In contrast to the consolidated financial statements, non-controlling interests in subsidiaries are
deducted directly from the carrying amounts of the investments concerned (equity method).
Annual Report DELTA N.V. 2013 141

7. Provisions
(EUR 1,000)
Total
BMAP
Employee
benefits
Other
provisions
Carrying amount as at 31 December 2011 2,822 595 2,227 -
Reversal of current portion of provisions 4,704 400 830 3,474
Added 883 - 883 -
Interest added 97 5 92 -
Released (2,167) - (63) (2,104)
Utilised (1,657) (1,000) (657) -
Other movements 57 - 57 -
Carrying amount as at 31 December 2012 4,739 - 3,370 1,370
Current portion of provisions (1,819) - (449) (1,370)
Carrying amount as at 31 December 2012 2,920 - 2,920 -
Reversal of current portion of provisions 1,819 449 1,370
Added 1,336 1,336 -
Interest added 150 150 -
Released (4) - (4)
Utilised (621) (621) -
Carrying amount as at 31 December 2013 5,600 4,234 1,366
Current portion of provisions (2,107) (741) (1,366)
Carrying amount as at 31 December 2013 3,493 3,493 -
The long-term provisions consisted only of employee benefits at the end of 2013.
The BMAP provision (2012) relates to a provision in connection with the Dutch Environmental Action
Plan for Industry (BMAP). The environmental surcharge on electricity and gas supplies charged to
certain groups of users in the period 1991–1999 constitutes the basis of this provision. Remaining
liabilities connected with activities undertaken in the past under the Plan are settled from this provision.
Following the introduction in the Netherlands of the new health insurance system on 1 January 2006,
the obligations underlying the provision for health care have changed substantially. An amount of EUR
0.2 million of the provision formed in the past continues to be recognised.
Under the terms of the collective labour agreement (CLA), DELTA also pays employees long-service
benefits. From the date on which an employee joins the company, a provision is recognised for these
benefits based on the number of years of service, expected price and salary inflation (averaging 2%)
and statistical attrition, invalidity and mortality rates. The relevant discount rate is 4.5% (2012: 4.5%).
Annual Report DELTA N.V. 2013 142

8. Non-current liabilities
(EUR 1,000) 31-12-2013 31-12-2012
Carrying amount as at 1 January 216,885 306,533
Reversal of current portion 1,818 2,301
Loans drawn down 75,000 180,000
Repayments (1,818) (277,301)
Other movements (9,443) 7,170
282,442 218,703
Repayments due in the current year (41,818) (1,818)
Long-term debt 240,624 216,885
9. Other payables
(EUR 1,000) 31-12-2013 31-12-2012
Trade payables 9,461 3,448
Current tax liabilities 4,700 6,731
Current portion of non-current liabilities 41,818 1,818
Current portion of provisions 2,107 1,819
Other 6,035 13,346
Total other payables 49,960 16,983
Bank borrowings 4,000 13,091
Carrying amount as at 31 December 68,121 40,253
The other payables include the current portion of the provisions, the current portion of borrowings and
outstanding supplier accounts. The current tax liabilities include VAT and payable energy tax.
Annual Report DELTA N.V. 2013 143

Commitments and contingent liabilities
This section shows the liabilities not disclosed in the balance sheet, where those liabilities are judged
by DELTA to have a potential impact of EUR 5 million or more on the result.
Unbundling plan – Independent Network Management Act (WON)
The Minister approved the plan to unbundle the company on 2 December 2009. However, on 22 June
2010, the Court in The Hague declared parts of the unbundling act non-binding. In the light of this
judgement, the unbundling did not go ahead, although the conditions stipulated by the Minister have
been complied with as far as possible and necessary. The Government took the case to the Supreme
Court in an attempt to get the decision overturned. On 24 February 2012, the Supreme Court referred
the case to the European Court of Justice.
On 14 January 2013, the case was presented by the parties in an oral hearing before the Court. The
European Court's ruling on the questions presented was given at the end of 2013, after which the case
was referred back to the Supreme Court. The Supreme Court is expected to pass judgement in 2014.
403 Declarations
DELTA N.V. has filed a statement with the Chamber of Commerce as required by the provisions of
Article 403, Book 2, of the Dutch Civil Code assuming joint and several liability for any debts arising
from 403-Declarations the legally binding transactions of any of the following subsidiaries as at the balance-sheet date.
DELTA Comfort B.V.
DELTA Energy B.V.
DELTA Ficus Holding B.V.
DELTA Infra B.V.
DELTA Kabelcomfort Netten B.V.
DELTA Onroerend Goed Ontwikkelingsmaatschappij B.V.
DELTA Pipe B.V.
DELTA Tolling Sloe B.V.
DELTIUS B.V.
LIMO Energie Nederland B.V.
LITRO Energie Nederland B.V.
ZeelandNet B.V.
Given the filing of this statement and the declarations of agreement on the part of the shareholders filed
annually with the Chamber of Commerce, these companies are exempt from using the prescribed
format in preparing their financial statements.
In 2013 DELTA N.V. forms a tax group with some of its subsidiaries. On that basis, DELTA N.V. is
jointly and severally liable for the various tax liabilities of those companies.
Put options
DELTA has issued put options to the non-controlling shareholders of Indaver.
Annual Report DELTA N.V. 2013 144

Notes to the company income statement
The average number of employees (FTEs) employed by DELTA N.V. was 1,155 in 2013 (2012: 1,203
FTEs).
Please refer to note 18 (Staff costs) in the consolidated financial statements for further clarification of
the remuneration of the Executive Boardu members of DELTA N.V.
For an explanation of the remuneration of the Supervisory Board of DELTA N.V., see note 20 (Other
operating expenses) to the consolidated financial statements.
Audit fees
In 2013, DELTA N.V. paid the following fees for companies accounted for in the consolidated figures.
(EUR 1,000)
DELOITTE ACCOUNTANTS
B.V.
OTHER PARTS OF DELOITTE
NETWORK NLD
TOTAL
2013 2012 2013 2012 2013 2012
Audit of DELTA Group Annual
Reports 486 550 - - 486 550
Other analysis assignments 35 76 8 8 43 84
Tax consultancy - - 50 5 50 5
Other non-analysis services 37 33 209 89 246 122
Total 558 659 267 102 825 761
No performance-related fees are paid.
Annual Report DELTA N.V. 2013 145

Signed:
Executive Board:
Supervisory Board:
A. Kamerbeek, CEO D. van Doorn, Chairman
J. Bout
F. Verhagen, CFO
J. van der Werf
B. de Wit
Ms A. Schöningh
Annual Report DELTA N.V. 2013 146

3 Other information on the 2013 financial statements
Profit appropriation
Profit appropriation under the articles of association.
Article 39 of the articles of association provides for the appropriation of profits as follows.
1. Any loss reported in the income statement, as included in the adopted financial statements,
shall be taken to the general reserve. If the general reserve holds insufficient funds to cover the
said loss, the remainder of the loss shall be charged to any profits achieved in future years.
2. If the income statement, as included in the adopted financial statements, reports any profit, the
Supervisory Board may use this profit to allocate funds to the general reserves. Any profit
remaining shall be at the disposal of the General Meeting of Shareholders.
3. The General Meeting has the authority to declare one or more interim dividends and/or make
other interim distributions, provided the requirements of Article 105 of Book 2, paragraph 2, of
the Dutch Civil Code are satisfied on the evidence of an interim statement of financial position
as referred to in Article 105 of Book 2, paragraph 4, of the Dutch Civil Code.
Profit appropriation
(EUR 1,000) 2013 2012 A
Profit after tax 74,788 80,963
Charged/added to the statutory reserve 13,565 (7,126)
Profit available for appropriation 88,353 73,837
Charged/added to the general reserves 68,353 33,837
Proposed dividend 20,000 40,000
Annual Report DELTA N.V. 2013 147

Independent auditor’s report
For the independent auditor’s report see the Dutch version of the annual report 2013.
Annual Report DELTA N.V. 2013 148

4 DELTA in financial figures, consolidated
(EUR million) 2013 2012
Assets
Intangible assets 473 481
Property, plant and equipment 1,784 1,780
Financial assets 696 675
Current assets 690 681
Cash 174 194
3,819 3,811
Equity and liabilities
Group equity 1,213 1,185
Provisions 592 633
Non-current liabilities 1,110 1,124
Current liabilities 903 869
3,819 3,811
Revenue
Electricity 970 1,046
Gas 344 332
Electricity and gas transport 118 112
Telecommunications 79 75
Waste management and environmental services 514 519
Miscellaneous 78 84
Total revenue 2,104 2,168
Expenses
Cost of sales 1,318 1,342
Fair value gains and losses on the trading portfolio 1 5
Other operating income (25) (39)
Net operating expenses 728 783
Total operating expenses 2,023 2,091
Earnings from operations 81 77
Share in results of joint ventures and associates 42 73
Operating result 123 150
Net finance income (expense) (40) (32)
Profit before tax 83 118
Corporate income tax (3) (29)
Profit from discontinued operations (1) (1)
Non-controlling interests (5) (7)
Profit after tax 75 81
Proposed dividend 20 40
Annual Report DELTA N.V. 2013 149

DELTA in key figures
(EUR million) 2013 2012
Revenue 2,103.6 2,167.7
of which:
Electricity supply 970.1 1,045.7
Gas supply 343.9 331.5
Electricity and gas transport 118.3 111.7
Cable, internet and telecommunications 79.0 75.1
Waste management and environmental sevices 514.4 519.3
Other revenue 77.9 84.4
Finances
Gross margin 809.7 860.1
Operating result 123.1 150.2
Profit before tax 83.5 118.0
Profit after tax 74.8 81.0
EBITDA 301.1 379.1
Group equity (excluding dividend) 1,213.4 1,185.1
Balance sheet total 3,818.7 3,810.6
Ratios
Return on investment 4.6% 6.2%
Return on equity attributable to the shareholders 6.4% 7.1%
Equity ratio 31.8% 31.1%
Interest coverage ratio 13.2 27.1
Annual Report DELTA N.V. 2013 150

Definition of financial indicators
Return on capital employed (ROCE)
Earnings from operations plus interest income from financial assets and the share in the profit of joint
ventures and associates, divided by capital employed, x 100%.
Capital employed
The sum of non-current assets and net working capital as at the balance-sheet date.
Return on equity (ROE)
Profit attributable to shareholders of DELTA N.V., divided by the shareholders’ equity attributable to the
equity holders of DELTA N.V.
Equity ratio
Group equity divided by total assets x 100%.
Interest coverage ratio
Operating result plus depreciation/amortisation charges plus interest income divided by net external
finance income and expense.
Annual Report DELTA N.V. 2013 151