Other information

Statutory result appropriation

Article 26 of the statutes states that the Executive Board draws up the annual statement of the previous book year, including the proposal for the appropriation of the result.

Independent auditor's report

To: the General Meeting and the Supervisory Board of DELA Coöperatie U.A.

Report on the audit of the financial statements 2022 included in the annual report

Our opinion

We have audited the financial statements 2022 of DELA Coöperatie U.A. (“the company”), based in Eindhoven, The Netherlands.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of DELA Coöperatie U.A. as at 31 December 2022, and of its result for 2022 in accordance with Part 9 of Book 2 of the Dutch Civil Code.

The financial statements comprise:

  1. The consolidated and company balance sheet as at 31 December 2022.
  2. The consolidated and company income statement for 2022.
  3. The notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the 'Our responsibilities for the audit of the financial statements' section of our report.

We are independent of DELA Coöperatie U.A. in accordance with the EU Regulation on specific requirements regarding statutory audit of public-interest entities, the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de onafhankelijkheid van accountants bij assurance- opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information in support of our opinion

We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The following information in support of our opinion was addressed in this context, and we do not provide a separate opinion or conclusion on these matters.

Materiality

Based on our professional judgement we determined the materiality for the financial statements as a whole at € 20.800.000. The materiality is based on 2% of equity. We consider equity to be the most appropriate benchmark, because also the SCR-ratio is derived from it, and this ratio is generally viewed by stakeholders as an important metric for the financial robustness of the organization. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons.

We agreed with the supervisory board that misstatements in excess of € 1.040.000, identified during the audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.

Scope of the group audit

DELA Coöperatie U.A. is at the head of a group of entities. The financial information of this group is included in the consolidated financial statements of DELA Coöperatie U.A..

Our group audit mainly focused on significant group entities, such as DELA Coöperatie U.A., DELA Holding N.V., DELA Natura- en Levensverzekeringen N.V. (including the Dutch, Belgian and German insurance activities), DELA Vastgoed B.V., DELA Crematoria Groep B.V., DELA Hypotheken B.V., DELA Holding Belgium N.V. en DELA Uitvaartverzorging N.V.

We have performed audit procedures ourselves at group entities DELA Coöperatie U.A., DELA Holding N.V., DELA Vastgoed B.V., DELA Crematoria Groep B.V., DELA Uitvaartverzorging N.V. and DELA Natura- en Levensverzekeringen N.V. (Dutch en German activities). We have used the work of other auditors when auditing DELA Natura- en Levensverzekeringen N.V. (Belgium activities), DELA Hypotheken B.V. en DELA Holding Belgium N.V. We have performed review procedures or specific audit procedures at other group entities.

By performing the procedures mentioned above at group entities, together with additional procedures at group level, we have been able to obtain sufficient and appropriate audit evidence about the group's financial information to provide an opinion on the consolidated financial statements.

Audit approach fraud risks

We identified and assessed the risks of material misstatements of the financial statements due to fraud. During our audit we obtained an understanding of the entity and its environment and the components of the system of internal control, including the risk assessment process and management's process for responding to the risks of fraud and monitoring the system of internal control and how the supervisory board exercises oversight, as well as the outcomes.

We evaluated the design and relevant aspects of the system of internal control and in particular the fraud risk assessment, as well as, among other things, the code of conduct, whistle blower procedures and incident registration. We evaluated the design and the implementation and, where considered appropriate, tested the operating effectiveness, of internal controls designed to mitigate fraud risks.

As part of our process of identifying fraud risks, we evaluated fraud risk factors with respect to financial reporting fraud, misappropriation of assets and bribery and corruption in close co-operation with our forensic specialists. In this process, we have taken into account the elements that can result in fraud: 

Rationalization, pressure (motivation) and opportunity. We evaluated whether these factors indicate that a risk of material misstatement due to fraud is present.

 We identified the following fraud risks and performed the following specific procedures:

The risk of management override of controls.

Description:

Management is in a unique position to commit fraud because management has the position to manipulate accounting records and prepare fraudulent statements by overriding controls that otherwise appear to be operating effectively.

How we audited this:

We evaluated the design and implementation of internal controls and processes related to generating and processing journal entries and making estimates, assuming a risk of breach of that process. We assessed the processes involved in preparing financial reports and the identification of significant transactions outside the normal course of business. We also focused on access security in the IT systems and the possibility that the segregation of duties in these systems could be breached.

In addition, we have paid specific attention to:

  • Estimates by management:
    Identifying and testing the key estimates underlying the valuation of investment property (real estate) investments. In this process, we have used specialists in the field of property valuation. We also audited the valuation principles used for the technical provisions, by using actuarial specialists as part of the audit team. We evaluated whether the judgments and decisions made by management in making the accounting estimates included in the financial statements , even if these are individually reasonable, indicate a possible management bias that may represent a risk of material misstatements due to fraud.
  • Generating and processing journal entries:
    Selecting and testing journal entries based on risk criteria, such as journal entries and journal entries with fraudulent characteristics or descriptions.
  • Significant transactions outside the normal course of business:
    Performing procedures to determine whether there are significant transactions outside the normal course of business, including reviewing minutes of board meetings and critically evaluating the transactions accounted for.

We incorporated elements of unpredictability in our audit. We also considered the outcome of our other audit procedures and evaluated whether any findings were indicative of fraud or non-compliance.

We considered available information and made enquiries of relevant members of executives, directors (including internal audit, board, second-line risk managers, fraud coordinator and internal legal counsel) and the supervisory board.

This did not lead to indications for fraud potentially resulting in material misstatements.

Audit approach compliance with laws and regulations

We obtained a general understanding of the legislative and regulatory framework applicable to the entity by reading minutes, correspondence with regulators and reports from internal audit, as well as making inquiries of key functions (risk, compliance and actuarial). We involved our forensic specialists in this evaluation.

As a result of our risk assessment procedures, and while realizing that the effects from non-compliance could considerably vary, we considered the following laws and regulations: adherence to (corporate) tax law and financial reporting regulations, the requirements under Part 9 of Book 2 of the Dutch Civil Code and the Solvency II regulation with a direct effect on the financial statements as an integrated part of our audit procedures, to the extent material for the related financial statements.

We obtained sufficient appropriate audit evidence regarding provisions of those laws and regulations generally recognized to have a direct effect on the financial statements.

Apart from these, DELA Coöperatie U.A. is subject to other laws and regulations, as also stated in the NBA Practice Note 1143 “Specifieke verplichtingen vanuit de toezichtwet- en regelgeving voor de interne auditor en de externe accountant bij (her)verzekeraars” where the consequences of non-compliance could have a material effect on amounts and/or disclosures in the financial statements, e.g., through imposing fines or litigation.

Given the nature of DELA Coöperatie U.A.'s business and the complexity of these regulation, there is a risk of non-compliance with the requirements of such laws and regulations.

Our procedures are more limited with respect to these laws and regulations that do not have a direct effect on the determination of the amounts and disclosures in the financial statements. Compliance with these laws and regulations may be fundamental to the operating aspects of the business, to DELA Coöperatie U.A.'s ability to continue its business, or to avoid material penalties (e.g., compliance with the terms of operating licenses and permits or compliance with environmental regulations) and therefore non-compliance with such laws and regulations may have a material effect on the financial statements. Our responsibility is limited to undertaking specified audit procedures to identify non-compliance with those laws and regulations that may have a material effect on the financial statements. Our procedures are limited to (i) inquiring of management, the Supervisory Board, the Executive Board and others within DELA Coöperatie U.A. as to whether DELA Coöperatie U.A. is in compliance with such laws and regulations and (ii) inspecting correspondence, if any, with the relevant licensing or regulatory authorities to help identify non-compliance with those laws and regulations that may have a material effect on the financial statements.

Naturally, we remained alert to indications of (suspected) non-compliance throughout the audit.

Finally, we obtained written representations that all known instances of (suspected) fraud or non-compliance with laws and regulations have been disclosed to us.

Audit approach going concern

Management has prepared the financial statements on the basis of going concern of all activities for a period of at least twelve months as of the date of the annual report. Our work to review management’s going concern assessment includes, among other things:

  • Considering whether management’s going concern assessment contains all relevant information of which we have knowledge as a result of our audit and assessing management’s key assumptions. Among other things, we paid attention to the solvency position, liquidity ratios and collectability of receivables.
  • Determining whether management has identified events or circumstances that may cast significant
    doubts on the entity’s ability to continue as a going concern.
  • Evaluating the information included in the notes to the financial statements related to Solvency II in relation to the procedures we performed on the Solvency II regulatory reporting forms.
  • Evaluating the budgeted operating results and related cash flows for the period of twelve months as of the date of the financial statements, taking into account developments in the industry and our knowledge from the audit.
  • Inquiringing management about its knowledge of going concern risks after the period of the going concern assessment.
  • Take note of the results of the ORSA prepared by management, including the assessment of the identified stress scenarios.

Our audit procedures did not provide any information that conflicts with management’s assumptions used in its going concern assessment.

Our key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements. We have communicated the key audit matters to the supervisory board. The key audit matters are not a comprehensive reflection of all matters discussed.

Estimates used in determining and testing the adequacy of the technical provisions for insurance contracts

Description of key audit matter:

DELA Coöperatie U.A. has significant technical provisions on the balance sheet for € 7,5 billion. Quantification of these technical provisions is inherently uncertain and requires that management makes estimates on the valuation, which is dependent on factors such as social, economic and demographic trends, inflation, investment returns, the interest rate curve used, policyholder behavior and assumptions on the development of mortality, lapse and expense rates.

Using assumptions for these factors other than those currently used in the financial statements could have a material effect on the technical provisions and underwriting costs. There is a risk that technical provisions have not been appropriately valuated.

How we addressed the key audit matter:

In order to address this risk, we have performed the following:

Internal control procedures

  • Assessed the design and implementation of the internal control environment of the determination of the technical provisions, including the work performed by the second-line actuarial function holder.

Substantive procedures

  • Performed several test of details including checks on the reliability of the data contained in the policy administation that is relevant for the valuation of the technical provisions, test of details on the accuracy of premiums at the individual policy level and performed data analysis on the data contained in the policy administration.
  • Assessed and performed a retrospective analysis on the assumptions used and the actuarial results for which the audit team involved actuarial specialists. We focused on the expense, mortality and lapse assumptions which are inputs for the liability adequacy test and the effect of the yield curve on the valuation of the technical provisions. In assessing the assumptions and actuarial results, the effect of social, economic and demographic trends and investment returns on actuarial results was also evaluated.
  • Assessed the liability adequacy test prepared by DELA Coöperatie U.A. at year-end in accordance with the Financial Supervision Act (Wft). Our procedures on the liability adequacy test included assessing the reasonableness of projected future cash flows, critically reviewing assumptions and input data used, in which we also assessed whether there was potential management bias.
  • Audited the accuracy of the adjustment in the modeling of the options (profit sharing and premium measure) affecting the valuation of the Solvency-II provision.
  • Performed substantive procedures in relation to the reliability of information derived from the IT systems.
  • Reviewed the disclosures included in the financial statements.

Our observation:

We deem the methodology and assumptions applied by DELA Coöperatie U.A. in the valuation of the technical provisions appropriate and we note no material findings with regard to the technical provisions. Furthermore, we deem that the related disclosures in note 2.14, 5.9 and
5.10 in the financial statements are adequate.

Valuation of real estate investments

Description of key audit matter:

As per 31 December 2022, DELA Coöperatie U.A. has a portfolio of investments in real estate with a fair value of € 522 million. The portfolio consists of retail, residential, crematoria, office and other properties.

At the end of each reporting period, management determines the fair value of its real estate investment portfolio in accordance with the requirements of Dutch Accounting Standard 213. DELA Coöperatie U.A. used valuation reports from external independent qualified appraisers to determine the fair value of its real estate investments. For the valuation of the crematoria, DELA Coöperatie U.A. uses a combination of external valuation reports and internal valuation models.

Since the valuation of real estate investments includes an inherent estimation uncertainty, any change in the key assumptions can have a significant impact on both valuation and result; this in relation to the relative size of the investment portfolio on the balance sheet and due to the use of assumptions that are highly sensitive. The main assumptions and parameters used here, given their sensitivity and impact on the valuation, are the discount rate and market rent levels.

How we addressed the key audit matter:

In order to address this risk, we have performed the following:

Internal control procedures

  • Assessed the design and implementation of relevant internal controls regarding the data and the use of external appraisers used in the valuation of the portfolio.

Substantive procedures

We evaluated the professional competence of the external appraisers, including consideration of their qualifications and expertise. We further evaluated the assumptions made regarding the credit ratings of key lessees, lease incentives and vacancy periods and subjected them to critical analysis in the valuation calculations.

With regard to the significant assumptions in the valuation of real estate investments, we have:

  • Determined that the valuation methods applied by management, and as included in the external valuation reports and internal valuation models, are appropriate.
  • The significant assumptions used (such as discount rate, market rent levels, market-derived discount rate) have been subjected to critical challenge with relevant market data. We involved our internal property valuation experts in these analyses.
  • Assessed the sensitivity analysis on key input data and assumptions to understand the impact of reasonable changes in assumptions on valuation and other key performance indicatiors (e.g., solvency ratios).
  • Assessed the adequacy of the disclosures related to the assumptions used in the valuations and sensitivity analysis as included in the financial statements.

Our observation:

Considering the (significant) assumptions used in the valuation reports, we deem the valuation of the real estate investments to fall within the acceptable range and therefore appropriate. Furthermore, we deem that the related disclosures in note 2.5.1 and 5.2.1 in the financial statements are adequate.

Other financial investments valuated at fair value that are based on valuation techniques with significant non-observable inputs

Description of key audit matter:

DELA Coöperatie U.A. has, as of 31 December, 2022 other financial investments (€ 3.3 billion) which, due to their illiquid nature, are measured at fair value using valuation techniques based on significant inputs, many of which are not directly observable in the market. These investments without a frequent market listing mainly concern unlisted investment funds:

  • Real estate funds
  • Infrastructure funds
  • Agricultural and forestry funds
  • Mortgage funds

The funds are not listed and do not have frequent market quotations. Investments in these funds are valued at fair value (market value), mostly derived from Net Asset Value statements of the fund managers.

The valuation of these assets is important to our audit as the valuation is significantly dependent on valuation techniques and estimates of assumptions that in many cases cannot be derived directly from market information. Due to the significant degree of estimates in the valuation process, combined with the size of the investments, there is a risk of misstatement.

How we addressed the key audit matter:

In order to address this risk, we have performed the following:

Internal control procedures

  • Assessed the design and implementation of internal controls related to the accurate and complete recording of source data and the process for determining the valuation of the other financial investments.
  • Assessed the design and implementation of the administrative organization and internal controls at the fund managers by reviewing reports on the quality of the internal control environment (the ISAE 3402 report or equivalent and the bridge letters) in which, among other things, the controls relating to the valuation of the fund are defined. If there is no ISAE 3402 type 2 report available from the funds, DELA has issued additional requirements and requested reports (in control statement/compliance letter) to obtain assurance regarding internal controls. We have reviewed these reports to identify any findings.

Substantive procedures

  • Took note of the valuation principles used by the fund managers to assess whether this is in line with DELA Coöperatie U.A.’s valuation principles.
  • Obtain direct confirmation through NAV statements as of 31 December2022 from the fund managers that are reconciled with the valuation as per the financial statements from DELA Coöperatie U.A. If the audited NAV statements are not available in time, a retrospective analysis is performed on the Net Asset Value as included in the most recently available audited financial statements, where we also coordinate with the fund auditor for some funds to determine whether there are any findings with regard to the valuation as per 31 December, 2022.
  • We have reviewed the disclosures included in the financial statements.

Our observation:

We deem the methodology and assumptions applied by DELA Coöperatie U.A. in the valuation of other financial investments (Real estate funds, Infrastructure funds, Agricultural and forestry funds and Mortgage funds) appropriate and we note no material findings with regard to the other financial investements. Furthermore, we deem that the related disclosures in note 2.5.8, 2.5.9 and 5.2.3 in the financial statements are adequate.

Disclosure relating to the solvency position, based on Solvency II regulation

Description of key audit matter:

For DELA Coöperatie U.A. the Solvency II ratio as of 31 December 2022 is 226%. This ratio is determined based on recalculating the balance sheet to fair value and dividing the eligible own funds by the, according to the standard model, calculated required capital. Both the market consistent balance sheet and the calculated capital requirement are based on complex calculations and significant assumptions that may have a material effect on the calculated Solvency II ratio. In association with these assumptions and complex valuation models, theres is an increased risk ofmisstatements. Since the solvency ratio is an important figure and the Solvency II information is used in the capital management policy of DELA Coöperatie U.A., we considered auditing this information to be important. There is a risk that the calculated Solvency II ratio is misstated in the financial statements.

How we addressed the key audit matter:

In order to address this risk, we have performed the following:

Internal control procedures

  • Assessed the design and implementation of internals controls regarding the determination of the Solvency II ratio.

Substantive procedures

  • Performed a critical challenge of the assumptions, parameters and results for which the audit team included actuarial specialists.
  • Performed substantive procedures on the determination of available capital (EOF), including assessing the accuracy and completeness of the valuation adjustments from the statutory balance sheet to the market value balance sheet.
  • Performed substantive procedures on the technical provision, including tested the accuracy and completeness of the valuation and the timing of the projected cash flows.
  • Tested the accuracy of the adjustments made in the modeling of the options (profit sharing and premium measure) in the Solvency-II technical provision.
  • Tested the reliability of the required data of the different SCR calculations.
  • Verified the correct application of the standard formula used in the different SCR calculations.
  • Reviewed the disclosures included in the financial statements.

Our observation:

We deem the methodology and assumptions applied by DELA Coöperatie U.A. in the calculation of the Solvency II ratio appropriate and we note no material findings with regard to the Solvency II ratio. Furthermore, we deem that the related disclosures in note 4.1 and 5.7 in the financial statements are adequate.

Report on the other information included in the annual report

The annual report contains other information, in addition to the financial statements and our auditor's report thereon.

The other information consists of:

  • In brief, including key figures
  • Executive board report
  • Supervisory board report
  • Corporate governance
  • Risk management
  • Other information
  • Annex: NFRD
  • Annex: EU Taxonomy

Based on the following procedures performed, we conclude that the other information:

  • Is consistent with the financial statements and does not contain material misstatements.
  • Contains all the information regarding the executive board report and the other information as required by Part 9 of Book 2 of the Dutch Civil Code.

We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements.

By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the financial statements.

Management is responsible for the preparation of the other information, including the executive board report in accordance with Part 9 of Book 2 of the Dutch Civil Code.

Report on other legal and regulatory requirements

Engagement

We were engaged by the supervisory board as auditor of DELA Coöperatie U.A. on February 6, 2015, as of the audit for the year 2015 and have operated as statutory auditor ever since that financial year.

No prohibited non-audit services

We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements regarding statutory audit of public-interest entities.

Description of responsibilities regarding the financial statements

Responsibilities of management and the supervisory board for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, management is responsible for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

As part of the preparation of the financial statements, management is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, management should prepare the financial statements using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Management should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

The supervisory board is responsible for overseeing the company's financial reporting process.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit assignment in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has bOur responsibilities for the audit of the financial statementseen performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others:

  • Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
  • Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
  • Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
  • Concluding on the appropriateness of management's use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
  • Evaluating the overall presentation, structure and content of the financial statements, including the disclosures.
  • Evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities. Decisive were the size and/or the risk profile of the group entities or operations. On this basis, we selected group entities for which an audit or review had to be carried out on the complete set of financial information or specific items.

We communicate with the supervisory board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identified during our audit. In this respect we also submit an additional report to the audit committee in accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audit of public- interest entities. The information included in this additional report is consistent with our audit opinion in this auditor's report.

We provide the supervisory board with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the supervisory board, we determine the key audit matters: those matters that were of most significance in the audit of the financial statements. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the public interest.

Amsterdam, April 21, 2023
Deloitte Accountants B.V.

R.J.M. Maarschalk

About this report

This Annual Report integrates all the main economic, social and environmental data from the DELA cooperative in 2022 and covers the book year from 1 January to 31 December.

The selection of the reported indicators in the Executive Board Report is based on the GRI guidelines, a materiality analysis, DELA’s value creation model and meetings with various stakeholders.

Data included in this report is based wherever possible on measurements and calculations. Other data is derived from central systems or based on input from third parties. Any changes to the definitions, measuring methods or inherent limitations in the data are indicated, as is the use of extrapolation and estimates.

Data included in this report is based wherever possible on measurements and calculations. Other data is derived from central systems or based on input from third parties. Any changes to the definitions, measuring methods or inherent limitations in the data are indicated, as is the use of extrapolation and estimates.

Other indicators such as energy and CO2 emissions are reported annually for the purpose of this report. The underlying data for these indicators is collected and checked by the CSR project leader.

The Executive Board report was reviewed by various stakeholders during its writing and delivery, including several members of the Executive Board, the Supervisory Board and DELA’s confidential committee. The financial statements was reviewed by the external accountant in accordance with legal requirements.

Our reporting is constantly under development. If you have any related comments and/or questions, please let us know via woordvoering@dela.org.