Sorry, but there is no compensation for delay; only IDB and cancellation. If you read the text of EU directive art. 6 regarding delay you will note there is no reference to art. 7 regarding compensation, i.e. there is no compensation for delay. Recent EC case law has established that a delay can constitute a cancellation in special circumstances (e.g. if a severely delayed flight is operated with a new flight No.) but this approach is unlikely to be accepted and followed by the airlines and in any event is not relevant to your case.