π ά ˛ ε σ τ ο ί χη˛α - PMUhorseraces.pmu.fr/uploads/files/PMU_Annual_Report_2015.pdf · 2016. 4. 18. · JUGUEMOS! π ά ˛ ε σ τ ο ... Pour aller plus loin, pour

A C T I V I T Y R E P O R T 2 0 1 5

J O U O N S !

J U G U E M O S !

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L A T E N W E S P E L E N !

P E L A T A A N !

L A O S S S P I L L E !

J O G U E M O S !

S P I E L E N W I R !

PMU wroteits newrules of thegame.

After readingabout the rules ofthe game here...

... Let’s play and live the2015 PMU experience here :rapportactivite2015.pmu.fr

Discover howPMU has progressedand evolved in 2015





2015 was a landmark year for the implementation of the PMU strategic plan.From the modernization of our sales outlets to the reinvention of our day-to-day relationship with punters, through the acceleration of our international development and the affi rmation of our fast-thinking culture… This year, we rewrote the rules of the game – and put them into practice. We laid the foundation for a new PMU, a PMU that will surprise you, over and over again. You can read about it in the following pages.

At theheart of ourtransformation,and ourcapacity forinnovation, isdigital media.

Naturally, inevitably, this year, we want to tell you in detail about what we’re doing digitally. Beyond that, to demonstrate the advances we made in 2015, PMU invites you to join us in an original and ambitious game experience on rapportactivite2015.pmu.fr

After all, it is the experience that matters more than ever – and it is our aim to make it more intense, more innovative and more unifying.

Happy reading!





2015 est une étape charnière dans la concrétisation du plan stratégique du PMU. De la modernisation de nos points de vente, à la réinvention, au quotidien, de notre relation avec les parieurs, en passant par l’accélération de notre développement international et l’affi rmation de notre culture d’agilité… En 2015, nous avons consolidé les fondements d’un nouveau PMU, prêt à étonner et réétonner. Nous vous en livrons les « règles du jeu » dans les pages qui suivent.

Au cœur de cette transformation et de cette capacité d’innovation, le digital.

Naturellement, inévitablement, cette année, nous souhaitions nous raconter avec ampleur sur ce média. Pour aller plus loin, pour montrer et déployer nos avancées en 2015, nous vous proposons, ainsi, une expérience de jeu originale et ambitieuse, sur rapportactivite2015.pmu.fr

Car c’est bien l’expérience de jeu qui nous importe plus que jamais et que nous travaillons à rendre toujours plus forte, toujours plus innovante, toujours plus fédératrice.

Bonne expérience de lecture !


04 RULE #1 / GALLOP FURTHER AND FURTHER 10 RULE #2 / BE CAPABLE OF REINVENTION

16 RULE #3 / KEEP THE PASSION ALIVE 22 MAP 22 HORSERACE BETTING 29 SPORTS BETTING

30 POKER 31 2015 IN FIGURES 32 MANAGEMENT TEAM 34 GOVERNANCE 36 RESPONSIBLE GAMING

38 CARTE BLANCHE PMU 39 EIG COMPANIES


04 RULE #1 / GALLOP FURTHER AND FURTHER 10 RULE #2 / BE CAPABLE OF REINVENTION

16 RULE #3 / KEEP THE PASSION ALIVE 22 MAP 22 HORSERACE BETTING 29 SPORTS BETTING

30 POKER 31 2015 IN FIGURES 32 MANAGEMENT TEAM 34 GOVERNANCE 36 RESPONSIBLE GAMING

38 CARTE BLANCHE PMU 39 EIG COMPANIES

THE ESSENTIALS

PMU - ACTIVITY REPORT 2015 2 / 3

G A L L O P

F U R T H E R

A N D

F U R T H E R

R U L E

N U M B E R

0 1

THE ESSENTIALS

In 2015,internationalsalesrepresented9% of PMUbusiness,a share thatis constantlygrowing.How do youexplain thissuccess?

XAVIER HÜRSTEL (Chairman and CEO)_ A few years ago, nobody was expecting us to expand internationally. However, when we drew up the PMU 2020 strategic plan, we identifi ed international markets as one of our key growth drivers – and we were right.

AYMERIC VERLET (Head of International Development)_There are two fundamental factors behind our successful expansion: our knowhow in betting and the structuring of the sector, and the quality of French horseracing.It is the combination of the two that enables us to be the number one pari-mutuel operator in Europe, the number three worldwide, and one of the fastest growing operators outside its home market.

Or how we areexportingour knowhowbeyondour borders.

With +11%growth in betsplaced last year, what factorsgive PMU acompetitiveedge in exportmarkets?AV_ Our development encompasses both common pool and separate pool betting. For separate pool – in other words, when winnings are calculated exclusively on the basis of the stakes collected in one country – we sell live race images and data to 29 countries. In this context, it is primarily the quality of the events and our information that makes the difference. In common pool betting – when winnings are calculated on the total stakes collected in all the different countries and merged into PMU pools in France – we sell, in addition to images and data, the PMU betting offer. This enables us to enhance the appeal of our races with the quality of our complete betting package, and above all to offer betting opportunities that are generally much more attractive given the size of our pools in France. We also strive to reciprocate wherever possible, importing more than 3,600 races from partners in 26 different countries.

XH_ On the global mutuel betting market, the quality of your races and the size of your pool are essentialto export success.In this context, we have a key advantage in that our common pool is among the best in the world, in spite of fi erce competition from other major racing nations. We are gaining an edge over our rivals thanks to the quality of our programmes and the attractiveness of our betting offer, which appeals to a wide customer demographic.Internationally, our races enjoy a very high reputation for quality. As with champagne, French excellence is a key export driver in our sector.

How do youexport theknowhow ofPMU and itsbetting offer?AV_ We have two strategies. Firstly,for B2B, where we have partnerships in 45 countries with local operators.We help them to supplement their domestic offer with French races and our attractive pools. In 2015, we achieved excellent results in Scandinavia, in particular with our newest market in Norway, where a local punter actually won the Quinté+ in November.


With +11%growth in betsplaced last year, what factorsgive PMU acompetitiveedge in exportmarkets?AV_ Our development encompasses both common pool and separate pool betting. For separate pool – in other words, when winnings are calculated exclusively on the basis of the stakes collected in one country – we sell live race images and data to 29 countries. In this context, it is primarily the quality of the events and our information that makes the difference. In common pool betting – when winnings are calculated on the total stakes collected in all the different countries and merged into PMU pools in France – we sell, in addition to images and data, the PMU betting offer. This enables us to enhance the appeal of our races with the quality of our complete betting package, and above all to offer betting opportunities that are generally much more attractive given the size of our pools in France. We also strive to reciprocate wherever possible, importing more than 3,600 races from partners in 26 different countries.

XH_ On the global mutuel betting market, the quality of your races and the size of your pool are essentialto export success.In this context, we have a key advantage in that our common pool is among the best in the world, in spite of fi erce competition from other major racing nations. We are gaining an edge over our rivals thanks to the quality of our programmes and the attractiveness of our betting offer, which appeals to a wide customer demographic.Internationally, our races enjoy a very high reputation for quality. As with champagne, French excellence is a key export driver in our sector.

How do youexport theknowhow ofPMU and itsbetting offer?AV_ We have two strategies. Firstly,for B2B, where we have partnerships in 45 countries with local operators.We help them to supplement their domestic offer with French races and our attractive pools. In 2015, we achieved excellent results in Scandinavia, in particular with our newest market in Norway, where a local punter actually won the Quinté+ in November.

THE ESSENTIALS

We have just signed a partnership in Russia, for which we have high expectations this coming year.

XH_ For a long time, B2B was the only expansion vehicle for PMU. However, in some countries, the competition is fi erce, not only from rival operators, but from other types of gaming. To maintain a presence in markets with strong potential, we began to establish a B2C presence in 2013 by acquiring local operators or opening our own subsidiaries. We started in Belgium with the acquisition of Eurotiercé, then stepped up our activity in 2015 in Germany and Brazil. As a direct operator, PMU have more power to infl uence the market and its structure. Profi t from our common pool enables us to develop local subsidiaries, and this in turn has positive consequences for the French horseracing industry. Each case is unique, and we take the time to observe closely the conditions in each market and decide how our business model could enable further growth and development.

This year, PMUmade a majorstatement byestablishing alasting presencein Germanyand opening itsfi rst subsidiaryin Brazil. Howdid these twoinitiativescomeabout?

XH_ We were already present in Germany via a long-standing B2B partnership with the main local operator, German Tote. We therefore had excellent knowledge of the market, which – though underdeveloped – has strong potential. Germany, like France, is a country with a proud horseracing tradition, but the local racing associations can benefi t from a more dynamic betting offer.


dWe therefore took a majority stake in German Tote, which will allow PMU to guide its development. Our objective is to relaunch operations by signifi cantly expanding the betting offer, both on and offl ine, and above all by opening up the world of German horseracing to a wider audience. That will enable us to build a more robust European sector.

AV_ In the case of Brazil, it all began three years ago, when we were contacted by the Rio-based Jockey Club Brasileiro (JCB). Given that PMU enjoys an excellent reputation internationally, the idea was to develop the market with JCB by adapting the French horseracing sector’s structural model to Brazilian specifi cities. We implemented this strategy in 2015 with the launch of PMU Brasil, which has the mission of bringing the local horseracing sector and betting market into a new era.

There is already a good deal to build on, notably in terms of infrastructure, but in order to revitalize the market it will be necessary to offer more racing and betting on foreign content, to open new sales outlets, to launch online betting, and to consolidate and develop local industry knowhow and expertise.

Beyond anincrease inturnover, whatbenefi t doesPMU derivefrom theseexperiences?

AV_ Because each case is unique, every new initiative is a learning experience which enables us to constantly improve our offer and our model in France. Germany, for example, took us forward in terms of customer experience and betting possibilities at racecourses, which infl uenced our thinking around the launch of the new experience at Paris racecourses last September. Belgium allowed us to test our digital development model to offset regulatory restrictions on physical expansion. As a result, we fi ne-tuned our online strategy. Brazil, meanwhile, looks very promising in terms of questions surrounding the structure of the horseracing sector, and will no doubt provide us with new ideas to trial here in France.

THE ESSENTIALS

XH_It is also important to remember that, with each new partnership or direct involvement, our common pool becomes more competitive, offering our punters, both in France and abroad, an enhanced choice of bets and races. Alongside this, the boost to the racing industry as a whole means that the sport of horseracing is becoming more international, and talented participants are going global, which is always a good thing.

And tomorrow,China?

AV_ The Chinese market is highly unusual. Sports betting is allowed, but horserace betting is still prohibited. Nonetheless, there is an illegal parallel market around local races, which the Chinese authorities are attempting to clean up. Clearly, therefore, the punters exist, and there is a genuine appetite for horseracing. If the market were opened up, it would represent € 50 billion. We are therefore engaged in a long-term effort to work with and lobby Chinese authorities, presenting the French model as an opportunity for the government to curtail illegal betting and develop a thriving local horseracing sector.

XH_We have been nurturing this relationship in China for the past four years. It involves not only PMU, but the entire horseracing sector, and this year we opened a representative offi ce in Shanghai with France Galop, Le Cheval Français and the Union Interprofessionnelle du Cheval. The effort is economic as well as diplomatic. During the last state visit with President François Hollande, PMU was the only business in the delegation proposing a new model for horseracing in China, and our contacts are particularly interested in what we have to offer:a proven model for creating a virtuous circle in order to develop a robust market for the horseracing sector.


THE ESSENTIALS


R U L E

N U M B E R

0 2

B E

C A P A B L E

O F

R E I N V E N T I O N

THE ESSENTIALS

Or how PMU is renovatingits networkof sales outlets in fi ve adjectives.

To innovate, we must understand customer demand, satisfy it, and anticipate it. We must also be able to surprise.To do this, we are adapting our constantly growing network. Over 12,800 PMU sales outlets already provide effi cient, nationwide coverage. However, it was essential to invest in updating them in order to continue to build the loyalty of existing punters and recruit new ones.

This year, wespecifi callymobilized ourresources to ensure that ourcore business – horserace betting in sales outlets – wasthe fi rst to benefi tfrom the PMU 2020strategy.We are targeting both seasoned horserace punters and the wider public by segmenting our retail offer, while simultaneously bringing our outlets into the digital era by accelerating our upgrade programme.

1In

nova

tive

We have long believed that the emotion of betting could speak to everyone – providing we spoke to them in the right way. We have therefore reconfi gured our sales outlets according to three distinct concepts: updated classic PMU for seasoned racing followers, happy PMU to discover the world of betting in a

playful way, and PMU express to go straight to the point wherever you are. Focused on our hipiGo terminals, the happy PMU and PMU express concepts adopt practices of gaming and casinos to show horserace betting in a new light, less restricted to insiders and more open to all.

Particular attentionhas been devotedto the design,colours andlocation of thesenew spacesin everyday leisure and consumption destinations, in order to reach out to new punters without waiting for them to enter a PMU outlet.Ur

ban

3

PMU took many by surprise with the launch of a complementary, wholly owned network in cities across France.

These brandnew spaces,called PMU City,are entirely devotedto horseracingand located incity centres

– just where our traditional network was thin on the ground. Since 2011, we have opened 17 such spaces, with 30 planned by 2020. They are modern, connected outlets, which express the PMU spirit in a new way – more intense, more concentrated, more passionate

2

Besp

oke


We have long believed that the emotion of betting could speak to everyone – providing we spoke to them in the right way. We have therefore reconfi gured our sales outlets according to three distinct concepts: updated classic PMU for seasoned racing followers, happy PMU to discover the world of betting in a

playful way, and PMU express to go straight to the point wherever you are. Focused on our hipiGo terminals, the happy PMU and PMU express concepts adopt practices of gaming and casinos to show horserace betting in a new light, less restricted to insiders and more open to all.

Particular attentionhas been devotedto the design,colours andlocation of thesenew spacesin everyday leisure and consumption destinations, in order to reach out to new punters without waiting for them to enter a PMU outlet.Ur

ban

3

PMU took many by surprise with the launch of a complementary, wholly owned network in cities across France.

These brandnew spaces,called PMU City,are entirely devotedto horseracingand located incity centres

– just where our traditional network was thin on the ground. Since 2011, we have opened 17 such spaces, with 30 planned by 2020. They are modern, connected outlets, which express the PMU spirit in a new way – more intense, more concentrated, more passionate

2

Besp

oke

THE ESSENTIALS

tact

ile This year, we invested in the creation of a new customer experience at our Paris racecourses. To bring these temples of horseracing into the digital era and attract a new clientele, we implementeda concept around

personalization, accompaniment and new technology. These innovative spaces feature advice points and touch terminals enabling punters to place their bets at their own pace.

More welcoming,more convenient,more exciting,these new-lookracecoursesfacilities generateda positive responsefrom customers.

5

We are strongly committed to our network of sales outlets.

Culturally, cafésare the last bastionof conviviality inan increasinglyfast-moving world.

They are one of the rare places where people take the time to talk and to share. Their friendly, neighbourhood ambiance is at the heart of the PMU identity, and the renovation of our network remains fundamentally inspired by this spirit of conviviality. We like to think that we are contributing to a real-life social network and making the emotion of betting more accessible.co

nviv

ial

4


THE ESSENTIALS


K E E P

T H E

P A S S I O N

A L I V E

R U L E

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0 3

THE ESSENTIALS

Or how PMUis revitalizing its long-standing relationship with punters.

MaximizeWe are unique

– and fortunate – in that our client relationship is not limited to satisfaction with a one-off purchase. On the contrary, between us and our customers there is a long-standing transactional relationship, which is renewed every time a bet is placed. Such relationships are pretty rare… except, perhaps, with your local baker! It is this day-to-day relationship that we aim to maintain and maximize.

This emotion must be present in the bet intelligence, in the offer, the promotions, the special events, as well as in the way we accompany our clients physically and digitally.

Because we see ourcustomers every day,we need to offer theman experience on a parwith their passion.


On this dedicated platform open to all punters, members can chat on forums and receive assistance from both our advisers and their peers. For us, this “client-client” relationship is very important, because it vastly increases our capacity to listen and to respond to needs. Such exchanges and feedback enable punters to enjoy a complete experience and to share their emotion with others.

Our punters are much more than regular customers or subscribers – they are people with a passion. That is why we aim to create smooth, seamless experiences, so that nothing gets in the way of theirenjoyment. The harmony between online and offl ine is of vital importance, because it allows individual punters to bet exactly when, where and how they want.

Animate

This year, we decidedto extend theconvivial ambianceof our sales outletsby creating andanimating an onlinecommunity onentraide.pmu.fr.

THE ESSENTIALS

For our punters, the emotion of betting depends not only on the moving image, but also on our ability to inform them in real time. That is why, starting this year, Equidia Live now offers all its domestic broadcasts in HD, putting the punter right in the thick of the action thanks to unrivalled image quality. This development adds to the appeal of our sales outlets and enables everyone to enjoy racing to the full. Equidia Info and Equidia Live HD provide in real time all the information needed by those punters who love comparing data and forecasts. The quality of our horseracing information is another way for us to build customer loyalty and allow our punters to give free rein to their passion.

Over the past few years, we have stepped up our sporting sponsorship activities and rolled out initiatives to make the experience even more memorable for our players. In 2015, the “PSG Insider” project transformed a punter into a reporter who went behind the scenes of the Paris Saint-Germain Football Club for four weeks. We also arranged for a number of lucky winners to watch the fi nal of the Coupe de France from a platform 45 metres up above the Stade de France. Not to mention our many rugby initiatives and the Hip Poker Tour!

Inspire

Last but not least, we have reworked our identity and our advertising to put the punter at the heart of our message, making him both the target and the star. Emotion is in our DNA, and it is up to us to express that passion ever more intensely. Our goal is less victory on the fi eld than in the eyes of our punters.

Emotion is theessence of whatwe do, and we willcontinue to buildbridges betweendisciplinesbecause, for PMU,betting is a sportin itself.


THE ESSENTIALS

Where we areand what we do


COMMON POOLAustriaDenmarkEstoniaFinlandIrelandLuxembourgMaltaMonacoNetherlandsNew CaledoniaNorway RussiaSouth AfricaSpainSwitzerlandUnited States COMMON AND SEPARATE POOLBelgiumGermanySweden SEPARATE POOLAustraliaBeninBurkina FasoCameroonChileCongoDemocratic Republic of the CongoGabonGreeceGuinea ConakryHong KongHungaryItalyIvory CoastLebanonMadagascarMaliMoroccoNigerNew ZealandPoland Sri LankaSenegalSingaporeTogoUnited Kingdom

THE ESSENTIALS

The

esse

ntia

ls


WITH €8,992 MILLION

PLACED IN BETS IN

2015, PMU TOOK EVERY

FENCE IN STRIDE TO

REMAIN EUROPE’S

UNDISPUTED NUMBER ONE

HORSERACE OPERATOR.

PMU STAYED THE

COURSE THROUGHOUT

A CHALLENGING YEAR

MARKED BY ACCELERATED

INTERNATIONAL

DEVELOPMENT, NEW

OBLIGATIONS REGARDING

THE SEPARATION OF

BETTING POOLS, AND

GALLOPING DIGITAL

TRANSFORMATION

horserace betting

champion hurdler

01 2015, a landmark year

— PMU teams worked all year to prepare for the separation of online and offl ine betting pools, which came into effect in December. The change took place smoothly, with a limited impact on business and zero impact on punters. As forecast, bets declined by -2.6% online and by -3.1% in sales outlets.

Consolidating the trend of recent years, and the strategy adopted by PMU, bets placed via mobile devices registered strong growth (+26%). The share of mobile bets in online activity increased by 32% to represent 29% of online business in 2015.

Total horserace betting was down by -1.8%, a decline offset by dynamic international growth (+11%). The establishment of two new subsidiaries in Germany and Brazil confi rmed the upward trend of recent years, as did new partnerships in Norway, Russia and Sri Lanka, as well as the steady growth of existing partnerships in Belgium, Germany and Switzerland.

02 Innovation in the retail network

— With online boosted by the introduction of a new dedicated offer, the retail network was by no means off the pace in terms of innovation. The launch of a customer experience focused on accompaniment, personalization and new technology at Parisian racecourses represents an exciting development for the future.Finally, 375 new sales outlets opened in 2015 – more than one a day! – bringing their total number to 12,800. Of these, 2,500 have already been converted to offer the new concepts of PMU, happy PMU and PMU express

#1operatorin Europe

92%the share

of horserace betting in totalPMU business

THE ESSENTIALS

47 %of bets placed

via mobile devices

successful conversion

sports betting

SINCE THE OPENING OF ONLINE

BETTING IN 2010, PMU HAS

SUCCESSFULLY GAINED

A STRONGHOLD IN AN

EXTREMELY COMPETITIVE MARKET.

WHILE THE FIFA WORLD CUP

WAS THE HIGHLIGHT OF 2014,

IN 2015 THE RUGBY WORLD CUP

DELIVERED ON ITS PROMISES

WITH AN ARRAY OF OFFERS

GEARED, IN PARTICULAR,

TO BUILDING CUSTOMER LOYALTY

01 Loyalty pays

02 New ideas

— Despite the absence of a major football tournament, the number of bets placed was up by 4.9% to more than 22 million. This positive result can be attributed in particular to an increase in bonus initiatives, which are very popular with punters. Added to a higher response rate than in 2014, gross gaming revenue declined by 4.8%, but bets placed increasedby €8.2 million.

The major trend of 2014 continued, with bets placed via mobile devices up by 26% in value to represent 47% of business. Both live and combination betting also registered increases, respectively of 2.3% and 21.4% in volume.

And what of individual sports? With football losing 4 percentage points in value owing to the absence of a major event, both rugby and tennis were up by 3 points.

— 2015 was the year of new ideas. In late December, PMU became the fi rst French operator to offer betting on connected watches via an extension of its mobile applications. In mid-November, PMU launched Multibonus grids on its mobile platforms, allowing punters to place combinationbets quickly and easily, and be rewarded with cash bonuses when they win.

PMU stepped up its social media strategy throughout the year, increasing the number of Facebook fans by 52% and Twitter followers by a massive 158%. We are nurturing an ever closer relationship with fans via games offering free bets as prizes, promotions highlighting our FFF and PSG partnerships, and numerous live match tweets

#2sports

betting operator in France


Innovate and rule

— Unlike sports and horserace betting, poker has to create its own events in order to attract players. Twice a year, the French Poker Championship draws thousands of players over a 10-day period around more than 60 online tournaments with a total prize pool averaging € 700,000. Every year, more than a hundred different offers are rolled out to boost the three poker segments: cash games, Sit’n’Go and tournaments.

Live is another key dimension of the poker business. PMU is working to enhance the profi le and appeal of its brand by offering players the opportunity to qualify for the major WPT® National Events it sponsors (Paris, Marrakech and Cannes). The impressive results of the Team Pro also raise our profi le, with Erwann Pécheux fi nishing second in a World Series tournament in Las Vegas!

350tournaments offered

every day

25%of active playersuse the mobile

application

—Over the year, stakes declined by 4% and gross gaming revenue by 4.7%, though market share was up to 10.4% The slight drop in activity can be attributed to the absence of a Jackpot Sit’n’Go offer and the postponed delivery of new mobile applications, now scheduled for 2016.Cash games still dominate the table with 88% of stakes, but the tournament segment is recording the fastest growth with +7.8% in gross gaming revenue. The share of gross gaming revenue represented by mobile business has been increasing ever since launch, and currently stands at more than 15%.

#3poker operator

in France

IN A DECLINING

MARKET (-8%), PMU

POKER IS SUCCESSFULLY

MAINTAINING ITS

NUMBER THREE POSITION,

PLAYING ITS CARDS

RIGHT AND BUILDING

CUSTOMER LOYALTY

stablestakes

poker

THE ESSENTIALS

2015 in fi guresDE SP ITE A S LUGGISH ECONOMIC ENV IRONMENT ,

P MU SU C CESSFULLY L IM ITED THE DECL INE IN

ITS A C T IV ITY IN 20 15 THANKS TO CONCERTED

E FFORTS TO IMPLEMENT S IX KEY STRATEG IC

IN IT IA T IVES OF THE PMU 2020 PROGRAMME .

19jackpots won(a record)

+3.6%Increase in sports

betting (by volume) / 18% market share

3foreign subsidiaries

+ 25%Increase in bets via mobile devices (horserace betting, sports betting and poker)

12 ,800Sales outlets

Net profi t in 2015, paid in full to the racing

associations that are members of the EIG

Winningspaid out to punters

by PMU in 2015, a 75% rate of return

bets placed internationally,

an increase of +11%

Gross gaming revenue

Total bets placed in 2015

Total betson horseracing

in 2015

€807

€7.4

€808

€2.4

€9.8

€8.99

million

billion

million

billion

billion

billion


The implementationof major projects such as the transformation of the network of sales outlets and the relocation of the Data Center triggered a decline in operating profit (-4%), which was offset by strict cost control (+2.6%), resulting in net profit of €807 million, in line with objectives.

In million euros 2015 2014 Change

Stakes 9 797 9 979 -1,8%Return to punters 7 383 7 516 -1,8%Gross gaming revenue 2 414 2 463 -2,0%Gross margin before taxes 2 282 2 337 -2,4%Operating expenses -599 -584 2,6%Operating profit 1 683 1 753 -4,0%Net profit before taxes 1 683 1 749 -3,8%Taxes -876 -899 -2,6%Net profit 807 850 -5,1%

PMU is run by a management committee comprised of 11 members. Strategic decisions are submitted to the Board of Directors and the General Meeting, which is attended by the 60 racing associations which are members of the EIG.

Managementteam

THE ESSENTIALSTHE ESSENTIALS

FROM LEFT TO RIGHT _AYMERIC VERLET Head of International Development_BENOÎT COSSÉ Chief Financial Offi cer _SAMUEL LOISEAU Marketing and Clients Director _ ALAIN RESPLANDY-BERNARD Deputy General Manager _ XAVIER HÜRSTEL Chairman and CEO _ MYLÈNE COLLIN Human Resources Director_ PIERRE PAGÈS General Secretary _ ÉRIC BRION TV-Multimedia Division General Manager_ CHRISTOPHE LERAY Chief Operations and Information Offi cer _ MICHEL ODDOS Chief Retail Offi cer _ BENOÎT CORNU Chief Communication Offi cer

PMU - ACTIVITY REPORT 2015 30 / 31PMU - ACTIVITY REPORT 2015 30 / 31

Board of Directors

The 10 members of the PMU Board of Directors are elected by the General Meeting. They deliberate on all decisions relating to the company’s key strategic, economic, fi nancial, commercial and technological initiatives.The Board of Directors comprises the Chairman and CEO, the Deputy General Manager, four representatives of the French government and four representatives of the EIG:

THE ESSENTIALS

GovernanceTHE LEAD ING BETT ING OPERATOR IN EUROPE , AND THE TH IRD

LARGES T PAR I-MUTUEL BETT ING COMPANY WORLDWIDE , PMU IS

AN E IG COMPRIS ING 60 RACING ASSOCIAT IONS WHOSE

MIS S IONIS TO SUPPORT AND F INANCE THE DEVELOPMENT

OF THE FRENCH HORSERACING SECTOR .

Xavier HÜRSTELChairman and CEOof PMUl

Alain RESPLANDY-BERNARDDeputy General Manager

Édouard de ROTHSCHILDPresident ofFrance Galop

Dominique DE BELLAIGUEChairman of the Société d’Encouragementà l’Élevagedu Cheval Français

Hubert TASSINMember of the France Galop Committee

Joël SÉCHÉMember of the Board of Directors of the Société d’Encouragement à l’Élevage du Cheval Français

Véronique BORZEIXDeputy Director of Rural Development and Equine Affairs, Ministry of Agriculture, Food and Forests

Christian VANIERExecutive Director of the Institut Français du Cheval et de l’Équitation

Sophie MANTELDepartment Head, Budget Directorate, State Secretariat for the Budget

Henri HAVARDGeneral Inspectorof Finances

Also in attendanceFlorent GUHLGovernment Commissionerto PMU

Sylviane MIROUXState Controller

SECTOR

Amission:

to fi nance the French

horseracing sector

Historically, PMU has marketed bets on horseraces. Since 2010, it has also offered sports betting and poker. A wide range of betting options are offered 365 days a year, complete with associated services and all the information required by punters.

PMU net profi t is paid in full to the 60 racing associations which are members of the EIG, thus providing 80% of the income of the French horseracing sector. The racing associations fi nance the upkeep and modernization of the 242 racecourses and training centres, breeding operations, distribution of prize money and the organization of races, more than 16,500 of which are open to PMU betting.

The racing associations also contribute to the continuation of some hundred specialized trades, representing 180,000 jobs: jockeys, stable workers, grooms, farriers, riding instructors, veterinarians, saddlers etc.

Dynamic, resilient and well-structured, the French horseracing sector is healthy. It is a model respected by all countries with a horseracing tradition, and which is now being exported around the world.

Twosupervisory

bodiesPMU comes under the authority of two French government ministries: the Ministry of Agriculture, Food and Forests, and the State Secretariat for the Budget. In addition, the opening of any new sales outlet must be approved by the Ministry of the Interior.

EIGstatute

PMU is an Economic Interest Group (EIG) comprising 60 non-profi t racing associations. Amongst these, two parent companies regulate and fund races, each in its own discipline: France Galop for fl at and jump races, and Le Trot for trotting races.


General Meeting

The General Meeting brings together twice a year the representatives of the 60 racing associations which are members of the EIG. It approves the accounts and decides on the planning budget. Every four years, it appoints the Chairman and CEO and, on the latter’s recommendation, the Deputy General Manager. Both appointments must then be approved by the two supervising government ministries.

Une double tutelle

Le PMU opère sous la tutelle de deux ministères : le ministère de l’Agriculture, de l’Agroalimentaire et de la Forêt et le secrétariat d’État chargé du Budget. Toute ouverture d’un nouveau point de vente doit être autorisée par le ministère de l’Intérieur.

FILIÈRE

Une mission :

fi nancer la fi lière cheval

françaiseHistoriquement, le PMU commercialise des paris sur les courses de chevaux. Depuis 2010, le PMU propose des paris sportifs, ainsi qu’une offre de poker. 365 jours par an, il propose à ses clients une gamme variée de paris, des services associés et l’ensemble des informations nécessaires aux parieurs.

L’intégralité de son résultat net est rever-sée aux 60 sociétés de courses membres du GIE, assurant ainsi 80 % des revenus de la fi lière hippique française. Ces socié-tés fi nancent, notamment, l’entretien et la modernisation des 242 hippodromes et des centres d’entraînement ou d’élevage, la dotation des prix et l’organisation des courses, dont plus de 16 500 sont supports de paris PMU.

Elles contribuent également à la pérennité d’une centaine de métiers et de spéciali-tés, représentant 180 000 emplois : jockeys, palefreniers, soigneurs, maréchaux-ferrants, moniteurs d’équitation, vétérinaires, sel-liers, etc.

Dynamique, durable et bien structurée, la fi lière française se porte bien. Elle consti-tue un modèle reconnu par tous les pays de cheval sur la planète. Un modèle qui s’exporte, aujourd’hui, à l’international.

Un statut de GIE

Le PMU est un groupement d’intérêtéconomique (GIE) constitué de 60 sociétés de courses, toutes associations à but non lucratif. Parmi elles, deux sociétés mères réglementent et dotent les courses, cha-cune dans sa discipline : France Galop pour les courses de plat et d’obstacles, et Le Trot pour les courses de trot.

PMU – RAPPORT D’ACTIVITÉ 201534 / 35

Uneassemblée

généraleL’assemblée générale réunit les repré-sentants des 60 sociétés de courses membres du GIE deux fois par an. Elle statue sur les comptes et se pro-nonce sur le budget prévisionnel. Tous les quatre ans, elle nomme le Président-directeur général et, sur proposition de ce dernier, le Directeur général délégué. Ces nominations sont ensuite agréées par les ministères de tutelle.

THE ESSENTIALS

BettingbetterA T P MU , BETT ING HAS ALWAYS BEEN COMBINED

WITH A SENSE OF RESPONS IB I L I TY . WE ARE WELL

A W A RE T HAT A POS IT IVE BETT ING EXPER I ENCE

IS ONE THAT TAKES P LACE WITH IN A SECURE

C ONTE XT , WHERE AL L INVOLVED ARE IN FUL L

P OSSE SS ION OF THE IR FACULT I ES , AND RESPECT

A SE T OF COMMON-SENSE RULES .

Responsible gaming

— As early as 2008, we laid down our philosophy in a charter entitled “Our responsibility, our commitments”, which defi nes the framework for our permanent communication initiatives and our responsible gaming rules. These guidelines apply equally to all our employees, sales outlet managers and punters.

Sales outlet managers, who are our front-line ambassadors, benefi t from a dedicated programme comprising a specifi c brochure and an e-learning module to regularly update their knowledge of the fundamentals of responsible gaming.

Supported by simple, accessible and non-judgmental messages, our strategy is designed to promote positive behaviours. It is focused on four key themeswhich form the basis of our ongoing communication drive.

— Each year since 2013, we have chosen to highlight one theme in particular, deploying the majority of our initiatives around its message. After the prohibition of credit betting in 2013 and the prohibition of underage betting in 2014, this year we publicized the dangers of betting when under the infl uence of alcohol. To accompany the message “alcohol and betting are not a good match”, we distributed two million brochures to our customers and installed specifi c display units in our sales outlets. We also rolled out a specifi c e-learning module for outlet managers which featured a quiz game encouraging them to take ownership of the message.

In addition to this themed communication, every PMU touch screen and payment terminal displays our responsible gaming campaigns for our punters to see. They also feature on the banners of our websites and mobile applications.

THE FOUR THEMES OF

RESPONS IBLE GAMING

Betting is only for over-18s: minors must not play for money. It is forbidden by law. The earlier betting starts, the greater the risk that it deviates from a recreational activity into a serious habit or even addiction.

1

Playing whatever the cost is not a good bet:it is important to be aware of extreme behaviours, such as impulsive gambling, the immediate urge to recover losses, and the impression of being able to control chance.

2

Betting on credit is not allowed sales outlets are prohibited from offering credit to punters. Credit betting is a risk both for the outlet manager, who might never be paid, and for the punter, who accrues debts in order to fund his betting. It is a process that can lead to fi nancial, moral and family problems.

3

Alcohol and betting are not a good match:gaming requires clear thinking. The decision to place a bet must never be impulsive, but always deliberate. Alcohol can infl uence the way someone plays. Under the infl uence of alcohol, ideas become mixed up and excitement can lead to a loss of control.

4

— The 2012 carbon assessment was clear: we had improvements to make in terms of energy saving, recycling, consumption, transport… and we were going to need a helping hand! Enter, in 2014, Oscar Touvert, a cartoon jockey with a winning smile who gives our employees tips on waste sorting and reduction, energy savings and alternative means of transport, and links them to in-house initiatives, such as our partnership with the BlaBlaCar car-pooling service and the free mugs provided to replace disposable cups. Between them, Oscar and our employees have succeeded in reducing our paper consumption by half and our energy usage by -11%!

Oscar tips

Solidarity rules


at PMU, CSR isa wayof lifeSINCE 2012 AND ITS FIRST EVER CARBON

ASSESSMENT, PMU HAS BEEN RAISING

AWARENESS AMONG ITS EMPLOYEES

TO ENVIRONMENTALLY RESPONSIBLE

ACTIONS IN THE CORPORATE SETTING.

THE SAME POSITIVE APPROACH APPLIES

TO SOLIDARITY-BASED PHILANTHROPIC

INITIATIVES, ENABLING INDIVIDUALS TO USE

THEIR SKILLS FOR THE BENEFIT OF OTHERS.

IN JUST THREE YEARS, CORPORATE SOCIAL

RESPONSABILITY (CSR) HAS BECOME A

WAY OF LIFE SHARED BY ALL.

CSR

— In 2014, after an in-house consultation with employees, PMU restructured its corporate solidarity strategy in line with its core values. To encourage social involvement and support economic initiatives, three levels of commitment are open to employees. In partnership with the association Pro Bono Lab, employees can donate their time and expertise to advise an association on, for example, marketing, fi nance or communication, thus helping it bring a project to fruition. In 2015, such missions benefi tted Talents Optimistes, which supports new university graduates seeking to enter the world of work, and UPTIH, which assists self-employed people with a handicap in attaining their goals.

PMU also offers employees who have already committed to an association the opportunity to present their project to a panel chaired by Xavier Hürstel in order to obtain fi nancial backing. In 2015, the panel chose the Association Française des Femmes Pilotes, which offers scholarships to women who want to train in an aspect of aviation.

Last but not least, PMU encourages its employees to support a young person through studying and job-seeking. Two associations were selected for their affi nity with the values of PMU: Sport dans la Ville, which aims to promotethe social and professional integrationof young people from deprived areas via sport, and which accompanies600 young people via its “job in the city” programme; and Frateli, which provides professional mentoring for high-potential scholarship students.

THE ESSENTIALS

FOR THE PAST S IX YEARS , PMU HAS SPONSORED

CONTEMPORARY PHOTOGRAPH IC CREAT ION . EACH

YEAR HAS PRESENTED A UN IQUE V IS ION OF THE WORLD

OF GAMING , AS SEEN BY AN ART IST .

C A R T E

B L A N C H E P M U

T H I E R R Y

F O N T A I N E

Carte blanche PMU opened a new chapter in its history with an exhibition in the Photography Gallery of the Pompidou Centre. Inaugurated in 2010 with the renowned LE BAL arts centre, the competition has expanded to such an extent that it can now addressa wider audience – visitors to France’s leading centre for contemporary art – with a vision that reveals PMU in an entirely new light.

The 2015 winner, Thierry Fontaine, puts himself in the place of punters in order to bring to life the dreams associated with betting. He presents punters as alchemists, dreaming of transforming lead into gold. “Nothing is impossible,” he says. “It is about switching roles, transforming the player into a dream, and the dream into a player.”

In addition to the exhibition at the Pompidou Centre, the artist’s work was rewarded with a €20,000 prize and a book published by Editions Filigranes.


“THE CARTEBLANCHE PMU 2015”JUDGING PANEL:

Paula Aisemberg Director ofLa Maison Rouge

Jacqueline d’AmécourtPresident of the Honorary Committee of the IACCCA (International Association of Corporate Collections of Contemporary Art)

Valérie BelinArtist

Olivier Cablat Photographer,winner of Carte blanche PMU 2012

Clément ChérouxCurator at the Centre Pompidou Musée National d’Art Moderne – Centre de Création Industrielle – Head of Photography

Benoît CornuChief Communication Offi cer of PMU, Chair of the judging panel

Diane DufourDirector of Le BAL

Nicolas Ferrand Collector, founder of Le Quotidien de l’Art

Chantal NedjibPresident of L’Image par l’Image

In using Cocoon Silk and Cocoon Offset

rather than non recycled paper,

the environmental impact of this annual rapport is reduced by:

701 kg of materialssent to landfi lls

1,139kg of wood

1,278kWh in power supply

20,483litres of water

1,018km travelled

in an average European car

102kg of CO2

PMU - INTERNATIONAL DEPARTMENT: 2, rue du Professeur Florian Delbarre- 75 734 Paris Cedex 15 - [email protected] — www.pmu.fr —

Publishing Director Benoît Cornu Managing Editor Céline Gillet Editor-in-Chief Laurence Mercier Technical adviser Annie Gatesoupe

Design And Conception: agence Aristophane Photography: Fréderic Stucin / Silo

Documents

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