the essentials #2017 what do you...

#2017THE ESSENTIALS WHAT DO YOU BET?

TOWARDS A MORE AGILE AND LEARNING COMPANY

08-09

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CHAIRMAN AND CEO

#EDITORIAL

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ALAIN RESPLANDY-BERNARD

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P M U ’ S R E G U L A T O R Y F R A M E W O R KP M U ’ S R E G U L A T O R Y F R A M E W O R K

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Responsible, supportive

and collaborative, PMU is committed.

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POKER

I was part of this delegation accompanying President Macron. On the same occasion, PMU joined a very select club of Franco-Chinese companies alongside world trade leaders. The Equine industry and gaming, two sides of the same coin, two successes that depend on each other. A common commitment.

At the same time, PMU was closing the year 2017 that had been devoted to the return to growth. With the first concrete results from the initiatives of the strategic plan, PMU 2020.1, we have returned to success in our historic market: horserace betting in France, to which we dedicate 100% of our efforts. This turnaround is the result of a battle on all fronts: a high-quality loyalty programme, innovations that constantly reinvigorate the market, better segmented points of sale, more attractive customer journeys, services such as betting by SMS that have transformed the separation of the pools into an opportunity, and an easier-to-read race programme, thanks in particular to the work done on the EpiqE Series.

We have also activated all our growth levers. International, which has progressed a further 10% after breaking through the barrier of a billion euros in turnover the previous year. Innovation, which has allowed PMU’s sports betting product to grow the customer base, despite the absence of a major sports competition. Improvement of our customer journeys, in our 13,350 points of sale and on the Internet, to reinvent the relationship with gaming and adapt it to new modes of consumption. Invigoration of our offer, on which we constantly take risks to satisfy and entice, like our first live poker tournament, the France Poker Open. This success confirms PMU’s position as a credible challenger in this segment. Furthermore, the strong support for all our punters has earned PMU’s customer service department the French Customer Service of the Year award for the second year running.

This is only the start. In 2017, we proved that we could speed up when needed. In 2018, we must confirm this success and accelerate further to extend it to all gaming segments. We have all the assets to achieve this. The in-depth transformation of our model is beginning to bear fruit. I know that everyone has seized on it. But agility must not be limited to the way we manage our projects. It is an overall state of mind that is learned, lived and shared. It means getting out of our comfort zone to look further, while staying true to what we are. Because beyond the strategic plans, our success depends on the daring of each and every one of us.

ALAIN RESPLANDY-BERNARD, DEPUTY CEO, ACTING CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Chairman’s message

In January 2018, during his first State visit to China, Emmanuel Macron chose to offer a French horse to President Xi Jinping. The event did the rounds of the media, in France as in China, backed up by the horse’s pedigree. But behind the gesture and the nice pictures lie the success and pride of a sector of excellence, capable of representing the prestige of an entire country in the eyes of the world.

4 2017 PMU THE ESSENTIALS 5

€9.072TH

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Stakes 9,929 9,738 2.0%

Return to punters -7,491 -7,294 2.7%

Gross gaming revenue 2,437 2,444 -0.3%

Gross margin before take-out 2,236 2,260 -1.1%

Operating costs -586 -604 -3.1%

Operating profit 1,651 1,656 -0.3%

Result before take-out 1,647 1,653 -0.3%

Take-out -854 - 856 -0.2%

Net result 793 796 -0.4%

PMU HAS SEEN A 2% RISE IN TURNOVER IN 2017, AT 9.929 BILLION EUROS. THE CORE BUSINESS, HORSERACE BETTING, HAS RETURNED TO GROWTH, INCLUDING IN THE VERY MATURE FRENCH MARKET, DESPITE A RECORD YEAR IN TERMS OF RACE CANCELLATIONS (37 CANCELLED OF WHICH FOUR WERE QUINTÉ+ MEETINGS). CONFIRMING ITS ROLE AS A DRIVER OF GROWTH, INTERNATIONAL RECORDED A 10% INCREASE WITH A TOTAL OF 1.147 BILLION EUROS MERGED INTO PMU POOLS. THE PMU 2020.1 PLAN IS FIRMLY IN PLACE AND ITS FIRST CONCRETE SIGNS HAVE SEEN THE LIGHT OF DAY, WITH THE LAUNCH OF SEVERAL HORSERACING INNOVATIONS IN 2017. THE FIRST POSITIVE RESULTS OF THESE INITIATIVES ON THE BUSINESS HAVE BEEN RECORDED. THESE RESULTS, COUPLED WITH THE PERFORMANCE PLAN INITIATED IN 2016 AND THE STRICT CONTROL OF OPERATING EXPENSES, HAVE ALLOWED PMU TO KEEP ITS COMMITMENT TO THE FRENCH HORSERACING SECTOR, WITH €730M OF NET PROFIT RETURNED IN FULL FOR 2017.

Total stakes in 2017 including horseracing, sports and poker bets

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A GREAT COMEBACK FOR THE RACING BET

After the disruption resulting from the separation of the pools in 2016, horserace betting activity has returned to growth and is bearing the first fruit of the initiatives of the PMU 2020.1 strategic plan. Relentless efforts in terms of product launches, loyalty programmes and modernisation of the customer journey have allowed the historic market to return to form, while the international market has continued to drive overall growth.

“As with the other activities, the share of mobile stakes is increasing year by year.”

• A time to reap For the first time since 2011, horserace betting has returned to sustainable growth in France, with stakes up 0.9% to 7.926 billion euros, and this despite the cancellation of four Quinté+ races. International is maintaining its role as a motor for growth, with a 10% increase in stakes at 1.147 billion euros. Overall, the activity has recorded a 2% increase in stakes, reaching 9.072 billion.

Online stakes increased 7.3% to reach 993 million euros, enough to let us forget the negative effects of the separation of the pools that hindered 2016. As with the other activities, the share of mobile stakes is increasing year by year and represented 39% of the total in 2017. The number of active punters, also increasing, is a good indicator of this return to growth, with online punters up 5.5%. Good results directly linked to product innovation, notably the introduction of the e-Simple JACKPOT, and the online loyalty programme pmu.fr, which now offers the same advantages as its retail counterpart.

In the offline markets, bets taken in the retail network have stabilised, while the Allo Pari and Pari par SMS formats have recorded a boom of 60%, with an increase

of 70 million euros compared with 2016. La Carte also yielded excellent results, with stakes increasing 5.5% to finish the year at 211 million euros.

• Invigorating the offer through innovation Horserace betting activity continued to focus on launching new offers and services to fuel the interest of existing punters and to win over new ones.

Launched in April, the Simple JACKPOT introduced an extra element of play into these bet types; it quickly developed a loyal audience, with average daily stakes well above target. At the end of November, Super 4 was launched to revive interest in races with smaller fields. There were 204 races that featured the Super 4 format in 2017, with average stakes per race exceeding target.

In points of sale, simplifying and adding digital enhancements to the customer journey have been on the agenda for three years now. Launched in 2017, the MyPMU app generates a QR code so that a bet may be prepared in advance and then validated at a point of sale, which heralded a new way of betting and ease of play for all.

92017 PMU THE ESSENTIALS8

S p o r t s b e t t i n g S p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n gS p o r t s b e t t i n g

01 Behind the figures, an increas-ingly competitive offer PMU Poker exceeded its targets and ended the year with stakes of 591 million euros, up 5.8% from 2016. The gross gaming rev-enue stood at €17m, up 7.9% compared with the previous year. These excellent results confirm the role of online Poker in PMU’s return to overall growth in all market segments.

This trend should continue in 2018 with the arrival of European Poker tables, a positive sign for the French market and an opportunity for PMU to fur-ther develop its partnerships.

Launched in 2016, the suc-cess of SitNGo JACKPOT con-firmed the posi-tive dynamic of PMU’s poker offer in 2017. To capitalise on this popular prod-uct, PMU also introduced pro-gressive Bounty formats. A first in France, these fast and attractive formats are an excellent tool for recruitment and increasing play by novice players, especially on mobile platforms.

A game within the game, they trigger the placing of prices on the “heads” of the most successful players, encour-aging other players to try to dethrone them. The tournament schedule was also reviewed in April, which quickly trans-lated into good results.

Beyond this innovative offer, PMU Poker is also distinguished from the competi-tion by its dynamism on social networks. Thanks in particular to the involvement of its Team Pro, relevant content that

they post is appreciated and varied, as well as generating remarkable collabora-tion with influencers.

02 Live and even more live In 2017, PMU Poker launched its first ever live cir-cuit, the France Poker Open. Organised around five national stages, the tournament has allowed PMU Poker to position itself as a key player and to further strengthen its legitimacy with players and profes-sionals. Organised by the host casinos, the FPO stages have allowed PMU to reach a very captive audience and also to

interest them in all its activities.

Given the suc-cess of this first edition, the 2018 FPO should ben-efit from an addi-tional stage.

At the same time, PMU Poker has cont inued to invest in sponsor-ing international events such as the World Poker

Tour, with each stage being accompanied by online qualifications.

Online, the success of the Series and event tournaments is undeniable. The French Poker Championship crossed the €2 million prize money mark in Novem-ber 2017, four times higher than at its launch in 2015.

PMU’s poker activity makes it possible to provide more diversified games and to reach a younger clientele. It has also generated interest in horseracing and through cross-selling, has attracted audi-ences to racecourses at tournaments such as the Hip Poker Tour.

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Sports betting: a PMU with solid supportDespite the lack of a major international competition, sports betting activity has held up well, relying on innovations and the ability to unite its online community. Thanks to an effective presence on social networks, attractive offers and long-term partnerships, PMU can count on the support and interest of punters who remain loyal even in quiet years.

1 . No UEFA Euro, but still happy While 2016 enjoyed a boost in stakes thanks to the Euro Football Champion-ship, decreases in 2017 were limited to 6.5% in an intense environment that has lost none of its competitiveness. The final figure was 265 million euros. On the other hand, Gross Gaming Revenue stands at 45 million euros, an increase of 2.4% compared to the previous year and the activity’s best per-formance since launch in 2010. Confirming the trend of the past two years, mobile (smartphone, app, tablet) achieved its best year yet in both stakes and GGR and now accounts for 66.4% of total sales, an increase of more than 10 points compared with 2016. Across all media, the stakes in live bet-ting recorded the highest growth, representing 42% of stakes, up 1.3 points compared with 2016. These results confirm the attraction to punters of a more exciting and immediate sports bet, directly linked to the emotion of the match in progress. The loyalty of sports bettors is not waning either, as proven by the average annual spend, which is increasing (+€47) from a stable number of active punters. While there is not as much new player growth in a quiet year, the existing punters bet more, showing that the offer continues to meet their expectations.

2 . Form and substancePMU can count on a passionate and dynamic community of sports bettors. Whatever the discipline, they are full of inventiveness in offering relevant content that feeds PMU’s social networks. You don’t understand the first thing about the NFL American football playoffs? Firstdown interprets the issues and reveals its predictions by podcast to provide information to PMU punters. The NBA? The First Team has everything planned: its video pro-gramme “#thebigticket” covers all matches and gets nearly 40,000 views on YouTube for each edition. With more than 220,000 subscribers on Facebook and nearly 65,000 on Twitter, the PMU online sports betting com-munity goes beyond betting to unite sports lovers around shared values and emotions. And if they choose to discuss them on PMU social networks, it is not by chance: the content offered to them is always in tune with their passion of the moment. Punters are not left out when it comes to offers: PMU launched no fewer than three new products in 2017 to invigorate the market. First of all, Cash Out, which allows punters more control over the game by giving them the opportunity to be paid before the end of the match. Then Turfoot, the first hybrid bet combining horserace and sports betting on the same grid, for a minimum JACKPOT of €5,000. And finally, the 1N2 JACKPOT, which completes the JACKPOT family across all activities and inaugurates a multiplier coefficient for sports betting.

3 . Attracting new puntersFrom a strategic viewpoint, the relevance of PMU’s diversification strategy is undeniable. The French online sports betting market is the sector with the most significant growth for PMU. The trend of 14% annual increases should continue until 2020, especially since the sporting calendar includes major global events such as a Football World Cup. Therefore, to forego this dynamic sector is simply out of the question. All the more so, since sports betting is the main vehicle for recruiting new PMU punters. In 2016 and 2017, 48% of new online accounts were “sports” accounts. And, thanks to the magic of cross- selling, coupled with subtle and effective support, 69% of the new horseracing punters on PMU.fr initially opened sports or poker accounts. This strategy of recruitment through sport and poker has resulted in €38m of additional horseracing stakes in 2016 and €43m in 2017. And, since it is essential to look to the future, sports betting has significantly rejuvenated the typical PMU customer profile. On PMU.fr, the average age for a sports punter is 37, com-pared with 49 for a horseracing customer. Not neutral. Most encouraging.

“GOOD GAME ”

FOR PMU POKER

IN A RECOVERING MARKET, PMU POKER IS EXCEEDING ITS OBJECTIVES AND ACHIEVING

ITS BEST PERFORMANCE SINCE THE LAUNCH OF ONLINE POKER IN 2010. FACED WITH FIERCE COMPETITION, PMU’S

OFFER CONTINUES TO EXPAND AND WIN OVER NEW PLAYERS. IN PARALLEL, PMU POKER IS COUNTING ON

EVENTS TO BOOST ITS ACTIVITY THROUGHOUT THE YEAR, IN PARTICULAR THROUGH ITS FIRST

TOURNAMENT CIRCUIT, THE FRANCE POKER OPEN.

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The GIEPMU is a GIE of 60 racecourse companies, all of them not-for-profit associations. Among them, two parent companies regulate and organise the races, each in its discipline: France Galop, for flat and jump races, and LeTrot-SECF, for trotting races.

The General AssemblyIt brings together the representatives of the 60 racecourse company members of the GIE twice a year. It rules on the accounts and decides on the provisional budget. Every four years, the General Assembly names the PMU Chairman and Chief Executive Officer and, on the recommendation of the latter, the Deputy CEO. These appointments are then approved by the supervisory ministries.

SupervisionPMU operates under the joint administrative supervision of two ministries: the Ministry of Agriculture and Food, and the Ministry of Public Action and Accounts. In addition, any opening of a new point of sale requires authorisation from the Ministry of the Interior.

Mission: to finance the French horseracing sector PMU has been marketing bets on horse races since 1930. In 2010, it enlarged its offer to include a range of sports bets and online poker tables. PMU also exports its horserace betting offer internationally, in common pools (marketing of bets merged into French pools)

or separate pools (sale of images and information). The entire net profit, all activities combined, is returned to the 60 racecourse company members of the GIE, thus ensuring 80% of the revenue of the French horseracing sector. These companies finance the upkeep and modernisation of the 236 racecourses in France, training and breeding centres, prize money and the organisation of races, of which more than 18,000 are included in PMU’s annual betting offer.

They also contribute to the sustainability of more than a hundred professions and specialities, representing 180,000 jobs: jockeys, grooms, stable lads, blacksmith farriers, riding instructors, veterinarians, saddlers, etc.

Dynamic, sustainable and well structured, the French equine sector is doing well. It is a model recognised by all horseracing countries in the world; a model and know-how that are now being exported internationally.

Board of DirectorsMade up of the PMU Chairman and Chief Executive Officer, the Deputy CEO, the four State representatives and four representatives of the company members of the GIE, it is responsible for deliberating on all decisions relating to the strategic, economic, financial, commercial and technological direction of the company. Its ten members are elected by the General Assembly.

PMU is an economic interest group (GIE) made up of sixty French racecourse companies brought together in a general assembly. Its mission is to finance and support the development of the French horseracing sector. Its activity is exercised by a board of directors under the administrative supervision of the State.

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Responsible gaming: close to

the puntersInitiated in 2008, the “Let’s play respon-sibly” approach has been revamped in 2017. In substance and in form, it now gets closer to the punters and redirects its communications towards messages with more added value and better-targeted support. PMU’s five pledges for a healthy gaming envi-ronment were reformulated this year into advice for punters: “Betting is from 18 years old”, “Get to know yourself”, “Measure the risks”, “Get help in case of problems” and “Stay in control”.

To bring these commitments to life and to spread them effectively, PMU has launched a new communications campaign playing on the comple-mentary nature of the media. Enti-tled “Tell me how you play”, it deals with these issues in a positive, simple and natural way and emphasises the enhancement of positive behaviour. To establish a supportive tone, this new approach has been developed on the basis of interviews with punters, managers of PMU retail outlets, and with the input of SOS Joueurs (French problem gambling agency).

In addition to the traditional brochures and preventative mes-sages appearing on terminals, screens, online sites and appli-cations, a new website has been launched to promote the approach. www.Dismoicommenttujoues.fr addresses all aspects of responsible gaming and offers informative and fun content such as the ICJE test to determine your player profile, or video testimonials from punters, PMU shop managers and high-level athletes on their relationship to their passion and their control of gaming.

The mobile app Hippiscan has also introduced a complementary approach, the fruit of a partnership with start-up Bear. Selected during the first PMU Vivatechnology challenge in 2016, Hippiscan uses augmented real-ity to allow punters to access respon-sible gaming information directly from their smartphones by scanning any page in the brochure.

Since awareness of responsible gam-ing concerns all stakeholders, training on these issues extends to both man-agers of retail outlets and PMU staff.

New managers are trained in the agency from opening day of their retail point of sale. E-learning mod-ules and continuous information via Cheval Rouge, their dedicated magazine, then provide them with support on these issues. Front-line Customer Service staff are also trained to assist all punters and benefit from additional modules provided by SOS Joueurs.

© Elina Brothérus

2017 PMU THE ESSENTIALS18 19

Everywhere in France, PMU staf f can choose to make a commitment and give of their t ime.

PMU supports contemporary photographic

Cultural patronage: art for all

Since 2010, PMU has been supporting contemporary artistic photography by commissioning an original work from a photographer tasked with bringing a new perspective to the world of gaming and betting.

In 2017, the Finnish photographer Elina Brothérus was selected for her project “Règle du jeu” based upon children’s games transposed into the adult world. Her dedi-cated exhibition in Paris, at the Pompidou Centre, attracted more than 8,500 visitors before touring all over Europe.

This involvement of PMU in the devel-opment of contemporary art directly benefits employees, who enjoyed privileged access in 2017 to the Pom-pidou Centre collections and to the world of culture.

Athletes & Partners: a bet on

the futureSince 2015, as part of a performance pact signed under the aegis of the Ministry of Sport, PMU has been sup-porting and accompanying the French judo expert Fanny-Estelle Posvite.

This system allows athletes of Olympic and world calibre to secure their personal finances so they may devote themselves to their sporting career, while also working and gain-ing experience for a future change of profession. Between major inter-national competitions, Fanny-Estelle regularly visits PMU to familiarise herself with the human resources profession she is looking forward to joining once she retires from interna-tional judo competition.

This win-win partnership has been extended to the coming Tokyo Olympics in 2020.

Community commitment: choosing to get involved

Everywhere in France, PMU staff can choose to make a commitment and give of their time through three modes of action structured around two major themes: social proximity and support for economic initiatives. Volunteering time and knowledge allows staff to put their skills at the service of an associa-tion to help develop its project.

Two formats are provided and led by Pro Bono Lab, PMU’s partner for this initiative: a Pro Bono marathon over a day, or a Pro Bono consultation organ-ised during the lunch break.

In 2017, two marathons were organ-ised for the benefit of the associa-tions Envol Vert and Avec nos Proches.

The former works for the preserva-tion of forests and biodiversity in the most disadvantaged countries and in France, in connection with local popu-lations to promote their conservation initiatives and help them develop new economic alternatives to deforesta-tion. Avec nos Proches fights against the social isolation of caregivers.

As for the consultations, these have benefited the Réseau National des Maisons des Associations, which brings together organisations whose mission is to develop the life of local associ-ations; the Association du Site de La Défense, which defines and imple-ments actions in the field of preven-tion, training, employment and reinte-gration in the La Défense district and neighbouring towns; and La Gamelle du Chef, which promotes a return to work for people in precarious situa-tions through a social catering activity.

The call for projects allows an employee already involved in an asso-ciation to present the project to an internal staff jury to obtain financial support.

In 2017, five projects benefited from this initiative: Terre de Liens Île-de-France, which helps farmers to set up a business through crowd funding; the Madeleine Wright association, which is committed to local crafts, sustainable development and health in Guinea and the Loos Islands; Kleef-stra Syndrome France, which supports patients diagnosed with Kleefstra syndrome and their families; Les Amis des Rayons de Soleil et de l’Enfance, which supports children, adolescents and young adults in social and fam-ily difficulties; and Entourage, which fights against the social exclusion

of the homeless by encouraging residents to get in touch with their “neighbours on the streets”. Finally, PMU allows employees to sponsor young people in their studies or their entry into the professional world through the action of two associa-tions: Sport dans la Ville, which helps young people to participate actively in social and professional integration through sport; and Article-1, which supports young people from work-ing-class backgrounds in higher edu-cation and professional integration.

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PMU’S REGULATORY FRAMEWORK REGULATION IS INHERENT TO PMU’S ACTIVITY. TO ENSURE THE SMOOTH RUNNING OF ITS BUSINESS, BOTH FOR THE REGULATORY AUTHORITIES AND FOR ITS CUSTOMERS, PMU, LIKE ALL BETTING INDUSTRY OPERATORS, IS SUBJECT TO A CERTAIN NUMBER OF RULES. RESPECT FOR THIS REGULATORY FRAMEWORK

HAS ALWAYS BEEN FUNDA-MENTAL FOR PMU, WHICH HAS BUILT A SOLID REPUTA-TION AS A TRUSTED OPERA-TOR THAT NOW REACHES BEYOND OUR BORDERS.

Supervision and control: PMU’s activity under the spotlight Within PMU’s regulatory framework, there are two types of authority: administrative supervision and control authorities. Administrative supervision is the most extensive form of regulation. For PMU, it is exercised jointly by the Ministry of Agriculture and Food, and the Ministry of Public Action and Accounts. These two bodies are represented by four members with voting rights on PMU’s Board of Directors. Control covers specific areas of PMU activity and can therefore take various forms. The Ministry of the Interior, for example, is in charge of authorising points of sale, through the Central racing and gaming department (SCCJ). The Ministry of Economy and Finance, through the General Inspectorate of Finance and State Control, oversees PMU’s financial management and major contracts. In the fight against fraud and money laundering, the ministries of the Economy (TRACFIN) and the Interior (SCCJ) play a central role.

PMU is also controlled by independent administrative authorities. ARJEL (the online gaming regulation authority), created in 2010 with the opening of the French online market, is responsible for controlling online gaming and betting operators. It issues approvals to online operators for each market segment activity (horserace betting, sports betting, poker). These approvals are renewable every five years and are subject to an annual inspection leading to certification of the operators. To issue these certifica-tions, ARJEL performs thorough checks of legal, economic and technical points. It is also responsible for the approval of gaming software, which must follow a specific procedure before it may be integrated into PMU systems. Each activity has specific requirements: authorised sports bets are grouped on a list updated each month by the authority according to the competitions and requests from the operators; for poker, the types of circle games are authorised by decree of the Budget ministry; for horserace bet-ting, it is the racing associations that decide the betting calendar, which is published by ministerial order.

Other independent administrative authorities play a role in the regulation of PMU’s activities: the Com-petition Authority (ADLC), which scrutinises all activities from the perspective of competition law and can act in the event of a breach; the CSA, which closely monitors commercial communications and Equidia’s television programmes; the CNIL, which ensures compliance with the rules on the personal data of players; the DGCCRF, which judges in cases of deceptive or abusive commercial practices; COJEX, which advises the supervising ministers on PMU’s business plan, its responsible gambling action plans and the fight against fraud and money laundering.

This substantial regulatory framework ensures the safety of players and their transactions. Collabo-ration between these authorities and PMU is essential since it facilitates the development of practices in a concerted manner, with PMU contributing its expertise of the gaming market, and the authori-ties ensuring proper supervision of a potentially sensitive activity. PMU’s commitment to the issues of responsible gambling and the fight against fraud and money laundering goes beyond the current rules and regulations.

Fight against fraud and money laundering The regulatory framework in this area comes largely from European Community directives. The ruling of 1 December 2016 transposed the fourth directive against money laundering and financing of terrorism. For PMU, compliance with the implementation of these obligations has been monitored since 2005 by the SCCJ for offline activity, and since 2010 by ARJEL for online.

To meet its obligations, PMU has developed a surveillance system to identify suspicious behaviour and thus prevent the use of gaming and betting operations for money laundering purposes. In case of suspicion of money laundering, PMU is obliged to send a report to TRACFIN, which decides whether or not to continue investigations. PMU raises awareness among all its employees and partners about the money laundering risks inherent in the gaming sector, and all of them are stakeholders in the estab-lished mechanism of vigilance. 212017 PMU THE ESSENTIALS20

As a player in a rapidly changing market with ever-increasing expectations, PMU is adapting its pace and degree of transformation to stay one step ahead and remain the innovative operator it has always been. This transformation, which is essential for sustaining PMU’s future and ensuring its capacity for innovation, comes from a culture of increased performance, a higher degree of expertise in execution, and a growing concern for the well-being of employees and their development. Human Resources plays the role of coach and

facilitator of this transformation in order to create value, by implementing more collaborative and agile organisations, and methods of measuring efficiency and performance.

In this transformation, managers play a key role and their expectations evolve towards an ever more sustained rise in the skills of the teams and tighter performance management. Manager training is the subject of a tailor-made programme called Boost Management, entirely dedicated to the acquisition of key skills to be understood in a context of change.

These are the cornerstones for delivery of the PMU 2020.1 culture

and the broader development of the skills of all employees, in the context of a GPEC plan set up by HR with the Business Units and which encourages everyone to evolve at the same time as the company.

More efficient, more demanding, more effective, the PMU of tomorrow is being built today with all employees who become drivers of this transformation.

Evolution and evaluation go hand in hand to create a virtuous circle in which everyone acquires the means to create value for the

company and to be a player in their career. It is comprehensive work that is being undertaken, touching on employability, the degree of autonomy and the empowerment to give meaning and create motivation.

As a lever for the transformation of PMU, agility is everyone’s business. But agility cannot be imposed, it must be learned. In close collaboration with Transformation Management, HR has contributed to the deployment of a comprehensive support plan at all levels of the company. In addition to managers, who play a central role, the facilitators, themselves trained in agile methods, accompany the cultural adaptation of the teams to these

new working methods and the resolution of “irritations”. For the company’s strategic initiatives, the coaches follow the value teams in the implementation of their work processes and their appropriation of these new ways of operating.

At the management committee level, directors have the role of business evangelists, providing strategic initiatives with the necessary resources and ensuring that they create value.

Agility is certainly a business necessity, but it also allows

for a profound cultural change. Indeed, all employees benefit from developing a culture of collaboration, innovation and being players in the transformation. Value creation is not only financial, it is also human: skills evolution, developing empowerment, better employability; the benefits of an agile and efficient organisation are numerous. Good practices spread, collective intelligence grows, and a learning company emerges.

A MORE AND LEARNING COMPANY

France Galop Édouard de Rothschild

Société LeTrot-SECF Dominique de Bellaigue

Société des courses de la Côte d’Azur François Forcioli-Conti

Société des courses du Pays d’Auge François Grandcollot

Société des courses de Compiègne Antoine Gilibert

Société des courses de Dieppe Laurent Beuvin

Société des courses de Fontainebleau Frédéric Landon

Société sportive des courses de l’Agenais Jean-Philippe Semeillon

Société des courses d’Amiens Philippe Levasseur

Société des courses d’Angers François Saint-André

Société des courses du Pays d’Argentan Jacques Frappat

Société des courses de Beaumont-de-Lomagne Gérard Cazeneuve

Société d’Encouragement de Bordeaux Jean-Michel Descamps

Société des courses hippiques de Chartres Jean-Luc Thirouin

Société des courses de Châteaubriant Alain Hunault

Société des courses de chevaux de Cherbourg André Fouquet

Société des courses de Cordemais Gérard Fréneau

Société des courses de Craon-Mayenne Hugues Crosnier

Société des courses de Graignes et du canton de Saint-Jean-de-Daye Jean Duprey

Société hippique du Var Yvan Jonio

Société des courses de La Capelle Jean-Luc Egret

Société des courses de La Teste-de-Buch Jean-Marie Plassan

Société des courses de Laval Mayenne M. Alexandre Lanoë

Société des courses du Croisé-Laroche Bernard Delva

Société des courses du Lion d’Angers Alain Peltier

Société des courses du Mont-Saint-Michel–Pontorson Alphonse Ledédenté

Société des courses des Sables-d’Olonne Yannick Meunier

Société des courses de Lisieux Jacques Hodiesne

Société des courses lyonnaises Jean-Claude Ravier

Société hippique de Marseille Patrice Camacho

Société des courses de Maure-de-Bretagne Jean-Jacques Barre

Société des courses du Meslay-du-Maine Jean-Baptiste Bossuet

Société des courses de Nancy-Brabois Jacques Montoya

Société des courses de Nantes Jean-Pierre Vallée-Lambert

Société des courses de Pont-Château Francis Gascoin

Société des courses de Reims Gilles Jéziorski

Société des courses hippiques de Mauquenchy-Pays de Bray Jean Fournier

Société hippique de St-Galmier–St-Étienne Claude Bayard

Société des courses de Saint-Malo Gilles Caroff

Société des courses de Strasbourg Lucien Matzinger

Société sportive des courses de Toulouse Francis Montauban

Société des courses de Vire Guy Jean

Société des courses de Salon-de-Provence Yves Jacquin

Société des courses de Saint-Brieuc Daniel Cherdo

Société des courses de Vichy Philippe Bouchara

Société d’Encouragement des Pyrénées-Atlantiques Jean-Louis Foursans-Bourdette

Société des courses du Mans Christian Bazire

Société hippique de Cavaillon Gérard Nougier

Société hippique de la Loire-Feurs Gérard Vacher

Société des courses de Moulins Roger Winkel

Société des courses d’Aix-les-Bains Jean-Louis Valérien-Perrin

Société des courses hippiques de Cholet Patrice Percherel

Société des courses de chevaux de Dax Jean-Louis Gayan-Sourgen

Société des courses de Mont-de-Marsan Jean-Yves Bénard

Société des courses de la Côte d’Amour Jean-Paul Rolland

Société des courses hippiques de Rambouillet Bernard Marie

Société des courses de Tarbes Laloubère Patrick Lapique

Société des courses de Divonne-les-Bains Gilles Bernard

Société des courses de Châtelaillon–La Rochelle Bertrand Rivière

Société des courses de Langon–Libourne Franck Marquette

THE MEMBER COMPANIES OF THE GIE AND THEIR PRESIDENTSThe sixty racecourse companies that make up the Economic Interest Group are not-for-profit associations responsible for organising and supervising all activities of the French horseracing sector. Together, they form the PMU general assembly which controls the accounts and validates budgetary orientations.

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