In other words, the mapping x↦γx is a homomorphism from the magma E to the set EE of mappings of E into itself with the law (f,g)↦f∘g; the mapping x↦δx is a homomorphism of E into the set EE with the opposite law. If E is a monoid, these homomorphisms are unital.
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.