http://portaildoc.univ-lyon1.

fr

Creative commons : Paternité - Pas d’Utilisation Commerciale -

Pas de Modification 2.0 France (CC BY-NC-ND 2.0)

http://creativecommons.org/licenses/by-nc-nd/2.0/fr
DURAFOUR
(CC BY-NC-ND 2.0)
 





81,9(56,7(&/$8'(%(51$5'/<21
)$&8/7('(3+$50$&,(
,167,787'(66&,(1&(63+$50$&(87,48(6(7%,2/2*,48(6


            Qƒ




7+(6(

3RXUOH',3/20('
(7$7'('2&7(85(13+$50$&,(



3UpVHQWpHHWVRXWHQXHSXEOLTXHPHQWOH-XLQSDU

0'85$)2853LHUUH$QWRLQH
1pOH-XLQ

j6DLQW(WLHQQH







/¶,03257$1&('(6(78'(6'(67$%,/,7('$16/('20$,1(
3+$50$&(87,48(
48$/,7(5(*/(0(17$7,21(7352&(6686*(1(5$/







-85<


0/20%(5*(77KLHUU\3URIHVVHXUGHV8QLYHUVLWpV

0PH3$5,6'RPLQLTXH5HVSRQVDEOHGX/DERUDWRLUHGH&RQWU{OH4XDOLWpGH0\ODQ

0(7728$7,/DXUHQW0DLWUHGH&RQIpUHQFHVGHV8QLYHUVLWpV+'5

0%/$+$'LGLHU0DLWUHGH&RQIpUHQFHVGHV8QLYHUVLWpV±+'5

002816())UHGG\3KDUPDFLHQ+RVSLWDOLHU


 
DURAFOUR
(CC BY-NC-ND 2.0)
 



 
DURAFOUR
(CC BY-NC-ND 2.0)









 
DURAFOUR
(CC BY-NC-ND 2.0)
 

 
DURAFOUR
(CC BY-NC-ND 2.0)






 
DURAFOUR
(CC BY-NC-ND 2.0)


 
DURAFOUR
(CC BY-NC-ND 2.0)
ZĞŵĞƌĐŝĞŵĞŶƚƐ

A l’ensemble des membres constituants mon jury de thèse

$ 0RQVLHXU 7KLHUU\ /20%(5*(7 F¶HVW XQ KRQQHXU GH YRXV DYRLU FRPPH
3UpVLGHQWGHFHMXU\GHWKqVH-HVXLVWUqVILHUTXHYRXVD\H]DFFHSWpGHP
DFFRPSDJQHUHW
GH PH SUpVLGHU SRXU FHWWH DYHQWXUH DSUqV P¶DYRLU GpMj HQFDGUp ORUV GH OD SUpVHQWDWLRQ GH
PRQPpPRLUH$+8-HYRXVPDQLIHVWHDLQVLPDVDWLVIDFWLRQG¶DYRLUSXFRPSWHUVXUYRXV
WRXWDXORQJGHPRQFXUVXVGH3KDUPDFLHHWGHYRXVDYRLUHXjPHVF{WpVORUVGHVJUDQGHV
pFKpDQFHVTXLRQWFRPSWpHVSRXUPRL
$ 0DGDPH 'RPLQLTXH 3$5,6 YRXV P¶DYH] DFFRUGp YRWUH FRQILDQFH GqV TXH MH
YRXVDLSDUOpGHPRQSURMHWGHWKqVH-HYRXVUHPHUFLHG¶DYRLUpWpPDGLUHFWULFHGHWKqVH
GHP¶DYRLUJXLGpJUkFHjYRVSUpFLHX[FRQVHLOVHWMHYRXVGLVHQFRUHPHUFLSRXUYRWUHDLGH
WUqVLPSRUWDQWH-HYRXVWpPRLJQHPRQSURIRQGUHVSHFWHWPDSOXVJUDQGHJUDWLWXGH
$0HVVLHXUV'LGLHU%/$+$HW/DXUHQW(7728$7,MHVXLVWUqVFRQWHQWTXHYRXV
D\H]DFFHSWpVGHIDLUHSDUWLHGHPRQMXU\GHWKqVH-HYRXGUDLYRXVUHPHUFLHUSRXUO¶LQWpUrW
SRUWp j PRQ WUDYDLO HW pJDOHPHQW SRXU YRV FRXUV YRV FRQVHLOV ELHQYHLOODQWV HW YRWUH
DFFRPSDJQHPHQWGXUDQWPHVDQQpHVG¶pWXGHVjO¶,QVWLWXWGHV6FLHQFHV3KDUPDFHXWLTXHV
HW%LRORJLTXHV
$ 0RQVLHXU )UHGG\02816()3KDUPDFLHQ+RVSLWDOLHUTXHM¶DLFRQQXDXFRXUV
GHPDqPHDQQpHKRVSLWDORXQLYHUVLWDLUH-HOHUHPHUFLHJUDQGHPHQWFHIXWXQSULYLOqJHGH
EpQpILFLHUGHODSpGDJRJLHG¶XQHWHOOHSHUVRQQHDXF°XUGHPRQF\FOHXQLYHUVLWDLUH-HVXLV
WUqVVDWLVIDLWGHFRQFOXUHFHGHUQLHUDYHFVDSUpVHQFHGDQVPRQMXU\GHWKqVH-HOXLDVVXUH
GRQFPDSOXVJUDQGHHVWLPH

A ma famille

$PRQSqUHSRXUVRQVRXWLHQVDQVIDLOOHSRXUQRWUHFRPSOLFLWpVSRUWLYHHWSRXUWRXW
VRQDPRXU

$PDPqUHVDQVTXLMHQHVHUDLSDVOjDXMRXUG¶KXLTXLDWRXMRXUVFUXHQPRLHWTXL
P¶DWRXMRXUVVRXWHQX


 
DURAFOUR
(CC BY-NC-ND 2.0)
 $ &DPLOOH PRQ kPH V°XU PD ©SUHVTXHª MXPHOOH GRQW MH VXLV WUqV ILHU HW j
*HUPDLQPRQEHDXIUqUHDYHFWRXWHPRQDIIHFWLRQ

$PHVJUDQGVSDUHQWVSRXUOHXUDPRXUHWOHXUWHQGUHVVHHWj0DPLH'DQLHOOHSDUWLH
ELHQWURSW{WTXLGHOjKDXWHVWM¶HVSqUHWUqVILqUHGHPRL

$ PHV RQFOHV HW WDQWHV TXH MH UHMRLQV GDQV OH FRUSV VFLHQWLILTXH DYHF XQH JUDQGH
ILHUWp

$5RPDLQHW3DXOLQHj0DQRQHW/RXQLVj$OLFHHW0DWWKLDVj4XHQWLQHW-XOLHj
&pFLOHHWj-XVWLQHSRXUQRWUHFRPSOLFLWpGHSXLVDQV

0HUFLjWRXV-HYRXVDLPH

Aux personnes qui m’ont accompagnés tout au long de mes années
d’études

-HYRXGUDLWpPRLJQHU PDUHFRQQDLVVDQFHjWRXVOHVSURIHVVHXUVTXHM¶DLSXFURLVHU
SHQGDQWPDIRUPDWLRQjO¶,QVWLWXWGHV6FLHQFHV3KDUPDFHXWLTXHVHW%LRORJLTXHVGH/\RQ
,OV  P¶RQW SHUPLV G¶DFTXpULU OHV FRPSpWHQFHV TXH MH SRVVqGH HW F¶HVW JUkFH j HX[ TXH MH
SHX[PHWWUHHQ°XYUHFHVFRPSpWHQFHVTXRWLGLHQQHPHQW0HUFLjYRXV
-¶DLPHUDL DXVVL UHPHUFLHU OH SHUVRQQHO GH 0\ODQ TXL P¶D SHUPLV G¶LQWpJUHU HW GH
FRPSUHQGUH OH PRQGH SURIHVVLRQQHO DX VHLQ GH O¶HQWUHSULVH j &KkWLOORQVXU&KDODURQQH
QRWDPPHQW0DGDPH&ODLUH-$&48(7SRXUWRXWHVOHVLQIRUPDWLRQVTX¶HOOHP¶DDSSRUWpH
SRXUOHVFRQVHLOVTX¶HOOHP¶DGRQQpHSRXUVRQVXLYLHWSRXUVDSDWLHQFHDXFRXUVGHPRQ
DQQpH G¶DOWHUQDQFH '¶DXWUH SDUW MH VRXKDLWH UHPHUFLHU JUDQGHPHQW 0HVGDPHV 'HOSKLQH
'(%285*)UDQoRLVH0211(5(70RQLTXH7+(%$8/7HW0XULHOOH3(,//21SRXU
DYRLU UpSRQGX j SOXVLHXUV GH PHV TXHVWLRQV SULV GX WHPSV SRXU P¶DLGHU GDQV FHUWDLQHV
WkFKHV HW GRQW OD SUpVHQFH j PHV F{WpV D pWp WUqV EpQpILTXH WRXW DX ORQJ GH PRQ
DSSUHQWLVVDJH
8QJUDQGPHUFLpJDOHPHQWjWRXWHVOHVSHUVRQQHVGHOD3KDUPDFLHGHO¶+{SLWDO1RUG
GH6DLQW(WLHQQHj0RQVLHXU*ZHQDsO0211,(5j0DGDPH/DHWLWLD*5$7$/283j
0DGDPH-LKHQ%2866(77$j0DGDPH(OLVH&/$9,(5j0RQVLHXU<DQQLFN7KLYHOj

 
DURAFOUR
(CC BY-NC-ND 2.0)
1DWKDOLHHWj,UqQH&HVPRLVSDVVpVHQYRWUHFRPSDJQLHUHVWHFRPPHO¶XQGHVPHLOOHXUV
SDVVDJHVGHPDYLHJUkFHjYRVULUHVHWOHERQKHXUTXHYRXVDPHQH]FKDTXHMRXUHQYHQDQW
IDLUHYRWUHWUDYDLO-HYRXVUHPHUFLHWRXVGXIRQGGHPRQF°XU

A tous mes amis

$ $QWRLQH HW 0DULQH j -HDQ0DUF HW $QQLH j ,VDEHOOH HW 3KLOLSSH j 9LFWRU HW
$UWKXUj<YHVHW%ULJLWWHPDGHX[LqPHIDPLOOH0HUFLG¶rWUHjPHVF{WpV9RXVFRPSWH]
pQRUPpPHQWSRXUPRL
$PRQpTXLSHOD©7HDP$XWULFKLHQQHªFRPSRVpHGH$OH[$QJpOLTXH0DWWKLHX
&DPLOOH &DUROLQH 7RP /RwV /DXULQH 6WHIIL 6LG HW 0DULRQ PHUFL SRXU YRWUH ERQQH
KXPHXUPHUFLSRXUFHVIRXVULUHVHWPHUFLSRXUWRXWHVFHVVRLUpHVSDVVpHVDYHFYRXV
$X&+86(PHUFLj)ORULDQHW%HQMDPLQSRXUFHVKHXUHVSDVVpHVjUpYLVHUOH&63
PHUFLj)ORULDQHW7KRPDVSRXUFHVKHXUHVSDVVpHVSUqVGHODPDFKLQHjFDIpPHUFLj/pR
HW7RPSRXUFHVKHXUHVSDVVpHVHQWHPSVTX¶H[WHUQHDYHFYRXV0HUFLOH&+86(SRXUFHV
JUDQGVPRPHQWVGHULJRODGHV
$ PHV DPLV GX O\FpH HW GH OD 3$&(6 0DWWKLHX 0DWKLHX &KORp 6DUDK HW
%HQMDPLQTXLP¶RQWDFFRPSDJQpVVXUPRQWUDMHWGHSXLVPDLQWHQDQWXQHGL]DLQHG¶DQQpHV
0HUFLSRXUYRWUHVRXWLHQHWSRXUWRXVFHVPRPHQWVSDVVpVHQVHPEOHV
$$OH[DQGUH&DQDUGPHUFLSRXUWRXWPHUFLG¶DYRLUVRXIIHUWDYHFPRLSRXUO¶2/HW
VXUWRXWPHUFLSRXUWRXVFHVULUHVSDUWDJpVDYHFWRL
$ PHV DPLV VWUDVERXUJHRLV (ORGLH 0DUWLQ <DQQ 3DXO <RDQQ *DXWKLHU (OLVH
$[HOOH.DOLQD/RwF0DUJRWPHUFLSRXUOHVVRLUpHV%DUEHURXVVHHWPHUFLSRXUQRVSDUWLHV
GH ULJRODGH 0HUFL D WRXV GH P¶DYRLU IDLW GpFRXYULU FHWWH PDJQLILTXH YLOOH DLQVL TXH OD
0HLQDX-HYRXVDGRUHQHFKDQJH]VXUWRXWSDV
$6DP¶OH*HUYDLVIXWXUJROIHXUHQSUpYLVLRQPHUFLSRXUWDSUpVHQFH
$-HOOHO¶$PVWHOORGDPRLVXQJUDQGPHUFLSRXUW¶DYRLUFRQQX

0HUFL j YRXV WRXV SRXU FHV PRPHQWV TXH M¶DL SX DYRLU DYHF FKDFXQ G¶HQWUH YRXV
GHSXLVDQVHWMHO¶HVSqUHSRXUOHVSURFKDLQHVDQQpHVSXLVHQFRUHGHQRXYHDXDQV
0HUFL


 
DURAFOUR
(CC BY-NC-ND 2.0)
dĂďůĞĚĞƐŵĂƚŝğƌĞƐ

Remerciements............................................................................................................................7
Tabledesmatières...................................................................................................................10
Tabledesfigures.......................................................................................................................13
Tabledestableaux...................................................................................................................14
Listedesannexes......................................................................................................................15
Listedesabréviationsetacronymes.................................................................................16
Introduction...............................................................................................................................18
I/Pourquoiréaliserdesétudesdestabilité?................................................................21
II/NotionsliéesàlaQualité.................................................................................................23
1. LeSystèmeQualitéPharmaceutique..................................................................................24
2. LaQualitédansl’industriepharmaceutique....................................................................26
3. LaQualitéaulaboratoiredecontrôle.................................................................................28
4. LaQualitédumédicament......................................................................................................28
5. LesBonnesPratiquesdePréparationhospitalières.....................................................30
III/Exigencesréglementaires..............................................................................................31
1. ICHQ1.............................................................................................................................................32
ͳǤͳǤ ͳȋʹȌȂ–ƒ„‹Ž‹–›‡•–‹‰‘ˆ‡™”—‰—„•–ƒ…‡•ƒ†”‘†—…–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ʹ
ͳǤʹǤ ͳȂ–ƒ„‹Ž‹–›‡•–‹‰ǣŠ‘–‘•–ƒ„‹Ž‹–›‡•–‹‰‘ˆ‡™”—‰—„•–ƒ…‡•ƒ†
”‘†—…–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵͵
ͳǤ͵Ǥ ͳȂ–ƒ„‹Ž‹–›‡•–‹‰ˆ‘”‡™‘•ƒ‰‡ ‘”•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵͸
ͳǤͶǤ ͳǦ”ƒ…‡–‹‰ƒ†ƒ–”‹š‹‰‡•‹‰•ˆ‘”–ƒ„‹Ž‹–›‡•–‹‰‘ˆ‡™”—‰
—„•–ƒ…‡•ƒ†”‘†—…–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵͸
ͳǤͷǤ ͳȂ˜ƒŽ—ƒ–‹‘ˆ‘”–ƒ„‹Ž‹–›ƒ–ƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͺ
ͳǤ͸Ǥ ͳ Ǧ–ƒ„‹Ž‹–›ƒ–ƒƒ…ƒ‰‡ˆ‘”‡‰‹•–”ƒ–‹‘’’Ž‹…ƒ–‹‘•‹Ž‹ƒ–‹…‘‡•
ƒ†ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͻ
2. Guidestabilitédel’OMS...........................................................................................................40
3. “Guidelineondeclarationofstorageconditionsintheproductinformationof
medicalproductsandforactivesubstances”del’EMA.........................................................40
IV/Facteursd’instabilitédesmédicaments...................................................................42
1. Facteursextrinsèques..............................................................................................................43
ͳǤͳǤ ƒ–‡’±”ƒ–—”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͵
ͳǤʹǤ ǯŠ—‹†‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͵
ͳǤ͵Ǥ ǯ‘š›‰°‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͶ
ͳǤͶǤ ƒŽ—‹°”‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͶ
ͳǤͷǤ ǯ‹•–ƒ„‹Ž‹–±‹…”‘„‹‘Ž‘‰‹“—‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͷ
ͳǤ͸Ǥ —–”‡•ˆƒ…–‡—”•‡š–”‹•°“—‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͷ
2. Facteursintrinsèques...............................................................................................................46
ʹǤͳǤ ‡•›•–°‡±†‹…ƒ‡–‡—šǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͸
ʹǤʹǤ ‡•‹–‡”ƒ…–‹‘•…‘–‡ƒ–Ȃ…‘–‡—ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͸
ʹǤ͵Ǥ ‡’ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͹
ʹǤͶǤ ‡’‘Ž›‘”’Š‹•‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ͹
3. Conditionsdestockage............................................................................................................47
4. Exemplesdemédicamentsinstables..................................................................................48

 
DURAFOUR
(CC BY-NC-ND 2.0)
V/Processusgénéralsurlesétudesdestabilitédesmédicaments.......................53
1. Objectifsetconditionsdesétudesdestabilité................................................................53
2. Conceptiondesétudesdestabilité......................................................................................54
ʹǤͳǤ –—†‡•†‡•–”‡••ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͶ
ʹǤʹǤ –—†‡•‡…‘†‹–‹‘•ƒ……±Ž±”±‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͷ
ʹǤ͵Ǥ –—†‡•‡–‡’•”±‡ŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͷ
3. Typesd’étudesdestabilité.....................................................................................................55
͵ǤͳǤ –—†‡•
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷ͹
͵ǤʹǤ –—†‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷ͹
͵Ǥ͵Ǥ –—†‡••’±…‹ˆ‹“—‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͺ
4. Processusdegestiondesétudesdestabilité...................................................................59
ͶǤͳǤ ”‘–‘…‘Ž‡†ǯ—‡±–—†‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͳ
ͶǤʹǤ ‹•‡‡’Žƒ…‡†ǯ—‡±–—†‡†‡•–ƒ„‹Ž‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͳ
ͶǤ͵Ǥ —‹˜‹†‡•±…Š±ƒ…‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ͷ
ͶǤͶǤ ’±…‹ˆ‹…ƒ–‹‘•‡–…‘–”ØŽ‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͷ
ͶǤͶǤͳǤ ‡•–‡•–•—‹˜‡”•‡Ž•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸͸
ͶǤͶǤʹǤ ‡•–‡•–••’±…‹ˆ‹“—‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸͹
ͶǤͷǤ ˜ƒŽ—ƒ–‹‘†‡•”±•—Ž–ƒ–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͺ
ͶǤ͸Ǥ ƒ’’‘”–†ǯ—‡±–—†‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ͻ
VI/Exempled’uneétudedestabilitéenindustriepharmaceutique.....................71
1. Informationsprincipales.........................................................................................................72
ͳǤͳǤ ‘†‡Žǯ±–—†‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ʹ
ͳǤʹǤ ‘†‹–‹‘•†‡•–‘…ƒ‰‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ʹ
ͳǤ͵Ǥ ›’‡†ǯ±–—†‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ʹ
ͳǤͶǤ —±”‘†‡Ž‘–†‡Žǯ±…Šƒ–‹ŽŽ‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ʹ
ͳǤͷǤ —±”‘†‡Ž‘– †‡Žǯ±…Šƒ–‹ŽŽ‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵
ͳǤ͸Ǥ …Š±ƒ…‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵
ͳǤ͹Ǥ ‡•–•‡–…”‹–°”‡•†ǯƒ……‡’–ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵
2. Autresinformations..................................................................................................................73
ʹǤͳǤ ±ˆ±”‡…‡†‡•†‘±‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͵
ʹǤʹǤ ”±•‡…‡‘—‘†ǯ‹˜‡•–‹‰ƒ–‹‘‡–Ȁ‘—†ǯ‹…‹†‡…‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ͷ
ʹǤ͵Ǥ ‘ˆ‘”‹–±‘—‘…‘ˆ‘”‹–±†‡•”±•—Ž–ƒ–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ͷ
ʹǤͶǤ ƒ–‡•‡–’ƒ”ƒ’Š‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ͷ
3. ContrôlesphysicoǦchimiquesetmicrobiologiques........................................................74
͵ǤͳǤ ’’ƒ”‡…‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͷ
͵ǤʹǤ —”‡–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͷ
͵Ǥ͵Ǥ ‘•ƒ‰‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͸
͵ǤͶǤ ‹ˆ‘”‹–±†‡ƒ••‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͹
͵ǤͷǤ ‹••‘Ž—–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͹
͵Ǥ͸Ǥ ‹‹–‡•‹…”‘„‹‡‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͺ
4. Conclusiondel’étude................................................................................................................79
VII/RevueAnnuelleQualitéduProduit..........................................................................79
1. Référentielsréglementairesdebase..................................................................................79
ͳǤͳǤ ‘‡•”ƒ–‹“—‡•†‡ ƒ„”‹…ƒ–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͲ
ͳǤʹǤ ͹ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͲ
ͳǤ͵Ǥ ͳͲǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͳ
ͳǤͶǤ  ƒƒ†‹‡‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͳ
ͳǤͷǤ
ʹͳ ǡʹͳͳǤͳͺͲȋ ȌǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺʹ
2. Objectif...........................................................................................................................................83
3. ContenudelaRAQP...................................................................................................................83
VIII/Lesétudesdestabilitédesmédicamentsàl’hôpital.........................................86
1. Méthodologiegénérale.............................................................................................................87

 
DURAFOUR
(CC BY-NC-ND 2.0)
 2. Analysesàréaliserenfonctiondesformespharmaceutiques..................................87
3. Stabilitémicrobiologiquedespréparations.....................................................................90
4. Interprétationdesrésultats...................................................................................................92
5. Exemplesdepréparationsnonstabilisées.......................................................................94
Conclusion...................................................................................................................................96
Bibliographie.............................................................................................................................98
Annexes......................................................................................................................................102


 
DURAFOUR
(CC BY-NC-ND 2.0)
dĂďůĞĚĞƐĨŝŐƵƌĞƐ

‹‰—”‡ͳǣ–”—…–—”‡†—ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͲ
‹‰—”‡ʹǣ‡••‹”‡’”±•‡–ƒ–Žƒ’‡”…‡’–‹‘†‡Žƒ—ƒŽ‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͶ
‹‰—”‡͵ǣ‘‰‹‰”ƒ‡†‡†±…‹•‹‘’‘—”Žǯ‡••ƒ‹†‡’Š‘–‘•–ƒ„‹Ž‹–±†‡•±†‹…ƒ‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵Ͷ
‹‰—”‡ͶǣŠƒ„”‡†‡–‡•–†‡’Š‘–‘•–ƒ„‹Ž‹–±’‘—”Žǯ‹†—•–”‹‡’Šƒ”ƒ…‡—–‹“—‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͷ
‹‰—”‡ͷǣš‡’Ž‡†ǯ—‡‡…‡‹–‡…Ž‹ƒ–‹“—‡—–‹Ž‹•±‡Ž‘”•†‡•±–—†‡•†‡•–ƒ„‹Ž‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷ͸
‹‰—”‡͸ǣ‡•†‹ˆˆ±”‡–‡•±–ƒ’‡•†—’”‘…‡••—•†‡•±–—†‡•†‡•–ƒ„‹Ž‹–±†‡•±†‹…ƒ‡–•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ͳ
‹‰—”‡͹ǣš‡’Ž‡†ǯ—‡±–‹“—‡––‡Ž‘”•†‡Žƒ‹•‡‡’Žƒ…‡†ǯ—‡±–—†‡†‡•–ƒ„‹Ž‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸ʹ
‹‰—”‡ͺǣ…Š±ƒ”±•—ƒ–Žƒ‹•‡‡’Žƒ…‡†ǯ—‡±–—†‡†‡•–ƒ„‹Ž‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸Ͷ
‹‰—”‡ͻǣ±•—±†—’”‘‰”ƒ‡†—•—‹˜‹ƒ—‡Ž†‡•±–—†‡•†‡•–ƒ„‹Ž‹–±ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹Ͳ
‹‰—”‡ͳͲǣ’’ƒ”‡‹ŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹͸
‹‰—”‡ͳͳǣ’’ƒ”‡‹Ž†‡†‹••‘Ž—–‹‘’ƒŽ‡––‡•–‘—”ƒ–‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͺ
‹‰—”‡ͳʹǣ‹•–‡†‡•ͳʹ±Ž±‡–•‹…Ž—”‡ƒ—•‡‹†‡ŽƒǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͷ
‹‰—”‡ͳ͵ǣ±ƒŽ‹•ƒ–‹‘†ǯ—Ž‘‰‹‰”ƒ‡’‘—”‹–‡”’”±–‡”Ž‡•”±•—Ž–ƒ–•†ǯ—‡±–—†‡†‡•–ƒ„‹Ž‹–±
†ǯ—‡’”±’ƒ”ƒ–‹‘‡•‘Ž—–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻʹ
‹‰—”‡ͳ͵„‹•ǣ±ƒŽ‹•ƒ–‹‘†ǯ—Ž‘‰‹‰”ƒ‡’‘—”‹–‡”’”±–‡”Ž‡•”±•—Ž–ƒ–•†ǯ—‡±–—†‡†‡•–ƒ„‹Ž‹–±
†ǯ—‡’”±’ƒ”ƒ–‹‘‡•‘Ž—–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ͵
‹‰—”‡ͳͶǣ±•—±†‡•±–ƒ’‡•…‘•–‹–—ƒ–Ž‡’”‘…‡••—•†ǯ—‡±–—†‡†‡•–ƒ„‹Ž‹–±ŽǯŠØ’‹–ƒŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻͷ

 
DURAFOUR
(CC BY-NC-ND 2.0)
dĂďůĞĚĞƐƚĂďůĞĂƵdž

ƒ„Ž‡ƒ—ͳǣš‡’Ž‡†‡…‘…‡’–‹‘†ǯ—‡±–—†‡†‡„”ƒ…‡–‹‰ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵͹
ƒ„Ž‡ƒ—ʹǣš‡’Ž‡†‡…‘…‡’–‹‘†ǯ—‡±–—†‡†‡ƒ–”‹š‹‰•—”†‡•’‘‹–•†‡–‡’•’‘—”—
’”‘†—‹–’”±•‡–ƒ–†‡—š†‘•ƒ‰‡•ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͵ͺ
ƒ„Ž‡ƒ—͵ǣ”±•‡–ƒ–‹‘†‡•…‘†‹–‹‘•†‡•–‘…ƒ‰‡’‘—”Žƒ”±ƒŽ‹•ƒ–‹‘†‡•±–—†‡•†‡•–ƒ„‹Ž‹–±†‡•
’”‘†—‹–•ˆ‹‹•†ƒ•—…ƒ•‰±±”ƒŽǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶͺ
ƒ„Ž‡ƒ—Ͷǣ±•—Ž–ƒ–•‘„–‡—•ƒ’”°•͸‘‹•†‡•–‘…ƒ‰‡ͶͲιȀ͹ͷΨǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷͳ
ƒ„Ž‡ƒ—ͷǣ±•—Ž–ƒ–•‘„–‡—•ƒ’”°•͸‘‹•†‡•–‘…ƒ‰‡ʹͷιȀ͸ͲΨǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷʹ
ƒ„Ž‡ƒ—͸ǣƒ„Ž‡ƒ—†‡”±•—Ž–ƒ–†‡Žǯ±–—†‡†‡•–ƒ„‹Ž‹–±ȀʹͶȀ
ȀͳͶȀǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͳ
ƒ„Ž‡ƒ—͹ǣ”‹–°”‡†ǯƒ……‡’–ƒ–‹‘’‘—”Žƒ“—ƒŽ‹–±‹…”‘„‹‘Ž‘‰‹“—‡†‡••—„•–ƒ…‡•‘•–±”‹Ž‡•
—•ƒ‰‡’Šƒ”ƒ…‡—–‹“—‡ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹ͺ
ƒ„Ž‡ƒ—ͺǣ‘–”ØŽ‡•ˆƒ‹”‡‡ˆ‘…–‹‘†‡Žƒˆ‘”‡‰ƒŽ±‹“—‡†‡Žƒ•‘Ž—–‹‘ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺͻ


 
DURAFOUR
(CC BY-NC-ND 2.0)
>ŝƐƚĞĚĞƐĂŶŶĞdžĞƐ

$QQH[H7DEOHRIVWDELOLW\FRQGLWLRQVIRU:RUOG+HDOWK2UJDQLVDWLRQPHPEHU
VWDWHVE\UHJLRQ
$QQH[H*XLGHOLQHRQGHFODUDWLRQVWRUDJHFRQGLWLRQVLQWKHSURGXFWLQIRUPDWLRQRI
PHGLFLQDOSURGXFWVDQGIRUDFWLYHVXEVWDQFHV
$QQH[H*HQHUDOJXLGDQFHRQKROGWLPHVWXGLHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
>ŝƐƚĞĚĞƐĂďƌĠǀŝĂƚŝŽŶƐĞƚĂĐƌŽŶLJŵĞƐ

$&$UWLFOHGH&RQGLWLRQQHPHQW
$00$XWRULVDWLRQGH0LVHVXUOH0DUFKp
$160$JHQFH1DWLRQDOHGH6pFXULWpGX0pGLFDPHQWHWGHVSURGXLWVGHVDQWp
%33%RQQHV3UDWLTXHVGH3UpSDUDWLRQVKRVSLWDOLqUHV
%3&%RQQHV3UDWLTXHV&OLQLTXHV
%3'%RQQHV3UDWLTXHVGH'LVWULEXWLRQ
%3)%RQQHV3UDWLTXHVGH)DEULFDWLRQ
%3/%RQQHV3UDWLTXHVGH/DERUDWRLUH
&4&RQWU{OH4XDOLWp
&63&RGHGHOD6DQWp3XEOLTXH
&7'&RPPRQ7HFKQLFDO'RFXPHQW
(0$(XURSHDQ0HGLFLQHV$JHQF\
)'$)RRGDQG'UXJ$GPLQLVWUDWLRQ
*03*RRG0DQXIDFWXULQJ3UDFWLFHV
+3/&+LJK3HUIRUPDQFH/LTXLG&KURPDWRJUDSK\
+5+XPLGLWp5pVLGXHOOH
,&+,QWHUQDWLRQDO&RXQFLORI+DUPRQLVDWLRQ
,0,QWHU0pGLDLUHGHIDEULFDWLRQ
,62,QWHUQDWLRQDO6WDQGDUG2UJDQLVDWLRQ2UJDQLVDWLRQ,QWHUQDWLRQDOHGH1RUPDOLVDWLRQ
/,5/DERUDWRU\,QYHVWLJDWLRQ5HSRUW
030DWLqUHV3UHPLqUHV
2*62Q*RLQJ6WDELOLW\
2062UJDQLVDWLRQ0RQGLDOHGHOD6DQWp
2262XW2I6SHFLILFDWLRQ
3$3ULQFLSH$FWLI
3'3URGXLWVGH'pJUDGDWLRQ
3)3URGXLW)LQL
38,3KDUPDFLHj8VDJH,QWpULHXU
5$435HYXH$QQXHOOH4XDOLWp3URGXLW
5,5DSSRUWG¶,QFLGHQFH
6236WDQGDUG2SHUDWLQJ3URFHGXUHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
7$0&7RWDO$HURELF0LFURELDO&RXQW
7<0&7RWDO<HDVWV0ROGV&RXQW
8638QLWHG6WDWHV3KDUPDFRSHLD



 
DURAFOUR
(CC BY-NC-ND 2.0)
/ŶƚƌŽĚƵĐƚŝŽŶ

/D VSpFLILFLWp GHV SURGXLWV GH VDQWp UHSRVH VXU WURLV JUDQGV DWWULEXWV 4XDOLWp
(IILFDFLWp HW 6pFXULWp (Q HIIHW WRXW DX ORQJ GX F\FOH GH YLH G¶XQ PpGLFDPHQW FHV WURLV
SURSULpWpVSHUPHWWHQWG¶DWWHLQGUHOHVGLIIpUHQWVREMHFWLIVpWDEOLUXQGLDJQRVWLFSUpYHQLURX
JXpULUIL[pVSDUOH&RGHGHOD6DQWp3XEOLTXH&63
3RXUFHODO¶LQGXVWULHSKDUPDFHXWLTXHGLVSRVHPDLQWHQDQWGHQRPEUHXVHVUqJOHVHW
GH JXLGHV TXL SHUPHWWHQW GH VWUXFWXUHU HW GH FDGUHU WRXWHV OHV DFWLYLWpV DXWRXU GX
PpGLFDPHQWQRWDPPHQWJUkFHDX[%RQQHV3UDWLTXHVGH/DERUDWRLUH%3/HWDX[%RQQHV
3UDWLTXHV GH )DEULFDWLRQ %3) (Q (XURSH FH VRQW OHV %3) TXL FRQVWLWXHQW OH SULQFLSDO
UpIpUHQWLHOHQFRPSUHQDQWQHXIFKDSLWUHV

o &KDSLWUH 6\VWqPH4XDOLWp3KDUPDFHXWLTXH
o &KDSLWUH 3HUVRQQHO
o &KDSLWUH /RFDX[HWPDWpULHO
o &KDSLWUH 'RFXPHQWDWLRQ
o &KDSLWUH 3URGXFWLRQ
o &KDSLWUH &RQWU{OHGHODTXDOLWp
o &KDSLWUH $FWLYLWpVH[WHUQDOLVpHV
o &KDSLWUH 5pFODPDWLRQVGpIDXWVTXDOLWpHWUDSSHOVGHPpGLFDPHQWV
o &KDSLWUH $XWR±LQVSHFWLRQ

/HV %3) VRQW VWUXFWXUpHV HQ GRX]H OLJQHV GLUHFWULFHV HW TXDWUH DQQH[HV TXL
GpILQLVVHQWOHVEHVRLQVQpFHVVDLUHVjODIDEULFDWLRQGHVSURGXLWVGHVDQWpDXWRXUGHFHTXH
O¶RQDSSHOOH©0ª

Ö 0DWpULHOORFDX[HWpTXLSHPHQWV
Ö 0pWKRGHSURFpGpVHWSURFpGXUHV
Ö 0LOLHXHQYLURQQHPHQW
Ö 0DLQG¶°XYUHHQVHPEOHGXSHUVRQQHO
Ö 0DWLqUH PDWLqUHV SUHPLqUHV DUWLFOHV GH FRQGLWLRQQHPHQW RX DXWUHV
IRXUQLWXUHV


 
DURAFOUR
(CC BY-NC-ND 2.0)
 /¶REMHFWLI HVW GH UHVSHFWHU OHV WURLV FDUDFWpULVWLTXHV IRQGDPHQWDOHV FLWpHV
SUpFpGHPPHQW

&HSHQGDQWO¶LQGXVWULHSKDUPDFHXWLTXHHVWUpJLHSDUXQHUqJOHSULQFLSDOHTXLFRQVLVWH
GDQVOHIDLWTXHWRXWPpGLFDPHQWGHYDQWrWUHFRPPHUFLDOLVpHVWVRXPLVjXQHDXWRULVDWLRQ
GHV DXWRULWpV FRPSpWHQWHV &HWWH DXWRULVDWLRQ HVW O¶$XWRULVDWLRQ GH 0LVH VXU OH 0DUFKp
$00 /H GRVVLHU G¶$00 FRQWLHQW TXDWUH SDUWLHV  SKDUPDFHXWLTXH WR[LFRORJLTXH
SKDUPDFRORJLTXHHWFOLQLTXH
/DSUHPLqUHSDUWLHGHO¶$00FRQWHQDQWOHGRVVLHUSKDUPDFHXWLTXHGRLWGpILQLUOH
PpGLFDPHQWGHPDQLqUHWUqVSUpFLVHJUkFHDX[pOpPHQWVFLGHVVRXV

o &RPSRVLWLRQTXDOLWDWLYHHWTXDQWLWDWLYH
o 'HVFULSWLRQGXSURFpGpGHIDEULFDWLRQ
o &RQWU{OHVVXUOHVPDWLqUHVSUHPLqUHVHWOHVDUWLFOHVGHFRQGLWLRQQHPHQW
o &RQWU{OHVHIIHFWXpVVXUOHVSURGXLWVVHPLILQLV
o &RQWU{OHGHVSURGXLWVILQLV
o 'HVFULSWLRQGHVFRQGLWLRQVGHFRQVHUYDWLRQHWGXPRGHG¶DGPLQLVWUDWLRQ

/¶$00 GRLW rWUH VRXPLVH DYHF OH IRUPDW REOLJDWRLUH GX &RPPRQ 7HFKQLFDO
'RFXPHQW&7'
/H&7'HVWRUJDQLVpHQFLQTPRGXOHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 

)LJXUH6WUXFWXUHGX&7'

/HV SUHPLHUV HW GHX[LqPHV PRGXOHV GX &7' FRQFHUQHQW UHVSHFWLYHPHQW OHV
LQIRUPDWLRQVDGPLQLVWUDWLYHVHWOHUpVXPpGX&7'

/HPRGXOHGX&7'SRUWHVXUOD©6pFXULWpª,OFRQWLHQWGHVLQIRUPDWLRQVVXUOHV
pWXGHVQRQFOLQLTXHVWHOOHVTXHOHVWHVWVGHWR[LFLWpOHVpWXGHVSKDUPDFRORJLTXHVRXHQFRUH
FHOOHVGHFDUFLQRJpQLFLWp4XDQWDXWHUPH©(IILFDFLWpªLOHVWDERUGpGDQVOHPRGXOHGX
&7' R VRQW UHWURXYpV OHV HVVDLV FOLQLTXHV O¶pYDOXDWLRQ FOLQLTXH HW OHV ERQQHV SUDWLTXHV
FOLQLTXHV

&¶HVW GDQV OH WURLVLqPH PRGXOHFHOXLGHOD©4XDOLWpªTXHYRQWrWUH GpFULWHVOHV

pWXGHV GH VWDELOLWp &HV pWXGHV RQW OD SDUWLFXODULWp G¶rWUH UpDOLVpHV WRXW DX ORQJ GH OD YLH
G¶XQH VSpFLDOLWp HW OHXU SODFH HVW WUqV LPSRUWDQWH GDQV OH GRPDLQH SKDUPDFHXWLTXH WDQW
LQGXVWULHOTX¶KRVSLWDOLHU

 
DURAFOUR
(CC BY-NC-ND 2.0)
/ͬWŽƵƌƋƵŽŝƌĠĂůŝƐĞƌĚĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠ͍

/D VWDELOLWp G¶XQ PpGLFDPHQW HVW GpILQLH VHORQ O¶,&+ ,QWHUQDWLRQDO &RXQFLO RI
+DUPRQLVDWLRQ4$ 5 FRPPH O¶DSWLWXGH G¶XQ PpGLFDPHQW j FRQVHUYHU VHV SURSULpWpV
FKLPLTXHVSK\VLTXHVPLFURELRORJLTXHVHWELRSKDUPDFHXWLTXHVGDQVGHVOLPLWHVVSpFLILpHV
SHQGDQWWRXWHVDGXUpHGHYDOLGLWp

/HV SURGXLWV XQH IRLV OHXU IDEULFDWLRQ UpDOLVpH UHQWUHQW GDQV OH FRPPHUFH
LQWHUQDWLRQDOHWSHXYHQWrWUHGLVWULEXpVGDQVGHVHQGURLWVROHVFRQGLWLRQVFOLPDWLTXHVVRQW
GpIDYRUDEOHV/DVWDELOLWpGHYLHQWDORUVXQpOpPHQWFUXFLDO

$O¶KHXUHDFWXHOOHORUVTX
LOVVRQWVRXPLVWURSORQJWHPSVjODFKDOHXUjO
KXPLGLWp
RX TX
LOV QH VRQW SDV PDQLSXOpV RX GpOLYUpV GH IDoRQ FRQYHQDEOH ULHQ QH SHXW pYLWHU OD
GpWpULRUDWLRQGHVSURGXLWVjO
LQWpULHXUPrPHGXV\VWqPHGHVWRFNDJHHWRXGHGLVWULEXWLRQ

'HSXLV OH GpYHORSSHPHQW MXVTX¶j OD GLVWULEXWLRQ HW O¶XWLOLVDWLRQ GHV SURGXLWV HQ
SDVVDQWSDUOHXUIDEULFDWLRQHWODVXUYHLOODQFHGHOHXUTXDOLWpODVWDELOLWpGHVPpGLFDPHQWV
HVWREWHQXHGHIDoRQVXIILVDQWHJUkFHjO¶LPSOLFDWLRQHWDX[HIIRUWVFRPELQpVGHWRXWHVOHV
SDUWLHVFRQFHUQpHV

3RXU O¶LQGXVWULHO XQH IRLV OHV FRQWU{OHV TXDOLWp UpDOLVpV DX VHLQ GX VLWH DSUqV OD
SURGXFWLRQ OD YHLOOH GH OD TXDOLWp GHV VSpFLDOLWpV SKDUPDFHXWLTXHV IDEULTXpHV FRQWLQXH
&HWWH TXDOLWp GRLW rWUH PDLQWHQXH FRQVWDQWH SHQGDQW OD GXUpH HQWLqUH GH OD
FRPPHUFLDOLVDWLRQGXSURGXLW,OHVWLQGLVSHQVDEOHGHV¶DVVXUHUGHFHODJUkFHDX[pWXGHVGH
VWDELOLWp TXL YRQW rWUH HIIHFWXpHV j SOXVLHXUV pWDSHV GX F\FOH GH YLH GX PpGLFDPHQW &HV
pWXGHVFRQVWLWXHQWXQpOpPHQWFOpORUVGXGpYHORSSHPHQWHWGHO
DSSUREDWLRQGHQRXYHOOHV
VXEVWDQFHVDFWLYHVSKDUPDFHXWLTXHVHWGHQRXYHDX[PpGLFDPHQWV

(OOHV PHWWHQW HQ MHX XQ HQVHPEOH G¶LQWHUDFWLRQV GHSXLV OHV FDUDFWpULVWLTXHV
LQWULQVqTXHV GHV SURGXLWV MXVTX¶DX FRQGLWLRQQHPHQW HW DX VWRFNDJH PDLV pJDOHPHQW OD
IRUPXODWLRQODIDEULFDWLRQOHFRQWU{OHTXDOLWp,OIDXWGRQFFRQQDvWUHOHVHQMHX[OLpVjFHV
pWXGHV DLQVL TXH OHV H[LJHQFHV UpJOHPHQWDLUHVQRWDPPHQW OHV *03 *RRG 0DQXIDFWXULQJ
3UDFWLFHV OHV JXLGHV ,&+ HW )'$ )RRG DQG 'UXJ $GPLQLVWUDWLRQ PDLV DXVVL OD
UpJOHPHQWDWLRQSOXVVSpFLILTXHPHQWOLpHDXODERUDWRLUHGHFRQWU{OH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 3RXU FRQGXLUH GHV pWXGHV GH VWDELOLWp LO IDXW FRQQDvWUH OHV SRLQWV FULWLTXHV GH OD
JHVWLRQGHFHOOHVFLHWLGHQWLILHUOHVHUUHXUVjpYLWHU&KDTXHLQWHUYHQDQWSRXUFHVpWXGHVOHV
SUpOHYHXUV OHV DQDO\VWHV RX OHV UHVSRQVDEOHV GH ODERUDWRLUHV SDU H[HPSOH j VD SDUW GH
UHVSRQVDELOLWp QRWDPPHQW SDU OD SODQLILFDWLRQ GH OD UpDOLVDWLRQ GHV WHVWV OHV QRWLRQV GH
SULRULWp RX HQFRUH OD PDvWULVH GHV FRQGLWLRQV DQDO\WLTXHV GHV pTXLSHPHQWV HW V\VWqPHV
XWLOLVpVHWGHOHXUpWDWGHTXDOLILFDWLRQ

'H QRPEUHX[ RXWLOV VXSSRUWV WHOV TXH OHV RXWLOV GRFXPHQWDLUHV LQIRUPDWLTXHV RX
HQFRUHVWDWLVWLTXHVVRQWXQHDLGHSUpFLHXVHSRXUFHVpWXGHV

(OOHVQpFHVVLWHQWGRQFGHVPpWKRGRORJLHVGpILQLHVSHUPHWWDQWGHJDUDQWLUODTXDOLWp
GX SURGXLW /HV WHVWV DWWHVWHQW TXH OH SURGXLW RX OD VXEVWDQFH DFWLYH UpSRQG DX[
VSpFLILFDWLRQV/HFKRL[GHVERQVSDUDPqWUHVG
DQDO\VHjYpULILHUDLQVLTX
XQHSODQLILFDWLRQ
SUpFLVH HW ILDEOH SHQGDQW OHV pWXGHV VRQW HVVHQWLHOV SRXU O
REWHQWLRQ GH GRQQpHV
VLJQLILFDWLYHV &RQQDvWUH OHV UqJOHV j VXLYUH PHWWUH HQ SODFH GHV SURFpGXUHV UpDOLVHU OHV
pWXGHVHWOHVDQDO\VHVWLUHUOHVFRQFOXVLRQVHWOHVFRQVpTXHQFHVG¶XQHpWXGHRXFRQILUPHU
XQH©GXUpHGHYLHªG¶XQSURGXLWSXLVODVXLYUHVRQWDXWDQWGHFKRVHVDERUGpHV 
     
/HV pWXGHV GH VWDELOLWp VRQW HIIHFWXpHV GDQV WURLV FDV  ORUV GX VXLYL DQQXHO GHV
SURGXLWVGDQVOHFDGUHG
XQHYDULDWLRQRXVXLWHjXQHGpYLDWLRQ
/H SUHPLHU FDV FRQFHUQH OHV pWXGHV FRPPHUFLDOHV 2*6 2Q *RLQJ 6WDELOLW\ TXL
VRQW GHV pWXGHV UpDOLVpHV VXU XQ ORW FRPPHUFLDOLVp (OOHV VRQW LQLWLpHV GDQV OH FDGUH GX
SURJUDPPH GH VXLYL GHV VWDELOLWpV HIIHFWXp DQQXHOOHPHQW /HV ORWV PLV HQ VWDELOLWp 2*6
GRLYHQWrWUHUHSUpVHQWDWLIVGXSURFpGpGHIDEULFDWLRQGHODWDLOOHGXORWGXVLWHRLODpWp
IDEULTXpDLQVLTXHGXFRQGLWLRQQHPHQWHWGHODVRXUFHGHSULQFLSHDFWLIXWLOLVpH*UkFHjFHV
pWXGHV RQ SRXUUD VXLYUH OD FRQVWDQFH GH OD SURGXFWLRQ HW FRQQDvWUH OD FRQIRUPLWp SDU
UDSSRUWDX[VSpFLILFDWLRQVGHVORWVPLVVXUOHPDUFKp
&HSHQGDQWGqVORUVTXHGHVPRGLILFDWLRQVPDMHXUHVVRQWDSSRUWpHVjODIRUPXODWLRQ
j OD PpWKRGH GH SUpSDUDWLRQ DX SURFpGp GH IDEULFDWLRQ RX j O¶HPEDOODJH SULPDLUH GHV
pWXGHVGHVWDELOLWpUpJOHPHQWDLUHVVRQWQpFHVVDLUHV&¶HVWOHGHX[LqPHFDV/HVUpVXOWDWVGH
FHV pWXGHV GRLYHQW rWUH FRPPXQLTXpV DX[ DXWRULWpV UqJOHPHQWDLUHV SKDUPDFHXWLTXHV
FRPSpWHQWHV
(QILQ HOOHV SHUPHWWHQW GH FRQILUPHU pJDOHPHQW OH SURILO GH VWDELOLWp DSUqV XQH
GpYLDWLRQ. &HWWH GHUQLqUH SHXW rWUH GH GHX[ W\SHV QRQ SUpYXH HW GDQV FH FDV F¶HVW XQ
LQFLGHQW XQH QRQFRQIRUPLWp SDU UDSSRUW j XQH VSpFLILFDWLRQ RX XQH SURFpGXUH SDU

 
DURAFOUR
(CC BY-NC-ND 2.0)
H[HPSOHRXDORUVODGpYLDWLRQHVWSUpYXHHWHOOHIDLWVXLWHjXQFKDQJHPHQWTXLDpWppYDOXp
SDUO¶LQGXVWULHO

(QUpVXPpOHVpWXGHVGHVWDELOLWpRQWSRXUEXWG¶DSSRUWHUGHVGRQQpHVSUREDQWHVVXU
OD IDoRQ GRQW OD TXDOLWp G¶XQ LQJUpGLHQW SKDUPDFHXWLTXH DFWLI RX G¶XQ SURGXLW
PpGLFDPHQWHX[ YD FKDQJHU VRXV O¶LQIOXHQFH GH PXOWLSOHV IDFWHXUV HQYLURQQHPHQWDX[
7HPSpUDWXUH +XPLGLWp /XPLqUH HQ IRQFWLRQ GX WHPSV 2Q SHXW DLQVL GpWHUPLQHU OD
GXUpH GH YDOLGLWp GX SURGXLW HW OHV FRQGLWLRQV GH FRQVHUYDWLRQ 2Q SHXW DXVVL pWDEOLU XQH
SpULRGH GH QRXYHOOH DQDO\VH SRXU FHV SURGXLWV PDLV FHFL Q¶HVW YDODEOH TXH SRXU OHV
SULQFLSHV DFWLIV XQLTXHPHQW /D UpDOLVDWLRQ G¶XQ SURJUDPPH G¶pWXGHV GH VWDELOLWp GRLW
SUHQGUH HQ FRPSWH OH PDUFKp YLVp DLQVL TXH OHV FRQGLWLRQV FOLPDWLTXHV GH OD UpJLRQ GDQV
ODTXHOOHOHVPpGLFDPHQWVVHURQWFRPPHUFLDOLVpV

/HVFRQGLWLRQVGHVWRFNDJHGXSURGXLWDLQVLTXHVDGDWHGHSpUHPSWLRQHQWUHDXWUHV
VHURQWGpILQLHVJUkFHjFHVpWXGHVDYDQWODPLVHVXUOHPDUFKp3DUODVXLWHOHIDEULFDQWGRLW
JDUDQWLU TXH OD VSpFLDOLWp XQH IRLV FHOOHFL YHQGXH UHVWH FRQIRUPH DX[ VSpFLILFDWLRQV
HQUHJLVWUpHVMXVTX¶jODSpUHPSWLRQGXSURGXLWHWVHORQOHVFRQGLWLRQVGHVWRFNDJHGpILQLHV

3RXUO¶REWHQWLRQHWODPDLQWHQDQFHGXGRVVLHUG¶$00O¶pWXGHGHVWDELOLWpHVWXQH
pWDSH FOHI GDQV O¶LQGXVWULH SKDUPDFHXWLTXH (OOH HVW XQH GHV JDUDQWLHV GH OD TXDOLWp GX
PpGLFDPHQWHWGHODVpFXULWpGHVRQHPSORL


//ͬEŽƚŝŽŶƐůŝĠĞƐăůĂYƵĂůŝƚĠ
 
/DQRUPH,62,QWHUQDWLRQDO6WDQGDUG2UJDQLVDWLRQRX2UJDQLVDWLRQ,QWHUQDWLRQDOH
GH 1RUPDOLVDWLRQ  YHUVLRQ  GpILQLW GHV H[LJHQFHV SRXU OD PLVH HQ SODFH
G
XQV\VWqPH GH PDQDJHPHQW GH OD TXDOLWpSRXU OHV RUJDQLVPHV VRXKDLWDQW DPpOLRUHU HQ
SHUPDQHQFHODVDWLVIDFWLRQGHOHXUVFOLHQWVHWIRXUQLUGHVSURGXLWVHWVHUYLFHVFRQIRUPHV

/D TXDOLWp HVW GpILQLH FRPPH VXLW SDU O¶,62  ©HQVHPEOH GHV SURSULpWpV HW
FDUDFWpULVWLTXHV G¶XQ SURGXLW RX VHUYLFH TXL OXLFRQIqUH O¶DSWLWXGH j VDWLVIDLUH GHV EHVRLQV
H[SULPpVRXLPSOLFLWHVª

/D TXDOLWp YD DLQVL SHUPHWWUH JUkFH DX IDLW GH SRVVpGHU GHV PpFDQLVPHV HW GHV
SURFpGpV TXL VRQW SDUIDLWHPHQW ELHQ H[SORLWpV OD PLVH j GLVSRVLWLRQ SRXU OH FOLHQW G¶XQH

 
DURAFOUR
(CC BY-NC-ND 2.0)
RIIUH FRQYHQDEOH /H EXW VHUD GRQF GH GpPRQWUHU O¶REWHQWLRQ G¶XQ ERQ QLYHDX GH TXDOLWp
D[pHQIRQFWLRQGHODTXDOLWpSHUoXHSDUOHFOLHQW

)LJXUH'HVVLQUHSUpVHQWDQWODSHUFHSWLRQGHOD4XDOLWp

3RXU O¶LQGXVWULH SKDUPDFHXWLTXH FH VRQW OHV LQVWDQFHV UqJOHPHQWDLUHV TXL YRQW
GpILQLU OHV H[LJHQFHV TXDOLWp G¶XQ PpGLFDPHQW $LQVL O¶$JHQFH 1DWLRQDOH GH 6pFXULWp GX
0pGLFDPHQWHWGHVSURGXLWVGHVDQWp$160VHUDO¶LQWHUORFXWHXUSULYLOpJLpGHVLQGXVWULHOV
GH OD VDQWp YRXODQW PHWWUH OHXU VSpFLDOLWp VXU OH PDUFKp IUDQoDLV &HWWH DJHQFH YHLOOH HQ
SHUPDQHQFHjDVVXUHUODVpFXULWpGXFOLHQWILQDOOHSDWLHQW

 /H6\VWqPH4XDOLWp3KDUPDFHXWLTXH

8Q pWDEOLVVHPHQW GH IDEULFDWLRQ EpQpILFLH GH SHUVRQQHO TXDOLILp SURGXLVDQW GHV
PpGLFDPHQWVFRQIRUPHVDX[H[LJHQFHVUHTXLVHVSDUO¶$00&HVPpGLFDPHQWVQHGRLYHQW
SDV H[SRVHU j GHV ULVTXHV FKH] OHV SDWLHQWV GH SDU XQH VpFXULWp TXDOLWp RX HIILFDFLWp

 
DURAFOUR
(CC BY-NC-ND 2.0)
LQVXIILVDQWH 3RXU pYLWHU FHOD OD UHVSRQVDELOLWp GH WRXW OH PRQGH GLUHFWLRQ HQVHPEOH GX
SHUVRQQHOGLVWULEXWHXUVIRXUQLVVHXUVHVWHQJDJpH

8QV\VWqPHTXDOLWpSKDUPDFHXWLTXHFRUUHFWHPHQWFRQoXELHQPLVHQ°XYUHHWTXL
LQWqJUH OHV %3) DLQVL TXH OD JHVWLRQ GX ULVTXH TXDOLWp SHUPHW G¶DWWHLQGUH FHW REMHFWLI GH
4XDOLWp8QWHOV\VWqPHDSSURSULpSRXUODIDEULFDWLRQGHPpGLFDPHQWGRLWJDUDQWLUTXH

o /D UpDOLVDWLRQ GX SURGXLW HVW REWHQXH HQ FRQFHYDQW SODQLILDQW PHWWDQW HQ
°XYUHPDLQWHQDQWHWDPpOLRUDQWFRQWLQXHOOHPHQWXQV\VWqPHTXLSHUPHWOD
PLVHjGLVSRVLWLRQFRQVWDQWHGHSURGXLWVGHTXDOLWpDSSURSULpH

o /DFRQQDLVVDQFHGXSURGXLWHWGXSURFpGpHVWJpUpHSHQGDQWWRXWHVOHVpWDSHV
GXF\FOHGHYLH

o /HV PpGLFDPHQWV VRQW GpYHORSSpV HQ WHQDQW FRPSWH GHV H[LJHQFHV GHV
ERQQHVSUDWLTXHVGHIDEULFDWLRQ

o /HV RSpUDWLRQV GH SURGXFWLRQ HW GH FRQWU{OH VRQW FODLUHPHQW GpFULWHV HW OHV
ERQQHVSUDWLTXHVGHIDEULFDWLRQDGRSWpHV

o 8QpWDWGHPDvWULVHHVWpWDEOLHWPDLQWHQXHQGpYHORSSDQWHWHQXWLOLVDQWGHV
V\VWqPHV HIILFDFHV GH VXUYHLOODQFH HW GH FRQWU{OH GH OD SHUIRUPDQFH GHV
SURFpGpVHWGHODTXDOLWpGXSURGXLW

o /HV UpVXOWDWV GH OD VXUYHLOODQFH GHV SURGXLWV HW GHV SURFpGpV VRQW SULV HQ
FRQVLGpUDWLRQSRXUODOLEpUDWLRQGHVORWVGDQVO¶LQYHVWLJDWLRQGHVGpYLDWLRQV
HW HQ YXH GH PHWWUH HQ SODFH GHV DFWLRQV SUpYHQWLYHV SRXU pYLWHU GH
SRWHQWLHOOHVGpYLDWLRQVGDQVOHIXWXU

o ,O H[LVWH XQ SURFHVVXV SRXU O¶DXWRLQVSHFWLRQ HWRX DXGLW TXDOLWp TXL pYDOXH
UpJXOLqUHPHQW O¶HIILFDFLWp HW OD PLVH HQ DSSOLFDWLRQ GX V\VWqPH TXDOLWp
SKDUPDFHXWLTXH

&H V\VWqPH IDLW O¶REMHW G¶XQH VXUYHLOODQFH SDUWLFXOLqUH ,O GLVSRVH G¶XQH
GRFXPHQWDWLRQ FRPSOqWH HW OHV RXWLOV TXL VHURQW XWLOLVpV GRLYHQW rWUH DGDSWpV /HVORFDX[
OHV LQVWDOODWLRQV VSpFLILTXHV DLQVL TXH OH PDWpULHO GRLYHQW rWUH DGpTXDW HW HQ QRPEUH

 
DURAFOUR
(CC BY-NC-ND 2.0)
VXIILVDQW'DQVOHV\VWqPHTXDOLWpSKDUPDFHXWLTXHXQSRVWHHVWFRPEOpSDUXQHSHUVRQQH
IRUPpHHWFRPSpWHQWH
/D UpDOLVDWLRQ G¶XQH UHYXH SpULRGLTXH GH OD SHUIRUPDQFH GX V\VWqPH TXDOLWp
SKDUPDFHXWLTXH HVW UpJXOLqUHPHQW IDLWH FH TXL SHUPHW G¶LGHQWLILHU GHV RSSRUWXQLWpV
G¶DPpOLRUDWLRQ FRQWLQXH SRXU OHV SURGXLWV OHV SURFpGpV PDLV pJDOHPHQW SRXU OH V\VWqPH
OXLPrPH

 /D4XDOLWpGDQVO¶LQGXVWULHSKDUPDFHXWLTXH

$ILQ G¶REWHQLU XQ PpGLFDPHQW GH TXDOLWp LO IDXW V¶DWWDFKHU j DGRSWHU SOXVLHXUV
UqJOHV GDQVOH GRPDLQHSKDUPDFHXWLTXH(OOHVVRQWGpFULWHVGDQVOHV%RQQHV3UDWLTXHVGH
)DEULFDWLRQ%3)RX*RRG0DQXIDFWXULQJSUDFWLFHV*03
/HV%3)GpFULYHQWO¶RUJDQLVDWLRQDLQVLTXHOHVPR\HQVHWOHVFRQWU{OHVjPHWWUHHQ
SODFH (Q LQGXVWULH SKDUPDFHXWLTXH O¶REMHFWLI SULQFLSDO HVW GH IDEULTXHU XQ SURGXLW
PpGLFDPHQWHX[ GH TXDOLWp 3RXU DYRLU XQH EDODQFH EpQpILFH  ULVTXH VXIILVDQWH SRXU
VDWLVIDLUH OH SDWLHQW OD SURGXFWLRQ GRLW rWUH PDLWULVpH HW FHOD SDVVH SDU GHV pWXGHV
SUpFOLQLTXHV HW FOLQLTXHV SRXVVpHV 8Q PpGLFDPHQW GH TXDOLWp HVW GpFULW GH WURLV IDoRQV
ORUVTX¶LOHVW

o (IILFDFHO¶HIIHWWKpUDSHXWLTXHUHTXLVSRXUOHSURGXLWHVWVXIILVDQW
o 6€UODVDQWpGXSDWLHQWQHGRLWSDVrWUHPLVHHQMHX
o &RQWU{OpSDUXQV\VWqPHTXDOLWpODUHSURGXFWLELOLWpGRLWrWUHJDUDQWLH

/HGRVVLHUG
$XWRULVDWLRQGH0LVHVXUOH0DUFKp$00TXLGHIDoRQUpVXPpHHVW
ODFDUWHG
LGHQWLWpGXSURGXLWGRLWUHQVHLJQHUWRXVFHVDVSHFWV&HGRVVLHUYDUHJURXSHUOD
TXDOLWp DYHF OHV FRQWU{OHV PLV HQ SODFH SDUOH IDEULFDQW PDLVpJDOHPHQWO
HIILFDFLWpHW OD
VXUHWpGXPpGLFDPHQWGHSDUOHVHVVDLVFOLQLTXHVHWSUpFOLQLTXHV
/¶HQVHPEOH GH FHV pOpPHQWV YD QRXV DVVXUHU TXH OD TXDOLWp GX PpGLFDPHQW HVW
DFTXLVHYLDOHV\VWqPHTXDOLWpHIILFDFHGXIDEULFDQW
 
'DQVO¶LQGXVWULHSKDUPDFHXWLTXHLOH[LVWHGHX[FRQFHSWVOLpVjFHWWHTXDOLWp

o /¶DVVXUDQFHTXDOLWp
o /HFRQWU{OHTXDOLWp

 
DURAFOUR
(CC BY-NC-ND 2.0)
 
/¶DVVXUDQFH TXDOLWp HVW j OD IRLV XQ RXWLO GH JHVWLRQ HW GH VXUYHLOODQFH GDQV XQH
HQWUHSULVHSKDUPDFHXWLTXH(OOHYDFRXYULUWRXWFHTXLSHXWLQIOXHQFHUODTXDOLWpGXSURGXLW
GHIDoRQLQGLYLGXHOOHRXGHPDQLqUHFROOHFWLYH&¶HVWO¶HQVHPEOHGHVPHVXUHVSULVHVSRXU
V¶DVVXUHU TXH OHV PpGLFDPHQWV SKDUPDFHXWLTXHV IDEULTXpV VRQW GH TXDOLWp UHTXLVH SRXU
O¶XVDJHDXTXHOLOVVRQWGHVWLQpV6DILQDOLWpHVWGHFHUWLILHUDXFRQVRPPDWHXUTXHOHSURGXLW
VDWLVIDLW j O¶HQVHPEOH GHV VSpFLILFDWLRQV HW GHV QRUPHV pWDEOLHV /¶DVVXUDQFH GH OD TXDOLWp
UHJURXSH DLQVL GLIIpUHQWV SULQFLSHV OHV %3) OHV %3/ OHV %RQQHV 3UDWLTXHV &OLQLTXHV
%3&HWOHVH[LJHQFHVDX[TXHOOHVOHVSKDUPDFLHQVGRLYHQWVHFRQFLOLHU

/H YROHW GH JHVWLRQ GH OD TXDOLWp TXL FRQFHUQH SOXVLHXUV pOpPHQWV WHO TXH OHV
GLIIpUHQWVFRQWU{OHVOHVVSpFLILFDWLRQVYRLUHO¶pFKDQWLOORQQDJHDLQVLTXHOHVSURFpGXUHVGH
GRFXPHQWDWLRQ G¶RUJDQLVDWLRQ HW GH OLEpUDWLRQ HVW OH FRQWU{OH TXDOLWp FKDSLWUH  GHV
%3)7RXWHVFHVQRWLRQVYRQWGRQFJDUDQWLUTXHOHVDQDO\VHVQpFHVVDLUHVHWDSSURSULpHVRQW
UpHOOHPHQWpWpHIIHFWXpHVVHORQOHVSURFpGXUHV/HFRQWU{OHTXDOLWpYDSHUPHWWUHGHYpULILHU
TXH OHV PDWLqUHV SUHPLqUHV OHV DUWLFOHV GH FRQGLWLRQQHPHQW HW OHV SURGXLWV QH VRQW SDV
OLEpUpV SRXU O¶XWLOLVDWLRQ OD YHQWH RX O¶DSSURYLVLRQQHPHQW VDQV TXH OHXU TXDOLWp Q¶DLW pWp
MXJpHVDWLVIDLVDQWH

/HV %3) GHV PpGLFDPHQWV FRQVWLWXHQW XQ GHV pOpPHQWV GH OD JHVWLRQ GH OD TXDOLWp
TXL JDUDQWLW TXH OHV SURGXLWV VRQW IDEULTXpV HW FRQWU{OpV GH IDoRQ FRKpUHQWH VHORQ OHV
QRUPHVGHTXDOLWpDGDSWpHVjOHXUXVDJH/HVGHX[H[LJHQFHVVXLYDQWHVVRQWLVVXHVGHV%3)
HOOHVVRQWIRQGDPHQWDOHVSRXUODIDEULFDWLRQGHVSURGXLWVSKDUPDFHXWLTXHV

o 7RXVOHVSURFpGpVGHIDEULFDWLRQVRQWFODLUHPHQWGpILQLVV\VWpPDWLTXHPHQW
UHYXV HW PRQWUHQW TX¶LOV VRQW FDSDEOHV GH SURGXLUH GH IDoRQ UpSpWpH GHV
PpGLFDPHQWVGHODTXDOLWpUHTXLVHHWFRQIRUPHVjOHXUVVSpFLILFDWLRQV
o /HVpWDSHVFULWLTXHVGHODIDEULFDWLRQHWWRXWHVOHVPRGLILFDWLRQVLPSRUWDQWHV
VRQWYDOLGpHV

/HV%3)GHVPpGLFDPHQWVV¶DSSOLTXHQWGRQFDXFRQWU{OHGHODTXDOLWp
 

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /D4XDOLWpDXODERUDWRLUHGHFRQWU{OH

/D GpILQLWLRQ XWLOLVpH SDU O¶,62 PDLV pJDOHPHQW SDU OH &OLQLFDO DQG /DERUDWRU\
6WDQGDUGV,QVWLWXWHGHX[JURXSHVLQWHUQDWLRQDOHPHQWUHFRQQXVFRPPHGHVRUJDQLVDWLRQVGH
QRUPDOLVDWLRQSRXUOHVODERUDWRLUHVHVWODVXLYDQWH©8QV\VWqPHGHJHVWLRQGHODTXDOLWp
SHXWrWUHGpILQLFRPPHOHVDFWLRQVFRRUGRQQpHVGLULJHDQWHWFRQWU{ODQWOHVDFWLYLWpVG¶XQH
RUJDQLVDWLRQYLVjYLVGHODTXDOLWpª
,O IDXW pWXGLHU WRXV OHV DVSHFWV GH O¶DFWLYLWp GX ODERUDWRLUH SDU H[HPSOH
O¶RUJDQLVDWLRQGHODVWUXFWXUHOHVPpWKRGHVHWOHVSURFpGXUHVDILQG¶DVVXUHUODTXDOLWpGDQV
XQV\VWqPHGHJHVWLRQGHODTXDOLWp

/D TXDOLWp DX ODERUDWRLUH SHXW rWUH GpILQLH FRPPH OD MXVWHVVH OD ILDELOLWp HW O¶j
SURSRV GHV UpVXOWDWV G¶DQDO\VHV /HV UpVXOWDWV GH ODERUDWRLUH GRLYHQW rWUH DXVVL SUpFLV TXH
SRVVLEOH WRXV OHV DVSHFWV GHV DFWLYLWpV GH ODERUDWRLUH GRLYHQW rWUH ILDEOHV HW OH UHQGX GHV
UpVXOWDWVGRLWrWUHFRUUHFWDILQG¶rWUHXWLOLVpjGHVILQVFOLQLTXHVRXGHVDQWpSXEOLTXH

 &HV\VWqPHHVWFRPSOH[HHWSRXUDVVXUHUODTXDOLWpDXODERUDWRLUHLOIDXWSUHQGUHHQ
FRPSWHXQFHUWDLQQRPEUHGHIDFWHXUVQRWDPPHQWFHX[TXLFRPSUHQQHQW

o /¶HQYLURQQHPHQWGXODERUDWRLUH
o /HVSURFpGXUHVGHFRQWU{OHTXDOLWp
o /HVFRPPXQLFDWLRQV
o /¶DUFKLYDJH
o 'XSHUVRQQHOFRPSpWHQWHWIRUPp
o 'HVUpDFWLIVHWGXPDWpULHOTXDOLILp

7RXWHVOHVGpFLVLRQVSRXYDQWFRQFHUQHUODTXDOLWpGXSURGXLWIRQWSDUWLHLQWpJUDQWH
GX FRQWU{OH GH OD TXDOLWp &HOXLFL QH VH OLPLWH GRQF SDV VHXOHPHQW DX[ DFWLYLWpV GH
ODERUDWRLUH

 /D4XDOLWpGXPpGLFDPHQW

/DGpILQLWLRQGXPpGLFDPHQWHVWGRQQpHSDUOH&63DUWLFOH/©2QHQWHQGSDU

PpGLFDPHQW WRXWH VXEVWDQFH RX FRPSRVLWLRQ SUpVHQWpH FRPPH SRVVpGDQW GHV SURSULpWpV

 
DURAFOUR
(CC BY-NC-ND 2.0)
FXUDWLYHV RX SUpYHQWLYHV j O¶pJDUG GHV PDODGLHV KXPDLQHV RX DQLPDOHV DLQVL TXH WRXW
SURGXLW SRXYDQW rWUH DGPLQLVWUp j O¶KRPPH RX j O¶DQLPDO HQ YXH G¶pWDEOLU XQ GLDJQRVWLF
PpGLFDORXGHUHVWDXUHUFRUULJHURXPRGLILHUOHXUVIRQFWLRQVRUJDQLTXHVª

/¶$VVRFLDWLRQ )UDQoDLVH GH 1RUPDOLVDWLRQ GpILQLW OD 4XDOLWp GH FHWWH IDoRQ ©XQ
SURGXLW GH TXDOLWp HVW XQ SURGXLW GRQW OHV FDUDFWpULVWLTXHV OXL SHUPHWWHQW GH VDWLVIDLUH OHV
EHVRLQVH[SULPpVRXLPSOLFLWHVGHVFRQVRPPDWHXUVª/DTXDOLWpUHFKHUFKpHGRLWGRQFrWUH
RSWLPDOHHWQRQPD[LPDOH

 /D GpILQLWLRQ GH OD TXDOLWp GX PpGLFDPHQW GRQQpH SDU OD 3KDUPDFHXWLFDO
0DQXIDFWXUHUV $VVRFLDWLRQ DX[ 86$ HVW OD VXLYDQWH  ©/D TXDOLWp GHV PpGLFDPHQWV HW
SURGXLWV DSSDUHQWpV HVW OD VRPPH GH WRXV OHV IDFWHXUV TXL FRQWULEXHQW GLUHFWHPHQW RX
LQGLUHFWHPHQWjODVpFXULWpO¶HIILFDFLWpO¶DFFHSWDELOLWpGXSURGXLWª

  /¶$PHULFDQ3KDUPDFLVWV$VVRFLDWLRQDSXEOLpODGpILQLWLRQVXLYDQWHSRXUGpVLJQHU
ODTXDOLWpDSSOLTXpHjXQPpGLFDPHQW

o 4X¶LOFRQWLHQQHODTXDQWLWpGHSULQFLSHDFWLILQVFULWHVXUO¶pWLTXHWWHGDQVOHV
OLPLWHVDSSOLFDEOHVGHVHVVSpFLILFDWLRQV
o 4X¶LOFRQWLHQQHFHWWHTXDQWLWpGDQVFKDTXHGRVHXQLWDLUH
o 4X¶LOVRLWH[HPSWGHVXEVWDQFHVpWUDQJqUHV
o 4X¶LOPDLQWLHQQHVRQGRVDJHVDGLVSRQLELOLWpWKpUDSHXWLTXHVRQDSSDUHQFH
MXVTX¶jXWLOLVDWLRQ
o 4X¶DSUqV DGPLQLVWUDWLRQ LO OLEqUH OH SULQFLSH DFWLI DYHF XQH HQWLqUH
ELRGLVSRQLELOLWp

  6LODTXDOLWpGXPpGLFDPHQWHVWPDXYDLVHFHTXLHVWWUqVUpSDQGXGDQVOHVSD\VQRQ
GpYHORSSpVYRLUHPrPHGDQVFHUWDLQVSD\VHQFRXUVGHGpYHORSSHPHQWOHVVRLQVGHVDQWp
VRQW FRPSURPLV &HUWDLQHV SKDUPDFRSpHV MDSRQDLVH HXURSpHQQH RX DPpULFDLQH RQW
SHUPLVODSXEOLFDWLRQGHQRPEUHXVHVQRUPHVGHTXDOLWpTXLRQWpWpDSSURXYpHV/DVWDELOLWp
GHODIRUPHSKDUPDFHXWLTXHHVWXQFULWqUHGHTXDOLWpH[WUrPHPHQWLPSRUWDQW
  $LQVLGHVDEVHQFHVG¶HIIHWWKpUDSHXWLTXHGHVUpDFWLRQVWR[LTXHVHWRXLQGpVLUDEOHV
SHXYHQW rWUH SURYRTXpHV SDU OD PDXYDLVH TXDOLWp G¶XQ PpGLFDPHQW &HOD SHXW QXLUH DX
SDWLHQWHQGpJUDGDQWVDVDQWpDYHFO¶DJJUDYDWLRQGHVDPDODGLHLQLWLDOHSDUH[HPSOHRXHQ
GpFOHQFKDQWGHVQRXYHOOHVPDODGLHVHQSOXVGHFHOOHVGpMjSUpVHQWHV'HVPpGLFDPHQWVGH
TXDOLWpLQVXIILVDQWHFRPSURPHWWHQWDXVVLG
DXWUHVDVSHFWVGHODSROLWLTXHSKDUPDFHXWLTXH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /HV%RQQHV3UDWLTXHVGH3UpSDUDWLRQKRVSLWDOLqUHV
  
  /HV%RQQHV3UDWLTXHVGH3UpSDUDWLRQV%33jO¶K{SLWDOVRQWUpGLJpHVGDQVOHPrPH
HVSULWTXHOHV%3)
  /HFKDPSG¶DSSOLFDWLRQGHV%33FRQFHUQHOHV3KDUPDFLHVj8VDJH,QWpULHXU38,
GRQW OHV PLVVLRQV SULQFLSDOHV VRQW OD SUpSDUDWLRQ DLQVL TXH OH FRQWU{OH HW
O¶DSSURYLVLRQQHPHQWGHVPpGLFDPHQWV
  /H JXLGH FRPSUHQG TXDWUH SDUWLHV DYHF GHV FKDSLWUHV HW OLJQHV SDUWLFXOLqUHV PDLV
pJDOHPHQWGHX[DQQH[HV
  /DSUHPLqUHSDUWLHSRUWHVXUOHVJpQpUDOLWpVGDQVOHVTXHOOHVVHWURXYHQWOHVFKDSLWUHV
VXLYDQWV

o &KDSLWUH 3UpSDUDWLRQ
o &KDSLWUH &RQWU{OHV
o &KDSLWUH *HVWLRQGHODTXDOLWpHWODGRFXPHQWDWLRQ
o &KDSLWUH *HVWLRQGHVDQRPDOLHVUHWRXUVUpFODPDWLRQVHWUDSSHOVGHORW
o &KDSLWUH &RQGLWLRQVGHVRXVWUDLWDQFHGHVSUpSDUDWLRQVGHVFRQWU{OHVHW
GXWUDQVSRUW

  /DVHFRQGHSDUWLHFRQWLHQWOHVOLJQHVGLUHFWULFHVSDUWLFXOLqUHVFLGHVVRXV

o &KDSLWUH 3UpSDUDWLRQVGHPpGLFDPHQWVVWpULOHV
o &KDSLWUH 3UpSDUDWLRQVGHPpGLFDPHQWVFRQWHQDQWGHVVXEVWDQFHV
GDQJHUHXVHVSRXUOHSHUVRQQHOHWO¶HQYLURQQHPHQW
  
  /DWURLVLqPHSDUWLHVHFRPSRVHGHVOLJQHVGLUHFWULFHVVSpFLILTXHVDX[38,DYHF

o &KDSLWUH 3UpSDUDWLRQVUHQGXHVQpFHVVDLUHVSDUOHVUHFKHUFKHV
ELRPpGLFDOHV
o &KDSLWUH 3UpSDUDWLRQVGHPpGLFDPHQWVUDGLRSKDUPDFHXWLTXHV

  /DTXDWULqPHHWGHUQLqUHSDUWLHFRQWLHQWOHVGHX[DQQH[HV

o $QQH[H &RQWHQXGHVGRFXPHQWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 o $QQH[H /LVWHQRQH[KDXVWLYHGHVLWXDWLRQVGLIILFLOHVG¶XWLOLVDWLRQGH
VSpFLDOLWpVSKDUPDFHXWLTXHVGpFRQGLWLRQQpHV


  (Q FRQFOXVLRQ OD TXDOLWp GHV IDEULFDWLRQV UHOqYH DX VHLQ G¶XQ pWDEOLVVHPHQW
SKDUPDFHXWLTXH G¶XQH SHUVRQQH TXDOLILpH (Q )UDQFH FHWWH GHUQLqUH HVW OH 3KDUPDFLHQ
5HVSRQVDEOH ,O GRLW SURXYHU j WRXW LQVWDQW TX¶XQH ERvWH GH PpGLFDPHQWV SULVH GH IDoRQ
UDQGRPLVpH j OD VRUWLH GH O¶HQWUHSULVH UHQIHUPH OH ERQ FRQWHQX &H FRQWHQX GRLW
FRUUHVSRQGUHjODFRPSRVLWLRQPDUTXpHVXUO¶pWLTXHWWH$LQVLVDUHVSRQVDELOLWpHVWFUXFLDOH
$ILQGHSRXYRLUO¶DVVXPHUOH3KDUPDFLHQ5HVSRQVDEOHDGpVRUPDLVQpFHVVDLUHPHQWUHFRXUV
DX[PpWKRGHVPRGHUQHVGHJHVWLRQGHODTXDOLWpTXLRQWFRQGXLWDX[%3)GHVPpGLFDPHQWV
  (QFHTXLFRQFHUQHODSUpSDUDWLRQGHVPpGLFDPHQWVGDQVXQHSKDUPDFLHG¶K{SLWDO
ODPLVHHQ°XYUHGHVPR\HQVQ¶HVWSDVGXPrPHRUGUHGHJUDQGHXUTXHGDQVO¶LQGXVWULH
'HPrPHODFRPSOH[LWpGHVSUREOqPHVKRVSLWDOLHUVHVWELHQLQIpULHXUHHQFRPSDUDLVRQGHV
SUREOqPHVWURXYpVVXUXQVLWHGHSURGXFWLRQLQGXVWULHO0DLVOHSKDUPDFLHQGRLW\DWWDFKHU
DXWDQW GH VRXFL HQ WHUPHV G¶DVVXUDQFH GH OD TXDOLWp 6D UHVSRQVDELOLWp HVW HQJDJpH GDQV
O¶HVSULWGHV%33SKDUPDFHXWLTXHV/HIDLWGHGLVSRVHUGHSUpSDUDWHXUVTXDOLILpVHWG¶DYRLU
XQH IRUPDWLRQ FRQWLQXH DSSURSULpH YD SHUPHWWUH DX SKDUPDFLHQ KRVSLWDOLHU G¶rWUH DX
FRXUDQWGHO¶pYROXWLRQGHVFRQQDLVVDQFHV*UkFHjFHODLOSRXUUDHQYLVDJHUODSUpSDUDWLRQ
G¶XQPpGLFDPHQWGHTXDOLWpV€UHWHIILFDFH


///ͬdžŝŐĞŶĐĞƐƌĠŐůĞŵĞŶƚĂŝƌĞƐ

 /HV LQGXVWULHV SKDUPDFHXWLTXHV VXELVVHQW GHV PXWDWLRQV HQ SURIRQGHXU GHSXLV
TXHOTXHVDQQpHVQRWDPPHQWDXQLYHDXUpJOHPHQWDLUH/HVUqJOHPHQWVHXURSpHQVPDLVDXVVL
LQWHUQDWLRQDX[ YLVHQW j DVVXUHU OD SURWHFWLRQ GH OD VDQWp KXPDLQH HW OHV GURLWV GX
FRQVRPPDWHXU YLD GHV UqJOHV SUpFLVHV WRXFKDQW O¶HQVHPEOH GHV FDUDFWpULVWLTXHV G¶XQ
SURGXLWPpGLFDPHQWHX[
'DQV OH GRPDLQH GH OD TXDOLWp OHV UpDOLVDWLRQV HQ PDWLqUH G¶KDUPRQLVDWLRQ IRQW
DSSHOjGHVpWDSHVFUXFLDOHVWHOOHVTXHOHVpWXGHVGHVWDELOLWpHWjXQHDSSURFKHSOXVVRXSOH
GHODTXDOLWpSKDUPDFHXWLTXHEDVpHVXUODJHVWLRQGHVULVTXHVVHORQOHV%3)

/HV pWXGHV GH VWDELOLWp VRQW GRQF XQH H[LJHQFH UpJOHPHQWDLUH /D GpPDUFKH HVW
HQFDGUpH SDU GLYHUVHV UpJOHPHQWDWLRQV DYHF QRWDPPHQW OHV JXLGHOLQHV LVVXV GH O¶,&+

 
DURAFOUR
(CC BY-NC-ND 2.0)
,QWHUQDWLRQDO&RXQFLORI+DUPRQLVDWLRQGHO¶2062UJDQLVDWLRQ0RQGLDOHGHOD6DQWp
RXHQFRUHGHO¶(0$(XURSHDQ0HGLFLQHV$JHQF\

 ,&+4
 
/¶,&+ 4 SUpVHQWH XQ HQVHPEOHGH JXLGHVGLYLVpVHQVL[SDUWLHVGH4$j4)
DYHF FKDFXQ GHV JXLGHOLQHV SHUPHWWDQW G¶DERUGHU GHV VSpFLILFLWpV HW GH GRQQHU GHV
LQIRUPDWLRQV VXU OHV ]RQHV FOLPDWLTXHV RX OHV FRQGLWLRQV H[SpULPHQWDOHV SDU H[HPSOH ,O
FRPSUHQG

o 4$5 6WDELOLW\7HVWLQJRI1HZ'UXJ6XEVWDQFHVDQG3URGXFWV(VVDLV
GHVWDELOLWpGHQRXYHDX[SURGXLWVHWVXEVWDQFHVPpGLFDPHQWHXVHV
o 4%  6WDELOLW\ 7HVWLQJ  3KRWRVWDELOLW\ 7HVWLQJ RI 1HZ 'UXJ 6XEVWDQFHV
DQG 3URGXFWV (VVDLV GH VWDELOLWp HVVDLV GH SKRWRVWDELOLWp GH QRXYHDX[
SURGXLWVHWVXEVWDQFHVPpGLFDPHQWHXVHV
o 4& 6WDELOLW\7HVWLQJIRU1HZ'RVDJH)RUPV7HVWVGHVWDELOLWpSRXUOHV
QRXYHOOHVIRUPHVSRVRORJLTXHV
o 4'  %UDFNHWLQJ DQG 0DWUL[LQJ 'HVLJQV IRU 6WDELOLW\ 7HVWLQJ RI 1HZ
'UXJ6XEVWDQFHVDQG3URGXFWV0RGqOHVGHEUDFNHWLQJHWGHPDWUL[LQJSRXU
OHVWHVWVGHVWDELOLWpGHQRXYHDX[SURGXLWVHWVXEVWDQFHVPpGLFDPHQWHXVHV
o 4( (YDOXDWLRQRI6WDELOLW\'DWD(YDOXDWLRQGHVGRQQpHVGHVWDELOLWp
o 4)  6WDELOLW\ 'DWD 3DFNDJH IRU 5HJLVWUDWLRQ $SSOLFDWLRQV LQ &OLPDWLF
=RQHV,,,DQG,9(QVHPEOHGHGRQQpHVVXUODVWDELOLWpSRXUOHVGHPDQGHV
G¶HQUHJLVWUHPHQWGDQVOHV]RQHVFOLPDWLTXHV,,,HW,9

ϭ͘ϭ͘/,Yϭ;ZϮͿʹ^ƚĂďŝůŝƚLJdĞƐƚŝŶŐŽĨEĞǁƌƵŐ^ƵďƐƚĂŶĐĞƐĂŶĚWƌŽĚƵĐƚƐ

/¶REMHFWLI HVW GH GpILQLU SRXU XQH QRXYHOOH VXEVWDQFH PpGLFDPHQWHXVH RX XQ
QRXYHDXSURGXLWSKDUPDFHXWLTXHO¶HQVHPEOHGHVGRQQpHVGHVWDELOLWpDILQGHSHUPHWWUHXQH
GHPDQGH G¶HQUHJLVWUHPHQW GDQV OHV WURLV UpJLRQV VXLYDQWHV  OH -DSRQ OHV (WDWV8QLV HW
O¶(XURSH 3RXU OHV DXWUHV UpJLRQV GX PRQGH OHV WHVWV G¶HQUHJLVWUHPHQW QH VRQW SDV
QpFHVVDLUHPHQWFRXYHUWVSDUFHWWHGLUHFWLYH
/DSRUWpHGHFHWWHOLJQHGLUHFWULFHHVWGHWUDLWHUGHVLQIRUPDWLRQVjVRXPHWWUHSRXU
VDWLVIDLUH OHV GHPDQGHV G¶HQUHJLVWUHPHQW GH QRXYHOOHV PROpFXOHV RX SURGXLWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
PpGLFDPHQWHX[ /HV HVVDLV FOLQLTXHV RX OHV GpWDLOV VSpFLILTXHV HQ UDSSRUW DYHF
O
pFKDQWLOORQQDJHQHVRQWSDVFRQFHUQpVSDUFHWWHJXLGHOLQH
/DSUpVHQWHGLUHFWLYHGpILQLWOHVFKRL[GHVFRQGLWLRQVG
HVVDLVXLWHjXQHDQDO\VHGHV
HIIHWV GHV FRQGLWLRQV FOLPDWLTXHV GDQV OHV WURLV UpJLRQV FLWpHV FLGHVVXV *UkFH j FHOD
TXDWUH ]RQHV FOLPDWLTXHV VRQW GpWHUPLQpHV GH OD IDoRQ VXLYDQWH HQ IRQFWLRQ GH OD
7HPSpUDWXUH HW GH O¶+XPLGLWp 5pVLGXHOOH +5 SRXU OHV EHVRLQV GHV WHVWV GH VWDELOLWp j
O¶pFKHOOHPRQGLDOH

o =RQH,7HPSpUpHƒ&+5
o =RQH,,6XEWURSLFDOHHWPpGLWHUUDQpHQQHƒ&+5
o =RQH,,,&KDXGHVqFKHƒ&+5
o =RQH,9D&KDXGHKXPLGHƒ&+5
o =RQH,9E&KDXGHWUqVKXPLGHƒ&+5

,FLODGLUHFWLYHFRQFHUQHXQLTXHPHQWOHV]RQHV,HW,,
8QSULQFLSHDpWppWDEOLORUVTX
LO\DODJpQpUDWLRQG
LQIRUPDWLRQVGHVWDELOLWpDX
-DSRQDX[(WDWV8QLVRXHQ(XURSHDORUVFHVGRQQpHVVRQWPXWXHOOHPHQWDFFHSWDEOHVSRXU
OHVGHX[DXWUHVUpJLRQV&HSHQGDQWFHVLQIRUPDWLRQVGRLYHQWrWUHFRQIRUPHVDXJXLGHOLQH
,&+4$5

ϭ͘Ϯ͘/,Yϭʹ^ƚĂďŝůŝƚLJdĞƐƚŝŶŐ͗WŚŽƚŽƐƚĂďŝůŝƚLJdĞƐƚŝŶŐŽĨEĞǁƌƵŐ^ƵďƐƚĂŶĐĞƐĂŶĚ
WƌŽĚƵĐƚƐ

/DGLUHFWLYHDERUGHOHVUHFRPPDQGDWLRQVUHODWLYHVDX[WHVWVGHSKRWRVWDELOLWp
3RXU WRXWH QRXYHOOH VXEVWDQFH DFWLYH RX WRXW QRXYHDX PpGLFDPHQW O¶pWXGH GHV
FDUDFWpULVWLTXHVLQWULQVqTXHVGHSKRWRVWDELOLWpGRLWrWUHUpDOLVpH&HWHVWIDLWVXUXQVHXOORW
SHUPHWGHSURXYHUTXHVXLWHjXQHH[SRVLWLRQjODOXPLqUHDXFXQFKDQJHPHQWLQDFFHSWDEOH
QHVRLWHQWUDLQp&HSHQGDQWVLGHVPRGLILFDWLRQVVXUOHSURGXLWDXQLYHDXGHODIRUPXODWLRQ
SDUH[HPSOHVRQWDSSRUWpHVDORUVODUpSpWLWLRQGHFHVpWXGHVHVWQpFHVVDLUH
/H JXLGHOLQH ,&+ 4% FRQFHUQH ORUV GHV GHPDQGHV G¶$00 OHV LQIRUPDWLRQV j
VRXPHWWUHSRXUODSKRWRVWDELOLWp



 
DURAFOUR
(CC BY-NC-ND 2.0)
 

)LJXUH/RJLJUDPPHGHGpFLVLRQSRXUO¶HVVDLGHSKRWRVWDELOLWpGHVPpGLFDPHQWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 

)LJXUH&KDPEUHGHWHVWGHSKRWRVWDELOLWpSRXUO¶LQGXVWULHSKDUPDFHXWLTXH

3RXUFHVWHVWVXQHDSSURFKHV\VWpPDWLTXHHVWUHFRPPDQGpHDYHF

o 'HVHVVDLVVXUODVXEVWDQFHDFWLYH
o 'HVHVVDLVVXUOHSURGXLWH[SRVpHQGHKRUVGXFRQGLWLRQQHPHQW
o 6LQpFHVVDLUHGHVWHVWVVXUOHSURGXLWGDQVVRQFRQGLWLRQQHPHQWLPPpGLDW
o 6LQpFHVVDLUHGHVWHVWVVXUOHSURGXLWGDQVVRQFRQGLWLRQQHPHQWPDUNHWLQJ

8Q FKDQJHPHQW DFFHSWDEOH F¶HVW j GLUH XQ FKDQJHPHQW GDQV OHV OLPLWHV MXVWLILpHV
SDUOHGHPDQGHXUHWVXUYHQDQWjODILQGHVWHVWVG¶H[SRVLWLRQjODOXPLqUHYDSHUPHWWUHGH
GpILQLUO¶pWHQGXHGHFHVWHVWVVXUOHVSURGXLWVPpGLFDPHQWHX[


 
DURAFOUR
(CC BY-NC-ND 2.0)
 ϭ͘ϯ͘/,Yϭʹ^ƚĂďŝůŝƚLJdĞƐƚŝŶŐĨŽƌEĞǁŽƐĂŐĞ&ŽƌŵƐ

&HWWH GLUHFWLYH HVW XQH DQQH[H GH OD GLUHFWLYH SDUHQW O¶,&+ 4$ SRUWDQW VXU OD
VWDELOLWp
/HJXLGHOLQH,&+4&WUDLWHGHVLQVWUXFWLRQVSDUUDSSRUWjODIRXUQLWXUHGHVGRQQpHV
VXUODVWDELOLWpGHVIRUPHVSRVRORJLTXHVQRXYHOOHV
&HVGHUQLqUHVVRQWGHVSURGXLWVSKDUPDFHXWLTXHVTXLGLIIqUHQWDXQLYHDXGHODYRLH
G¶DGPLQLVWUDWLRQ HW GH OD IRQFWLRQQDOLWp FHOD SHXW rWUH XQ V\VWqPH j OLEpUDWLRQ PRGLILpH
GRQFRQQHYDSDVXWLOLVHUOHVPrPHVFKRVHVTX¶KDELWXHOOHPHQWPDLVSRVVpGDQWOHPrPH
SULQFLSH DFWLI TXH FHOXL LQFOXV GDQV XQ SURGXLW GpMj H[LVWDQW DSSURXYp SDU O¶DXWRULWp
UpJOHPHQWDLUHFRPSpWHQWH
/HV SURWRFROHV GH VWDELOLWp SRXUFHVQRXYHOOHVIRUPHVSRVRORJLTXHVGRLYHQWVXLYUH
OHVGLUHFWLYHVLVVXHVGHODGLUHFWLYHGHEDVHSRXUODVWDELOLWp

ϭ͘ϰ͘/,YϭͲƌĂĐŬĞƚŝŶŐĂŶĚDĂƚƌŝdžŝŶŐĞƐŝŐŶƐĨŽƌ^ƚĂďŝůŝƚLJdĞƐƚŝŶŐŽĨEĞǁƌƵŐ
^ƵďƐƚĂŶĐĞƐĂŶĚWƌŽĚƵĐƚƐ

&HWWH GLUHFWLYH SHUPHW GH FRQQDvWUH OHV UHFRPPDQGDWLRQV FRQFHUQDQW OHV
DSSOLFDWLRQVGXEUDFNHWLQJHWGXPDWUL[LQJDX[pWXGHVGHVWDELOLWpFRQGXLWHVFRQIRUPpPHQW
DX[SULQFLSHVpQRQFpVGDQVODOLJQHGLUHFWULFHWULSDUWLWH,&+4$5
/DSRUWpHGHFHGRFXPHQWHVWGHIRXUQLUGHVLQGLFDWLRQVVXUODFRQFHSWLRQG¶pWXGH
GHEUDFNHWLQJHWGHPDWUL[LQJ,OFRPSUHQGGHVSULQFLSHVVSpFLILTXHVSHUPHWWDQWGHGpILQLU
OHVVLWXDWLRQVGDQVOHVTXHOOHVFHVpWXGHVVRQWDSSOLFDEOHV
/H EUDFNHWLQJ HVW OD UpDOLVDWLRQ G¶XQ SURJUDPPH GH VWDELOLWp HQ PpWKRGH H[WUrPH
&HOD FRQVLVWH GRQF j DQDO\VHU GHV pFKDQWLOORQV WUqV SHWLWV HW WUqV JUDQGV SRXU FHUWDLQV
IDFWHXUVODWDLOOHGXFRQWHQHXUHWOHUHPSOLVVDJHSRXUXQPpGLFDPHQWHQIRUPHOLTXLGHRX
OH GRVDJH GX SULQFLSH DFWLI SRXU XQ SURGXLW ILQL &HV IDFWHXUV GRLYHQW rWUH WHVWpV j WRXW
LQVWDQW &HSHQGDQW XQH WHOOH FRQFHSWLRQ G¶pWXGH GRLW VXSSRVHU TXH OD VWDELOLWp SRXU OHV
QLYHDX[ LQWHUPpGLDLUHV VHUD UHSUpVHQWpH SDU OD VWDELOLWp DX[ QLYHDX[ H[WUrPHV 6L OHV
IDFWHXUVTXHO¶RQDVpOHFWLRQQpSRXUOHVWHVWVQHSHUPHWWHQWSDVGHGpPRQWUHUTXHFHVRQW
ELHQOHVH[WUrPHVDORUVO¶XWLOLVDWLRQGXEUDFNHWLQJQ¶HVWSDVFRQVLGpUpHFRPPHDSSURSULpH
4XDQWDXPDWUL[LQJF¶HVWXQDXWUHSURJUDPPHGHVWDELOLWp/DFRQFHSWLRQGHO¶pWXGH
HVWIDLWHGHWHOOHVRUWHTX¶XQVRXVHQVHPEOHVpOHFWLRQQpVXUOHQRPEUHWRWDOG¶pFKDQWLOORQV
SRVVLEOHV HW SRXU WRXWHV OHV FRPELQDLVRQV GH IDFWHXUV VRLW WHVWp j XQ PRPHQW GRQQp

 
DURAFOUR
(CC BY-NC-ND 2.0)
(QVXLWHXQDXWUHVRXVHQVHPEOHG¶pFKDQWLOORQVpJDOHPHQWSRXUWRXWHVOHVFRPELQDLVRQVGH
IDFWHXUV VHUD WHVWp XOWpULHXUHPHQW 8QH FRQFHSWLRQ G¶pWXGH GH PDWUL[LQJ VXSSRVH TXH OD
VWDELOLWp GH FKDTXH VRXVHQVHPEOH G¶pFKDQWLOORQV WHVWpV UHSUpVHQWH OD VWDELOLWp GH WRXV OHV
pFKDQWLOORQV j XQ PRPHQW GRQQp 6L GHV GLIIpUHQFHV H[LVWHQW HQWUH OHV pFKDQWLOORQV G¶XQ
PrPHSURGXLWSKDUPDFHXWLTXHDORUVHOOHVGRLYHQWrWUHLGHQWLILpHVFRPPHFRXYUDQWGHVORWV
GLIIpUHQWVSDUH[HPSOH/RUVTX¶XQHPEDOODJHVHFRQGDLUHFRQWULEXHjODVWDELOLWpGXSURGXLW
OHPDWUL[LQJSHXWrWUHHIIHFWXpVXUO¶HQVHPEOHGHVV\VWqPHVG¶HPEDOODJH&KDTXHFRQGLWLRQ
GHVWRFNDJHGRLWrWUHWUDLWpHVpSDUpPHQWVHORQVRQSURSUHFRQFHSWGHPDWUL[LQJ
&HVGHX[GHVLJQVG¶pWXGHVOHEUDFNHWLQJHWOHPDWUL[LQJSHUPHWWHQWDLQVLGHUpGXLUH
ODTXDQWLWpG¶pFKDQWLOORQVWHVWpVSRXUO¶pYDOXDWLRQGHODVWDELOLWpG¶XQHQRXYHOOHVXEVWDQFH
PpGLFDPHQWHXVH &H VRQW GRQF GHV PpWKRGHV TXH O¶RQ GLW ©UpGXLWHVª RX ©DOOpJpHVª
SXLVTXHWRXVOHVpFKDQWLOORQVQHVRQWSDVDQDO\VpVjFKDTXHpFKpDQFHGHWHPSV
&HSHQGDQW SRXU O¶pWXGH GHV VXEVWDQFHV PpGLFDPHQWHXVHV OH EUDFNHWLQJ Q¶HVW
JpQpUDOHPHQW SDV DSSOLFDEOH HW OH PDWUL[LQJ HVW G¶XQH XWLOLWp OLPLWpH /¶XWLOLVDWLRQ GH FHV
FRQFHSWLRQVUpGXLWHVGRLWrWUHMXVWLILpH/HW\SHHWOHQLYHDXGHMXVWLILFDWLRQGDQVFKDFXQGH
FHVFDVGpSHQGURQWGHVGRQQpHVGLVSRQLEOHV

&LGHVVRXV XQ H[HPSOH GH FRQFHSWLRQ G¶XQH pWXGH XWLOLVDQW OD PpWKRGH GHV
H[WUrPHVSRXUXQHVROXWLRQRUDOH&HWWHpWXGHHVWPHQpHVXUTXDWUHGRVDJHVHWGDQVTXDWUH
YROXPHVGLIIpUHQWV3RXUUDSSHOGDQVFHW\SHG¶pWXGHRQYDHIIHFWXHUGHVDQDO\VHVVXUOH
GRVDJHOHSOXVSHWLWGRQFPJOHGRVDJHOHSOXVJUDQGGRQFPJOHYROXPHOHSOXV
SHWLWVRLWP/HWOHYROXPHOHSOXVJUDQGVRLWP/
/HQRPEUHG¶pFKDQWLOORQVWHVWpVHVWIDLEOHFHTXLSHUPHWGHUpGXLUHOHVDQDO\VHVGH
SOXVGHODPRLWLp

7DEOHDX([HPSOHGHFRQFHSWLRQG¶XQHpWXGHGHEUDFNHWLQJ

'RVDJH PJ PJ PJ PJ

/RW            

P/ ; ; ;   ; ; ;

7DLOOHGX P/   
 
FRQWHQHXU P/   
 
P/ ; ; ;   ; ; ;

; eFKDQWLOORQWHVWp

 
DURAFOUR
(CC BY-NC-ND 2.0)

7DEOHDX([HPSOHGHFRQFHSWLRQG¶XQHpWXGHGHPDWUL[LQJVXUGHVSRLQWVGHWHPSV
SRXUXQSURGXLWSUpVHQWDQWGHX[GRVDJHV

7HPSVPRLV        

/RW ; ; ; ; ; ;
PJ /RW ; ; ; ; ; ;
/RW ; ; ; ; ;

'RVDJH
/RW ; ; ; ; ;

PJ /RW ; ; ; ; ; ;
 
/RW ; ; ; ; ;
  
; eFKDQWLOORQWHVWp

&HGHX[LqPHWDEOHDXPRQWUHO¶H[HPSOHGHFRQFHSWLRQG¶XQHDQDO\VHSDUODPpWKRGH
GHODPDWULFH
¬7 PRLV7 PRLVHW7 PRLVWRXVOHVpFKDQWLOORQVVRQWFRQWU{OpV
3RXUOHVSRLQWVGHWHPSVUHVWDQWVHWPRLVOHVDQDO\VHVVRQWUpGXLWHV
GHPRLWLpUpDOLVpHVVXUSRVVLEOHV(QHIIHWRQGLVSRVHGHORWVSRXUOHGRVDJHHW
GHORWVSRXUOHGRVDJHPDLVVXUO¶HQVHPEOHGHVORWVOHVWHVWVQHVRQWUpDOLVpVTXHVXU
ODPRLWLpGHFHVORWVjFKDFXQHGHVpFKpDQFHVFLWpHVSUpFpGHPPHQW

ϭ͘ϱ͘/,YϭʹǀĂůƵĂƚŝŽŶĨŽƌ^ƚĂďŝůŝƚLJĂƚĂ

/¶REMHFWLI GH FHWWH OLJQH GLUHFWULFH HVW GH IRXUQLU GHV UHFRPPDQGDWLRQV VXU OD
PDQLqUH G¶XWLOLVHU OHV GRQQpHV GH VWDELOLWpJpQpUpHVFRQIRUPpPHQWDX[SULQFLSHVGpWDLOOpV
GDQVODGLUHFWLYH,&+4$5VLXQHQRXYHOOHSpULRGHG¶HVVDLRXXQHQRXYHOOHGXUpHGH
FRQVHUYDWLRQ HVW SURSRVpH GDQV XQH GHPDQGH G¶HQUHJLVWUHPHQW G¶XQ SURGXLW
PpGLFDPHQWHX[
&H JXLGHOLQH SHUPHW GH VDYRLU TXDQG HW FRPPHQW O¶H[WUDSRODWLRQ SHXW rWUH
HQYLVDJpH HQ FDV GH SURSRVLWLRQ G¶XQH SpULRGH GH UpDQDO\VH GX SURGXLW RX GDQV OH FDV
G¶XQHGXUpHGHFRQVHUYDWLRQGpSDVVDQWODSpULRGHFRXYHUWHSDUOHVGRQQpHVGLVSRQLEOHVGH
O¶pWXGHGHVWDELOLWpUpDOLVpHjORQJWHUPH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /¶H[WUDSRODWLRQ FRQVLVWH j XWLOLVHU GHV GRQQpHV FRQQXHV SRXU GpGXLUH GHV
LQIRUPDWLRQV IXWXUHV 6L j O¶pWDW DFFpOpUp DXFXQ FKDQJHPHQW VLJQLILFDWLI Q¶HVW PRQWUp SDU
O¶pWXGHDORUVXQHH[WUDSRODWLRQHVWSRVVLEOHDILQG¶DXJPHQWHUODGXUpHGHFRQVHUYDWLRQDX
GHOjGHODSpULRGHFRXYHUWHSDUOHVGRQQpHVjORQJWHUPHRXGHSURORQJHUODSpULRGHGHUp
DQDO\VH
/¶H[LVWHQFH GH GRQQpHV MXVWLILFDWLYHV SHUWLQHQWHV HVW REOLJDWRLUH SRXU XQH
H[WUDSRODWLRQDSSURSULpHGHVGRQQpHVGHVWDELOLWp

ϭ͘ϲ͘/,Yϭ&Ͳ^ƚĂďŝůŝƚLJĂƚĂWĂĐŬĂŐĞĨŽƌZĞŐŝƐƚƌĂƚŝŽŶƉƉůŝĐĂƚŝŽŶƐŝŶůŝŵĂƚŝĐŽŶĞƐ
///ĂŶĚ/s

&HWWHGLUHFWLYHFRQFHUQHOHVWHVWVGHVWDELOLWpSRXUOHVSD\VVLWXpVDXVHLQGHV]RQHV
FOLPDWLTXHV,,,HW,9GRQFFHOOHVTXLQHVRQWSDVFRXYHUWHVSDUOHVWHVWVGHVWDELOLWpGpFULWV
GDQVO¶,&+4$5
3RXU IDFLOLWHU O¶DFFqV DX[ PpGLFDPHQWVSDUODUpGXFWLRQGXQRPEUHGH FRQGLWLRQV
GHVWRFNDJHGLIIpUHQWHVO¶,&+4)DGpFULWOHVH[LJHQFHVKDUPRQLVpHVJOREDOHVHQPDWLqUH
GHWHVWVGHVWDELOLWp
0DLV SHQGDQW OHV GLVFXVVLRQV TXLDERXWLUHQW jO¶pODERUDWLRQGHFHWWH GLUHFWLYH XQH
HQTXrWHDpWpPHQpHSDUO¶206DXSUqVGHVHVeWDWV0HPEUHV&HOOHFLDSHUPLVGHGpJDJHU
XQ FRQVHQVXV HW GH GpILQLU OHV FRQGLWLRQV VXLYDQWHV WHPSpUDWXUH GH ƒ& HW 
G¶+XPLGLWp5HODWLYHSRXUOHVSD\VVHWURXYDQWGDQVOHV]RQHVFOLPDWLTXHV,,,HW,9
/H GRFXPHQW ,&+ 4) D GRQF pWp DGRSWp SDU OH FRPLWp GH GLUHFWLRQ GH O¶,&+ HQ
)pYULHUGHO¶DQQpHSXLVPLVHQ°XYUHGDQVOHVUpJLRQVFRQFHUQpHV
&HSHQGDQWTXHOTXHVSD\VDXFOLPDWFKDXGHWWUqVKXPLGHSUpVHQWVGDQVOD]RQH,9
RQW VRXKDLWp LQFOXUH XQH PDUJH SOXV LPSRUWDQWH SRXU OD VpFXULWp GH OD FRPPHUFLDOLVDWLRQ
GHV PpGLFDPHQWV GDQV OHXUV UpJLRQV &HV SD\V RQW SDU FRQVpTXHQFH UHYX OHV GLUHFWLYHV
SRXUOHVWHVWVGHVWDELOLWpHQGpILQLVVDQWGHVFRQGLWLRQVGHVWRFNDJHjƒ&+5
$LQVL VXLWH j FHV GLYHUJHQFHV OH FRPLWp GH GLUHFWLRQ GH O¶,&+ UHWLUH OD OLJQH
GLUHFWULFH ,&+ 4) HW GpFLGH GH ODLVVHU FHV SD\V OHXUV UpJLRQV HW O¶206 FKRLVLU HX[
PrPHVOHVFRQGLWLRQVGHVWRFNDJHOHVSOXVDSSURSULpHV
/RUVTXH O¶pYDOXDWLRQ GH O¶LPSDFW GX UHWUDLW GH FH JXLGHOLQH D pWp IDLWH VXU OHV
FRQGLWLRQV LQWHUPpGLDLUHV GpILQLHV GDQV OD OLJQH GLUHFWULFH PqUH ,&+ 4$ 5 XQH
GpFLVLRQ D pWp SULVH SRXU FHV GHUQLqUHV OHV FRQGLWLRQV GH VWRFNDJH UHVWHQW OHV PrPHV j
VDYRLUƒ&+51pDQPRLQVOHVDXWRULWpVGHUpJXODWLRQGHVUpJLRQVFRQFHUQpHVHWVL

 
DURAFOUR
(CC BY-NC-ND 2.0)
XQFOLHQWHQIDLWODGHPDQGHRQWFRQYHQXTXHOHVFRQGLWLRQVG¶KXPLGLWpSOXVVWULFWHVGRQF
ƒ&+5UHVWHQWXWLOLVDEOHV

 *XLGHVWDELOLWpGHO¶206

/HV UqJOHPHQWV pYROXDQW HQ SHUPDQHQFH LO D pWp GpFLGp GH PHWWUH j MRXU OHV
GLUHFWLYHV GpMj H[LVWDQWHV 'HV FRPPHQWDLUHV VXU FHV OLJQHV GLUHFWULFHV RQW DLQVL pWp IDLWV
SDU OH JURXSH G¶DVVXUDQFH GH OD TXDOLWp GHV PpGLFDPHQWV HW OH JURXSH G¶pYDOXDWLRQ GH
O¶pTXLSHGHSUpTXDOLILFDWLRQGHVPpGLFDPHQWVQRWDPPHQWVXUOHVGLIIpUHQWHVVHFWLRQVGHV
GLUHFWLYHVDFWXHOOHV8QHUpYLVLRQGHFHVJXLGHOLQHVHVWGRQFG¶XQHIRUWHXWLOLWp
&HV GLUHFWLYHV RQW SRXU REMHFWLI GH GpFULUH OHV GRQQpHV GH VWDELOLWp SULQFLSDOHV
UHTXLVHVSRXUHQUHJLVWUHUXQLQJUpGLHQWSKDUPDFHXWLTXHDFWLIRXXQSURGXLWILQLHWFHFLGDQV
OHEXWGHUHPSODFHUOHVGLUHFWLYHVDQWpULHXUHVGHO¶206GDQVFHGRPDLQH
  (OOHV VHURQW UHFRPPDQGpHV SRXU OH UpHQUHJLVWUHPHQW RX OD UppYDOXDWLRQ GH
PpGLFDPHQWVSUpVHQWVVXUOHPDUFKpGHSXLVTXHOTXHVDQQpHV

 ³*XLGHOLQHRQGHFODUDWLRQRIVWRUDJHFRQGLWLRQVLQWKHSURGXFWLQIRUPDWLRQRIPHGLFDO
SURGXFWVDQGIRUDFWLYHVXEVWDQFHV´GHO¶(0$

/HVOLJQHVGLUHFWULFHV,&+GpWDLOOHQWOHVFRQGLWLRQVUHFRPPDQGpHVSRXUOHVpWXGHV
GHVWDELOLWp
/HEXWGHODJXLGHOLQHpWDEOLHSDUO¶(0$HVWG¶pQRQFHUGHVGpFODUDWLRQVXQLIRUPHV
SDUUDSSRUWjO¶LQFOXVLRQGDQVO¶pWLTXHWDJHGHVPpGLFDPHQWVGHVFRQGLWLRQVGHVWRFNDJHHW
GHGpILQLUOHPRPHQWRFHVGpFODUDWLRQVV¶DSSOLTXHQW
&HWWH GLUHFWLYH HVW GRQF XQH DQQH[H DX[ GLUHFWLYHV GH VWDELOLWp (OOH FRQFHUQH OHV
$00SRXUWRXWHVOHVFDWpJRULHVGHSURGXLWV
/HV FRQGLWLRQV GH VWRFNDJH GRLYHQW SRXYRLU rWUH UHVSHFWpHV SDUO¶XWLOLVDWHXU &¶HVW
DX PRPHQW GH OD VRXPLVVLRQ DX[ DXWRULWpV FRPSpWHQWHV SRXU OD UpDOLVDWLRQ GX GRVVLHU
G¶$00 TXH OHV pWXGHV GH VWDELOLWp HW OHXUV UpVXOWDWV VRQW SUpVHQWV &HV UpVXOWDWV GRLYHQW
VHUYLUGHJXLGH(QWUHOHVFDUDFWpULVWLTXHVGHVWDELOLWpGpPRQWUpHVSRXUOHSURGXLWILQLHWFH
TXLHVWGpFODUpVXUO¶pWLTXHWWHXQOLHQGLUHFWGRLWH[LVWHU0DLVVLGHVpWXGHVGHVWDELOLWpRQW
pWpRPLVHVGDQVFHUWDLQHVFRQGLWLRQVDORUVXQHLQVWUXFWLRQGHVWRFNDJHQ¶HVWSDVXWLOLVDEOH
HQFRPSHQVDWLRQSXLVTXHOHVGRQQpHVGHVWDELOLWpVRQWLQFRPSOqWHVHWRXLQVXIILVDQWHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 7RXW SURGXLW PpGLFDPHQWHX[ HVW HPEDOOp GDQV XQ FRQWHQDQW TXL YD JDUDQWLU VD
VWDELOLWp HW SURWpJHU FHOXLFL GH OD GpWpULRUDWLRQ /RUVTXH O¶HPEDOODJH HVW GH TXDOLWp
LQIpULHXUH RX LQDGDSWpH RQ VH WURXYH GDQV XQ FDV R XQH GpFODUDWLRQ GH VWRFNDJHQH GRLW
SDVrWUHXWLOLVpHWRXWVLPSOHPHQWSDUQpFHVVLWpGHSUHQGUHGHVSUpFDXWLRQVSRXUOHSDWLHQW
(QFHTXLFRQFHUQHOHVVXEVWDQFHVDFWLYHVOHXUVFRQGLWLRQVGHVWRFNDJHGRLYHQWrWUH
IRQGpHV VXU O¶pYDOXDWLRQ GHV pWXGHV GH VWDELOLWpV HIIHFWXpHV VXU FHV PrPHV VXEVWDQFHV
DFWLYHV /HV SULQFLSHV GpYHORSSpV GDQV FHWWH JXLGHOLQH FRQFHUQHQW OHV GpFODUDWLRQV GH
VWRFNDJH VWDQGDUG SRXU OHV SURGXLWV ILQLV PDLV LOV FRQVWLWXHQW pJDOHPHQW OD EDVH GHV
GpFODUDWLRQVGHVWRFNDJHGHVVXEVWDQFHVDFWLYHV/DSODJHGHWHPSpUDWXUHHVWLQWpJUpHGDQV
O¶pWLTXHWDJHVLFHVGHUQLqUHVVRQWDPHQpHVjrWUHVWRFNpHVHWRXWUDQVSRUWpHVSDUXQV\VWqPH
GHUpIULJpUDWLRQRXGHFRQJpODWLRQ
/DJXLGHOLQHGHO¶(0$SHUPHWSRXUOHVGLIIpUHQWVW\SHVGHVSpFLDOLWpVpWXGLpHVGH
SUpFLVHUTXHOW\SHG¶pWLTXHWDJHVHUDSUpVHQWVXUFHOOHVFL


3RXUUpVXPpWRXWHVFHVUpJOHPHQWDWLRQV,&+206HW(0$HWGRQFOHVJXLGHVRX
OHVGLUHFWLYHVTXLHQGpFRXOHQWPRQWUHQWjTXHOSRLQWO¶LPSDFWUpJOHPHQWDLUHHVWSULPRUGLDO
SRXU OHV pWXGHV GH VWDELOLWp /HV LQGXVWULHOV GH VDQWp VRQW FRQFHUQpV SRXU FHUWDLQHV
VSpFLDOLWpVTXLVRQWSUpVHQWHVVXUOHPDUFKpGHSXLVGHQRPEUHXVHVDQQpHV(IIHFWLYHPHQW
OHV UpJOHPHQWDWLRQV RQW IRUWHPHQW pYROXpHV DYHF OH WHPSV LO SHXW GRQF \ DYRLU GHV
PpGLFDPHQWV TXL QH VRQW SHXWrWUH SOXV VWDEOH FDU LQLWLDOHPHQW OHV pWXGHV GH VWDELOLWp
Q¶pWDLHQW SDV PHQpHV GH IDoRQ DXVVL VWULFWH TX¶j O¶KHXUH DFWXHOOH 3DU FRQVpTXHQW VL OD
VWDELOLWp G¶XQH IRUPH SKDUPDFHXWLTXH HVW PHQDFpH XQH GLVFXVVLRQ DXUD OLHX DYHF OHV
DXWRULWpVGHVDQWpFRPSpWHQWHVSRXUOHRXOHVSURGXLWVHQTXHVWLRQ$LQVLGHVFKDQJHPHQWV
VHURQWV€UHPHQWQpFHVVDLUHVHWLOVSRXUURQWFRQFHUQHUOHVFKRVHVVXLYDQWHV

o 0RGLILFDWLRQVG¶pOpPHQWVGDQVODIRUPXOHGHSURGXFWLRQ
o 9DULDWLRQVGHVVSpFLILFDWLRQVHQYLJXHXUSRXUOHVFRQWU{OHV
o 8WLOLVDWLRQG¶XQHDOWHUQDWLYHSRXUOHFRQGLWLRQQHPHQWGXSURGXLW
o $GDSWDWLRQGHVFRQGLWLRQVGHVWRFNDJHGHO¶pWXGH

 
DURAFOUR
(CC BY-NC-ND 2.0)
/sͬ&ĂĐƚĞƵƌƐĚ͛ŝŶƐƚĂďŝůŝƚĠĚĞƐŵĠĚŝĐĂŵĞŶƚƐ

 3RXU UDSSHO OD VWDELOLWp G¶XQ PpGLFDPHQW HVW GpILQLH VHORQ O¶,&+ ,QWHUQDWLRQDO
&RXQFLORI+DUPRQLVDWLRQ4$5FRPPHO¶DSWLWXGHG¶XQPpGLFDPHQWjFRQVHUYHUVHV
SURSULpWpVFKLPLTXHVSK\VLTXHVPLFURELRORJLTXHVHWELRSKDUPDFHXWLTXHVGDQVGHVOLPLWHV
VSpFLILpHVSHQGDQWWRXWHVDGXUpHGHYDOLGLWp

 8QPpGLFDPHQWSHXWYRLUVDTXDOLWprWUHDIIHFWpHSDUGHVSUREOqPHVG¶LQVWDELOLWpFH
TXLSHXWDYRLUGHVFRQVpTXHQFHVVXUODVpFXULWpSDUODVXLWH
 &HVULVTXHVVXUODVWDELOLWpGXPpGLFDPHQWRQWOLHXWRXWDXORQJGHODYLHGHFHOXLFL
/H U{OH GX SKDUPDFLHQ HQWUH DXWUHV VHUD GH YpULILHU TXH OH SURGXLW HVW VWDEOH HW TX¶LO OH
UHVWHUDJUkFHjODFRQVHUYDWLRQGHFHVSURSULpWpV,OIDXWLPSpUDWLYHPHQWV¶DVVXUHUGHFHFL
MXVTX¶jFHTXHOHPpGLFDPHQWVRLWDGPLQLVWUpDXPDODGH
 2Q SDUOH G¶LQVWDELOLWp ORUVTXH OH SURGXLW SKDUPDFHXWLTXH VXELW XQ FKDQJHPHQW
LPSRUWDQWWHOTXH

o 3HUWHHQSULQFLSHDFWLIVXSpULHXUj
o 7RXWSURGXLWGHGpJUDGDWLRQDXGHVVXVGHVOLPLWHVGHVVSpFLILFDWLRQV
o &KDQJHPHQW GHV FDUDFWqUHV RUJDQROHSWLTXHV FRXOHXU RX FRQVLVWDQFH GX
FRPSULPpRXGHODJpOXOHSDUH[HPSOH
o 1RQUHVSHFWGXFULWqUHG¶DFFHSWDWLRQGXS+
o 1RQFRQIRUPLWpGXWHVWGHGLVVROXWLRQ
o $OWpUDWLRQGHODTXDOLWpPLFURELRORJLTXH

&LQT W\SHV GH VWDELOLWp VRQW GpFULWV SDU O¶8QLWHG 6WDWHV 3KDUPDFRSHLD 863
pJDOHPHQWDSSHOpHSKDUPDFRSpHDPpULFDLQH

o &KLPLTXH !O¶DFWLYLWpHWO¶LQWpJULWpFKLPLTXHVRQWFRQVHUYpHVSRXUFKDFXQH
GHVVXEVWDQFHVDFWLYHV
o 3K\VLTXH !WRXWHVOHVSURSULpWpVSK\VLTXHVLQLWLDOHVWHOOHVTXHO¶DVSHFWRXOD
GLVVROXWLRQVRQWPDLQWHQXHV
o 0LFURELRORJLTXH !OHSURGXLWUHVWHVWpULOHHWQHGpYHORSSHSDVGHUpVLVWDQFH
PLFURELHQQH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 o 7KpUDSHXWLTXH ! PDUTXpH SDU OH PDLQWLHQ GH O¶HIIHW WKpUDSHXWLTXH ,O QH
GRLWSDVFKDQJHU
o 7R[LFRORJLTXH ! WRXWH DXJPHQWDWLRQ GH OD WR[LFLWp PpGLFDPHQWHXVH HVW
H[FOXH

3OXVLHXUVW\SHVGHIDFWHXUVYRQWSRXYRLULQIOXHUVXUODVWDELOLWpGHVPpGLFDPHQWV2Q
UHWURXYH QRWDPPHQW OHV IDFWHXUV H[WULQVqTXHV OHV IDFWHXUV LQWULQVqTXHV PDLV DXVVL OHV
FRQGLWLRQVGHVWRFNDJH

 )DFWHXUVH[WULQVqTXHV

'HQRPEUHX[IDFWHXUVLQWHUYLHQQHQWFRPPHODWHPSpUDWXUHO¶KXPLGLWpO¶R[\JqQH
ODOXPLqUHODFRQWDPLQDWLRQPLFURELHQQHHWELHQG¶DXWUHVIDFWHXUV

ϭ͘ϭ͘>ĂƚĞŵƉĠƌĂƚƵƌĞ

/DFKDOHXURXOHIURLGSHXWDJLUVXUODVWDELOLWpGHVIRUPHVSKDUPDFHXWLTXHV
/¶pWDWSK\VLTXHDXQLYHDXGHODGXUHWpRXGHODYLVFRVLWpSHXWrWUHPRGLILpV¶LOIDLW
FKDXG3DUH[HPSOHHQFDVGHSUpVHQFHG¶XQHpPXOVLRQDXVHLQG¶XQPpGLFDPHQWDORUVOHV
SKDVHVGHFHWWHpPXOVLRQSHXYHQWV¶LQYHUVHU
/D FKDOHXU SURYRTXH OH GpYHORSSHPHQW GH PLFURRUJDQLVPHV HW FRQGXLUH j
DXJPHQWHUODYLWHVVHGHUpDFWLRQGHGpJUDGDWLRQFKLPLTXH/DEDLVVHGHODWHPSpUDWXUHMRXH
pJDOHPHQW XQ U{OH SUpSRQGpUDQW SXLVTX¶HOOH VHUD QXLVLEOH SRXU OD VWDELOLWp SK\VLFR
FKLPLTXH/HIURLGYDHQWUDLQHUXQHKDXVVHGHODYLVFRVLWpGHFHUWDLQVSURGXLWV,OSHXWDXVVL
DPHQHU j OD SUpFLSLWDWLRQ GX 3$ SULQFLSH DFWLI RX j O¶DPSOLILFDWLRQ GHV FULVWDX[ DX VHLQ
G¶XQH VXVSHQVLRQ HQ FDV GH VXUVDWXUDWLRQ 'H PXOWLSOHV HIIHWV SHXYHQW DYRLU OLHX VXU OD
PROpFXOHHQIRQFWLRQGHVRVFLOODWLRQVGHODWHPSpUDWXUH
$LQVLOHVpWXGHVGHVWDELOLWpHWO¶LQWHUSUpWDWLRQGHVUpVXOWDWVGRLYHQWGRQFVHIDLUHj
GLIIpUHQWHV WHPSpUDWXUHV SXLVTXH F¶HVW XQ IDFWHXU HVVHQWLHO pWDQW GRQQp TXH F¶HVW OH SOXV
DFWLIHWOHSOXVSHUPDQHQWSRXUTXHOHPpGLFDPHQWVRLWOHSOXVVWDEOHSRVVLEOH

ϭ͘Ϯ͘>͛ŚƵŵŝĚŝƚĠ

/¶KXPLGLWpYDDJLUGHSOXVLHXUVPDQLqUHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 3UHPLqUHPHQWHOOHSHXWDYRLUXQHDFWLRQSDUK\GURO\VHODIL[DWLRQGHVLRQV+HW
2+TXLSURYLHQQHQWGHODGLVVRFLDWLRQGHO¶HDXYRQWHQWUDLQHUO¶K\GURO\VHGHODVXEVWDQFH
HWGRQFVDGpFRPSRVLWLRQ/H3$SHXWDXVVLVXELUXQHGpJUDGDWLRQFRQVLGpUDEOHVHORQTXH
ODVROXWLRQVRLWDFLGHRXEDVLTXH
/¶KXPLGLWp SHXW pJDOHPHQW PRGLILHU OD IULDELOLWp RX OD GXUHWp GRQF FKDQJHU OHV
FDUDFWqUHVSK\VLTXHVRXSURYRTXHUODFURLVVDQFHGHPLFURRUJDQLVPHV
(QILQ HOOH SHXW DXVVL DJLU SDU K\GUDWDWLRQ F¶HVWjGLUH TXH OHV VXEVWDQFHV YRQW
V¶K\GUDWHUHQUHSUHQDQWGHO¶HDXORUVTX¶HOOHVVHWURXYHQWGDQVXQHDWPRVSKqUHKXPLGH

ϭ͘ϯ͘>͛ŽdžLJŐğŶĞ

$XVHLQGHO¶DLULO\DHQSHUPDQHQFHODSUpVHQFHG¶R[\JqQH/HSURGXLWRTX¶LO
VHWURXYHVHUDDORUVSRWHQWLHOOHPHQWVRXPLVjSKpQRPqQHG¶LQVWDELOLWpTXLHVWjSUHQGUHHQ
FRPSWH
/HVJURXSHVIRQFWLRQQHOVK\GUR[\OHVRXDFLGHFDUER[\OLTXHSDUH[HPSOHIRUPDQW
OHFRPSRVpSHXYHQWVXELUXQHR[\GDWLRQ
3RXU pYLWHU OHV SUREOqPHV G¶R[\GDWLRQ RX G¶R[\GRUpGXFWLRQ LO IDXW HPSrFKHU OD
GLIIXVLRQG¶R[\JqQHjO¶LQWpULHXUGXFRQWHQDQW&HGHUQLHUDLQVLTXHO¶HPEDOODJHVHFRQGDLUH
GX SURGXLW GHYURQW rWUH FKRLVL GHIDoRQ DGpTXDWH /¶LQWpJULWp jOD IRLV GX FRQWHQDQWHW GH
O¶HPEDOODJHGRLWrWUHPDLQWHQXHFRQVWDQWHDXIXUHWjPHVXUHGHO¶pYROXWLRQGDQVOHWHPSV
&HODSHUPHWWUDpJDOHPHQWG¶pYLWHUODSpQpWUDWLRQGHO¶KXPLGLWpHWGHQHSDVDYRLUG¶HQQXL
SRXUODVWDELOLWpGXPpGLFDPHQW

ϭ͘ϰ͘>ĂůƵŵŝğƌĞ

/D OXPLqUH HVW XQ SDUDPqWUH LPSRUWDQW TXL IDLW TX¶XQ PpGLFDPHQW SHXW GHYHQLU
LQVWDEOHJUkFHjGHX[DFWLRQVGLIIpUHQWHV

 SDUODPRGLILFDWLRQGHVFDUDFWqUHVFKLPLTXHVSK\VLTXHVHWRUJDQROHSWLTXHV
RQYHUUDQRWDPPHQWXQHFRORUDWLRQGXFRPSULPp
 SDUSKRWRO\VH !OHVUpDFWLRQVG¶K\GURO\VHHWG¶R[\GDWLRQGRQWRQDSDUOp
SUpFpGHPPHQW YRQW rWUH DFFpOpUpHV HQ FDV G¶H[SRVLWLRQ j OD OXPLqUH GX
MRXU


 
DURAFOUR
(CC BY-NC-ND 2.0)
 $ILQ GH SURWpJHU OHV PROpFXOHV SKRWRVHQVLEOHV GX UD\RQQHPHQW OXPLQHX[ XQH
SUpYHQWLRQ HVW IDLWH SHQGDQW OD IDEULFDWLRQ HW DX FRXUV GHV pWDSHV VXLYDQWHV HQ SUHQDQW
GLYHUVHV PHVXUHV FRPPH OH FKRL[ G¶XQ FRQGLWLRQQHPHQW DGDSWp GRQW O¶LQWpJULWp HVW
UHVSHFWpHOHIDLWGHPHWWUHXQHPHQWLRQ©jFRQVHUYHUjO¶DEULGHODOXPLqUHªVXUO¶pWXLILQDO
RXHQFRUHG¶pYLWHUOHGpEOLVWHULQJRXOHGpFRQGLWLRQQHPHQWDILQG¶HPSrFKHUXQHH[SRVLWLRQ
LQXWLOHjODOXPLqUH

ϭ͘ϱ͘>͛ŝŶƐƚĂďŝůŝƚĠŵŝĐƌŽďŝŽůŽŐŝƋƵĞ

(OOH HVW GXH j OD FRQWDPLQDWLRQ PLFURELHQQH SHQGDQW OD IDEULFDWLRQ RX GXH j OD
SRXVVHSRWHQWLHOOHGHJHUPHVSHQGDQWODFRQVHUYDWLRQG¶XQHSUpSDUDWLRQ
/H IDLW GH QH SDV DYRLU GpWHFWp LQLWLDOHPHQW XQH FRQWDPLQDWLRQ DFFLGHQWHOOH RX OD
SHUWH G¶LQWpJULWp GH O¶HQVHPEOH GH O¶HPEDOODJH UpFLSLHQW  EOLVWHU HW FDUWRQ VRQW GHX[
pOpPHQWVSURYRTXDQWODFRQWDPLQDWLRQPLFURELHQQH
/HFRQWU{OHPLFURELRORJLTXHHVWGRQFUpDOLVpHQFRPSOpPHQWGXFRQWU{OHSK\VLFR
FKLPLTXHDXFRXUVG¶XQHpWXGHGHVWDELOLWp

ϭ͘ϲ͘ƵƚƌĞƐĨĂĐƚĞƵƌƐĞdžƚƌŝŶƐğƋƵĞƐ

,OVVHUHWURXYHQWDXQLYHDXGXVLWHGHSURGXFWLRQRXSHQGDQWODGLVWULEXWLRQ
/HV PpGLFDPHQWV SHXYHQW rWUH DOWpUpV HW GHYHQLU LQVWDEOHV SHQGDQW OH SURFHVVXV
LQGXVWULHO GH IDEULFDWLRQ (Q HIIHW GHV PDQLSXODWLRQV WURS EUXWDOHV RX O¶XWLOLVDWLRQ GHV
DSSDUHLOVGHVpFKDJHGHEUR\DJHGHFRPSUHVVLRQYRLUHG¶DXWRFODYDJHYRQWSRUWHUDWWHLQWH
DX[ PpGLFDPHQWV HW j OHXU VWDELOLWp $X FRXUV GH OD IDEULFDWLRQ GHV SURGXLWV
PpGLFDPHQWHX[LOH[LVWHXQULVTXHQRQQpJOLJHDEOHFHOXLGHODFRQWDPLQDWLRQFURLVpH6HV
VRXUFHVVRQWPXOWLSOHVSDUH[HPSOHXQYLGHGHOLJQHPDOUpDOLVpXQSUREOqPHSHQGDQWOH
QHWWR\DJHGHVPDFKLQHVXQHQRQPDvWULVHGHVIOX[RXHQFRUHXQHPDXYDLVHFRQFHSWLRQGHV
ORFDX[ HW PDMRULWDLUHPHQW LPSXWDEOHV j GHV RULJLQHV WHFKQLTXHV HWRX RUJDQLVDWLRQQHOOHV
HQWUDLQDQWGHVGpIDLOODQFHV/DFRQWDPLQDWLRQFURLVpHSHXWVXUYHQLUjWRXWPRPHQWORUVGH
Q¶LPSRUWHTXHOOHpWDSHGHODFRQFHSWLRQG¶XQHIRUPHSKDUPDFHXWLTXH
 /¶DSSURYLVLRQQHPHQW HW OD GLVWULEXWLRQ VRQW GHV VWDGHV LPSRUWDQWV GX F\FOH GH YLH
G¶XQ PpGLFDPHQW ,OV FRPSRUWHQW QRWDPPHQW GHV SKDVHV FRPPH O¶HPEDOODJH HW OH
WUDQVSRUW 3RXU FHOD LO IDXW UHVSHFWHU OHV %3' %RQQHV 3UDWLTXHV GH 'LVWULEXWLRQ DILQ GH
VDWLVIDLUH OHV H[LJHQFHV TXDOLWp GHV SURGXLWV GH VDQWp &¶HVW SRXUTXRL GHV FKRFV DLQVL TXH

 
DURAFOUR
(CC BY-NC-ND 2.0)
GHV YLEUDWLRQV ORUV GX WUDQVSRUW YRQW DYRLU GHV FRQVpTXHQFHV VXU OD VWDELOLWp GHV
PpGLFDPHQWV HW FHOOHVFL SHXYHQW rWUH ORXUGHV 'H PrPH WRXW pFDUW GH WHPSpUDWXUH
WRXMRXUVORUVGXWUDQVSRUWSHXWSHUPHWWUHjODVSpFLDOLWpWKpUDSHXWLTXHGHGHYHQLULQVWDEOHVL
OHPDLQWLHQGHODWHPSpUDWXUHQ¶HVWSDVJDUDQWL'qVORUVTX¶XQpFDUWHVWGpWHFWpRXTX¶XQ
GRPPDJH VXU O¶HPEDOODJH HVW UHPDUTXp XQ VLJQDOHPHQW GRLW rWUH IDLW j OD IRLV DX
GHVWLQDWDLUHPDLVpJDOHPHQWDXGLVWULEXWHXU

 )DFWHXUVLQWULQVqTXHV

/HV\VWqPHPpGLFDPHQWHX[OHVLQWHUDFWLRQVHQWUHOHFRQWHQDQWHWOHFRQWHQXOHS+
RXHQFRUHOHSRO\PRUSKLVPHVRQWFRQVLGpUpVFRPPHGHVIDFWHXUVLQWULQVqTXHV

Ϯ͘ϭ͘>ĞƐLJƐƚğŵĞŵĠĚŝĐĂŵĞŶƚĞƵdž

&HUWDLQHVIRUPHVSKDUPDFHXWLTXHVGRQWOHVIRUPHVVqFKHVFRPSULPpVRXJpOXOHV
VRQWELHQSOXVVWDEOHVTXHG¶DXWUHVIRUPHVOLTXLGHVVXVSHQVLRQVpPXOVLRQV

Ϯ͘Ϯ͘>ĞƐŝŶƚĞƌĂĐƚŝŽŶƐĐŽŶƚĞŶĂŶƚʹĐŽŶƚĞŶƵ

(OOHV VH SURGXLVHQW HQ JpQpUDO DYHF OHV PDWpULDX[ FRQVWLWXWLIV GHV $& DUWLFOHV GH
FRQGLWLRQQHPHQW
2QUHWURXYHUDOHVSKpQRPqQHVGHVRUSWLRQHWODSHUPpDWLRQ

 /¶DGVRUSWLRQ ! FHOD VH GpURXOH HQ VXUIDFH GX PDWpULDX GX
FRQGLWLRQQHPHQW SULPDLUH R XQH PROpFXOH GH OLTXLGH RX GH JD] HVW
VXVFHSWLEOH GH YHQLU VH IL[HU (OOH HVW VRXYHQW GXH j OD SUpVHQFH GH VLWHV
G¶DQFUDJHRXGHOLDLVRQjODVXUIDFHGXPDWpULDXHWFHX[FLYRQWLQWHUDJLU
DYHF OHV JURXSHV IRQFWLRQQHOV GX SULQFLSH DFWLI /¶DGVRUSWLRQ VH UHWURXYH
FRXUDPPHQWVXUGHVVXUIDFHVSODVWLTXHV
 /¶DEVRUSWLRQ ! F¶HVW OD SpQpWUDWLRQ GH OD PROpFXOH DX VHLQ PrPH GX
PDWpULDX&HSKpQRPqQHpYROXHGDQVOHWHPSVHWGHPDQLqUHSOXVOHQWH/H
IDLW GH PDvWULVHU O¶DEVRUSWLRQ HVW UHODWLYHPHQW SOXV FRPSOLTXp TXH OD
PDvWULVHGHO¶DGVRUSWLRQ

 
DURAFOUR
(CC BY-NC-ND 2.0)
  /DSHUPpDWLRQ !F¶HVWODWUDYHUVpHG¶XQSHUPpDWVRXVIRUPHGHOLTXLGHGH
JD] RX GH YDSHXU DX WUDYHUV G¶XQ VROLGH /HV PROpFXOHV YRQW GLIIXVHU GH
SDUW HQ SDUW G¶XQH PHPEUDQH RX G¶XQH LQWHUIDFH /D SHUPpDWLRQ SHXW VH
SURGXLUH DYHF SUHVTXH WRXV OHV PDWpULDX[ OHV SRO\PqUHV OHV PDWLqUHV
SODVWLTXHVOHFDRXWFKRXFRXPrPHOHVPpWDX[

Ϯ͘ϯ͘>ĞƉ,

3RXUDYRLUODPHLOOHXUHVWDELOLWpSRVVLEOHLOIDXWXQS+RSWLPDO6LFHOXLFLHVWWURS
EDV WURS DFLGH RX WURS KDXW WURS EDVLTXH DORUV FHV YDOHXUV H[WUrPHV HQWUDLQHQW GHV
LQVWDELOLWpVSRXYDQWJpQpUHUXQHGpJUDGDWLRQWUqVLPSRUWDQWHGXPpGLFDPHQW

Ϯ͘ϰ͘>ĞƉŽůLJŵŽƌƉŚŝƐŵĞ

&KDTXH VXEVWDQFH FKLPLTXH SUpVHQWH VRQ FKDPS GH VWDELOLWp HQ WHUPHV GH
WHPSpUDWXUHHWG¶KXPLGLWpVHORQODUpJLRQ/¶pYROXWLRQGHFHVSDUDPqWUHVKRUVGHODUpJLRQ
SUpFLVHYDWUDQVIRUPHUODVWUXFWXUHGLIIpUHPPHQWSDUUXSWXUHGHOLDLVRQVRXSDUGpIRUPDWLRQ
SDUH[HPSOH
$LQVLXQHVXEVWDQFHFKLPLTXHHVWGLWHSRO\PRUSKHORUVTX¶HOOHH[LVWHVRXVDXPRLQV
GHX[YRLUHSOXVLHXUVIRUPHVFULVWDOOLQHVOHVDUUDQJHPHQWVVRQWGLIIpUHQWVGHPrPHTXHOHV
FRQIRUPDWLRQV FH TXL YD HQJHQGUHU GHV PRGLILFDWLRQV GHV FDUDFWpULVWLTXHV SK\VLFR
FKLPLTXHV VROXELOLWp YLWHVVH GH GLVVROXWLRQ DXJPHQWpH RX GLPLQXpH GHQVLWp SRLQW GH
IXVLRQHWDYRLUGHVUpSHUFXVVLRQVVXUODVWDELOLWp

 &RQGLWLRQVGHVWRFNDJH

/HWDEOHDXFLGHVVRXVPRQWUHG¶DSUqVOHJXLGHOLQH,&+4$5OHVFRQGLWLRQVj
XWLOLVHUSRXUUpDOLVHUXQHpWXGHGHVWDELOLWpFODVVLTXH


 
DURAFOUR
(CC BY-NC-ND 2.0)
 7DEOHDX3UpVHQWDWLRQGHVFRQGLWLRQVGHVWRFNDJHSRXUODUpDOLVDWLRQGHVpWXGHVGH
VWDELOLWpGHVSURGXLWVILQLVGDQVXQFDVJpQpUDO



&RPPHLOO¶DpWppYRTXpGDQVXQHSDUWLHSUpFpGHQWHOHPRQGHHVWGLYLVpHQTXDWUH
]RQHV (Q IRQFWLRQ GH O¶HQGURLW R OH SURGXLW HVW FRPPHUFLDOLVp RQ UpDOLVHUD GRQF OHV
pWXGHVGHVWDELOLWpjWHOOHVRXWHOOHVFRQGLWLRQVGHWHPSpUDWXUHHWG¶KXPLGLWpHQODLVVDQWOH
SURGXLWGDQVVRQHPEDOODJHG¶RULJLQHXQEOLVWHUSRXUOHVJpOXOHVRXOHVFRPSULPpV
/H QRQ UHVSHFW GHV FRQGLWLRQV GH VWRFNDJH LQIOXHQFH JUDQGHPHQW OD TXDOLWp GX
PpGLFDPHQWHWSHXWDERXWLUjODWR[LFLWpRXjXQHLQDFWLRQFRPSOqWHGHFHOXLFLORUVTX¶LOHVW
DGPLQLVWUpDXSDWLHQW
'HV SUpFDXWLRQV FRPPH OD PHQWLRQ ©&RQVHUYDWLRQ j WHPSpUDWXUH DPELDQWHª
SHXYHQWrWUHSULVHV&HSHQGDQWHOOHVQHGRLYHQWHQDXFXQFDVrWUHXWLOLVpHVSRXUGLVVLPXOHU
XQSUREOqPHSRWHQWLHOGHVWDELOLWp

 ([HPSOHVGHPpGLFDPHQWVLQVWDEOHV

 /
LQVWDELOLWp GpFULW GHV UpDFWLRQV FKLPLTXHV TXL VRQW © LQFHVVDQWHV LUUpYHUVLEOHV HW
TXL VH WUDGXLVHQW SDU GHV HQWLWpV FKLPLTXHV GLVWLQFWHPHQW GLIIpUHQWHV SURGXLWV GH
GpJUDGDWLRQ TXL SHXYHQW rWUH j OD IRLV WKpUDSHXWLTXHPHQW LQDFWLYHV HW SRVVLEOHPHQW
SUpVHQWHUXQHWR[LFLWpSOXVpOHYpHª
 

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /HVPpGLFDPHQWVSHXYHQWGHYHQLULQVWDEOHVGDQVOHVFDVVXLYDQWV

o /¶XWLOLVDWLRQ GH YpKLFXOHV SRXU OH VWRFNDJH OD FRQVHUYDWLRQ HW OH WUDQVSRUW
GHV PpGLFDPHQWV SHXYHQW H[SRVHU FHV GHUQLHUV j GHV WHPSpUDWXUHV
VXSpULHXUHV j ƒ& QRWDPPHQW HQ FH TXL FRQFHUQH OHV PpGLFDPHQWV HQ
VROXWLRQ FRQVLGpUpV j ULVTXH &HV SURGXLWV pWDQW UHODWLYHPHQW IUDJLOHV XQH
H[SRVLWLRQ QRQ FRQWU{OpH j XQH WHPSpUDWXUH pOHYpH HVW j FUDLQGUH G¶DXWDQW
SOXV VL OH WHPSV G¶H[SRVLWLRQ HVW ORQJ &HOD SHXW HQWUDvQHU XQH SHUWH GH
O¶DFWLYLWp HWRX XQH GpJUDGDWLRQ FRQGXLVDQW j OD IRUPDWLRQ GH SURGXLWV GH
GpJUDGDWLRQTXLSRXUUDLHQWrWUHSRWHQWLHOOHPHQWWR[LTXHV
o 4XDQGXQHPEDOODJHGpIHFWXHX[SURWqJHPDOOHVSURGXLWVFRQWUHO¶KXPLGLWp
HWTXHOHVVXEVWDQFHVDFWLYHVVHURQWGpJUDGpHVGDQVGHVFRPSULPpV
o 4XDQG OHV SDUDPqWUHV QpFHVVDLUHV j OD VWpULOLVDWLRQ SRXU OHV PpGLFDPHQWV
LQMHFWDEOHVQRQVWpULOHVWHPSVHWWHPSpUDWXUHQHVRQWSDVELHQUHVSHFWpV
o 4XDQGODFKDvQHGXIURLGQ¶HVWSDVPDLQWHQXHSHQGDQWOHWUDQVSRUWHWRXOH
VWRFNDJHOHVYDFFLQVVRQWDORUVLQHIILFDFHV

 3UHQRQV O¶H[HPSOH GH O¶2[\WRFLQH XWLOLVpH SRXU OD SUpYHQWLRQ HW OH WUDLWHPHQW GH
O¶KpPRUUDJLH GX SRVWSDUWXP FKH] OHV IHPPHV &H SURGXLW D HQJHQGUp GH QRPEUHX[
SUREOqPHVGHVDQWpSXEOLTXHGDQVTXHOTXHVSD\VG¶$IULTXH
/¶2[\WRFLQH GRQW OD WHPSpUDWXUH LGpDOH SRXU OH VWRFNDJH VH VLWXH HQWUH ƒ HW ƒ
&HOVLXV H[LJH G¶rWUH VWRFNpH GDQV OD FKDvQH GX IURLG HW DGPLQLVWUpH SDU XQ SUHVWDWDLUH
TXDOLILpVHORQODSROLWLTXHGHO¶206&HSHQGDQWOHVpWLTXHWWHVUHFRPPDQGHQWTXHOTXHIRLV
XQHFRQVHUYDWLRQjWHPSpUDWXUHDPELDQWHF¶HVWjGLUHHQWUHƒHWƒ&HOVLXV&HSURGXLW
IDLWDLQVLO¶REMHWG¶XQHFRQIXVLRQHQWHUPHGHVWRFNDJHHWG¶pWLTXHWDJH'HVpWXGHVRQWpWp
PHQpHV HW VHORQ FHV GHUQLqUHV O¶2[\WRFLQH Q¶HVW SDV VWRFNpH FRUUHFWHPHQW GDQV FHUWDLQV
SD\VSDUWLFXOLqUHPHQWGDQVOHVSD\VQRQGpYHORSSpVYRLUHPrPHTXHOTXHVSD\VHQYRLHGH
GpYHORSSHPHQW /H PpGLFDPHQW TXL VHUD DGPLQLVWUp j OD SDWLHQWH SDU OD VXLWH SHXW GRQF
rWUH LQVWDEOH VL OHV FRQGLWLRQV GH FRQVHUYDWLRQ Q¶RQW SDV pWp UHVSHFWpHV HW VD TXDOLWp HVW
FRPSURPLVH /H WUDQVSRUW DpULHQ YHUV OH RX OHV SD\V GHVWLQDWDLUHV GHV SURGXLWV j EDVH
G¶R[\WRFLQH HVW XQ DXWUH SUREOqPH (Q HIIHW LOV VRQW H[SRVpV j GHV WHPSpUDWXUHV WUqV
pOHYpHV SHQGDQW FHOXLFL 'H WHOOHV FRQGLWLRQV SHXYHQW DFFpOpUHU OD GpWpULRUDWLRQ GH FHV
SURGXLWVPrPHORUVTX¶LOVUHMRLJQHQWSDUODVXLWHODFKDvQHGXIURLG


 
DURAFOUR
(CC BY-NC-ND 2.0)
 'HX[pWXGHVSRUWDQWVXUO¶2[\WRFLQHHWUpDOLVpHVDX*KDQDHWHQ,QGRQpVLHRQWpWp
SXEOLpHVDXGpEXWGHVDQQpHV

 $X*KDQDO¶pWXGHPHQpHFRQMRLQWHPHQWSDUO¶863HWOD)'$DPRQWUpTXHPRLQVGH
GHVpFKDQWLOORQVDYDLHQWO¶DXWRULVDWLRQG¶rWUHFRPPHUFLDOLVpDXVHLQGXSD\V&HWWH
pWXGHDHQWUHDXWUHVDXVVLUpYpOpHTXHOHSURGXLWQ¶pWDLWSDVFRQVHUYpjODWHPSpUDWXUH
GpILQLHHQWUHƒHWƒ&3RXUOHWHVWGHGRVDJHHWRXGHVWpULOLWpOHVUpVXOWDWVQHVRQW
SDV VDWLVIDLVDQWV SRXU  GHV pFKDQWLOORQV WRXW FRPPH  GHV SURGXLWV j EDVH
G¶2[\WRFLQHTXLQHVRQWSDVDFFHSWDEOHVDSUqVOHFRQWU{OHSK\VLFRFKLPLTXH
 /HV UpVXOWDWV GH O¶pWXGH IDLWH HQ ,QGRQpVLH HQ  VRQW XQ SHX PHLOOHXUV ELHQ TX¶LOV
UHVWHQW WUqV SUREOpPDWLTXHV (QYLURQ  GHV SURGXLWV VWRFNpV DX IULJR QH UHVSHFWHQW
SDVODWHQHXUHQLQJUpGLHQWSKDUPDFHXWLTXHDFWLIFRQWUHGHVSURGXLWVFRQVHUYpVj
WHPSpUDWXUHDPELDQWH

6XLWHjFHODXQHFODULILFDWLRQDpWpIDLWHVXUODSURFpGXUHGHFRQVHUYDWLRQGXSURGXLW
HWVXUOHUHVSHFWGHODFKDvQHGXIURLG0DLVOHSUREOqPHPDMHXUYLHQWV€UHPHQWG¶DLOOHXUV
OD IDEULFDWLRQ GH O¶2[\WRFLQH GDQVOHVXVLQHVSUpVHQWHVDXF°XUGHVSD\VQRQGpYHORSSpV
Q¶HVWFHUWDLQHPHQWSDVLGpDOH

 
,OH[LVWHG¶DXWUHVPpGLFDPHQWVSUpVHQWDQWGHVSUREOqPHVGHVWDELOLWpQRWDPPHQWHQ
PLOLHX WURSLFDO R O¶KXPLGLWp TXL \ UqJQH SHXW SURYRTXHU G¶LPSRUWDQWHV GpJUDGDWLRQV VXU
OHVVSpFLDOLWpV(QYRLFLTXHOTXHVXQVFLGHVVRXV
o /HVPpGLFDPHQWVVROLGHVSRXUYRLHRUDOHWHOVTXHOHUpWLQROO¶DPR[LFLOOLQH
O¶DPSLFLOOLQHRXODSpQLFLOOLQH
o /HVPpGLFDPHQWVOLTXLGHVSRXUYRLHRUDOHFRPPHOHSDUDFpWDPRO
o /HV VROXWLRQV LQMHFWDEOHV DYHF O¶HUJRPpWULQH O¶DGUpQDOLQH SDU H[HPSOH RX
HQFRUHO¶R[\WRFLQH

 
(Q6\ULHXQHpWXGHDpWpIDLWHUpFHPPHQWGXUDQWO¶DQQpH/¶REMHFWLIGHFHWWH
GHUQLqUH pWDLW G¶pWXGLHU O¶HIIHW j OD IRLV GH OD WHPSpUDWXUH HW GH O¶KXPLGLWp VXU GHV
FRPSULPpV GH )XURVpPLGH  PJ FRPPHUFLDOLVpV GDQV OH SD\V 7URLV PDUTXHV RQW pWp
H[DPLQpHV /HV FRPSULPpV RQW pWp VRXPLV SHQGDQW  PRLV j GLIIpUHQWHV FRQGLWLRQV GH

 
DURAFOUR
(CC BY-NC-ND 2.0)
VWRFNDJH GRQW OHV GHX[ VXLYDQWHV ƒ& +5 HW ƒ& +5 /HV FKDQJHPHQWV
SRWHQWLHOV SRXYDQW DIIHFWHU OHV SURSULpWpV SK\VLFRFKLPLTXHV GHV FRPSULPpV RQW pWp
GpWHUPLQpVSDUGHVWHVWVVXUODGXUHWpODIULDELOLWpHWOHGRVDJHHQSULQFLSHDFWLI
 /RUVGXVWRFNDJHjƒ&+5LODpWpUHPDUTXpTXHO¶KXPLGLWpDEVRUEpHSDUOHV
FRPSULPpV LQIOXHQFH OHV WURLV WHVWV FLWpV SUpFpGHPPHQW 3DU FRQVpTXHQW O¶HIILFDFLWp
WKpUDSHXWLTXHGXPpGLFDPHQWHVWELHQpYLGHPPHQWDOWpUpH&RPPHRQSHXWOHYRLUVXUOH
WDEOHDXFLGHVVRXVRQREVHUYHXQHGLPLQXWLRQGHODGXUHWpGHVFRPSULPpVDSUqVTXHOTXHV
MRXUV GH VWRFNDJH SRXU O¶HQVHPEOH GHV PDUTXHV pYDOXpHV ,O HVW HQ GH PrPH SRXU OH
FRQWHQX HQ SULQFLSH DFWLI R OD WHQHXU HQ PpGLFDPHQW HVW LQIpULHXUH j OD VSpFLILFDWLRQ GH
 UHTXLVH SDU O¶863 /D IULDELOLWp GH VRQ F{Wp DXJPHQWH DSUqV SOXVLHXUV VHPDLQHV GH
VWRFNDJH

7DEOHDX5pVXOWDWVREWHQXVDSUqVPRLVGHVWRFNDJHjƒ&+5




/D FRQGLWLRQ LGpDOH SRXU OH VWRFNDJH HVW FHOOH j ƒ& +5 /HV YDOHXUV GH
GXUHWp HW GH IULDELOLWp VRQW UHVWpHV VWDEOHV WRXW DX ORQJ GH OD FRQVHUYDWLRQ SRXU OHV WURLV
PDUTXHV pWXGLpHV /D WHQHXU HQ IXURVpPLGH HVW pJDOHPHQW VWDEOH HW UHVWH VXSpULHXUH j OD
VSpFLILFDWLRQ UHTXLVH SDU O¶863  SRXU OHV WURLV PDUTXHV DSUqV  PRLV GH VWRFNDJH
/¶HQVHPEOHGHVYDOHXUVVRQWUHWURXYpHVGDQVOHWDEOHDXVXLYDQW
 

 
DURAFOUR
(CC BY-NC-ND 2.0)
 7DEOHDX5pVXOWDWVREWHQXVDSUqVPRLVGHVWRFNDJHjƒ&+5


 /RUVTXHOHVFRPSULPpV VRQWVWRFNpVGDQVGHVFRQGLWLRQVLQDSSURSULpHVFHTXLHVW

VRXYHQWOHFDVVXUOD]RQHF{WLqUHGHOD6\ULHRO¶KXPLGLWpHVWSDUWLFXOLqUHPHQWpOHYpHRQ
REVHUYH DORUV GHV FKDQJHPHQWV SK\VLFRFKLPLTXHV VXU OH PpGLFDPHQW &HOXLFL VHUD GRQF
PRLQV HIILFDFH QRWDPPHQW VL OD WHQHXU HQ SULQFLSH DFWLI GLPLQXH IRUWHPHQW FH TXL
SURYRTXHUDXQHLQVWDELOLWpjFDXVHGHODGpJUDGDWLRQGXIXURVpPLGHVLFHWWHGLPLQXWLRQHVW
WUqVLPSRUWDQWH

(Q VRPPH FHUWDLQV IDFWHXUV VXUWRXW OHV IDFWHXUV H[WULQVqTXHV VRQW SULPRUGLDX[
SRXUODVWDELOLWpGHVPpGLFDPHQWVFRPPHODWHPSpUDWXUHHWO¶KXPLGLWp/HUHVSHFWGHFHX[
FL YLD OHV FRQGLWLRQV GH VWRFNDJH SHUPHWWUD O¶pYLFWLRQ G¶HIIHWV QpJDWLIV VXU OH SDWLHQW
QRWDPPHQWHQFHTXLFRQFHUQHVDVpFXULWp(QHIIHWVLOHPpGLFDPHQWGHYLHQWLQVWDEOHDORUV
VDTXDOLWpHVWGpWHULRUpHHWV¶LOHVWDGPLQLVWUpDXPDODGHLOSHXWSURYRTXHUXQVXUGRVDJHRX
rWUH LQHIILFDFH 'DQV OHV GHX[ FDV OD PDODGLH GH O¶XWLOLVDWHXU HVW VRLW DJJUDYpH VRLW QRQ
JXpULH HW FH VRQW GHV FKRVHV TXH OHV LQGXVWULHOV GH VDQWp YHXOHQW DEVROXPHQW pYLWHU WRXW
FRPPHOHVSKDUPDFLHQV
3RXU FRQFOXUH VL OHV FRQGLWLRQV GH VWRFNDJH pWDEOLHV VRQW UHVSHFWpHV VL OHV UqJOHV
GHVERQQHVSUDWLTXHVGHGLVWULEXWLRQVRQWDSSOLTXpHVHWTXHOHPpGLFDPHQWHVWFRUUHFWHPHQW
XWLOLVp HWRX DGPLQLVWUp DORUV OD VWDELOLWp GHV PpGLFDPHQWV HVW SUpVHUYpH /H WUDQVSRUW OD
GLVWULEXWLRQHWOHVWRFNDJHGHVSURGXLWVGRLWVHIDLUHGHPDQLqUHjFHTX¶LOVVRLHQWPDLQWHQXV
GDQV XQ LQWHUYDOOH GH WHPSpUDWXUH GpILQL /HV pTXLSHPHQWV TXL VRQW XWLOLVpV ORUV GH OD

 
DURAFOUR
(CC BY-NC-ND 2.0)
IDEULFDWLRQ GH OD PDQLSXODWLRQ GH OD GLVWULEXWLRQ HW GH O¶HQWUHSRVDJH GHV PpGLFDPHQWV
GRLYHQWrWUHOHVSOXVSURSUHVFRQIRUPHVHWDGDSWpVTXHSRVVLEOH/DFKDvQHGXIURLGGHSXLV
OH IRXUQLVVHXU HW OHV FHQWUHV GH GLVWULEXWLRQ JURVVLVWH UpSDUWLWHXUV SKDUPDFLHV GRLW rWUH
DVVXUpHHWFHMXVTX¶DXSDWLHQWORUVTXHOHVPpGLFDPHQWVVRQWWKHUPRVHQVLEOHVDILQTX¶LOVQH
VHGpJUDGHQWSDV
(QILQOHFRQGLWLRQQHPHQWGHVVSpFLDOLWpVGRLWGHPHXUHULQWqJUHDILQG¶HQWUHWHQLUOD
ERQQHVWDELOLWpGHFHOOHVFL


sͬWƌŽĐĞƐƐƵƐŐĠŶĠƌĂůƐƵƌůĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠĚĞƐŵĠĚŝĐĂŵĞŶƚƐ

'DQVOHV%3)HXURSpHQQHVOHFKDSLWUHVWLSXOHTXH©$SUqVOHXUPLVHVXUOH
PDUFKp OD VWDELOLWp GHV PpGLFDPHQWV GRLW rWUH VXUYHLOOpH VHORQ XQ SURJUDPPH DSSURSULp
FRQWLQXSHUPHWWDQWODGpWHFWLRQGHWRXWSUREOqPHGHVWDELOLWpSDUH[HPSOHWRXWFKDQJHPHQW
GXWDX[GHVLPSXUHWpVRXGXSURILOGHGLVVROXWLRQUHODWLIjODIRUPXODWLRQGXSURGXLWGDQV
VRQFRQGLWLRQQHPHQWILQDOª

'DQV O¶LQGXVWULH SKDUPDFHXWLTXH OHV pWXGHV GH VWDELOLWp VRQW FRQILpHV DX
GpSDUWHPHQWGX&RQWU{OH4XDOLWp&4SDUWLFXOLqUHPHQWDXODERUDWRLUHGHFRQWU{OH

 2EMHFWLIVHWFRQGLWLRQVGHVpWXGHVGHVWDELOLWp

/HVpWXGHVGHVWDELOLWpRQWGHVREMHFWLIVjODIRLVVXUOH3$SULQFLSHDFWLIHWVXUOH

3)SURGXLWILQL

3RXUOH3$OHVREMHFWLIVVRQWOHVVXLYDQWV

o 'pWHUPLQHUODVWDELOLWpLQWULQVqTXH
o 'pWHUPLQHUOHVSURGXLWVGHGpJUDGDWLRQ
o 'pWHUPLQHUODGXUpHGHYDOLGLWpHWOHVFRQGLWLRQVGHVWRFNDJH
o 2ULHQWHUOHFKRL[GHVPpWKRGHVGHFRQWU{OHVXUOH3)
o 2ULHQWHUOHVFRQGLWLRQVG¶pWXGHVGHVWDELOLWpGX3)

 
DURAFOUR
(CC BY-NC-ND 2.0)
 (QFHTXLFRQFHUQHOH3)OHVREMHFWLIVVHURQWFHX[FL

o ,GHQWLILHU OHV SURGXLWV GH GpJUDGDWLRQ SURYHQDQW GH O¶LQWHUDFWLRQ GHV
GLIIpUHQWVFRPSRVDQWVGHODIRUPXOH
o 'pWHUPLQHUODGXUpHGHYDOLGLWp
o 'pWHUPLQHUOHV FRQGLWLRQVGHFRQVHUYDWLRQSHQGDQWOHVWRFNDJHHWHQFRXUV
G¶XWLOLVDWLRQ

7RXWHIRLVTXHFHODVRLWHQDPRQWRXHQDYDOGHODFRPPHUFLDOLVDWLRQOHVpWXGHVGH
VWDELOLWpQpFHVVLWHQWFHUWDLQHVFRQGLWLRQVSRXUrWUHODQFpHVWHOOHVTXH

o 8QQRXYHDXPpGLFDPHQW
o 'HVPRGLILFDWLRQVTXDOLWDWLYHVHWRXTXDQWLWDWLYHVGHODFRPSRVLWLRQ
o 'HVPRGLILFDWLRQVGXFRQGLWLRQQHPHQWSULPDLUH
o 8QFKDQJHPHQWGXVLWHGHIDEULFDWLRQ
o /D FRQILUPDWLRQ GH OD GXUpH GH YDOLGLWp HW GHV FRQGLWLRQV GH VWRFNDJH
DQQRQFpHVG¶XQHVSpFLDOLWp
o /DSURORQJDWLRQGHODGXUpHGHYDOLGLWpGXSURGXLW

 &RQFHSWLRQGHVpWXGHVGHVWDELOLWp

/HVpWXGHVGHVWDELOLWpVRQWFRQoXHVHQIRQFWLRQGHOD]RQHROHSURGXLWHVWPLVVXU
OH PDUFKp (OOHV GRLYHQW pJDOHPHQW SUHQGUH HQ FRQVLGpUDWLRQ OHV SURSULpWpV HW OHV
FDUDFWpULVWLTXHVGHODVWDELOLWpGXSURGXLW

Ϯ͘ϭ͘ƚƵĚĞƐĚĞƐƚƌĞƐƐ

&HVpWXGHVVRQWIDLWHVGDQVOHFDGUHGHVYDOLGDWLRQVGHPpWKRGH
(OOHV VRQW HIIHFWXpHV XQLTXHPHQW VXU OH 3$ QRQ PRQRJUDSKLp VDQV VXSSRUW
ELEOLRJUDSKLTXHHWHQFRXUVGHGpYHORSSHPHQWGXPpGLFDPHQW
&HVpWXGHVVRQWDXVVLDSSHOpHV©pWXGHVGHGpJUDGDWLRQIRUFpHªSXLVTX¶HOOHVVHIRQW
GDQV GHV FRQGLWLRQV GUDVWLTXHV /D WHPSpUDWXUH HVW H[WUrPH HQWUH  HW ƒ& DYHF XQH
KXPLGLWpUHODWLYHWUqVIRUWHSOXVGH/H3$VHWURXYHHQVROXWLRQGDQVXQS+DFLGHRX
EDVLTXH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /¶pWXGHHVWUpDOLVpHDYHFG¶DXWUHVIDFWHXUVDJJUHVVLIVWHOTX¶XQPLOLHXR[\GDQWHQ
SUpVHQFHG¶R[\JqQHHWGHODOXPLqUHDILQGHWHVWHUODSKRWRVHQVLELOLWp

Ϯ͘Ϯ͘ƚƵĚĞƐĞŶĐŽŶĚŝƚŝŽŶƐĂĐĐĠůĠƌĠĞƐ

&HVpWXGHVVRQWIDLWHVGHIDoRQV\VWpPDWLTXHHQVWDELOLWp
,FLODVSpFLDOLWpPpGLFDPHQWHXVHHVWVRXPLVHjGHVFRQGLWLRQVGLWHVGLIILFLOHV&HQH
VRQWSDVOHVFRQGLWLRQVGHVWRFNDJHKDELWXHOOHV
$YHF FHV FRQGLWLRQV ƒ& +5 RQ SRXUUD DLQVL DXJPHQWHU OD YLWHVVH GH
GpJUDGDWLRQFKLPLTXHHWG¶DOWpUDWLRQSK\VLTXHGXPpGLFDPHQW5pDOLVpHVVXUXQHSpULRGH
GH  PRLV FHV pWXGHV SHUPHWWHQW GH JDJQHU GX WHPSV &HSHQGDQW PrPH VL HOOHV VRQW
H[LJpHVSDUODUpJOHPHQWDWLRQFHVpWXGHVVHURQWFRPSOpWpHVSDUGHVpWXGHVIDLWHVHQWHPSV
UpHO
'H SOXV VL O¶RQ REVHUYH XQ FKDQJHPHQW LPSRUWDQW DX FRXUV GH FHV  PRLV DORUV
G¶DXWUHV pWXGHV VRQW PHQpHV &HV GHUQLqUHV VRQW IDLWHV HQ FRQGLWLRQV LQWHUPpGLDLUHV
ƒ&+5VXUXQHGXUpHGHDQ

Ϯ͘ϯ͘ƚƵĚĞƐĞŶƚĞŵƉƐƌĠĞů

(OOHV VRQW p[pFXWpHV VXU O¶HQVHPEOH GH OD GXUpH GH YLH GX SURGXLW HW GDQV OHV
FRQGLWLRQVFOLPDWLTXHVLGHQWLTXHVjOD]RQHGXSD\VRODIRUPHSKDUPDFHXWLTXHHVWYHQGXH
ƒ&+5ƒ&+5RXƒ&+5
/¶REMHFWLI GH FHV pWXGHV HVW GH FRQILUPHU OD GXUpH GH YLH SUppWDEOLH YRLUH GH OD
SURORQJHU

 7\SHVG¶pWXGHVGHVWDELOLWp

/HV pWXGHV GH VWDELOLWp VRQW LQLWLpHV GDQV OH FDGUH GX SURJUDPPH GH VXLYL GH OD
VWDELOLWp
/H EXW GH FHOXLFL HVW GH GpWHUPLQHU OD FRQIRUPLWp GX SURGXLW DX[ VSpFLILFDWLRQV
GpILQLHVHWSDUFRQVpTXHQWGHVXUYHLOOHUOHPpGLFDPHQWSHQGDQWWRXWHVDGXUpHGHYDOLGLWp
,O HVW pWDEOL HQ GpEXW G¶DQQpH HW VH EDVH VXU XQH SURFpGXUH GpILQLVVDQWOH SURFpGpPLV HQ
°XYUH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /HV pTXLSHPHQWV XWLOLVpV QRWDPPHQW OHV HQFHLQWHV FOLPDWLTXHV DX FRXUV GH FH
SURJUDPPHGRLYHQWrWUHTXDOLILpVHWHQWUHWHQXVFRQIRUPpPHQWDX[%3)


)LJXUH([HPSOHG¶XQHHQFHLQWHFOLPDWLTXHXWLOLVpHORUVGHVpWXGHVGHVWDELOLWp

&LGHVVRXV YRLFL OHV SURGXLWV FRQFHUQpV SDU OH SURJUDPPH GH VXLYL GHV pWXGHV GH
VWDELOLWp

o ,QWHUPpGLDLUHVGHIDEULFDWLRQ
o 9UDFV
o 3)
o /RWVD\DQWVXELWGHVFKDQJHPHQWVRXGHVGpYLDWLRQVDXQLYHDXGXSURFHVVRX

 
DURAFOUR
(CC BY-NC-ND 2.0)
 GHVPRGLILFDWLRQVGHVDUWLFOHVGHFRQGLWLRQQHPHQWSDUH[HPSOH

,OHVWHIIHFWLIWRXWDXORQJGHO¶DQQpH
 7URLVW\SHVG¶pWXGHVSHXYHQWrWUHHQJDJpHVHQIRQFWLRQGHFHSURJUDPPH

ϯ͘ϭ͘ƚƵĚĞƐK'^ 

/HVpWXGHVFRPPHUFLDOHV2*6VRQWGHVpWXGHVUpDOLVpHVVXUXQORWFRPPHUFLDOLVp
/HV ORWV PLV HQ VWDELOLWp 2*6 GRLYHQWrWUHUHSUpVHQWDWLIVGXSURFpGpGHIDEULFDWLRQGH OD
WDLOOH GX ORW GX VLWH R LO D pWp IDEULTXp DLQVL TXH GX FRQGLWLRQQHPHQW HW GH OD VRXUFH GH
SULQFLSHDFWLIXWLOLVpH
3RXU OHV WHVWV GH VWDELOLWp HQ FRXUV OHV GLUHFWLYHV *03 SUpVHQWHQW GHV H[LJHQFHV
FDWpJRULTXHV&HVRQWOHVVXLYDQWHV

o 7RXVOHVPpGLFDPHQWVHWIRUPXODWLRQVGRLYHQWrWUHWHVWpVVDQVH[FHSWLRQ
o 7RXVOHV3)HWOHFDVpFKpDQWOHVSURGXLWVHQYUDFVGRLYHQWDXVVLrWUHWHVWpV
QRWDPPHQWVLODSpULRGHGHVWRFNDJHHWRXGHWUDQVSRUWHVWSURORQJpH

/HV H[LJHQFHV YRQW V¶DSSOLTXHU SRXU FKDTXH SURGXLW j FKDTXH GRVDJH HW SRXU
FKDTXHW\SHG¶HPEDOODJHSULPDLUH

/HVpWXGHVVRQWHQJpQpUDOHIIHFWXpHVGHIDoRQFRQWLQXHDYHFXQORWSDUDQ(OOHV
YRQW DYRLU SRXU YLVpH GH SURXYHU TXH OH SURGXLW PpGLFDPHQWHX[ YD UHVWHU GH OD PrPH
TXDOLWpTXHFHOOHTXLDpWpGpILQLHjO¶LQWpULHXUGXGRVVLHUG¶HQUHJLVWUHPHQW

ϯ͘Ϯ͘ƚƵĚĞƐ/,

&RQFHUQDQW OHV pWXGHV ,&+ HOOHV VRQW LQLWLpHV GDQV XQ FDGUH UqJOHPHQWDLUH &HV
pWXGHVVRQWPHQpHVVXUGHX[RXWURLVORWVSLORWHVGHSURGXFWLRQ
/RUVTX¶XQ FKDQJHPHQW SUpVHQWH XQ LPSDFW UqJOHPHQWDLUH LO IDXW ODQFHU XQH
QRXYHOOH pWXGH HW GpILQLU HQ IRQFWLRQ GHV H[LJHQFHV GHV SD\V FRQFHUQpV OD VWUDWpJLH GH
FHOOHFLDYHFOHVERQVLQWHUORFXWHXUV
,OH[LVWHXQFHUWDLQQRPEUHG¶H[LJHQFHVUpJOHPHQWDLUHVUHODWLYHVDX[YDULDWLRQVOLpHV
jODVWDELOLWp

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /HVH[HPSOHVVXLYDQWVVSpFLILTXHVjFHVGHUQLqUHVVRQWGHVFDVRGHVpWXGHV,&+
SHXYHQWrWUHUpDOLVpHV

o 0RGLILFDWLRQjXQHRXSOXVLHXUVpWDSHVGHODPrPHYRLHGHIDEULFDWLRQ
o 0RGLILFDWLRQVGHODFRPSRVLWLRQGXSURGXLWILQL
o 0RGLILFDWLRQVGHO
HPEDOODJHLPPpGLDWGXSURGXLWILQL 

ϯ͘ϯ͘ƚƵĚĞƐƐƉĠĐŝĨŝƋƵĞƐ

/¶LQGXVWULHOSHXWGpILQLUHQSOXVGHVpWXGHV2*6HW,&+XQWURLVLqPHW\SHG¶pWXGH
(OOHVVHURQWLQWURGXLWHVGDQVOHVFDVVXLYDQWV

o ¬ODVXLWHG¶XQLQFLGHQWHQSURGXFWLRQSRXUV¶DVVXUHUTXHFHGHUQLHUHVWVDQV
LPSDFWVXUODVWDELOLWpGXSURGXLW
o 3RXUYDOLGHUODVWDELOLWpGXSURGXLWjXQVWDGHLQWHUPpGLDLUHDILQGHGpILQLU
GHVKROGLQJWLPH

&HVpWXGHVVHURQWFRQVLGpUpHVFRPPHGHVpWXGHVVSpFLILTXHV

 6HORQ OHV %3) HW O¶$QQH[H  ©*HQHUDO JXLGDQFH RQ KROGWLPH VWXGLHVª OHV
GLVSRVLWLRQV GH VWRFNDJH SULVHV SRXU OHV PDWLqUHV SUHPLqUHV 03 OHV SURGXLWV
LQWHUPpGLDLUHVOHVSURGXLWVHQYUDFVQHSURYRTXHQWSDVG¶HIIHWVQpIDVWHVVXUOHXUVWDELOLWpHW
SDUFRQVpTXHQWOHXUVpFXULWpOHXUHIILFDFLWpHWOHXUTXDOLWp
&¶HVWSRXUTXRLOHIDEULFDQWGRLWIL[HUGHVSpULRGHVGHFRQVHUYDWLRQPD[LPDOHVDILQ
GHQHSDVSURGXLUHGHVUpVXOWDWVKRUVGHVFULWqUHVG¶DFFHSWDWLRQ
,OIDXWSUHQGUHHQFRQVLGpUDWLRQFHUWDLQVDVSHFWVSHQGDQWOHWHPSVG¶DWWHQWHTXLSHXW
H[LVWHU GXUDQW OD IDEULFDWLRQ GHV IRUPHV SRVRORJLTXHV VROLGHV $LQVL SHQGDQW FHOXLFL LO
IDXWUDVVHPEOHUGHVGRQQpHVMXVWLILDEOHV&HVGRQQpHVVHURQWXWLOLVpHVSRXUPRQWUHUTXHOHV
03OHVSURGXLWV,0,QWHU0pGLDLUHVGHIDEULFDWLRQHWOHVSURGXLWVHQYUDFVYRQWUpSRQGUH
DX[VSpFLILFDWLRQVHWUHVWHUGHTXDOLWpFRQYHQDEOHDYDQWGHSDVVHUjO¶pWDSHVXLYDQWHGHOHXU
IDEULFDWLRQ
3RXUUpVXPpOHWHPSVG¶DWWHQWHRXKROGWLPHHVWGpILQLFRPPHODSpULRGHGHWHPSV
SHQGDQW ODTXHOOH GHV VSpFLDOLWpV PpGLFDPHQWHXVHV j GLIIpUHQWV VWDGHV GH SURGXFWLRQ

 
DURAFOUR
(CC BY-NC-ND 2.0)
SHXYHQWrWUHFRQVHUYpHVGDQVGHVFRQGLWLRQVVSpFLILTXHV'HSOXVHOOHVUHVWHURQWGDQVOHV
FULWqUHVG¶DFFHSWDWLRQSHQGDQWFHVGpODLVGHFRQVHUYDWLRQ
/D FRQFHSWLRQ GH WHOOHV pWXGHV GRLW UpIOHWHU OH WHPSV G¶DWWHQWH j FKDTXH pWDSH GH
IDEULFDWLRQ
8QH pYDOXDWLRQ GHV ULVTXHV OLpV j XQH PRGLILFDWLRQ GX SURFHVVXV XQ FKDQJHPHQW
G¶pTXLSHPHQW GH FRQGLWLRQV GH VWRFNDJH RX G¶HPEDOODJH VRQW DXWDQW G¶RSSRUWXQLWpV GH
UpDOLVHUGHVpWXGHVVXUOHVKROGLQJWLPH

 3URFHVVXVGHJHVWLRQGHVpWXGHVGHVWDELOLWp

/HVpWXGHVGHVWDELOLWpIRQWSDUWLHVLQWpJUDQWHVGXSURJUDPPHDQQXHOGHVXLYLGHOD
VWDELOLWp (OOHV IRQFWLRQQHQW VHORQ OH PRGH GH JHVWLRQ VXLYDQW HW IRQW DSSHO j GLIIpUHQWV
LQWHUORFXWHXUVDILQGHPHQHUFHOOHVFLjELHQHWjOHXUWHUPH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 ±†ƒ…–‹‘‡–ƒ’’”‘„ƒ–‹‘†—’”‘–‘…‘Ž‡†‡•±–—†‡•
†‡•–ƒ„‹Ž‹–±

‹•‡‡‡…‡‹–‡ǡ•–‘…ƒ‰‡‡–•‘”–‹‡ƒ—š±…Š±ƒ…‡•

±ƒŽ‹•ƒ–‹‘†‡•ƒƒŽ›•‡•’Š›•‹…‘Ǧ…Š‹‹“—‡•‡–
‹…”‘„‹‘Ž‘‰‹“—‡•

˜ƒŽ—ƒ–‹‘†‡•”±•—Ž–ƒ–•

ƒ’’‘”–•†‡•–ƒ„‹Ž‹–±

)LJXUH/HVGLIIpUHQWHVpWDSHVGXSURFHVVXVGHVpWXGHVGHVWDELOLWpGHVPpGLFDPHQWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 ϰ͘ϭ͘WƌŽƚŽĐŽůĞĚ͛ƵŶĞĠƚƵĚĞ

/H SURWRFROH TXL YD pWDEOLU OH SURJUDPPH GH VXLYL GH OD VWDELOLWp GX SURGXLW GRLW
V¶DSSOLTXHUjWRXWHODGXUpHGHYDOLGLWpGHFHGHUQLHU
,O LQFOXUD pJDOHPHQW XQ FHUWDLQ QRPEUH GH SDUDPqWUHV DYHF QRWDPPHQW FHX[ FL
GHVVRXV

o 2EMHFWLIVHWGXUpHGHO¶pWXGH
o 'HVFULSWLRQGHVORWVG¶pWXGHQRPEUHGHORWVSDUGRVDJHHWSDUIRXUQLVVHXU
ODWDLOOHGXRXGHVORWVW\SHGHSDFNDJLQJTXDQWLWpjPHWWUHHQVWDELOLWp
o /HV PpWKRGHV DSSURSULpHV GH FRQWU{OHV SK\VLFRFKLPLTXHV HW
PLFURELRORJLTXHV
o /HVFULWqUHVG
DFFHSWDWLRQ
o /HVUpIpUHQFHVDX[PpWKRGHVGHFRQWU{OH
o /HVLQWHUYDOOHVGHIUpTXHQFHGHVFRQWU{OHVpFKpDQFHVG
DQDO\VHV
o /DGHVFULSWLRQGHVFRQGLWLRQVGHVWRFNDJH
o 7RXWHDXWUHLQIRUPDWLRQVSpFLILTXHDXPpGLFDPHQW

/HSURWRFROHSHXWpYROXHUDXJPHQWDWLRQGHODIUpTXHQFHGHVFRQWU{OHVRXXQHPLVH
j MRXU GHV UHFRPPDQGDWLRQV ,&+ SDU H[HPSOH HW GRQF rWUH GLIIpUHQW GH FHOXL TXL D pWp
GpSRVpGDQVOHGRVVLHUG¶DXWRULVDWLRQGHPLVHVXUOHPDUFKpSRXUO
pWXGHGHVWDELOLWpLQLWLDOH
jORQJWHUPH1pDQPRLQVLOIDXWMXVWLILHUFHODHQOHGRFXPHQWDQWGDQVOHSURWRFROH

ϰ͘Ϯ͘DŝƐĞĞŶƉůĂĐĞĚ͛ƵŶĞĠƚƵĚĞĚĞƐƚĂďŝůŝƚĠ

(OOHV¶HIIHFWXHHQDFFRUGDYHFOHSURWRFROHGXSURGXLW
/DSUHPLqUHFKRVHjIDLUHHVWG¶DWWULEXHUOHQRPGHO¶pWXGH/HQRPFRQWLHQGUDXQ
FHUWDLQ QRPEUH G¶pOpPHQWVWHOV TXHOHVSUHPLqUHVOHWWUHVGXSULQFLSHDFWLIOHGRVDJH OH
W\SH G¶pWXGH TXH O¶RQ YD UpDOLVHU OHV GHX[ GHUQLHUV FKLIIUHV GH O¶DQQpH GH IDEULFDWLRQ HW
HQILQO¶LQFUpPHQWDWLRQ$%YRLUH&RX'
(QVXLWH OD PLVH HQ HQFHLQWH GHV pFKDQWLOORQV HVW IDLWH /RUV GH FHOOHFL LO IDXW
YpULILHUODSUpVHQFHG¶XQHpWLTXHWWHVXUFKDFXQHGHVERvWHV



 
DURAFOUR
(CC BY-NC-ND 2.0)
 /¶pWLTXHWWHHVWIDLWHGHPDQLqUHjFRQWHQLUOHVLQIRUPDWLRQVVXLYDQWHV

‘†‡Ž̵±–—†‡
‘†‹–‹‘•†‡‹•‡‡•–ƒ„‹Ž‹–±
‘†‡Ȁι Ž‘–ǣ
…Š±ƒ…‡ǣα
‘–‡ƒ–••‘”–‹”ǣǦȋȌ‹‘ȋȌ
ƒ–‡†‡•‘”–‹‡ǣ


)LJXUH([HPSOHG¶XQHpWLTXHWWHORUVGHODPLVHHQSODFHG¶XQHpWXGHGHVWDELOLWp

8QHIRLVODPLVHHQVWDELOLWpHQHQFHLQWHFOLPDWLTXHIDLWHLOIDXWVHSHQFKHUVXUOH
WDEOHDXGHVXLYLGHVpWXGHVGHVWDELOLWp
&LGHVVRXVRQWURXYHOHVGLIIpUHQWVSRLQWVUHQVHLJQpVGDQVFHGHUQLHU

o 1RPGXSURGXLW
o 'RVDJH
o )RUPXODWLRQFRPSULPpVRXJpOXOHVHWF
o 7\SHG
pWXGH
o 'XUpHGHO¶pWXGH
o 1RPGHO
pWXGH
o &RQGLWLRQVGHVWRFNDJH
o 3DFNDJLQJ
o 1XPpURGXSURWRFROHGHVWDELOLWp
o 1XPpURGHODOLVWHGHVVSpFLILFDWLRQV
o 'DWHGHIDEULFDWLRQ
o 'DWHGHFRQGLWLRQQHPHQW
o 1XPpURGHORW,0,QWHU0pGLDLUHGHSURGXFWLRQGHO¶pFKDQWLOORQ
o 1XPpURGHORW3)3URGXLW)LQLGHO¶pFKDQWLOORQ
o 'DWHVGHVpFKpDQFHV

 
DURAFOUR
(CC BY-NC-ND 2.0)

(Q SOXV GX WDEOHDX GH VXLYL LO IDXW FUpHU XQ WDEOHDX GH UpVXOWDW TXL FRQWLHQW OHV
pOpPHQWVVXLYDQWV

o 1RPGHO¶pWXGHHWGDWHGHGpPDUUDJH
o &RQGLWLRQVGHVWRFNDJH
o 1XPpURGHORW3)HWRXQXPpURGHORWYUDF,0
o 'DWHGHIDEULFDWLRQ
o 7HVWVjUpDOLVHUHWVSpFLILFDWLRQVGHVWHVWV
o &RQIRUPLWpRXQRQFRQIRUPLWpGHVUpVXOWDWV
o 3UpVHQFHRXQRQGH/,5/DERUDWRU\,QYHVWLJDWLRQ5HSRUWHWRXGH5,
5DSSRUWG¶,QFLGHQFH
o 5pIpUHQFHGHVGRQQpHVEUXWHV


/RUVTXH WRXWHV FHV pWDSHV RQW pWp IDLWHV O¶pWXGH HVW FRQVLGpUpH FRPPH PLVH HQ
SODFH &HSHQGDQW XQH YpULILFDWLRQ HQ GRXEOH FRQWU{OH HVW REOLJDWRLUH DILQ GH YpULILHU
TX¶DXFXQHHUUHXUQ¶DHXOLHXORUVGHODPLVHHQHQFHLQWHFOLPDWLTXHGHVpFKDQWLOORQV
(Q UpVXPp OD PLVH HQ VWDELOLWpGHV SURGXLWV IDEULTXpV VH GpURXOH GH OD IDoRQ
VXLYDQWH


 
DURAFOUR
(CC BY-NC-ND 2.0)
 ––”‹„—–‹‘†—‘
†‡Ž̵±–—†‡

‹•‡‡‡…‡‹–‡
…Ž‹ƒ–‹“—‡

‹•‡Œ‘—”†—–ƒ„Ž‡ƒ—
†‡•—‹˜‹‡–…‘…‡’–‹‘
†‡•–ƒ„Ž‡ƒ—š†‡
”±•—Ž–ƒ–•

±”‹ˆ‹…ƒ–‹‘†‡Žƒ
…‘ˆ‘”‹–±†‡Žƒ‹•‡
‡•–ƒ„‹Ž‹–±’ƒ”
†‘—„Ž‡…‘–”ØŽ‡



)LJXUH6FKpPDUpVXPDQWODPLVHHQSODFHG¶XQHpWXGHGHVWDELOLWp

ϰ͘ϯ͘^ƵŝǀŝĚĞƐĠĐŚĠĂŶĐĞƐ

/D VRUWLH GHV pFKDQWLOORQV HVW EDVpH VXU XQ SODQQLQJ PHQVXHO TXL OLVWH WRXWHV OHV
pFKpDQFHV j VRUWLU SRXU O¶HQVHPEOH GHV pWXGHV 2*6 ,&+ RX VSpFLILTXHV DX FRXUV GX
PRLV
/RUVGXVXLYLGHVpFKpDQFHVRQGRLWSUHQGUHHQFRPSWHOHFRQWH[WHFRPSOHWG¶XQH
pWXGHSURGXLWVORWVGXUpHFRQGLWLRQVFOLPDWLTXHVFRQGLWLRQQHPHQWHWF$SDUWLUGHoD
OH SODQQLQJ GHV DQDO\VHV HVW pWDEOL HQ IRQFWLRQ GHV GDWHV G¶HQWUpH HQ VWDELOLWp GHV
pFKDQWLOORQV (Q DFFRUG DYHF OH SURWRFROH GH VWDELOLWp GX SURGXLW FRQFHUQp LO IDXGUD SDU
FRQVpTXHQWVRUWLUOHQRPEUHGHFRQWHQDQWVQpFHVVDLUHVSRXUUpDOLVHUOHVDQDO\VHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 ϰ͘ϰ͘^ƉĠĐŝĨŝĐĂƚŝŽŶƐĞƚĐŽŶƚƌƀůĞƐ

/HJXLGHOLQH,&+4$VHUWGHEDVHjO¶HQVHPEOHGHVVSpFLILFDWLRQVHWGHVFRQWU{OHV
'HVWLQpH DX[ QRXYHOOHV VXEVWDQFHV PpGLFDPHQWHXVHV HW DX[ QRXYHDX[ SURGXLWV
PpGLFDPHQWHX[O¶REMHFWLIGHFHWWHOLJQHGLUHFWULFHHVWG¶DLGHUjpWDEOLUXQHQVHPEOHXQLTXH
HW PRQGLDO GH VSpFLILFDWLRQV &H JXLGHOLQH YD IRXUQLU GHV RULHQWDWLRQV j OD IRLV VXU OD
GpILQLWLRQHWODMXVWLILFDWLRQGHFHVGHUQLqUHV
8QH VSpFLILFDWLRQ HVW GpILQLH FRPPH XQH OLVWH GH WHVWV GH UpIpUHQFHV j GHV
SURFpGXUHV DQDO\WLTXHV HW GH FULWqUHV G¶DFFHSWDWLRQ DSSURSULpV &HOD SHXW GRQF rWUH XQH
OLPLWH QXPpULTXH RX GHV SODJHV G¶LQWHUYDOOHV SDU H[HPSOH 8QH VSpFLILFDWLRQ YD DLQVL
SHUPHWWUHG¶pWDEOLUO
HQVHPEOHGHVFULWqUHVDX[TXHOVXQHVXEVWDQFHPpGLFDPHQWHXVHRXXQ
SURGXLW PpGLFDPHQWHX[ GRLW VH FRQIRUPHU SRXU rWUH FRQVLGpUp FRPPH DFFHSWDEOH SRXU
O
XVDJHDXTXHOLOHVWGHVWLQp
/D FRQIRUPLWp DX[ VSpFLILFDWLRQV VLJQLILH TXH ORUVTX¶XQ 3$ HWRX XQ 3) HVW WHVWp
FRQIRUPpPHQW j OD SURFpGXUH DQDO\WLTXH DORUV FHOXLFL UpSRQG DX[ FULWqUHV G¶DFFHSWDWLRQ
/HV VSpFLILFDWLRQV SURSRVpHV HW MXVWLILpHV SDU OH IDEULFDQW VRQW GHV QRUPHV GH TXDOLWp
HVVHQWLHOOHV DSSURXYpHV SDU OHV DXWRULWpV UpJOHPHQWDLUHV FRPPH FRQGLWLRQV G
DSSUREDWLRQ
/HVVSpFLILFDWLRQVIRQWSDUWLHG
XQHVWUDWpJLHGHFRQWU{OHWRWDOFRQoXHSRXUDVVXUHUODTXDOLWp
HW O
XQLIRUPLWp GX SURGXLW 7RXW FHFL HVW EDVp VXU OH UHVSHFW GHV ERQQHV SUDWLTXHV GH
IDEULFDWLRQ DX FRXUV GH OD FRQFHSWLRQ HW GX GpYHORSSHPHQW DYHF QRWDPPHQW OD SUpVHQFH
GHVFKRVHVVXLYDQWHVGHVLQVWDOODWLRQVDSSURSULpHVXQSURFHVVXVGHIDEULFDWLRQYDOLGpXQH
SURFpGXUHG
HVVDLYDOLGpHGHVFRQWU{OHVVXUOHVPDWLqUHVSUHPLqUHVGHVFRQWU{OHVHQFRXUV
GHIDEULFDWLRQHWGHVFRQWU{OHVVXUOH3)
/HV VSpFLILFDWLRQV VRQW FKRLVLHV SRXU FRQILUPHU OD TXDOLWp DVVXUHU O
LQQRFXLWp HW
O
HIILFDFLWpGHODVXEVWDQFHPpGLFDPHQWHXVHHWGXSURGXLWPpGLFDPHQWHX[
/HFKDPSG
DSSOLFDWLRQGHODGLUHFWLYH,&+4$YDFRQFHUQHUOHVVSpFLILFDWLRQVj
VDYRLUFRPPHGLWSUpFpGHPPHQWOHVWHVWVTXLMRXHQWXQU{OHPDMHXUSRXUDVVXUHUODTXDOLWp
GX3)ORUVGHVDOLEpUDWLRQPDLVDXVVLSHQGDQWVDGXUpHGHFRQVHUYDWLRQ/HVVSpFLILFDWLRQV
VRQWXQpOpPHQWLPSRUWDQWGHO
DVVXUDQFHTXDOLWp
&HWWHOLJQHGLUHFWULFHSRUWHXQLTXHPHQWVXUO
DSSUREDWLRQGHODPLVHVXUOHPDUFKp
GH QRXYHDX[ PpGLFDPHQWV \ FRPSULV OHV SURGXLWV FRPELQpV HW OH FDV pFKpDQW GH
QRXYHOOHVVXEVWDQFHVPpGLFDPHQWHXVHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 'LIIpUHQWV FULWqUHV G¶DFFHSWDWLRQ VRQW pWDEOLV OHV FULWqUHV G¶DFFHSWDWLRQ XQLYHUVHOV
SRXUWRXWSURGXLWPpGLFDPHQWHX[HWOHVFULWqUHVG¶DFFHSWDWLRQGLWVVSpFLILTXHVHWUHODWLIVj
GHVVXEVWDQFHVPpGLFDPHQWHXVHVLQGLYLGXHOOHVHWRXjGHVIRUPHVSRVRORJLTXHV
'H SOXV OHV VSpFLILFDWLRQV H[LVWHQW DXWDQW j OLEpUDWLRQ GX SURGXLW TXH ORUV GH OD
GXUpHGHFRQVHUYDWLRQGHFHOXLFL(OOHVVHURQWELHQSOXVUHVWULFWLYHVORUVTXHODVSpFLDOLWpHVW
SUrWHjrWUHOLEpUpH
/HV FULWqUHV G¶DFFHSWDWLRQ UpJOHPHQWDLUHV DX[ eWDWV8QLV HW DX -DSRQ VHURQW
LGHQWLTXHVHQWUHOHPRPHQWRODOLEpUDWLRQGXSURGXLWHVWIDLWHHWWRXWDXORQJGHVDGXUpH
GH FRQVHUYDWLRQ &HSHQGDQW XQ IDEULFDQW SHXWFKRLVLU GHUpGXLUH GH IDoRQ SOXV VWULFWHOHV
VSpFLILFDWLRQVjOLEpUDWLRQDILQG¶DYRLUGHVOLPLWHVLQWHUQHVTXLJDUDQWLVVHQWTXHOHSURGXLW
UHVWHUDGDQVOHVFULWqUHVG¶DFFHSWDWLRQ
(Q UHYDQFKH GDQV O¶8QLRQ (XURSpHQQH ORUVTX¶HOOHV VRQW GLIIpUHQWHV OHV
VSpFLILFDWLRQVjOLEpUDWLRQHWOHVVSpFLILFDWLRQVSHQGDQWODGXUpHGHFRQVHUYDWLRQVRQWELHQ
GLVWLQFWHV

ϰ͘ϰ͘ϭ͘ >ĞƐƚĞƐƚƐƵŶŝǀĞƌƐĞůƐ

/HV WHVWV FLGHVVRXV VRQW FRQVLGpUpV FRPPH pWDQW XQLYHUVHOV FDU TXHOTXH VRLW OD
IRUPH JDOpQLTXH LOV VRQW UpDOLVpV SRXU WRXWHV OHV VSpFLDOLWpV F¶HVWjGLUH OHV QRXYHOOHV
VXEVWDQFHVPpGLFDPHQWHXVHVHWOHVQRXYHDX[SURGXLWVPpGLFDPHQWHX[

o 'HVFULSWLRQXQHGpFODUDWLRQTXDOLWDWLYHVXUO
pWDWWHOTXHVROLGHRXOLTXLGH
DLQVL TXH VXU OD WDLOOH OD IRUPH O¶DVSHFW HW OD FRXOHXU GH OD VSpFLDOLWp
PpGLFDPHQWHXVHHVWIDLWH6LO
XQHGHFHVFDUDFWpULVWLTXHVFKDQJHSHQGDQWOH
VWRFNDJHFHFKDQJHPHQWGRLWrWUHpWXGLpHWGHVPHVXUHVDSSURSULpHVGRLYHQW
rWUHSULVHV
o ,GHQWLILFDWLRQ
o 'RVDJH
o ,PSXUHWpV OHVLPSXUHWpVRUJDQLTXHVHWLQRUJDQLTXHVDLQVLTXHOHVVROYDQWV
UpVLGXHOV VRQW LQFOXV GDQV FHWWH FDWpJRULH /HV LPSXUHWpV RUJDQLTXHV
UpVXOWHQWGHODGpJUDGDWLRQGHODQRXYHOOHVXEVWDQFHPpGLFDPHQWHXVHHWOHV
LPSXUHWpV TXL VXUYLHQQHQWSHQGDQWOHSURFHVVXVGHIDEULFDWLRQGRLYHQWrWUH
VXUYHLOOpHV GDQV OH QRXYHDX SURGXLW PpGLFDPHQWHX[ 'HV OLPLWHV
G
DFFHSWDWLRQ GRLYHQW rWUH pQRQFpHV SRXU OHV SURGXLWV GH GpJUDGDWLRQ

 
DURAFOUR
(CC BY-NC-ND 2.0)
 LGHQWLILpV QRQ LGHQWLILpV HW WRWDX[ /HV LPSXUHWpV GH V\QWKqVH QH VRQW SDV
LQFOXVHVGDQVODOLPLWHWRWDOHG
LPSXUHWpV

,OH[LVWHpJDOHPHQWGHVFRQWU{OHVVSpFLILTXHV/HVWHVWVVXLYDQWVVRQWUpDOLVpVVXUOH
3$

o $QDO\VHGHVSURSULpWpVSK\VLFRFKLPLTXHV
o 7DLOOHGHVSDUWLFXOHV
o )RUPHVSRO\PRUSKHV
o 7HQHXUHQHDXXWLOLVDWLRQGHODPpWKRGH.DUO)LVFKHU
o ,PSXUHWpVLQRUJDQLTXHV
o /LPLWHVPLFURELHQQHVRQUpDOLVHUDXQGpQRPEUHPHQWGHVJHUPHVDpURELHV
WRWDX[DLQVLTX¶XQGpQRPEUHPHQWGHVOHYXUHVHWPRLVLVVXUHVWRWDOHV

ϰ͘ϰ͘Ϯ͘ >ĞƐƚĞƐƚƐƐƉĠĐŝĨŝƋƵĞƐ

/HVWHVWVVSpFLILTXHVVRQWDXVVLHIIHFWXpVVXUOHV3),OVVRQWUpDOLVpVHQIRQFWLRQGH
OD IRUPH SKDUPDFHXWLTXH 3RXU XQ VLWH LQGXVWULHO VSpFLDOLVp GDQV OD SURGXFWLRQ GH IRUPHV
RUDOHVVROLGHVFRPSULPpVHWRXJpOXOHVOHVWHVWVSURJUDPPpVVHURQWFHX[Oj

o 'LVVROXWLRQFHWHVWSHUPHWGHPHVXUHUODOLEpUDWLRQGX3$(QIRQFWLRQGHV
VSpFLILFLWpVGXSURGXLWLOIDXWDGDSWHUOHS+GXPLOLHXG¶DQDO\VH
o 'XUHWp
o )ULDELOLWp
o 8QLIRUPLWpGHPDVVHUpDOLVpVXUXQFHUWDLQQRPEUHGHFRPSULPpVSUpOHYpV
GHIDoRQUpJXOLqUHGDQVXQORWFHWHVWYDSHUPHWWUHGHGpPRQWUHUTXHGDQV
FKDTXHFRPSULPpOHSULQFLSHDFWLIHVWUpSDUWLGHPDQLqUHXQLIRUPH
o 7HQHXU HQ HDX OD FULWLFLWp GH FH WHVW HVW WUqV LPSRUWDQWH (Q HIIHW OHV
FRQGLWLRQV G¶KXPLGLWp TXH O¶RQ YD XWLOLVHU DX FRXUV GHV pWXGHV GH VWDELOLWp
YRQWHQWUDLQHUGHVYDULDWLRQVDXQLYHDXGHODWHQHXUHQHDX
o /LPLWHVPLFURELHQQHVOHVJHUPHVDpURELHVWRWDX[WRXWFRPPHOHVOHYXUHVHW
OHV PRLVLVVXUHV WRWDOHV VHURQW GpQRPEUpHV 6HORQ OD QDWXUH GX 3) XQH
UHFKHUFKH GH PLFURRUJDQLVPHV VSpFLILTXHV Escherichia Coli GDQV OD
SOXSDUW GHV FDV HVW pJDOHPHQW IDLWH &HV WHVWV VRQW GpFULWV DX[ FKDSLWUHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 HWGHOD3KDUPDFRSpH(XURSpHQQH

ϰ͘ϱ͘ǀĂůƵĂƚŝŽŶĚĞƐƌĠƐƵůƚĂƚƐ

/¶pYDOXDWLRQGHVUpVXOWDWVHVWEDVpVXUOHFKDSLWUHGHV%3)TXLSUpFLVHODFKRVH
VXLYDQWH©/HVUpVXOWDWVGHVpWXGHVGHVWDELOLWpGRLYHQWrWUHFRPPXQLTXpVDX[SHUVRQQHV
RFFXSDQWGHVSRVWHVFOpVHQSDUWLFXOLHUjODRXDX[SHUVRQQHVTXDOLILpHV/RUVTXHOHVpWXGHV
GHVWDELOLWpVRQWPHQpHVVXUXQVLWHGLIIpUHQWGXVLWHGHIDEULFDWLRQGXSURGXLWYUDFRXGX
SURGXLWILQLXQFRQWUDWpFULWGRLWrWUHpWDEOLHQWUHOHVSDUWLHVFRQFHUQpHV/HVUpVXOWDWVGHV
pWXGHV GH VWDELOLWp GRLYHQW rWUH GLVSRQLEOHV VXU OH VLWH GH IDEULFDWLRQ SRXU SHUPHWWUH OHXU
H[DPHQSDUO¶DXWRULWpFRPSpWHQWHª

/D PLVH HQ °XYUH GH 623 6WDQGDUG 2SHUDWLQJ 3URFHGXUHV RX SURFpGXUHV
RSpUDWLRQQHOOHV VWDQGDUG HVW REOLJDWRLUH(OOHVYRQWSHUPHWWUHOHWUDLWHPHQWHWO¶pYDOXDWLRQ
GHV UpVXOWDWV KRUV VSpFLILFDWLRQV HWRX KRUV WHQGDQFH TXH oD VRLW SHQGDQW OHV pWXGHV GH
VWDELOLWpRXORUVGHODOLEpUDWLRQGHVORWV

(Q HIIHW j FKDTXH pFKpDQFH RQ YD REWHQLU OHV UpVXOWDWV G¶DQDO\VHV &HV GHUQLHUV
VRQWpYDOXpVDILQGHV¶DVVXUHUTX¶LOVVXLYHQWO¶pYROXWLRQDWWHQGXHFRPSDUpHDX[pFKpDQFHV
SUpFpGHQWHV RX pWXGHV SUpFpGHQWHV 'HV JUDSKLTXHV VRQW WUDFpV SRXU OHV WHVWV FULWLTXHV j
VDYRLUOHVLPSXUHWpVHWOHGRVDJHGXRXGHVSULQFLSHVDFWLIVGHVpWXGHVUpDOLVpHVHQVWDELOLWp
2*6DILQGHYLVXDOLVHUO¶pYROXWLRQ

/RUVTX¶XQ UpVXOWDW G¶DQDO\VH Q¶HVW SDV GDQV OHV WHQGDQFHV GHV pFKpDQFHV
SUpFpGHQWHVLOIDXWGLVFXWHUGHODVWUDWpJLHjDGRSWHUDWWHQGUHODSURFKDLQHpFKpDQFHSXLV
pYDOXHU HQ IRQFWLRQ GX UpVXOWDW OHV GLIIpUHQWHV RSWLRQV TXL SHXYHQW VH SUpVHQWHU j FH
PRPHQWOjRXELHQUHODQFHUODRXOHVDQDO\VHVGqVO¶DSSDULWLRQG¶XQUpVXOWDWKRUVWHQGDQFH

/HV UpVXOWDWV QRQ FRQIRUPHV RX WRXWHV WHQGDQFHV DQRUPDOHV VLJQLILFDWLYHV GRLYHQW
IDLUHO¶REMHWG¶XQHLQYHVWLJDWLRQ7RXWUpVXOWDWKRUVVSpFLILFDWLRQFRQILUPpRXWRXWHGpULYH
VLJQLILFDWLYH DIIHFWDQW OHV ORWV GH SURGXLWV OLEpUpV VXU OH PDUFKp GRLW rWUH FRPPXQLTXp j
O¶DXWRULWp FRPSpWHQWH /¶LPSDFW pYHQWXHO VXU OD TXDOLWp SURGXLW SRXU OHV ORWV PLV VXU OH
PDUFKpGRLWrWUHH[DPLQpVHORQOHVSULQFLSHVGHV%3)HWHQFRQFHUWDWLRQDYHFOHVDXWRULWpV
FRPSpWHQWHV




 
DURAFOUR
(CC BY-NC-ND 2.0)
 
ϰ͘ϲ͘ZĂƉƉŽƌƚĚ͛ƵŶĞĠƚƵĚĞ

3RXUOHVpWXGHV2*6XQUDSSRUWSDUSURGXLWHWSDUGRVDJHHVWUpGLJp,OHVWPLVj
MRXUFKDTXHDQQpHHWFRQWLHQWWRXWHVOHVpWXGHVHQFRXUVDLQVLTX¶XQHpWXGHILQDOLVpH
2QUHWURXYHjO¶LQWpULHXUGHFHOXLFL

o 2EMHFWLIGHO¶pWXGH
o ,QIRUPDWLRQV VXU OH SURGXLWFRQGLWLRQQHPHQW QXPpUR GH ORW GRVDJH QRP
GXIRXUQLVVHXU
o 3UpVHQWDWLRQGHVWDEOHDX[GHUpVXOWDWV
o -XVWLILFDWLRQGHVUpVXOWDWVREWHQXVORUVG¶XQWHVWGHVWDELOLWpHQFRXUVWRXV
OHVUpVXOWDWVGRLYHQWrWUHUpVXPpVGDQVXQUDSSRUW/HVGRQQpHVLVVXHVGHFHV
UpVXOWDWV GHYURQW rWUH FRPSDUpHV j FHOOHV REWHQXHV SHQGDQW OHV WHVWV
SUpFpGHQWVDILQGHUpDOLVHUGHVDQDO\VHVGHWHQGDQFHJUkFHjGHVpYDOXDWLRQV
JUDSKLTXHV &HOD SHUPHWWUD GH YpULILHU O¶pYROXWLRQ GH O¶pWXGH HW OH
FRPSRUWHPHQWGXSURGXLWHQFRPSDUDQWOHVpWXGHVHQFRXUVDYHFOHVpWXGHV
WHUPLQpHV
o 0pWKRGRORJLHG¶pYDOXDWLRQ
o /HVSUREOqPHVUpSHUWRULpVHQFRXUVG¶DQDO\VHjVDYRLUOHV/,5HWRXOHV5,
o &RQFOXVLRQ

3RXU OHV pWXGHV ,&+ OH UDSSRUW HVW HIIHFWXp ORUVTXH O¶pWXGH HVW ILQLH 8Q UDSSRUW
LQWHUPpGLDLUH SHXW rWUH UpGLJp HQ FDV GH GHPDQGH GX FOLHQW'DQV OH FDV G¶pWXGHV LQLWLpHV
VXLWH j XQ FKDQJHPHQW FKDQJHPHQW GH OD VRXUFH GH SULQFLSH DFWLI QRWDPPHQW XQH
FRPSDUDLVRQSHXWrWUHIDLWHDYHFO¶pWXGH,&+SUpFpGHQWHSRXUPRQWUHUTXHOHFKDQJHPHQW
Q¶D SDV G¶LPSDFW VXU OD VWDELOLWp OD QRXYHOOH VRXUFH GH SULQFLSH DFWLI HVW pTXLYDOHQWH j OD
SUpFpGHQWHSDUH[HPSOH

/H FRPSWH UHQGX GH O¶pWXGH GH VWDELOLWp H[SRVH HQ GpWDLO OD FRQFHSWLRQ GH O
pWXGH
DLQVLTXHVHVUpVXOWDWVHWFRQFOXVLRQV3RXUFKDTXHORWLOIDXWLQGLTXHUOHVUpVXOWDWVREWHQXV
DXPRPHQWGHODIDEULFDWLRQSXLVDX[GLIIpUHQWHVpFKpDQFHV/
pYDOXDWLRQGHODVWDELOLWpGX
SURGXLW HW SDU FRQVpTXHQW OD GXUpH GH YDOLGLWp HW OHV FRQGLWLRQV GH VWRFNDJH SURSRVpHV
GRLYHQWrWUHIRQGpHVVXUFHVUpVXOWDWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 3RXUFRQFOXUHYRLFLXQUpVXPpGXSURFHVVXVJpQpUDOGHVpWXGHVGHVWDELOLWp

)LJXUH5pVXPpGXSURJUDPPHGXVXLYLDQQXHOGHVpWXGHVGHVWDELOLWp

/HV pWXGHV HQ IRQFWLRQ GH OD PDQLqUH GRQW HOOHV VRQW FRQoXHV HW VHORQ OHV
FRQGLWLRQVGHVWRFNDJHGpILQLHVGDQVOHSURWRFROHYRQWV¶pWDOHUVXUGHVGXUpHVGLIIpUHQWHV
&HUWDLQHVVHWHUPLQHQWSOXVUDSLGHPHQWTXHG¶DXWUHV/HVSURGXLWVQ¶RQWDLQVLSDVODPrPH
GDWHGHSpUHPSWLRQ
/RUVTXHOHVUpVXOWDWVG¶DQDO\VHVVRQWDSSURXYpVHWOHUDSSRUWILQDOUpGLJpO¶pWXGHHVW
FRQVLGpUpH FRPPHWHUPLQpH 8QH PLVH j MRXU GH OD GRFXPHQWDWLRQ HVW UpDOLVpH HW OHV
pFKDQWLOORQVUHVWDQWVHQVXUQRPEUHVRQWGpWUXLWV


 
DURAFOUR
(CC BY-NC-ND 2.0)
s/ͬdžĞŵƉůĞĚ͛ƵŶĞĠƚƵĚĞĚĞƐƚĂďŝůŝƚĠĞŶŝŶĚƵƐƚƌŝĞ
ƉŚĂƌŵĂĐĞƵƚŝƋƵĞ

  'DQV FHWWH SDUWLH LO VHUD GpYHORSSp O¶H[HPSOH G¶XQH pWXGH GH VWDELOLWp UpDOLVpH
SHQGDQW XQH GXUpH GH  DQV VXU GH OD %pWDKLVWLQH XQH PROpFXOH XWLOLVpH FRPPH DQWL
YHUWLJLQHX[ SRXU OH WUDLWHPHQW GX YHUWLJH /¶HQVHPEOH GHV pOpPHQWV DERUGpV HW H[SOLTXpV
SDUODVXLWHVHEDVHQWVXUOHWDEOHDXTXLVHWURXYHFLGHVVRXV

7DEOHDX7DEOHDXGHUpVXOWDWGHO¶pWXGHGHVWDELOLWp%(7$2*6$




1$ 1RQ$SSOLFDEOH


 
DURAFOUR
(CC BY-NC-ND 2.0)
 ,QIRUPDWLRQVSULQFLSDOHV

ϭ͘ϭ͘EŽŵĚĞů͛ĠƚƵĚĞ

/RUVTX¶XQHpWXGHHVWPLVHHQSODFHLOIDXWWRXWG¶DERUGOXLDWWULEXHUXQQRP3RXU
UDSSHO FHOXLFL FRQWLHQGUD OHV  SUHPLqUHV OHWWUHV GX 3$ OH GRVDJH OH W\SH G¶pWXGH OHV
GHX[GHUQLHUVFKLIIUHVGHO¶DQQpHGHIDEULFDWLRQHWHQILQO¶LQFUpPHQWDWLRQ
/HQRPGHFHWWHpWXGHHVW%(7$2*6$

o %(7$ OHVTXDWUHSUHPLqUHVOHWWUHVGXSULQFLSHDFWLI
o  GRVDJHHQPJ
o 2*6 W\SHGHO¶pWXGH
o  DQQpHGHIDEULFDWLRQ
o $  LQFUpPHQWDWLRQ $ SRXU OD SUHPLqUH pWXGH DQQXHOOH FRQFHUQDQW OH
SURJUDPPH GH VXLYL GH OD VWDELOLWp 6L XQH pWXGH 2*6 DYDLW pWp ODQFpH
SUpFpGHPPHQW RQ DXUDLW XWLOLVp OD OHWWUH % FRUUHVSRQGDQW j OD GHX[LqPH
pWXGHODQFpHGDQVO¶DQQpH

ϭ͘Ϯ͘ŽŶĚŝƚŝŽŶƐĚĞƐƚŽĐŬĂŐĞ

/¶pWXGHHVWPLVHHQSODFHDYHFOHVFRQGLWLRQVVXLYDQWHVƒ&+5
/H SURGXLW HVW GRQF FRPPHUFLDOLVp SRXU OHV ]RQHV , HW ,, GX PRQGH VHORQ O¶206
GRQF QRWDPPHQW SRXU GHV SD\V FRPPH OHV (WDWV8QLV OH &DQDGD OD )UDQFH O¶,WDOLH
O¶$OOHPDJQHOH-DSRQO¶$XVWUDOLHRXHQFRUHOH0DJKUHE0DURF$OJpULH7XQLVLH

ϭ͘ϯ͘dLJƉĞĚ͛ĠƚƵĚĞ

*UkFHjFHWDEOHDXRQSHXWFRQQDvWUHOHW\SHG¶pWXGHTXHO¶RQYDIDLUH
'DQV OD FDVH ©2EVHUYDWLRQª LO HVW PDUTXp 2*6  LFL F¶HVW GRQF XQH pWXGH
FRPPHUFLDOHTXLHVWUpDOLVpHHWFHOOHFLDGpEXWpHDXFRXUVGHO¶DQQpH

ϭ͘ϰ͘EƵŵĠƌŽĚĞůŽƚ/DĚĞů͛ĠĐŚĂŶƚŝůůŽŶ

2QSHXWOHWURXYHUDXVHLQGHFHWDEOHDXGDQVODFDVH©%DWFKFRGH,0ª

 
DURAFOUR
(CC BY-NC-ND 2.0)
 
ϭ͘ϱ͘EƵŵĠƌŽĚĞůŽƚW&ĚĞů͛ĠĐŚĂŶƚŝůůŽŶ

,OVHWURXYHMXVWHDXGHVVXVGXQXPpURGHORW,0GDQVODFDVH©%DWFKFRGH3)ª

ϭ͘ϲ͘ĐŚĠĂŶĐĞƐ

3RXUFHWWHpWXGHLO\DFLQTpFKpDQFHV&KDTXHDQQpHGqVOHGpEXWGHO¶pWXGHF¶HVW
jGLUHjPRLVSXLVjHWPRLVGHVpFKDQWLOORQVVRQWVRUWLVHQIRQFWLRQGX
SODQQLQJPHQVXHOGHO¶HQFHLQWHFOLPDWLTXHDILQGHUpDOLVHUOHVFRQWU{OHVVXUOHSURGXLW

ϭ͘ϳ͘dĞƐƚƐĞƚĐƌŝƚğƌĞƐĚ͛ĂĐĐĞƉƚĂƚŝŽŶ

6XU OH F{Wp JDXFKH GX WDEOHDX RQ WURXYH OD FRORQQH ©7HVWVª TXL FRUUHVSRQG j
O¶HQVHPEOH GHV DQDO\VHV SK\VLFRFKLPLTXHV HW GHV DQDO\VHV PLFURELRORJLTXHV TXL GRLYHQW
rWUHHIIHFWXpHVSRXUOD%pWDKLVWLQH
2Q WURXYH pJDOHPHQW OD FRORQQH ©$FFHSWDQFH &ULWHULDª TXL FRUUHVSRQG DX[
VSpFLILFDWLRQVDSSOLFDEOHVDXSURGXLW,O\DGHX[W\SHVGHFULWqUHVG¶DFFHSWDWLRQ

o 'XULQJVKHOIOLIH !OHVFULWqUHVTXLVRQWDSSOLTXpVWRXWDXORQJGHODGXUpH
GHFRQVHUYDWLRQ
o ,QKRXVH VSHFLILFDWLRQ ! FH VRQW OHV VSpFLILFDWLRQV TXL SHUPHWWHQW
G¶DQWLFLSHU OHV 226 2XW 2I 6SHFLILFDWLRQ GRQF OHV UpVXOWDWV KRUV GHV
VSpFLILFDWLRQV UHTXLVHV &HOOHVFL VRQW XWLOLVpHV DILQ G¶LQVWDXUHU XQH
VXUYHLOODQFHSRXUOHSDWLHQW

 $XWUHVLQIRUPDWLRQV

Ϯ͘ϭ͘ZĠĨĠƌĞŶĐĞĚĞƐĚŽŶŶĠĞƐ

&¶HVWO¶HQVHPEOHGHVSURFpGXUHVVXUOHVTXHOOHVRQYDVHEDVHUSRXUODUpDOLVDWLRQGHV
FRQWU{OHVSK\VLFRFKLPLTXHVHWPLFURELRORJLTXHVDLQVLTXHOHVGRFXPHQWVVXUOHVTXHOVRQ
SHXWV¶DSSX\HUSRXUO¶pYDOXDWLRQGHVUpVXOWDWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 Ϯ͘Ϯ͘WƌĠƐĞŶĐĞŽƵŶŽŶĚ͛ŝŶǀĞƐƚŝŐĂƚŝŽŶĞƚͬŽƵĚ͛ŝŶĐŝĚĞŶĐĞ

&HVRQWOHVGHX[FDVHV©)(ªLQYHVWLJDWLRQUHSRUWHW©5$ªGLVFUHSDQF\UHSRUW
SUpVHQWHV VXU OH F{Wp JDXFKH (Q FDV G¶226 RQ HVW KRUV GHV VSpFLILFDWLRQV FH TXL YD
HQWUDvQHUOHGpFOHQFKHPHQWHWODGpFODUDWLRQGH/,5HWRXGH5,$LQVLHQFDVGHSUpVHQFH
GHFHFLLOIDXGUDDLQVLHIIHFWXHUGHVUpDQDO\VHV
'DQV OH FDV SUpVHQW SRXU FHWWH pWXGH GH %pWDKLVWLQH DXFXQ 5, RX /,5 Q¶HVW j
GpFODUHU

Ϯ͘ϯ͘ŽŶĨŽƌŵŝƚĠŽƵŶŽŶĐŽŶĨŽƌŵŝƚĠĚĞƐƌĠƐƵůƚĂƚƐ

,FL OHV UpVXOWDWV VRQW FRQIRUPHV SRXU WRXV OHV WHVWV HIIHFWXpV 3RXU WURLV GHV
pFKpDQFHV GH O¶pWXGH j  j  HW j  PRLV RQ V¶DSSXLHUD VXU OHV UpVXOWDWV GH O¶pWXGH
PHQpHGDQVOHVFRQGLWLRQVƒ&+5GRQFSRXUOHV]RQHV,,,HW,9D,9EGXPRQGH
$XERXWGHPRLVWRXWHVOHVVSpFLILFDWLRQVVRQWUHVSHFWpHV/HSURGXLWHVWFRQIRUPH
&HSHQGDQW GqV ORUV TX¶XQ UpVXOWDW HVW QRQ FRQIRUPH RX TX¶LO \ D XQH WHQGDQFH
DQRUPDOHVLJQLILFDWLYHXQHLQYHVWLJDWLRQHVWODQFpH,OIDXWFRPPXQLTXHUFHODDX[DXWRULWpV
GHVDQWpFRPSpWHQWHVSRXUWRXWORWGHSURGXLWOLEpUpVXUOHPDUFKpHWSRXYDQWrWUHDIIHFWp

Ϯ͘ϰ͘ĂƚĞƐĞƚƉĂƌĂƉŚĞƐ

6RXV OH WDEOHDX RQ WURXYH SOXVLHXUV GDWHV DLQVL TXH SOXVLHXUV SDUDSKHV &HFL
FRUUHVSRQG j OD SHUVRQQH TXL D UpDOLVpH OD WkFKH TXL SHXWrWUH O¶DQDO\VWH OHUHYLHZHU TXL
HIIHFWXHOHGRXEOHFRQWU{OHRXHQFRUHO¶DSSUREDWHXUHWODGDWHjODTXHOOHFHWWHWkFKHDpWp
HIIHFWXpH

 &RQWU{OHVSK\VLFRFKLPLTXHVHWPLFURELRORJLTXHV

/¶pWXGH GH VWDELOLWp %pWDKLVWLQH UHJURXSH VL[ WHVWV j OD IRLV XQLYHUVHOV PDLV DXVVL
VSpFLILTXHVFLQTWHVWVSK\VLFRFKLPLTXHVHWXQWHVWPLFURELRORJLTXH/DPDMRULWpGHFHV
WHVWV VRQW DQDO\VpV HQ VH EDVDQW VXU XQH SURFpGXUH GRQW OH QXPpUR HVW GpILQL GDQV OH
SURWRFROHGHO¶pWXGH
/HV WHVWV XQLYHUVHOV UpDOLVpV VXU Q¶LPSRUWH TXHOOH IRUPH SKDUPDFHXWLTXH VRQW OHV
WHVWVSRUWDQWVXUO¶DSSDUHQFHOHGRVDJHHWODSXUHWpGXSURGXLW

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /HVWHVWVVSpFLILTXHVTXDQWjHX[VRQWO¶XQLIRUPLWpGHPDVVHODGLVVROXWLRQHWOHV
OLPLWHVPLFURELHQQHV
&KDTXHWHVWVHUDH[SOLTXpSOXVHQGpWDLOGDQVOHVSDUWLHVVXLYDQWHV

ϯ͘ϭ͘ƉƉĂƌĞŶĐĞ

2Q YD UpDOLVHU XQH GHVFULSWLRQ GH OD VSpFLDOLWp SKDUPDFHXWLTXH  XQH GpFODUDWLRQ
TXDOLWDWLYHVXUO
pWDWOD%pWDKLVWLQHHVWIDEULTXpHVRXVODIRUPHG¶XQFRPSULPpVROLGHDLQVL
TXHVXUODWDLOOHODIRUPHO¶DVSHFWHWODFRXOHXUGXPpGLFDPHQWHVWIDLWH6LDXFRXUVGX
VWRFNDJH O
XQH GH FHV FDUDFWpULVWLTXHV FKDQJH DORUV LO IDXW SUHQGUH HQ FRPSWH FH
FKDQJHPHQW,OVHUDpWXGLpHWOHVPHVXUHVDSSURSULpHVGRLYHQWrWUHSULVHV
/HFRQWU{OHG¶DSSDUHQFHHVWHIIHFWXpYLVXHOOHPHQWSDUO¶DQDO\VWH

ϯ͘Ϯ͘WƵƌĞƚĠ

/RUVTX¶XQH pWXGH GH VWDELOLWp HVW PHQpH LO IDXW YpULILHU TX¶DXFXQH LPSXUHWp Q¶HVW
SUpVHQWHDXVHLQGXSURGXLW
3RXU OD %pWDKLVWLQH OHV LPSXUHWpV FRQFHUQpHV SDU XQ FRQWU{OH SK\VLFRFKLPLTXH
VRQW O¶DPLQH WHUWLDLUH WULK\GURFKORULGH HW OD YLQ\OS\ULGLQH K\GURFKORULGH &KDTXH
LPSXUHWp QRQ VSpFLILpH RX LQFRQQXH HVW pJDOHPHQW DQDO\VpH WRXW FRPPH OH WRWDO GHV
SURGXLWVGHGpJUDGDWLRQGXPpGLFDPHQW
2QSHXWGRQFGLUHTXHOHVLPSXUHWpVRUJDQLTXHVPDLVDXVVLLQRUJDQLTXHVDLQVLTXH
OHV VROYDQWV UpVLGXHOV VRQW LQFOXV GDQV OD FDWpJRULH GHV LPSXUHWpV &HV GHUQLqUHV TXL
VXUYLHQQHQW SHQGDQW OH SURFHVVXV GH IDEULFDWLRQ GRLYHQW rWUH VXUYHLOOpHV GDQV OH SURGXLW
PpGLFDPHQWHX[ 'HV OLPLWHV G
DFFHSWDWLRQ GRLYHQW rWUH pQRQFpHV SRXU OHV SURGXLWV GH
GpJUDGDWLRQLGHQWLILpVOHVSURGXLWVGHGpJUDGDWLRQQRQLGHQWLILpVPDLVDXVVLSRXUODVRPPH
WRWDOHGHO¶HQVHPEOHGHVSURGXLWVGHGpJUDGDWLRQ
/H WHVW GH SXUHWp HVW IDLW JUkFH j O¶XWLOLVDWLRQ GH OD +LJK 3HUIRUPDQFH /LTXLG
&KURPDWRJUDSK\+3/&XQHWHFKQLTXHGHVpSDUDWLRQDQDO\WLTXHGHPROpFXOHVSUpVHQWHV
GDQVXQPpODQJH
/HSULQFLSHHVWOHVXLYDQWRQYDPHWWUHHQVROXWLRQGDQVXQVROYDQWOHVFRPSRVpVj
VpSDUHUF¶HVWjGLUHOHVVROXWpV&HPpODQJHHVWHQVXLWHLQWURGXLWGDQVO¶pOXDQWXQHSKDVH
PRELOH OLTXLGH 3XLV HQ IRQFWLRQ GH OD QDWXUH GHV PROpFXOHV FHV GHUQLqUHV YRQW LQWHUDJLU

 
DURAFOUR
(CC BY-NC-ND 2.0)
DYHF SOXV RX PRLQV G¶DIILQLWp DYHF OD SKDVH VWDWLRQQDLUH GDQV XQ WXEH TXH O¶RQ DSSHOOH
FRORQQHFKURPDWRJUDSKLTXH
8QHSRPSHVRXVKDXWHSUHVVLRQSHUPHWGHSRXVVHUODSKDVHPRELOH/HPpODQJHjDQDO\VHU
HVWGRQFLQMHFWpSXLVWUDQVSRUWpWRXWDXORQJGHO¶HQVHPEOHGXV\VWqPHFKURPDWRJUDSKLTXH
/HVFRPSRVDQWVGXPpODQJHVHUpSDUWLVVHQWVHORQOHXUDIILQLWpHQWUHODSKDVHPRELOHHWOD
SKDVHVWDWLRQQDLUH
8QH IRLV OH PpODQJH DUULYp j OD VRUWLH GH OD FRORQQH FKURPDWRJUDSKLTXH OHV GLIIpUHQWV
VROXWpV YRQW JUkFH j XQ GpWHFWHXU rWUH FDUDFWpULVpV SDU XQ SLF /¶HQVHPEOH GHV SLFV
HQUHJLVWUpVHVWDSSHOpFKURPDWRJUDPPH





)LJXUH$SSDUHLO+3/&

ϯ͘ϯ͘ŽƐĂŐĞ

/D WHFKQLTXH +3/& HVW WUqV HPSOR\pH GDQV OHV ODERUDWRLUHV UpDOLVDQW GHV DQDO\VHV
FKLPLTXHV
(OOHSHUPHWHQSOXVG¶LGHQWLILHUHWGHVpSDUHUGHVFRPSRVDQWVGDQVXQPpODQJHOH
GRVDJHGHFHX[FL

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /DVSpFLILFDWLRQSRXUOHGRVDJHGHOD%pWDKLVWLQHHVWO¶LQWHUYDOOHFRPSULVHQWUH
PJ HW  PJ /H SURGXLW UHVWH H[WUrPHPHQW VWDEOH GXUDQW O¶HQVHPEOH GH O¶pWXGH OH
GRVDJHYDULHHQWUHPJjPRLVHWPJjPRLV

ϯ͘ϰ͘hŶŝĨŽƌŵŝƚĠĚĞŵĂƐƐĞ

&H WHVW HVW UpDOLVp VXU  FRPSULPpV SUpOHYpV GDQV XQ ORW FRPPH OH SUpFLVH OD
3KDUPDFRSpH (XURSpHQQH © 3HVH] LQGLYLGXHOOHPHQW YLQJW XQLWpV SUpOHYpHV DX KDVDUG HW
GpWHUPLQH]ODPDVVHPR\HQQHª
/¶HVVDLGHO¶XQLIRUPLWpGHPDVVHGHVFRPSULPpVSHUPHWGHFRQILUPHUTXHORUVTXHOD
IDEULFDWLRQDHXOLHXODUpSDUWLWLRQGXPpODQJHLQLWLDOGHSRXGUHRXGHJUDQXOHVHQXQLWpGH
SULVHGRQFSRXUFKDFXQGHVFRPSULPpVV¶HVWIDLWHGHPDQLqUHSUpFLVHHWXQLIRUPHHWFHFL
GDQVOHEXWGHJDUDQWLUODPrPHPDVVHHWSDUFRQVpTXHQWODPrPHWHQHXUHQ3$SRXUWRXV
OHVFRPSULPpVIRUPDQWXQORW
$XIXUHWjPHVXUHGHFHWWHpWXGHGH%pWDKLVWLQHRQREVHUYHXQHDXJPHQWDWLRQGH
FHWWH XQLIRUPLWp GH PDVVH (Q HIIHW O¶pFKDQWLOORQ FRQWHQDQW OHV FRPSULPpV HVW H[SRVp j
O¶KXPLGLWpGHO¶HQFHLQWHFOLPDWLTXHGDQVODTXHOOHLOHVWVWRFNpSHQGDQWFLQTDQV&HSHQGDQW
PDOJUp FHWWH DXJPHQWDWLRQ O¶XQLIRUPLWp GH PDVVH j  PRLV UHVWH HQ GHVVRXV GH OD
VSpFLILFDWLRQPD[LPDOH

ϯ͘ϱ͘ŝƐƐŽůƵƚŝŽŶ

(OOH VH IDLW VXU VL[ FRPSULPpV GDQV XQ PLOLHX GH GLVVROXWLRQ j S+ TXDVL QHXWUH HW
GDQV XQ DSSDUHLO j SDOHWWHV WRXUQDQWHV TXL UpDOLVHQW XQ PRXYHPHQW GH  URWDWLRQV SDU
PLQXWH
/DVSpFLILFDWLRQSRXUFHWHVWHVWODVXLYDQWH

o 4 DSUqVPLQXWHV

&HOD VLJQLILH TX¶XQH PR\HQQH GH GLVVROXWLRQ VHUD UpDOLVpH VXU OHV VL[ FRPSULPpV
GLVVRXVHWTXHFHWWHPR\HQQHGRLWrWUHpJDOHRXVXSpULHXUHj

 
DURAFOUR
(CC BY-NC-ND 2.0)
 

)LJXUH$SSDUHLOGHGLVVROXWLRQjSDOHWWHVWRXUQDQWHV

ϯ͘ϲ͘>ŝŵŝƚĞƐŵŝĐƌŽďŝĞŶŶĞƐ

&HVWHVWVPLFURELRORJLTXHVSRUWHQWVXUOHGpQRPEUHPHQWGHVJHUPHVDpURELHVWRWDX[
7$0& 7RWDO $HURELF 0LFURELDO &RXQW HW FHOXL GHV OHYXUHV HW GHV PRLVLVVXUHV WRWDOHV
7<0& 7RWDO <HDVWV0ROGV &RXQW 6HORQ OD QDWXUH GX 3) XQH UHFKHUFKH GH PLFUR
RUJDQLVPHV VSpFLILpV Escherichia Coli GDQV OD SOXSDUW GHV FDV HVW pJDOHPHQW IDLWH &HV
WHVWVVRQWGpFULWVDX[FKDSLWUHVHWGHOD3KDUPDFRSpH(XURSpHQQH

/H WDEOHDX FLDSUqV UHSUHQG OHV VSpFLILFDWLRQV HQ FH TXL FRQFHUQH OHV OLPLWHV
PD[LPDOHVSRXUOHVSURGXLWVQRQVWpULOHVGHVGLIIpUHQWVWHVWVPLFURELRORJLTXHV
 
7DEOHDX&ULWqUHG¶DFFHSWDWLRQSRXUODTXDOLWpPLFURELRORJLTXHGHVVXEVWDQFHVQRQ
VWpULOHVjXVDJHSKDUPDFHXWLTXH



 
DURAFOUR
(CC BY-NC-ND 2.0)
 
 /HV FRQWU{OHV PLFURELRORJLTXHV VRQW XQLTXHPHQW UpDOLVpV j  HW  PRLV GRQF HQ
GpEXWHWHQILQG¶pWXGH2QQHUpDOLVHUDGRQFSDVXQWHVWVXUOHVOLPLWHVPLFURELHQQHVDX[
DXWUHVpFKpDQFHV

 &RQFOXVLRQGHO¶pWXGH

/HV FRQWU{OHV SK\VLFRFKLPLTXHV VRQW ERQV WRXW FRPPH OHV FRQWU{OHV
PLFURELRORJLTXHV SXLVTX¶j FKDTXH pFKpDQFH OHV UpVXOWDWV j   HW  PRLV VRQW EDVpV
VXUO¶pWXGHUpDOLVpHHQFRQGLWLRQƒ&+5OHVWHVWVUpDOLVpVVRQWFRQIRUPHV
$XVVL DSUqV  PRLV OH SURGXLW %pWDKLVWLQH HVW VWDEOH /¶pWXGH HVW FRQVLGpUpH
FRPPHILQLHHWOHVpFKDQWLOORQVVXSSOpPHQWDLUHVPLVHQVWDELOLWpDXGpEXWGHO¶pWXGHRQYD
PHWWUH SOXV G¶pFKDQWLOORQV TXH SUpYX DX VHLQ GHV HQFHLQWHVFOLPDWLTXHV VL GHV UpDQDO\VHV
GRLYHQWrWUHSURJUDPPpHVVXLWHjODSUpVHQFHGHUpVXOWDWV226VRQWGpWUXLWV
/H UDSSRUW GH VWDELOLWp HVW UpGLJp HW XQH IRLV FHOXLFL FRQFOX DORUV O¶pWXGH HVW
WHUPLQpH


s//ͬZĞǀƵĞŶŶƵĞůůĞYƵĂůŝƚĠĚƵWƌŽĚƵŝƚ
  
  /HVpWXGHVGHVWDELOLWpTX¶HOOHVVRLHQWFRPPHUFLDOHVRXUpJOHPHQWDLUHVIRUPHQWXQ
HQVHPEOHG¶DFWLYLWpSULPRUGLDOHSRXUXQVLWHLQGXVWULHOGHIDEULFDWLRQSKDUPDFHXWLTXH&HV
pWXGHVYRQWJpQpUHUEHDXFRXSGHGRQQpHV/¶LQWHUSUpWDWLRQGHFHOOHVFLSHXWVHIDLUHjOD
IRLVG¶XQSRLQWGHYXHUqJOHPHQWDLUHHWpJDOHPHQWG¶XQSRLQWGHYXHTXDOLWpUREXVWHVVHGX
SURFpGpXWLOLVpORUVGHO¶RSpUDWLRQGHIDEULFDWLRQJHVWLRQGHVGpYLDWLRQVHWRXGHV
LQYHVWLJDWLRQVHWF
(OOHVGRLYHQWrWUHSUpVHQWHVGDQVQ¶LPSRUWHTXHOGRFXPHQWUqJOHPHQWDLUHHWVHURQW
GRQFLQFOXVHVGDQVODUHYXHDQQXHOOHTXDOLWpGHVSURGXLWV5$43

 5pIpUHQWLHOVUpJOHPHQWDLUHVGHEDVH

'H QRPEUHX[ UqJOHPHQWV H[LVWDQWV VRQW XWLOLVDEOHV SRXU GpFULUH OHV REMHFWLIV HW OH
IRQFWLRQQHPHQWGHOD5$43OHV%3)O¶,&+4O¶,&+4OHV%3)&DQDGLHQQHVHWOHV
*03LVVXHVGHOD)'$DPpULFDLQH


 
DURAFOUR
(CC BY-NC-ND 2.0)
 ϭ͘ϭ͘ŽŶŶĞƐWƌĂƚŝƋƵĞƐĚĞ&ĂďƌŝĐĂƚŝŽŶ

&¶HVWOHFKDSLWUHGHV%3)TXLYDFRQFHUQHUOD5$43HWWUDLWHUGHFHWWHSDUWLH,O
SUpFLVH©'HVUHYXHVTXDOLWpSpULRGLTXHVRXFRQWLQXHVGHWRXVOHVPpGLFDPHQWVDXWRULVpV
\FRPSULVFHX[VHXOHPHQWGHVWLQpVjO¶H[SRUWDWLRQGRLYHQWrWUHPHQpHVUpJXOLqUHPHQWDILQ
GHYpULILHUODUpSpWDELOLWpGHVSURFpGpVH[LVWDQWVODSHUWLQHQFHGHVVSpFLILFDWLRQVHQFRXUV
SRXUOHVPDWLqUHVSUHPLqUHVHWOHVSURGXLWVILQLVDILQGHPHWWUHHQpYLGHQFHWRXWHpYROXWLRQ
HW G¶LGHQWLILHU OHV DPpOLRUDWLRQV j DSSRUWHU DX SURGXLW HW DX[ SURFpGpV 'H WHOOHV UHYXHV
GRLYHQWQRUPDOHPHQWrWUHPHQpHVHWGRFXPHQWpHVFKDTXHDQQpHHWSUHQGUHHQFRPSWHOHV
UHYXHVSUpFpGHQWHVª

ϭ͘Ϯ͘/,Yϳ

7RXVOHVpOpPHQWVTXLSDUOHQWGHOD5$43VRQWFRQWHQXVGDQVOHVFKDSLWUHVHW
 GH  O¶,&+ 7RSLF 4 ©*RRG 0DQXIDFWXULQJ 3UDFWLFH IRU $FWLYH 3KDUPDFHXWLFDO
,QJUHGLHQWVª

o &KDSLWUH XQH[DPHQUpJXOLHUGHODTXDOLWpGRLWrWUHHIIHFWXpGDQVOH
EXWGHYpULILHUO¶KRPRJpQpLWpGXPpFDQLVPHGHSXLVOHGpEXWGHODFKDvQHGH
IDEULFDWLRQMXVTX¶jODPLVHVXUOHPDUFKpGXPpGLFDPHQW,OHVWIDLWFKDTXH
DQQpHLOHVWGRFXPHQWpHWFRPSUHQG
ƒ XQ FRQWU{OH HQ FRXUV GH IDEULFDWLRQ HW OHV UpVXOWDWV GHV WHVWV
FULWLTXHVGHVLQJUpGLHQWVSKDUPDFHXWLTXHVDFWLIV
ƒ XQ H[DPHQ GH WRXV OHV ORWV TXL Q
RQW SDV UHVSHFWp OHV
VSpFLILFDWLRQVpWDEOLHV
ƒ XQ H[DPHQ GH WRXV OHV pFDUWV FULWLTXHV RX GH WRXWHV QRQ
FRQIRUPLWpV
ƒ XQ H[DPHQ GH WRXW FKDQJHPHQW DSSRUWp DX[ SURFpGpV RX DX[
PpWKRGHVG
DQDO\VH
ƒ XQ H[DPHQ GHV UpVXOWDWV GX SURJUDPPH GH VXUYHLOODQFH GH OD
VWDELOLWp
ƒ XQ H[DPHQ GH WRXV OHV UHWRXUV UpFODPDWLRQV HW UDSSHOV OLpV j OD
TXDOLWp
ƒ XQH[DPHQGHO
DGpTXDWLRQGHVPHVXUHVFRUUHFWLYH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 o &KDSLWUH   ORUVTXH GHV DFWLRQV FRUUHFWLYHV VRQW FRQYHQXHV LO IDXW HQ
GRFXPHQWHUOHVUDLVRQV(OOHVGRLYHQWrWUHDFKHYpHVGDQVXQWHPSVRSSRUWXQ
HWGHPDQLqUHHIILFDFH8QHDXWRLQVSHFWLRQSHUPHWWUDGHYpULILHUO¶HIILFDFLWp
GHFHVPHVXUHVFRUUHFWLYHV

ϭ͘ϯ͘/,YϭϬ

2QYDVHEDVHUVXUOHFKDSLWUHTXLH[SOLTXHTXHOHVLQGXVWULHVSKDUPDFHXWLTXHV
GRLYHQW PHWWUH DX SRLQW SXLV H[pFXWHU XQ V\VWqPH GH VXUYHLOODQFH SRUWDQW VXU OD
SHUIRUPDQFHGXSURFpGpHWGHODTXDOLWpGXSURGXLW
&H V\VWqPH D SRXU REOLJDWLRQ G¶pWDEOLU XQH VWUDWpJLH GH FRQWU{OH HQ XWLOLVDQW OD
JHVWLRQGHVULVTXHVTXDOLWp&HODYDSHUPHWWUHDX[IOX[G¶LQIRUPDWLRQVG¶rWUHIDYRULVpVWRXW
FRPPHOHVDFWLRQVFRUUHFWLYHVHWSUpYHQWLYHVTXLVRQWPLVHVHQSODFHV7RXWHUpFODPDWLRQ
WRXWH GpYLDWLRQ WRXWHV OHV QRQFRQIRUPLWpV WRXW UHIXV WRXW UDSSHO WRXW pFDUW G¶DXGLW HW
G¶LQVSHFWLRQGRLYHQWrWUHLQFOXVGDQVFHV\VWqPH
/RUV GX GpYHORSSHPHQW SKDUPDFHXWLTXH WRXWHV OHV FRQQDLVVDQFHV JpQpUpHV VRQW
XWLOLVDEOHVGDQVOHFDGUHGHODVWUDWpJLHGHFRQWU{OHGHODSURGXFWLRQ,OHQHVWGHPrPHSRXU
ODIDEULFDWLRQFRPPHUFLDOH(QHIIHWOHVSHUIRUPDQFHVVHURQWDVVXUpHVJUkFHjODPDvWULVH
G¶XQWHOV\VWqPHTXLSHUPHWWUDpJDOHPHQWG¶LGHQWLILHUGHVVHFWHXUVjDPpOLRUHU

ϭ͘ϰ͘W&ĂŶĂĚŝĞŶŶĞ

&¶HVW OH FKDSLWUH & TXL VH IRFDOLVH VXU O¶H[DPHQ DQQXHO GH OD TXDOLWp GHV
SURGXLWV©8QH[DPHQGHODTXDOLWpGHWRXWHVOHVGURJXHVGRLWrWUHHIIHFWXpDILQGHYpULILHU
O¶XQLIRUPLWpGHVSURFpGpVH[LVWDQWVOHFDUDFWqUHDSSURSULpGHVVSpFLILFDWLRQVDFWXHOOHVGDQV
OH FDV GHV PDWLqUHV SUHPLqUHV HW GX SURGXLW ILQL DILQ GH GpFHOHU WRXWH WHQGDQFH HW GH
GpWHUPLQHUOHVDPpOLRUDWLRQVjDSSRUWHUDXSURGXLWHWDX[SURFpGpVXWLOLVpVª
'¶XQHIDoRQJpQpUDOHFHWH[DPHQGRLWrWUHUpDOLVpHWGRFXPHQWpWRXVOHVDQVWRXWHQ
SUHQDQW HQ FRPSWH FHX[ TXL RQW pWp IDLW SUpFpGHPPHQW ,O GRLW FRPSUHQGUH DX PRLQV OHV
pOpPHQWVVXLYDQW

o O¶H[DPHQ GHV FRQWU{OHV FULWLTXHV HIIHFWXpV HQ FRXUV GH IDEULFDWLRQ GHV
UpVXOWDWV GHV DQDO\VHV PHQpHV VXU OH SURGXLW ILQL HW GHV VSpFLILFDWLRQV GX
SURGXLWILQL

 
DURAFOUR
(CC BY-NC-ND 2.0)
 o O¶H[DPHQ GH WRXV OHV ORWV TXL QH VRQW SDV FRQIRUPHV DX[ VSpFLILFDWLRQV
pWDEOLHVHWGHO¶HQTXrWHGRQWLOVRQWIDLWO¶REMHW
o O¶H[DPHQ GH WRXWH QRQFRQIRUPLWp RX GH WRXW pFDUWLPSRUWDQW GHO¶HQTXrWH
TXL V¶\ UDSSRUWH HW GH O¶HIILFDFLWp GHV PHVXUHV FRUUHFWLYHV HW SUpYHQWLYHV
SULVHVHQFRQVpTXHQFH
o O¶H[DPHQGHWRXWHVOHVPRGLILFDWLRQVDSSRUWpHVDX[SURFpGpVDX[PpWKRGHV
G¶DQDO\VH DX[ PDWLqUHV SUHPLqUHV DX[ PDWpULDX[ G¶HPEDOODJH RX DX[
IRXUQLVVHXUVFULWLTXHV
o O¶H[DPHQ GHV UpVXOWDWV GX SURJUDPPH SHUPDQHQW GH VWDELOLWp HW GH WRXWH
WHQGDQFHGpIDYRUDEOH
o O¶H[DPHQ GH WRXV OHVUHWRXUVUHOLpVjODTXDOLWpSODLQWHVHWUDSSHOVOLpVj OD
TXDOLWpDLQVLTXHGHVHQTXrWHVPHQpHVjFHVRFFDVLRQV
o O¶H[DPHQ GX ELHQIRQGp GH WRXWH PHVXUH FRUUHFWLYH DQWpULHXUH OLpH DX
SURFpGpGXSURGXLWRXjO¶pTXLSHPHQW
o ODTXDOLILFDWLRQGHO¶pTXLSHPHQWHWGHVV\VWqPHV

7RXW HQ MXVWLILDQW FHFL LO HVW SRVVLEOH GH UHJURXSHU OHV VSpFLDOLWpV SDU W\SH GH
SURGXLWVIRUPHVSRVRORJLTXHVVROLGHVIRUPHVSRVRORJLTXHVOLTXLGHVSURGXLWVVWpULOHVHWF
DILQGHIDFLOLWHUODPLVHHQSODFHGHFHVH[DPHQVGHODTXDOLWp

ϭ͘ϱ͘'DWϮϭ&Z͕WZdϮϭϭ͘ϭϴϬ;&Ϳ

/HFRGHGHVUqJOHPHQWVIpGpUDX[7LWUHGHOD)'$$PpULFDLQHVRXOLJQHOHIDLW
FLDSUqV  ©:ULWWHQ UHFRUGV UHTXLUHG E\ WKLV SDUW VKDOO EHPDLQWDLQHGVR WKDW GDWD WKHUHLQ
FDQEHXVHGIRUHYDOXDWLQJDWOHDVWDQQXDOO\WKHTXDOLW\VWDQGDUGVRIHDFKGUXJSURGXFWWR
GHWHUPLQHWKHQHHGIRUFKDQJHVLQGUXJSURGXFWVSHFLILFDWLRQVRUPDQXIDFWXULQJRUFRQWURO
SURFHGXUHV:ULWWHQSURFHGXUHVVKDOOEHHVWDEOLVKHGDQGIROORZHGIRUVXFKHYDOXDWLRQVDQG
VKDOOLQFOXGHSURYLVLRQVIRU

o $ UHYLHZ RI D UHSUHVHQWDWLYH QXPEHU RI EDWFKHV ZKHWKHU DSSURYHG RU
UHMHFWHGDQGZKHUHDSSOLFDEOHUHFRUGVDVVRFLDWHGZLWKWKHEDWFK
o $ UHYLHZ RI FRPSODLQWV UHFDOOV UHWXUQHG RU VDOYDJHG GUXJ SURGXFWV DQG
LQYHVWLJDWLRQVIRUHDFKGUXJSURGXFW


 
DURAFOUR
(CC BY-NC-ND 2.0)
 $LQVLWRXWFKDQJHPHQWQpFHVVDLUHVRLWGDQVOHVSURFpGpVGHIDEULFDWLRQVRLWGDQV
OHVSURFpGpVGHFRQWU{OHRXVRLWSRXUOHVVSpFLILFDWLRQVG¶XQSURGXLWHVWSHUPLVJUkFHjOD
UHYXHDQQXHOOH(OOHFRPSUHQGXQQRPEUHUHSUpVHQWDWLIGHORWVTX¶LOVDLHQWpWpDFFHSWpVRX
UHIXVpV GHV UpFODPDWLRQV GHV UDSSHOV RX HQFRUH GHV UHWRXUV GH SURGXLWV DLQVL TXH
Q¶LPSRUWHTXHOOHLQYHVWLJDWLRQPHQpHDXFRXUVGHO¶DQQpHSRXUWRXWW\SHGHSURGXLW


 2EMHFWLI

/D 5$43 HVW XQ ELODQ V\QWKpWLTXH UpDOLVp SRXU FKDTXH SURGXLW 7RXV OHV
pYqQHPHQWVD\DQWHXXQLPSDFWVXUOHSURGXLWDXFRXUVG¶XQHDQQpHVRQWUHJURXSpVDXVHLQ
GHFHOOHFL(OOHSHUPHWG¶DYRLUXQHYLVLRQJOREDOH

 &RQWHQXGHOD5$43

&H W\SH GH UHYXH HVW GRQF UpGLJp HW GRFXPHQWp DX PRLQV XQH IRLV SDU DQ DILQ GH
YpULILHUTXHWRXWVRLWFRKpUHQWDXQLYHDXGXSURFHVVXV

/D5$43VLO¶RQUHSUHQGO¶HQVHPEOHGHVFKRVHVSUpFLVpHVDXF°XUGHVGLIIpUHQWHV
UpJOHPHQWDWLRQVGRLWQRWDPPHQWLQFOXUHGHVGpWDLOVVXUOHVQRWLRQVVXLYDQWHV

o 8QHUHYXHGHVPDWLqUHVSUHPLqUHVHWGHVDUWLFOHVGHFRQGLWLRQQHPHQWXWLOLVpV
SRXUOHSURGXLW
o 8QH UHYXH GHV FRQWU{OHV HQ FRXUV GH IDEULFDWLRQ HW GHV UpVXOWDWV GHV
FRQWU{OHVGHVSURGXLWVILQLV
o 8QH UHYXH GH WRXV OHV ORWV QRQ FRQIRUPHV DX[ VSpFLILFDWLRQV pWDEOLHV DLQVL
TXHOHVLQYHVWLJDWLRQVFRUUHVSRQGDQWHV
o 8QHUHYXHGHWRXWHVOHVGpYLDWLRQVVLJQLILFDWLYHVHWGHVQRQFRQIRUPLWpVGHV
LQYHVWLJDWLRQV FRUUHVSRQGDQWHV HW O
HIILFDFLWp GHV DFWLRQV FRUUHFWLYHV HW
SUpYHQWLYHVSULVHVHQFRQVpTXHQFH
o 8QH UHYXH GH WRXV OHV FKDQJHPHQWV LQWHUYHQXV VXU OHV SURFpGpV RX VXU OHV
PpWKRGHVG
DQDO\VHV
o 8QHUHYXHGHVYDULDWLRQVG¶DXWRULVDWLRQGHPLVHVXUOHPDUFKp
o 8QHUHYXHGHVUpVXOWDWVGXSURJUDPPHGHVXLYLGHVWDELOLWpHWGHWRXWHGpULYH

 
DURAFOUR
(CC BY-NC-ND 2.0)
 GH WHQGDQFH FH VRQW OHV pWXGHV GH VWDELOLWp UpDOLVpHV GDQV OHV FRQGLWLRQV
,&+3RXUFKDTXHFRQGLWLRQWRXWHVOHVDQDO\VHVHIIHFWXpHVVRQWGpWDLOOpHVGH
PDQLqUHJUDSKLTXHHWFHSRXUWRXVOHVORWVPLVHQVWDELOLWpSHQGDQWO¶DQQpH
HQ FRXUV PDLV DXVVL GHV ORWV PLV HQ VWDELOLWp GDQV OHV DQQpHV SUpFpGHQWHV
&HODSHUPHWGRQFG¶DYRLUXQPHLOOHXUDSHUoXGHVWHQGDQFHVGDQVOHWHPSV
'HSOXVFKDTXHUpVXOWDWQRQFRQIRUPHHVWGpWDLOOpGHPDQLqUHSOXVSUpFLVH
DQDO\VHGHODFDXVHDFWLRQVUpDOLVpHVSDUODVXLWH
o 8QH UHYXH GH WRXV OHV UHWRXUV OHV UpFODPDWLRQV HW UDSSHOV OLpV j GHV
SUREOqPHV GH TXDOLWp DLQVL TXH OHV LQYHVWLJDWLRQV FRUUHVSRQGDQWHV OHV
UpFODPDWLRQV pPLVHV SDU OHV FOLHQWV VRQW pJDOHPHQW SUpVHQWpHV GDQV OD
5$43 (OOHV VRQW FODVVpHV HQ GLIIpUHQWHV FDWpJRULHV HW OH WUDLWHPHQW GH
FKDFXQHHVWSUpFLVp
o /HVWDWXWGHTXDOLILFDWLRQGHVSULQFLSDX[pTXLSHPHQWV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 Ȁ ”‘…‡••
‘–”‘Ž•ȋ‡
ƒŠ‹‡”†‡•
…‘—”•†‡
…Šƒ”‰‡•Ǧ
ˆƒ„”‹…ƒ–‹‘Ȍ‡–
‘–”ƒ–•
…‘–”ØŽ‡••—”Ž‡


–ƒ–—–†‡
“—ƒŽ‹ˆ‹…ƒ–‹‘
‘–•‘
†‡•
…‘ˆ‘”‡•
±“—‹’‡‡–•
—–‹Ž‹•±•

±˜‹ƒ–‹‘•

‘—˜‡ŽŽ‡•
 ‡–‘Ǧ
…‘ˆ‘”‹–±•

‡”–‹‡…‡‡–
‡ˆˆ‹…ƒ…‹–±†‡• Šƒ‰‡‡–•ǣ
ƒ…–‹‘• ’”‘…±†±•ǡ
…‘””‡…–‹˜‡•‡– ƒƒŽ›•‡•
’”±˜‡–‹˜‡•

±…Žƒƒ–‹‘•
ƒ”‹ƒ–‹‘•
‡–”ƒ’’‡Ž•†‡
†̵
Ž‘–•
”‘‰”ƒ‡
†‡•—‹˜‹†‡Žƒ
•–ƒ„‹Ž‹–±


)LJXUH/LVWHGHVpOpPHQWVjLQFOXUHDXVHLQGHOD5$43

 
DURAFOUR
(CC BY-NC-ND 2.0)
 (QFRQFOXVLRQOD5$43HVWXQSURFHVVXVPDMHXUGDQVO¶DPpOLRUDWLRQGHODTXDOLWp
GXSURGXLW3DUUDSSRUWDX[H[LJHQFHVUpJOHPHQWDLUHVHOOHGRQQHGRQFSOXVTX¶XQHVLPSOH
UpSRQVH&¶HVWO¶RXWLOOHSOXVLPSRUWDQWSRXUOHVXLYLGHODTXDOLWpGHVSURGXLWVDXFRXUVGHV
DQQpHV
3RXUFKDTXHVSpFLDOLWpFHGRFXPHQWUpVXPHWRXWHVOHVLQIRUPDWLRQVUHWUDFpHVWRXW
DX ORQJ GH O¶DQQpH VXU SOXVLHXUV SRLQWV FRQFHUQDQW OH SURGXLW DQDO\VHV j OLEpUDWLRQ GHV
ORWV pWXGHV GH VWDELOLWp &HWWH UHYXH SHUPHW GRQF G¶DVVXUHU OD PDLWULVH GX SURFHVVXV GH
IDEULFDWLRQ HQ VXLYDQW OHV WHQGDQFHV HQ DQWLFLSDQW OHV GpULYHV HQ pYDOXDQW OHV
VSpFLILFDWLRQVODPpWKRGHGHIDEULFDWLRQHWOHVFRQWU{OHVGXSURGXLW
$YHF OHV UHYXHV DQQXHOOHV TXDOLWp GHV SURGXLWV O¶LQGXVWULHO HVW HQ SRVVHVVLRQ GH
QRPEUHX[UHQVHLJQHPHQWVQRWDPPHQWVXUOHVpWXGHVGHVWDELOLWp7RXWHVOHVPRGLILFDWLRQV
TXL RQW HX OLHX GHSXLV OD PLVH HQ SODFH GHV pWXGHV GRQF GHSXLV SOXVLHXUV DQQpHV SRXU
FHUWDLQHVVRQWFRPSULVHVGDQVOD5$43(QFDVG¶LQYHVWLJDWLRQSDUH[HPSOHFHVGRQQpHV
VRQWH[SORLWDEOHVHWOHVDQDO\VHVGHWHQGDQFHVTXLRQWpWpUpDOLVpHVVRQWH[WUrPHPHQWILDEOHV
SRXUGpILQLUODIDoRQGRQWpYROXHOHSURGXLW
/DSODFHGHVpWXGHVGHVWDELOLWpGDQVFHGRVVLHUHVWFDSLWDOH$YHFHOOHVOHUHFXOVXU
OD TXDOLWp GX SURGXLW HVW QRWDEOH SXLVTX¶HOOHV VRQW UHSUpVHQWDWLYHV GH O¶HQVHPEOH GH OD
SURGXFWLRQ VXU OHV GRX]H GHUQLHUV PRLV pFRXOpV HW SDV XQLTXHPHQW VXU XQ VHXO ORW pWXGLp



s///ͬ>ĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠĚĞƐŵĠĚŝĐĂŵĞŶƚƐăů͛ŚƀƉŝƚĂů
 
  $X FRXUV GHV GHUQLqUHV DQQpHV XQH DFWLYLWp V¶HVW DFFUXH DX F°XU GX PLOLHX
KRVSLWDOLHUHQSDUWLFXOLHUGDQVOHV3KDUPDFLHVj8VDJH,QWpULHXU38,ODSKDUPDFRWHFKQLH
&HWWHDFWLYLWpSHUPHWGHUpSRQGUHjSOXVLHXUVEHVRLQVWDQWVpFXULWDLUHVTXHWKpUDSHXWLTXHV
QRQIRXUQLVSDUO¶LQGXVWULHSKDUPDFHXWLTXH
  /HVSUpSDUDWLRQVUpDOLVpHVHQSKDUPDFLHKRVSLWDOLqUHGRLYHQWHOOHVDXVVLGHODPrPH
PDQLqUHTX¶HQLQGXVWULHUHVWHUVWDEOH/HSKDUPDFLHQDGRQFO¶REOLJDWLRQGHGpPRQWUHUTXH
OD SUpSDUDWLRQ WRXW DX ORQJ GH VD FRQVHUYDWLRQMXVTX¶jO¶DGPLQLVWUDWLRQ DX PDODGH JDUGH
VHV SURSULpWpV ,O IDXW UpFROWHU GHV GRQQpHV GH VWDELOLWp ILDEOHV DILQ GH JDUDQWLU FHOD /H
SKDUPDFLHQ SHXW DLQVL PHWWUH HQ °XYUH GHV pWXGHV GH VWDELOLWp VXU OHV SUpSDUDWLRQV
/RUVTX¶HOOHV VRQW HIIHFWXpHV ULJRXUHXVHPHQW HW DYHF XQH PpWKRGRORJLH DSSURSULpH FHV
pWXGHVYRQWSHUPHWWUHGHFRQWULEXHUjVpFXULVHUOHFLUFXLWGXPpGLFDPHQW

 
DURAFOUR
(CC BY-NC-ND 2.0)

 0pWKRGRORJLHJpQpUDOH

  3RXUREWHQLUGHVUpVXOWDWVFRUUHFWVHWWUDQVSRVDEOHVO¶pWXGHGHYUDrWUHPHQpHVHORQ
XQSURWRFROHPpWLFXOHX[/HVpOpPHQWVVXLYDQWVGHYURQWrWUHGpILQLV

o $YRLUGHVGRQQpHVVXUODIRUPXODWLRQGHODSUpSDUDWLRQHWVRQ3$QRPGHOD
03RXGHODVSpFLDOLWpQXPpURGHORWQRPGXIRXUQLVVHXUFRQQDvWUHOHS+
FRQQDvWUHODQDWXUHEDVLTXHRXVRXVIRUPHGHVHOGX3$
o $YRLU GHV GRQQpHV VXU OHV H[FLSLHQWV QRPV H[DFWV QRP GHV IRXUQLVVHXUV
QXPpURGHORW
o $YRLUGHVGRQQpHVVXUO¶DUWLFOHGHFRQGLWLRQQHPHQWW\SHFDSDFLWpHQP/HW
PDWpULDX[FRQVWLWXWLIV
o 2EMHFWLIHWGXUpHGHO¶pWXGHODOLPLWHHVWG¶XQDQDXPD[LPXP
o &RQGLWLRQVGHFRQVHUYDWLRQVGpILQLUOD7HPSpUDWXUHGHƒ&SRXUXQ3$
QRQWKHUPRLQVWDEOHGHƒ&SRXUXQ3$WKHUPRLQVWDEOHHWGHƒ&GDQV
OHVFDVROH3$VHGpJUDGHWUqVYLWHjWHPSpUDWXUHDPELDQWHHWO¶+XPLGLWp
5pVLGXHOOHOHVFRQGLWLRQVSUpFRQLVpHVSDUO¶,&+SRUWHQWVXUXQHKXPLGLWpj
VLO¶HQFHLQWHFOLPDWLTXHHVWUpJOpHjƒ&
o 7HPSV GH SUpOqYHPHQWV PHWWUH GDQV OH SURWRFROH FKDTXH pFKpDQFH GRQW
FHOOH GX 7 WHPSV ]pUR TXL HVW LQGLVSHQVDEOH FRPPH SRXU O¶LQGXVWULH
SKDUPDFHXWLTXH
o 1RPEUHG¶HVVDLVOHORWXWLOLVpSRXUO¶pWXGHHVWXQORWXQLTXHGHIDEULFDWLRQ
,O GRLW FRQWHQLU DX PLQLPXP  XQLWpV 6L FHOD HVW SRVVLEOH LO IDXW DYRLU j
GLVSRVLWLRQXQHXQLWpGHSUpSDUDWLRQSRXUFKDTXHWHPSVGHSUpOqYHPHQW
o 'LIIpUHQWHVDQDO\VHVjUpDOLVHUHOOHVVRQWGpFULWHVGDQVODSDUWLHVXLYDQWH

  8QSURWRFROHGpWDLOOpVHUDUpGLJpSRXUFKDTXHSUpSDUDWLRQTXLVHUDUpDOLVpHjOD38,
HWGHYUDFRPSUHQGUHO¶HQVHPEOHGHVQRWLRQVFLGHVVXV

 $QDO\VHVjUpDOLVHUHQIRQFWLRQGHVIRUPHVSKDUPDFHXWLTXHV

/RUV G¶XQH pWXGH GH VWDELOLWp LO \ DXUD OD UpDOLVDWLRQ GH WHVWV JpQpUDX[ IDLWV SRXU
Q¶LPSRUWHTXHOOHIRUPHSKDUPDFHXWLTXHHWGHWHVWVUpVHUYpVjVHXOHPHQWFHUWDLQHVIRUPHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 3DUH[HPSOHSRXUXQHVROXWLRQRQYDHIIHFWXHUOHVFRQWU{OHVVXLYDQWV

o 'RVDJH GX 3$ UpDOLVp G¶XQH PDQLqUH JpQpUDOH SRXU WRXWH VSpFLDOLWp
PpGLFDPHQWHXVH
o $QDO\VH GHV SURGXLWV GH GpJUDGDWLRQV HW GHV LPSXUHWpV UpDOLVp G¶XQH
PDQLqUHJpQpUDOHSRXUWRXWHVSpFLDOLWpPpGLFDPHQWHXVH
o /LPSLGLWp VSpFLILTXH DX[ VROXWLRQV ! FH WHVW HVW GpFULW GDQV OD
PRQRJUDSKLH  ©/LPSLGLWp HW GHJUp G¶RSDOHVFHQFH GHV OLTXLGHVª
9LVXHOOHPHQWRQYDH[DPLQHUODVROXWLRQHWIDLUHXQHFRPSDUDLVRQDYHFGHV
WpPRLQV /HV QRWLRQV GH OLPSLGLWp HW G¶DEVHQFH SDUWLFXODLUHV VRQW
REOLJDWRLUHV(OOHVRQWSRXUEXWGHGpWHUPLQHUTXHO¶HQVHPEOHGXSURGXLWVH
VRLWGLVVRXVFRPSOqWHPHQW
o S+ VSpFLILTXH DX[ VROXWLRQV ! LO SHUPHW GH IDFLOLWHU OD VROXELOLVDWLRQ GH
O¶LQJUpGLHQWSKDUPDFHXWLTXHDFWLI
o 2VPRODULWpVSpFLILTXHDX[VROXWLRQV
o &RORUDWLRQ VSpFLILTXH DX[ VROXWLRQV ! WRXW DX ORQJ GH OD SpULRGH GH
FRQVHUYDWLRQ RQ QH GRLW SDV REVHUYHU GH PRGLILFDWLRQ GH FRXOHXU /D
FRORUDWLRQ HVW pYDOXpH GH GHX[ PDQLqUHV VRLW SDU O¶XWLOLVDWLRQ GH O¶°LO QX
VRLWJUkFHjO¶DLGHGHODVSHFWURSKRWRPpWULH
o 9LVFRVLWp VSpFLILTXH DX[ VROXWLRQV ! FHWWH FDUDFWpULVWLTXH QH GRLW SDV VH
WUDQVIRUPHUDXIXUHWjPHVXUHTXHO¶RQDYDQFHGDQVO¶pWXGHGHVWDELOLWp/D
YLVFRVLWp HW OD WHPSpUDWXUH VRQW GLUHFWHPHQW UHOLpHV FH TXL SHXW DYRLU SRXU
FRQVpTXHQFH SDU OD VXLWH G¶rWUH HQ SUpVHQFH GH OLTXLGHV SOXV IOXLGHV RX
DORUV SOXV YLVTXHX[ VL OD WHPSpUDWXUH FKDQJH DX FRXUV GH OD FRQVHUYDWLRQ

 

 
DURAFOUR
(CC BY-NC-ND 2.0)
 /H WDEOHDX FLGHVVRXV UpVXPH OHV GLIIpUHQWHV DQDO\VHV TXL VRQW UpDOLVpHV SRXU OHV
VROXWLRQVHQIRQFWLRQGHOHXUIRUPHSKDUPDFHXWLTXH

7DEOHDX&RQWU{OHVjIDLUHHQIRQFWLRQGHODIRUPHJDOpQLTXHGHODVROXWLRQ


 'RVDJHGX $QDO\VHGHV
/LPSLGLWp S+ 2VPRODULWp &RXOHXU 9LVFRVLWp
3$ 3'

6LURS ; ; 1$ ; ;;; ;;; ;;;

6ROXWLRQ
; ;;; 1$ ;;; 1$ ;;; ;;;
FXWDQpH
6ROXWLRQ
;;; ;;; ;;; ;;; 1$ ;;; ;;;
LQMHFWDEOH

&ROO\UH ;;; ;;; ;;; ;;; ; ;;; ;;;



VLOHSULQFLSHDFWLIHVWFRORUpHQVROXWLRQ
1$1RQ$SSOLFDEOH
3$3ULQFLSH$FWLI
3'3URGXLWVGH'pJUDGDWLRQ


&HSHQGDQW LO IDXW IDLUH DWWHQWLRQ SXLVTX¶XQ FROO\UH PXOWLGRVH GRLW FRQVHUYHU OD
PrPHTXDOLWpSHQGDQWWRXWHVDGXUpHG¶XWLOLVDWLRQXQHIRLVTXHFHOXLFLHVWRXYHUW
/D OLJQH GLUHFWULFH ©*XLGDQFH RQ ,QXVH 6WDELOLW\ 7HVWLQJ RI +XPDQ 0HGLFLQDO
3URGXFWVªV¶DSSOLTXHjFHW\SHGHFROO\UHGRQFDX[SURGXLWVTXLSHXYHQWDYRLUXQULVTXH
SRXU OH FRQWHQX FRPPH SDU H[HPSOH XQH FRQWDPLQDWLRQ SXLV XQH SUROLIpUDWLRQ
PLFURELRORJLTXHjFDXVHGHODUpSpWLWLRQGHVRXYHUWXUHVHWGHVIHUPHWXUHVGXIODFRQ
&HWWH GLUHFWLYH GpILQLW DLQVLXQFDGUHFRQFHUQDQWOHVORWVjVpOHFWLRQQHUOHVWHVWVj
SDUDPpWUHUHWOHVFRQGLWLRQVGHVWRFNDJHjPHWWUHHQSODFHSRXUFHVSURGXLWV



 
DURAFOUR
(CC BY-NC-ND 2.0)
 (QUpVXPpOHVDQDO\VHVGXGRVDJHGX3$HWGHVSURGXLWVGHGpJUDGDWLRQVGDQVOH
FDGUHG¶XQHpWXGHGHVWDELOLWpG¶XQHSUpSDUDWLRQGRLYHQWrWUHFRPSOpWpHVSDUG¶DXWUHVWHVWV
SRXU FRQILUPHU OH PDLQWLHQ GHV SURSULpWpV LQLWLDOHV GH OD SUpSDUDWLRQ ORUV GH VD
FRQVHUYDWLRQ
$LQVL SRXU OD IRUPH SKDUPDFHXWLTXH TXL IDLW O¶REMHW G¶XQH pWXGH GH VWDELOLWp
O¶HQVHPEOHGHVSDUDPqWUHVFRQWU{OpVVRQWGpSHQGDQWVSXLVTX¶LOVVRQWOLpVOHVXQVDX[DXWUHV
(Q HIIHW PrPH V¶LO Q¶\ D DXFXQH SHUWH GH 3$ LO H[LVWH OD SRVVLEOH VXUYHQXH G¶XQH
LQVWDELOLWpGHODSUpSDUDWLRQVLODFRQFHQWUDWLRQHQSURGXLWVGHGpJUDGDWLRQDXJPHQWH&HV
GHUQLHUVSHXYHQWpJDOHPHQWHQJHQGUHUXQULVTXHWR[LTXHSRXUOHSDWLHQW
&¶HVWSRXUTXRLWRXWHVOHVGRQQpHVVRQWSULVHVHQFRQVLGpUDWLRQHOOHVSHUPHWWHQWGH
GpWHUPLQHUVLODSUpSDUDWLRQDJDUGpLQWpJUDOHPHQWOHVSURSULpWpVTX¶HOOHSRVVpGDLWORUVGH
O¶LQLWLDWLYHGHO¶pWXGHGHVWDELOLWpHWFHGXUDQWWRXWHODGXUpHGHVDFRQVHUYDWLRQ

 6WDELOLWpPLFURELRORJLTXHGHVSUpSDUDWLRQV

/D VWpULOLWp GH OD SUpSDUDWLRQ Q¶HVW SDV IRUFpPHQW UHTXLVH VHORQ OH PRGH
G¶DGPLQLVWUDWLRQGX3)

o 6L OD VWpULOLWp GH OD SUpSDUDWLRQ HVW LQGLVSHQVDEOH LO IDXW DORUV XQH DEVHQFH
WRWDOHGHJHUPHV
o 6LODVWpULOLWpHVWQRQQpFHVVDLUHLOH[LVWHGHVVHXLOVGHWROpUDQFHGpFULWVGDQV
OD 3KDUPDFRSpH (XURSpHQQH SRXU OHV JHUPHV DpURELHV SRXU OHV OHYXUHV HW
OHVPRLVLVVXUHVDLQVLTXHSRXUOHVJHUPHVVSpFLILTXHV3RXUXQHSUpSDUDWLRQ
QRQVWpULOHLOIDXWPRQWUHUODVWDELOLWpPLFURELRORJLTXHGHFHWWHGHUQLqUHHQ
QH GpSDVVDQW SDV OH WDX[ OLPLWH GH FRQWDPLQDWLRQ PDUTXp GDQV OD
3KDUPDFRSpH(XURSpHQQH

/H ORW TXH O¶RQ YD XWLOLVHU DX FRXUV GH O¶pWXGH GH VWDELOLWp GRLW rWUH UHSUpVHQWDWLI
3UHQRQVXQORWGHSRFKHVGHQXWULWLRQSDUHQWpUDOH,OGRLWrWUHKRPRJqQHF¶HVWjGLUHTXH
O¶HQVHPEOHGXORWHVWIDEULTXpGDQVOHVPrPHVFRQGLWLRQVDYHFOHPrPHHQYLURQQHPHQW
DYHFOHPrPHSURFpGpHWSDUOHPrPHSHUVRQQHOGHIDEULFDWLRQ
/HV FRQGLWLRQV GH VWRFNDJH TXL SHXYHQW rWUH XWLOLVpHV VRQW LGHQWLTXHV j FHOOHV GX
PLOLHXLQGXVWULHOjWHPSpUDWXUHDPELDQWHDXIURLGRXSDUFRQJpODWLRQ/DFRQVHUYDWLRQGX
SURGXLWHVWIDLWHGHODPrPHPDQLqUHTX¶HQLQGXVWULHSKDUPDFHXWLTXHSDUO¶XWLOLVDWLRQG¶XQ

 
DURAFOUR
(CC BY-NC-ND 2.0)
FRQGLWLRQQHPHQW ILQDO UHJURXSDQW XQ FRQGLWLRQQHPHQW SULPDLUH HW XQ FRQGLWLRQQHPHQW
VHFRQGDLUH
/¶HVVDLPLFURELRORJLTXHGHVWpULOLWpVHGpURXOHDXPLQLPXPj7DXODQFHPHQWGH
O¶pWXGHGqVTXHODSUpSDUDWLRQHVWIDEULTXpHHWjODILQGHODSpULRGHGHFRQVHUYDWLRQ/H
WHVWSHXWpYLGHPPHQWrWUHUpDOLVpjGHVpFKpDQFHVLQWHUPpGLDLUHV&HWHVVDLSHXWVHIDLUHGH
GHX[ IDoRQV SDU HQVHPHQFHPHQW GLUHFW RX SDU XQH ILOWUDWLRQ VXU PHPEUDQH $X VHLQ GX
PLOLHX KRVSLWDOLHU RQ SHXW DYRLU UHFRXUV j GHV PpWKRGHV DOWHUQDWLYHV SOXV UDSLGHV SRXU
PHQHUO¶HVVDLGHVWpULOLWp(OOHVGRQQHQWGHVUpVXOWDWVHQTXHOTXHVKHXUHVHWFHODSUpVHQWHXQ
JUDQGLQWpUrW
'DQVOHFDVG¶XQHSUpSDUDWLRQTXLQHGRLWSDVrWUHIRUFpPHQWVWpULOHRQYDVHEDVHU
VXU OHV FKDSLWUHV  HW  GH OD 3KDUPDFRSpH (XURSpHQQH ,OV FRQFHUQHQW
UHVSHFWLYHPHQWOHGpQRPEUHPHQWPLFURELHQHWODUHFKHUFKHGHPLFURRUJDQLVPHV

8QH pWXGH GH VWDELOLWp PLFURELRORJLTXH GRLW rWUH PHQpH XQLTXHPHQW VL OHV %33
KRVSLWDOLqUHVVRQWUHVSHFWpHVHWTXHOHSURFpGpGHIDEULFDWLRQHVWUREXVWHHWYDOLGp
(OOHDSRXUREMHFWLIGHGpPRQWUHUTX¶XQHSUpSDUDWLRQSUpVHUYHVDVWpULOLWpHWGRQFVD
TXDOLWpWRXWDXORQJGHVDGXUpHGHYLH



 
DURAFOUR
(CC BY-NC-ND 2.0)
 
 ,QWHUSUpWDWLRQGHVUpVXOWDWV





)LJXUH5pDOLVDWLRQG¶XQORJLJUDPPHSRXULQWHUSUpWHUOHVUpVXOWDWVG¶XQHpWXGHGH
VWDELOLWpG¶XQHSUpSDUDWLRQHQVROXWLRQ

 
DURAFOUR
(CC BY-NC-ND 2.0)
 


)LJXUHELV5pDOLVDWLRQG¶XQORJLJUDPPHSRXULQWHUSUpWHUOHVUpVXOWDWVG¶XQHpWXGH
GHVWDELOLWpG¶XQHSUpSDUDWLRQHQVROXWLRQ

 /HORJLJUDPPHFLGHVVXVPRQWUHWRXWHVOHVpWDSHVDLQVLTXHO¶HQVHPEOHGHVFULWqUHV
j FRQVLGpUHU SRXU DQDO\VHU OHV UpVXOWDWV REWHQXV GHSXLV OH ODQFHPHQW G¶XQH pWXGH GH
VWDELOLWp,OH[LVWHGHX[FDV

o (QFDVGHYDULDWLRQGHSOXVGHGHODFRQFHQWUDWLRQHQ3$SDUUDSSRUWj
ODFRQFHQWUDWLRQLQLWLDOH !FHODSHXWGpPRQWUHUXQHLQVWDELOLWpSUREDEOHGH
ODSUpSDUDWLRQ
ƒ 6L OD TXDQWLWp GH 3$ DXJPHQWH DX FRXUV GX WHPSV F¶HVW OH
FRQGLWLRQQHPHQW TXL Q¶HVW SHXWrWUH SOXV LQWqJUH /D YDSHXU

 
DURAFOUR
(CC BY-NC-ND 2.0)
 G¶HDXSHXWVHGLVSHUVHUHQGHKRUVGXFRQWHQDQW,OIDXWIDLUH
XQHLQVSHFWLRQGHO¶LQWpJULWpGHO¶HPEDOODJH
ƒ 2QREVHUYHXQHGLPLQXWLRQGHODFRQFHQWUDWLRQHQ3$DXIXU
HW j PHVXUH GH O¶DYDQFHPHQW GH O¶pWXGH /¶LQVWDELOLWp HVW
SRVVLEOH HW HOOH SHXWrWUH GXH j OD SUpVHQFH GH SURGXLWV GH
GpJUDGDWLRQ j XQH LQWHUDFWLRQ FRQWHQXFRQWHQDQW HQ FDV GH
QRQ SUpVHQFH GH SURGXLWV GH GpJUDGDWLRQ RX HQFRUH j OD
PRGLILFDWLRQGXS+YRLUHGHODYLVFRVLWp
o 6L OD FRQFHQWUDWLRQ HQ 3$ pYROXH HQWUH  HW  GH OD FRQFHQWUDWLRQ
LQLWLDOH LO IDXW WHQLU FRPSWH GHV WHVWV FOLQLTXHV GHV WHVWV WR[LTXHV HW GH
O¶HQVHPEOH GHV SDUDPqWUHV TXL SHXYHQW HQWUDvQHU XQ FKDQJHPHQW RX QRQ
GDQV OD SUpSDUDWLRQ /HV UpVXOWDWV VRQW GDQV FH FDVOj SOXV GLIILFLOHV j
FRPPHQWHU

 ([HPSOHVGHSUpSDUDWLRQVQRQVWDELOLVpHV

&RPPH HQ LQGXVWULH SKDUPDFHXWLTXH OH SUREOqPH G¶LQVWDELOLWp SHXW pJDOHPHQW VH
WURXYHUHQPLOLHXKRVSLWDOLHU
/¶LQVWDELOLWpG¶XQHSUpSDUDWLRQSHXWDSSDUDvWUH

o $XQLYHDXGHODOLPSLGLWpRQVHUDHQSUpVHQFHG¶XQHSUpSDUDWLRQDOWpUpHVL
GDQV OH WHPSV RQ UHPDUTXH XQ FKDQJHPHQW G¶DVSHFW SDU IRUPDWLRQ G¶XQ
SUpFLSLWpWURXEOHSDUH[HPSOHGHFHOOHFL
o $X QLYHDX GX S+ OD SUpSDUDWLRQ YD VXELU XQH PRGLILFDWLRQ ORUV GH OD
YDULDWLRQ GH FHOXLFL &HOD SHXW rWUH G€ j SOXVLHXUV FDXVHV WHOOHV TXH
O¶DEDLVVHPHQW HQ 3$ OD GLPLQXWLRQ GH OD TXDQWLWp G¶XQ H[FLSLHQW RX XQH
LQWHUDFWLRQHQWUHOHFRQWHQXHWOHFRQWHQDQW
o (Q FDV GH QRQUHVSHFW GHV WHPSpUDWXUHV DX[TXHOOHV OHV PpGLFDPHQWV
WKHUPRVHQVLEOHVGRLYHQWrWUHFRQVHUYpV2QSHXWYRLUFHVDQRPDOLHVGDQVOD
UpFHSWLRQ GHV SURGXLWV GDQV OH VWRFNDJH j OD 38, DLQVL TXH GDQV OHV
GLVSHQVDWLRQVHWRXGDQVOHVVWRFNDJHVDXF°XUGHVGLIIpUHQWVVHUYLFHV





 
DURAFOUR
(CC BY-NC-ND 2.0)
 (QUpVXPpOHVpWXGHVGHVWDELOLWpUpDOLVpHVjO¶K{SLWDOIRQFWLRQQHQWTXDVLPHQWGHOD
PrPH PDQLqUH TXH FHOOHV PHQpHV HQ LQGXVWULH RQ UHWURXYH OD UpGDFWLRQ GX SURWRFROH OD
PLVHHQSODFHHWOHGpURXOHPHQWGHO¶pWXGHODUpDOLVDWLRQGHVDQDO\VHVSK\VLFRFKLPLTXHVHW
GHVFRQWU{OHVPLFURELRORJLTXHVWRXWFRPPHO¶pYDOXDWLRQGHVUpVXOWDWVHWODSXEOLFDWLRQGX
UDSSRUWFRQFHUQDQWODSUpSDUDWLRQpWXGLpH

±ƒŽ‹•ƒ–‹‘†‡ —„Ž‹…ƒ–‹‘†—
”‘–…‘Ž‡†”‡••± ƒŽ›•‡•’Š›•‹…‘Ǧ…Š‹‹“—‡• –‡”’”±–ƒ–‹‘
Ž̵±–—†‡†‡ ”ƒ’’‘”–†‡
‡–˜±”‹ˆ‹± ‡–…‘–”ØŽ‡•‹…”‘„‹‘Ž‘‰‹“—‡• †‡•”±•—Ž–ƒ–•
•–ƒ„‹Ž‹–± Ž̵±–—†‡


)LJXUH5pVXPpGHVpWDSHVFRQVWLWXDQWOHSURFHVVXVG¶XQHpWXGHGHVWDELOLWpj
O¶K{SLWDO
 
/RUV G¶XQH pWXGH GH VWDELOLWp OHV GRQQpHV VXU OHVTXHOOHV RQ YD VH IRQGHU HW VH
UHSRVHU GRLYHQW FHUWLILHU OD VWDELOLWp GHV SUpSDUDWLRQV HW GRQF O¶HIILFDFLWp O¶LQQRFXLWp HW OD
TXDOLWpGHFHOOHVFL&HVpWXGHVVRQWLQFOXHVGDQVODGpPDUFKHG¶DPpOLRUDWLRQGHODVpFXULWp
GHVSDWLHQWV


 
DURAFOUR
(CC BY-NC-ND 2.0)
ŽŶĐůƵƐŝŽŶ





 
DURAFOUR
(CC BY-NC-ND 2.0)
 PDL

 
DURAFOUR
(CC BY-NC-ND 2.0)
ŝďůŝŽŐƌĂƉŚŝĞ

 $160ௗ$JHQFHQDWLRQDOHGHVpFXULWpGXPpGLFDPHQWHWGHVSURGXLWVGHVDQWp*XLGH
GHV%RQQHVSUDWLTXHVGHIDEULFDWLRQGHPpGLFDPHQWVjXVDJHKXPDLQ>(QOLJQH@0DL
>FLWpDYU@
 'LVSRQLEOH VXU  KWWSVZZZDQVPVDQWHIU$FWLYLWHV(ODERUDWLRQGHERQQHV
SUDWLTXHV%RQQHVSUDWLTXHVGHIDEULFDWLRQGHPHGLFDPHQWVDXVDJHKXPDLQRIIVHW

 /H+LU$&KDXPHLO-&'%URVVDUGHWDO3KDUPDFLHJDOpQLTXH%RQQHV3UDWLTXHVGH
)DEULFDWLRQGHV0pGLFDPHQWV3DULV)UDQFH(OVHYLHU0DVVRQ2FWREUHS

 (85/H[ 'LUHFWLYH &( GX 3DUOHPHQW (XURSpHQ HW GX &RQVHLO LQVWLWXDQW XQ
FRGHFRPPXQDXWDLUHUHODWLIDX[PpGLFDPHQWVjXVDJHKXPDLQ>(QOLJQH@1RYHPEUH
 >FLWp  DYU @ 'LVSRQLEOH VXU  KWWSVHXUOH[HXURSDHXOHJDO
FRQWHQWHQ$//"XUL &(/(;$/

 ,&+ ,QWHUQDWLRQDO &RXQFLO IRU +DUPRQLVDWLRQ RI 7HFKQLFDO 5HTXLUHPHQWV IRU
3KDUPDFHXWLFDOV IRU +XPDQ XVH  ,&+ +DUPRQLVHG *XLGHOLQH  2UJDQLVDWLRQ RI WKH
&RPPRQ7HFKQLFDO'RFXPHQWIRUWKH5HJLVWUDWLRQRI3KDUPDFHXWLFDOVIRU+XPDQ8VH
0 5 >(Q OLJQH@  -XLQ  >FLWp  DYU @ 'LVSRQLEOH VXU 
KWWSVGDWDEDVHLFKRUJVLWHVGHIDXOWILOHV0B5BB*XLGHOLQHSGI

 (XURSHDQ0HGLFLQHV$JHQF\,&+4$56WDELOLW\WHVWLQJRIQHZGUXJVXEVWDQFHV

DQG SURGXFWV >(Q OLJQH@ $R€W  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQLFKTDUVWDELOLW\WHVWLQJQHZGUXJVXEVWDQFHVGUXJ
SURGXFWV

 $EGLUDKPDQ 0RKDPHG 0RXVVD 6 0LVH HQ FRQIRUPLWp DX[ ERQQHV SUDWLTXHV GH
GLVWULEXWLRQ HQ JURV GHV PpGLFDPHQWV j XVDJH KXPDLQ GH O
DpURSRUW IUHW GH /\RQ
&DUJRSRUW>7KqVHG
H[HUFLFH@/\RQ)UDQFH,63%8QLYHUVLWp&ODXGH%HUQDUG/\RQ


 %XLVLQH //D TXDOLWp HW VRQPDQDJHPHQWHQLQGXVWULHSKDUPDFHXWLTXHௗV¶LPSRVHUXQ

FDGUHUHVWULFWLIRXSOXW{WV¶RXYULUDGHQRXYHDX[KRUL]RQVௗ">7KqVHG
H[HUFLFH@1DQF\
)UDQFH8QLYHUVLWpGH/RUUDLQH

 :+2 :RUOG+HDOWK2UJDQL]DWLRQ_2UJDQLVDWLRQ0RQGLDOHGHOD6DQWp6\VWqPH GH

JHVWLRQ GH OD TXDOLWp DX ODERUDWRLUH PDQXHO >(Q OLJQH@  >FLWp  DYU @
'LVSRQLEOHVXUKWWSZZZZKRLQWLKUSXEOLFDWLRQVOTPVIU

 $JHQFH)UDQoDLVHGH1RUPDOLVDWLRQ1RUPHLQWHUQDWLRQDOH4XDOLWpௗ,62$)125
6HSWHPEUH

&ODLUH ( 4XDOLILFDWLRQ G¶XQH OLJQH GH FRQGLWLRQQHPHQW >7KqVH G

H[HUFLFH@ 1DQWHV
)UDQFH)DFXOWpGH3KDUPDFLH

$160ௗ$JHQFHQDWLRQDOHGHVpFXULWpGXPpGLFDPHQWHWGHVSURGXLWVGHVDQWp%RQQHV
SUDWLTXHV GH SUpSDUDWLRQ >(Q OLJQH@ 1RYHPEUH  >FLWp  DYU @ 'LVSRQLEOH
VXU KWWSVZZZDQVPVDQWHIU$FWLYLWHV(ODERUDWLRQGHERQQHVSUDWLTXHV%RQQHV
SUDWLTXHVGHSUHSDUDWLRQRIIVHW

 
DURAFOUR
(CC BY-NC-ND 2.0)
(XURSHDQ0HGLFLQHV$JHQF\,&+4%3KRWRVWDELOLW\WHVWLQJRIQHZDFWLYHVXEVWDQFHV
DQG PHGLFLQDO SURGXFWV >(Q OLJQH@ -DQYLHU  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQLFKTESKRWRVWDELOLW\WHVWLQJQHZDFWLYHVXEVWDQFHV
PHGLFLQDOSURGXFWV

(XURSHDQ0HGLFLQHV$JHQF\,&+4&6WDELOLW\WHVWLQJUHTXLUHPHQWVIRUQHZGRVDJH
IRUPV >(Q OLJQH@ -DQYLHU  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQLFKTFVWDELOLW\WHVWLQJUHTXLUHPHQWVQHZGRVDJH
IRUPV

(XURSHDQ0HGLFLQHV$JHQF\,&+4'%UDFNHWLQJDQGPDWUL[LQJGHVLJQVIRUVWDELOLW\
WHVWLQJ RI GUXJ VXEVWDQFHV SURGXFWV >(Q OLJQH@ )pYULHU  >FLWp  DYU @
'LVSRQLEOH VXU KWWSVZZZHPDHXURSDHXHQLFKTGEUDFNHWLQJPDWUL[LQJGHVLJQV
VWDELOLW\WHVWLQJGUXJVXEVWDQFHVGUXJSURGXFWV

(XURSHDQ0HGLFLQHV$JHQF\,&+4((YDOXDWLRQRIVWDELOLW\GDWD>(QOLJQH@$R€W
 >FLWp  DYU @ 'LVSRQLEOH VXU KWWSVZZZHPDHXURSDHXHQLFKTH
HYDOXDWLRQVWDELOLW\GDWD

(XURSHDQ 0HGLFLQHV $JHQF\ ,&+ 4) 6WDELOLW\ GDWD SDFNDJH IRU UHJLVWUDWLRQ LQ
FOLPDWLF ]RQHV ,,, DQG ,9 >(Q OLJQH@ -XLQ  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQLFKTIVWDELOLW\GDWDSDFNDJHUHJLVWUDWLRQFOLPDWLF
]RQHVLLLLY

:+27HFKQLFDO5HSRUW6HULHV6WDELOLW\7HVWLQJRI$FWLYH3KDUPDFHXWLFDO,QJUHGLHQWV
DQG)LQLVKHG3KDUPDFHXWLFDO3URGXFWV1R$QQH[>(QOLJQH@>FLWp
DYU @ 'LVSRQLEOH VXU KWWSVH[WUDQHWZKRLQWSUHTXDOQHZVSXEOLFDWLRQXSGDWHG
ZKRVWDELOLW\JXLGHOLQHWUVDQQH[

(XURSHDQ0HGLFLQHV$JHQF\'HFODUDWLRQRIVWRUDJHFRQGLWLRQVIRUPHGLFLQDOSURGXFWV
SDUWLFXODUV DQG DFWLYH VXEVWDQFHV $QQH[ >(Q OLJQH@ 1RYHPEUH  >FLWp  DYU
@ 'LVSRQLEOH VXU KWWSVZZZHPDHXURSDHXHQGHFODUDWLRQVWRUDJHFRQGLWLRQV
PHGLFLQDOSURGXFWVSDUWLFXODUVDFWLYHVXEVWDQFHVDQQH[

6FRGHOODUR $ 5HYXH GX SURFHVVXV GHV pWXGHV GH VWDELOLWp GDQV O¶LQGXVWULH
SKDUPDFHXWLTXH GH OD UqJOHPHQWDWLRQ j OD UpDOLVDWLRQ HW MXVTX¶j O¶H[SORLWDWLRQ GHV
WHQGDQFHV REVHUYpHV >7KqVH G
H[HUFLFH@ 5RXHQ )UDQFH  8QLYHUVLWp 8)5 GH
0pGHFLQHHWGH3KDUPDFLH

863  8QLWHG 6WDWHV 3KDUPDFRSHLD 6WUHQJWK DQG 6WDELOLW\ 7HVWLQJ IRU &RPSRXQGHG
3UHSDUDWLRQV >(Q OLJQH@  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZXVSRUJVLWHVGHIDXOWILOHVXVSGRFXPHQW)$4VVWUHQJWKVWDELOLW\WHVWLQJ
FRPSRXQGHGSUHSDUDWLRQVSGI

&KLFN 6WDELOLWp GHV PpGLFDPHQWV >(Q OLJQH@ >FLWp  DYU @ 'LVSRQLEOH VXU 
KWWSXQLYHQF\HGXFDWLRQFRPXSORDGVSKDUPDQBJDOHQLTXH
VWDELOLWHBPGFWVSGI

*XLGH GH VWDELOLWp *HUSDF  6)3& *XLGH PpWKRGRORJLTXH GHV pWXGHV GH VWDELOLWp GHV
SUpSDUDWLRQV >(Q OLJQH@ $YULO  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZJHUSDFQHWSODWHIRUPHPRGXUOYLHZSKS"LG 

 
DURAFOUR
(CC BY-NC-ND 2.0)
)DKU\$/DDWLULV$6WDELOLWpGHVPpGLFDPHQWV'RFWLQHZV-XLQ

6FKRFNHQ & $QDO\VH GH UHQWDELOLVDWLRQௗ ,QYHVWLU GDQV OD SURGXFWLRQ G¶R[\WRFLQH GH
TXDOLWp GDQV OHV HQYLURQQHPHQWV j IDLEOHV UHVVRXUFHV 5HSURGXFWLYH +HDOWK 6XSSOLHV
&RDOLWLRQ'pFHPEUH

0DQVRXU2,VEHUD0,VPDLO*0D\\D*7KHHIIHFWRIWHPSHUDWXUHDQGPRLVWXUHRQ
WKHSK\VLFDODQGFKHPLFDOVWDELOLW\RI)XURVHPLGHWDEOHWVPJPDUNHWHGLQ6\ULD
:RUOG-RXUQDORI3KDUPDFHXWLFDO5HVHDUFKMDQYLHU

:+2 7HFKQLFDO 5HSRUW 6HULHV *HQHUDO *XLGDQFH RQ +ROG7LPH 6WXGLHV $QQH[ 
>(Q OLJQH@  >FLWp  DYU @ 'LVSRQLEOH VXU KWWSDFDGHP\JPS
FRPSOLDQFHRUJJXLGHPJUILOHV$11(;7563')

(XURSHDQ0HGLFLQHV$JHQF\,&+4$VSHFLILFDWLRQVWHVWSURFHGXUHVDQGDFFHSWDQFH
FULWHULDIRUQHZGUXJVXEVWDQFHVSURGXFWVFKHPLFDOVXEVWDQFHV>(QOLJQH@0DL
>FLWp  DYU @ 'LVSRQLEOH VXU KWWSVZZZHPDHXURSDHXHQLFKTD
VSHFLILFDWLRQVWHVWSURFHGXUHVDFFHSWDQFHFULWHULDQHZGUXJVXEVWDQFHVQHZGUXJ
SURGXFWV

(XURSHDQ 0HGLFLQHV $JHQF\ &RQWURO RI LPSXULWLHV SKDUPDFRSRHLDO VXEVWDQFHV >(Q

OLJQH@ $YULO  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQFRQWUROLPSXULWLHVSKDUPDFRSRHLDOVXEVWDQFHV

(XURSHDQ0HGLFLQHV$JHQF\,&+4$5,PSXULWLHVLQQHZGUXJVXEVWDQFHV>(Q
OLJQH@ 2FWREUH  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQLFKTDULPSXULWLHVQHZGUXJVXEVWDQFHV

(XURSHDQ 0HGLFLQHV $JHQF\ ,&+ 4% 5 ,PSXULWLHV LQ QHZ GUXJ SURGXFWV >(Q
OLJQH@ -XLQ  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQLFKTEULPSXULWLHVQHZGUXJSURGXFWV

)'$  )RRG DQG 'UXJ $GPLQLVWUDWLRQ *XLGDQFH IRU ,QGXVWU\  ,QYHVWLJDWLRQ 2XWRI
6SHFLILFDWLRQ 226 7HVW 5HVXOWVIRU3KDUPDFHXWLFDO3URGXFWLRQ>(QOLJQH@2FWREUH
>FLWpDYU@'LVSRQLEOHVXUKWWSVZZZIGDJRYPHGLDGRZQORDG

863  8QLWHG 6WDWHV 3KDUPDFRSHLD 0LFURELDO ([DPLQDWLRQ RI 1RQVWHULOH 3URGXFWV

0LFURELDO (QXPHUDWLRQ 7HVWV >(Q OLJQH@ 1RYHPEUH  >FLWp  DYU @
'LVSRQLEOH VXU
KWWSVZZZXVSRUJVLWHVGHIDXOWILOHVXVSGRFXPHQWKDUPRQL]DWLRQJHQ
PHWKRGTEBSIBLUDBBBSGI

863  8QLWHG 6WDWHV 3KDUPDFRSHLD 0LFURELDO (QXPHUDWLRQ RI 1RQVWHULOH 3URGXFWV
7HVWV IRU 6SHFLILHG 0LFURRUJDQLVPV >(Q OLJQH@ 1RYHPEUH  >FLWp  DYU @
'LVSRQLEOH VXU
KWWSVZZZXVSRUJVLWHVGHIDXOWILOHVXVSGRFXPHQWKDUPRQL]DWLRQJHQ
PHWKRGTDBSIBLUDBBBSGI

 863  8QLWHG 6WDWHV 3KDUPDFRSHLD 0LFURELDO ([DPLQDWLRQ RI 1RQVWHULOH 3URGXFWV
$FFHSWDQFH &ULWHULD IRU 3KDUPDFHXWLFDO 3UHSDUDWLRQV DQG 6XEVWDQFHV IRU
3KDUPDFHXWLFDO 8VH >(Q OLJQH@ 1RYHPEUH  >FLWp  DYU @ 'LVSRQLEOH VXU

 
DURAFOUR
(CC BY-NC-ND 2.0)
 KWWSVZZZXVSRUJVLWHVGHIDXOWILOHVXVSGRFXPHQWKDUPRQL]DWLRQJHQ
PHWKRGTFBSIBLUDBBBSGI

(XURSHDQ 0HGLFLQHV $JHQF\ ,&+ 4 *RRG PDQXIDFWXULQJ SUDFWLFH IRU DFWLYH
SKDUPDFHXWLFDOLQJUHGLHQWV>(QOLJQH@1RYHPEUH>FLWpDYU@'LVSRQLEOH
VXU KWWSVZZZHPDHXURSDHXHQLFKTJRRGPDQXIDFWXULQJSUDFWLFHDFWLYH
SKDUPDFHXWLFDOLQJUHGLHQWV

+RXDUG % $PpOLRUDWLRQ FRQWLQXH GH OD 5HYXH $QQXHOOH 4XDOLWp 3URGXLW YHUV XQH
UHYXHHQWHPSVUpHO>7KqVHG
H[HUFLFH@5RXHQ)UDQFH8QLYHUVLWp8)5GH0pGHFLQH
HWGH3KDUPDFLH

(XURSHDQ0HGLFLQHV$JHQF\,&+43KDUPDFHXWLFDOTXDOLW\V\VWHP>(QOLJQH@-XLQ
 >FLWp  DYU @ 'LVSRQLEOH VXU KWWSVZZZHPDHXURSDHXHQLFKT
SKDUPDFHXWLFDOTXDOLW\V\VWHP

6DQWp&DQDGD/LJQHV'LUHFWULFHVVXUOHV%RQQHVSUDWLTXHVGHIDEULFDWLRQGHVGURJXHV
*8, >(Q OLJQH@ )pYULHU  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZFDQDGDFDIUVDQWHFDQDGDVHUYLFHVPHGLFDPHQWVSURGXLWV
VDQWHFRQIRUPLWHDSSOLFDWLRQORLERQQHVSUDWLTXHVIDEULFDWLRQGRFXPHQWV
RULHQWDWLRQESIOLJQHVGLUHFWULFHVGRFXPHQWKWPO

)'$)RRGDQG'UXJ$GPLQLVWUDWLRQ&)5&RGHRI)HGHUDO5HJXODWLRQV7LWUH
%RQQHV 3UDWLTXHV $FWXHOOHV GH )DEULFDWLRQ GHV 3URGXLWV 3KDUPDFHXWLTXHV )LQLV >(Q
OLJQH@ -DQYLHU  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZDFFHVVGDWDIGDJRYVFULSWVFGUKFIGRFVFIFIU&)56HDUFKFIP"IU 

6HEDVWLDQL-/DUHYXHDQQXHOOHTXDOLWpSURGXLWௗXQRXWLOGHJHVWLRQHWG¶DPpOLRUDWLRQGH
ODTXDOLWp>7KqVHG
H[HUFLFH@0DUVHLOOH)UDQFH8QLYHUVLWp$L[0DUVHLOOH)DFXOWpGH
3KDUPDFLH

(XURSHDQ0HGLFLQHV$JHQF\,QXVHVWDELOLW\WHVWLQJRIKXPDQPHGLFLQDOSURGXFWV>(Q
OLJQH@ 0DUV  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVZZZHPDHXURSDHXHQXVHVWDELOLW\WHVWLQJKXPDQPHGLFLQDOSURGXFWV

(XURSHDQ0HGLFLQHV$JHQF\0D[LPXPVKHOIOLIHIRUVWHULOHSURGXFWVKXPDQXVHDIWHU
ILUVWRSHQLQJRUIROORZLQJUHFRQVWLWXWLRQ>(QOLJQH@-DQYLHU>FLWpDYU@
'LVSRQLEOH VXU KWWSVZZZHPDHXURSDHXHQPD[LPXPVKHOIOLIHVWHULOHSURGXFWV
KXPDQXVHDIWHUILUVWRSHQLQJIROORZLQJUHFRQVWLWXWLRQ

3D\HQ 1 /HV DQRPDOLHV GDQVOHFLUFXLWGHVPpGLFDPHQWVWKHUPRVHQVLEOHVjO¶K{SLWDO

>(Q OLJQH@  >FLWp  DYU @ 'LVSRQLEOH VXU
KWWSVGRFXPHQWDWLRQHKHVSIUPHPRLUHVSKLVSSD\HQSGI

 
DURAFOUR
(CC BY-NC-ND 2.0)
ŶŶĞdžĞƐ
$QQH[H   7DEOH RI VWDELOLW\ FRQGLWLRQV IRU :RUOG +HDOWK 2UJDQLVDWLRQ 0HPEHU
6WDWHVE\UHJLRQ


 
DURAFOUR
(CC BY-NC-ND 2.0)







 
DURAFOUR
(CC BY-NC-ND 2.0)
 


 
DURAFOUR
(CC BY-NC-ND 2.0)
 



 
DURAFOUR
(CC BY-NC-ND 2.0)
 

 

 
DURAFOUR
(CC BY-NC-ND 2.0)



 

 
DURAFOUR
(CC BY-NC-ND 2.0)
$QQH[H*XLGHOLQHRQGHFODUDWLRQRIVWRUDJHFRQGLWLRQVLQWKHSURGXFWLQIRUPDWLRQ
RIPHGLFLQDOSURGXFWVDQGIRUDFWLYHVXEVWDQFHV



 
DURAFOUR
(CC BY-NC-ND 2.0)





 
DURAFOUR
(CC BY-NC-ND 2.0)
 


 
DURAFOUR
(CC BY-NC-ND 2.0)
 

 

 
DURAFOUR
(CC BY-NC-ND 2.0)

$QQH[H*HQHUDOJXLGDQFHRQKROGWLPHVWXGLHV




 
DURAFOUR
(CC BY-NC-ND 2.0)
 


 
DURAFOUR
(CC BY-NC-ND 2.0)
 


 
DURAFOUR
(CC BY-NC-ND 2.0)
 



 
DURAFOUR
(CC BY-NC-ND 2.0)
 


 
DURAFOUR
(CC BY-NC-ND 2.0)
 



 
DURAFOUR
(CC BY-NC-ND 2.0)
 
DURAFOUR
(CC BY-NC-ND 2.0)
 









/¶,63%)DFXOWpGH3KDUPDFLHGH/\RQHWO¶8QLYHUVLWp&ODXGH%HUQDUG/\RQ
Q¶HQWHQGHQWGRQQHUDXFXQHDSSUREDWLRQQLLPSUREDWLRQDX[RSLQLRQVpPLVHV
GDQVOHVWKqVHVFHVRSLQLRQVVRQWFRQVLGpUpHVFRPPHSURSUHVjOHXUVDXWHXUV


/¶,63%  )DFXOWp GH 3KDUPDFLH GH /\RQ HVW HQJDJp GDQV XQH GpPDUFKH GH
OXWWH FRQWUH OH SODJLDW 'H FH IDLW XQH VHQVLELOLVDWLRQ GHV pWXGLDQWV HW
HQFDGUDQWVGHVWKqVHVDpWpUpDOLVpHDYHFQRWDPPHQWO¶LQFLWDWLRQjO¶XWLOLVDWLRQ
G¶XQHPpWKRGHGHUHFKHUFKHGHVLPLOLWXGHV

 
DURAFOUR
(CC BY-NC-ND 2.0)
 hZ&KhZWŝĞƌƌĞͲŶƚŽŝŶĞ
>͛ŝŵƉŽƌƚĂŶĐĞĚĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠĚĂŶƐůĞĚŽŵĂŝŶĞƉŚĂƌŵĂĐĞƵƚŝƋƵĞ͗ƋƵĂůŝƚĠ͕
ƌĠŐůĞŵĞŶƚĂƚŝŽŶĞƚƉƌŽĐĞƐƐƵƐŐĠŶĠƌĂů
dŚ͘͘WŚĂƌŵ͕͘>LJŽŶϭ͕ϮϬϮϬ͕ϭϮϬƉ͘

>ĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠƐĞďĂƐĞŶƚƐƵƌƵŶƉƌŽĐĞƐƐƵƐŐĠŶĠƌĂůĞƚƐĞĚĠƌŽƵůĞŶƚƐƵƌƵŶĞĚƵƌĠĞ
ĚĠĨŝŶŝĞ͘ ůůĞƐ ĨŽŶƚ ŝŶƚĞƌǀĞŶŝƌ ƵŶ ĐĞƌƚĂŝŶ ŶŽŵďƌĞ Ě͛ŝŶƚĞƌůŽĐƵƚĞƵƌƐ ;ĚŽŶƚ ůĞƐ ƐĞƌǀŝĐĞƐ
ZĠŐůĞŵĞŶƚĂŝƌĞ͕ ƐƐƵƌĂŶĐĞ YƵĂůŝƚĠ͕ WƌŽĚƵĐƚŝŽŶ Ğƚ ŽŶƚƌƀůĞ YƵĂůŝƚĠ ĞŶƚƌĞ ĂƵƚƌĞƐͿ ĂǀĂŶƚ ĚĞ
ƉŽƵǀŽŝƌŵĞƚƚƌĞůĞŵĠĚŝĐĂŵĞŶƚƐƵƌůĞŵĂƌĐŚĠ͘>ĂŵŝƐĞĞŶƈƵǀƌĞĚĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠƵƚŝůŝƐĞ
ƉůƵƐŝĞƵƌƐƌĠŐůĞŵĞŶƚĂƚŝŽŶƐŶŽƚĂŵŵĞŶƚĐĞůůĞƐĚĞů͛/ŶƚĞƌŶĂƚŝŽŶĂůŽƵŶĐŝůŽĨ,ĂƌŵŽŶŝƐĂƚŝŽŶ͘
dƌŽŝƐ ƚLJƉĞƐ Ě͛ĠƚƵĚĞƐ ƐŽŶƚ ŵĞŶĠĞƐ ĐŚĂƋƵĞ ĂŶŶĠĞ͗ ĐŽŵŵĞƌĐŝĂůĞƐ͕ ƌĠŐůĞŵĞŶƚĂŝƌĞƐ Ğƚ
ƐƉĠĐŝĨŝƋƵĞƐ͘ Ƶ ĐŽƵƌƐ ĚĞ ĐĞƐ ĚĞƌŶŝğƌĞƐ͕ ůĞƐ ƉƌŽĐĠĚƵƌĞƐ ă ƐƵŝǀƌĞ͕ ůĞ ůĂŶĐĞŵĞŶƚ ƉƵŝƐ ůĂ
ĐŽŶĐůƵƐŝŽŶĚĞƐĠƚƵĚĞƐ͕ůĂƌĠĂůŝƐĂƚŝŽŶĞƚů͛ĠǀĂůƵĂƚŝŽŶĚĞƐĂŶĂůLJƐĞƐŽƵĞŶĐŽƌĞůĂĐŽŶĨŝƌŵĂƚŝŽŶĚĞ
ůĂĚƵƌĠĞĚĞǀŝĞĚ͛ƵŶƉƌŽĚƵŝƚƐĞƌŽŶƚůĞƐƉƌŝŶĐŝƉĂůĞƐĐŚŽƐĞƐĂďŽƌĚĠĞƐ͘YƵ͛ĞůůĞƐƐŽŝĞŶƚƌĠĂůŝƐĠĞƐ
ĞŶŝŶĚƵƐƚƌŝĞƉŚĂƌŵĂĐĞƵƚŝƋƵĞŽƵăů͛ŚƀƉŝƚĂů͕ĞŶƐĞďĂƐĂŶƚƐƵƌůĞƌĞƐƉĞĐƚĚĞƐŽŶŶĞƐWƌĂƚŝƋƵĞƐ
ĚĞ&ĂďƌŝĐĂƚŝŽŶ͕ůĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠĚŽŝǀĞŶƚĂƉƉŽƌƚĞƌĚĞƐĚŽŶŶĠĞƐƉƌŽďĂŶƚĞƐƐƵƌůĂĨĂĕŽŶ
ĚŽŶƚ ůĂ ƋƵĂůŝƚĠ Ě͛ƵŶĞ ƐƉĠĐŝĂůŝƚĠ ŵĠĚŝĐĂŵĞŶƚĞƵƐĞ ǀĂ ǀĂƌŝĞƌ ƐŽƵƐ ů͛ŝŶĨůƵĞŶĐĞ ĚĞ ĨĂĐƚĞƵƌƐ
ĞŶǀŝƌŽŶŶĞŵĞŶƚĂƵdž ;dĞŵƉĠƌĂƚƵƌĞ Ğƚ ,ƵŵŝĚŝƚĠͿ ĞŶ ĨŽŶĐƚŝŽŶ ĚƵ ƚĞŵƉƐ͘ >Ğ ƉŚĂƌŵĂĐŝĞŶ ĚĞǀƌĂ
ǀĠƌŝĨŝĞƌ͕ ƐƵƌ ƵŶĞ ƉĠƌŝŽĚĞ ĚĞ ƚĞŵƉƐ ĚŽŶŶĠĞ͕ ůĂ ĐŽŶĨŽƌŵŝƚĠ ĚƵ ƉƌŽĚƵŝƚ Đ͛ĞƐƚͲăͲĚŝƌĞ ƋƵ͛ŝů ŶĞ
ƐƵďŝƐƐĞ ƉĂƐ ĚĞ ĐŚĂŶŐĞŵĞŶƚ ĂƵ ŶŝǀĞĂƵ ĚĞ ƐĞƐ ƉƌŽƉƌŝĠƚĠƐ ƉŚLJƐŝĐŽͲĐŚŝŵŝƋƵĞƐ Ğƚ
ŵŝĐƌŽďŝŽůŽŐŝƋƵĞƐĞƚƋƵ͛ŝůŶĞĚĞǀŝĞŶŶĞƉĂƐŝŶƐƚĂďůĞĂƵƌŝƐƋƵĞĚ͛ĂďĂŝƐƐĞƌƐĂƋƵĂůŝƚĠ͘
Ŷ ƌĠƐƵŵĠ͕ ƉŽƵƌ ů͛ŽďƚĞŶƚŝŽŶ Ğƚ ůĂ ŵĂŝŶƚĞŶĂŶĐĞ ĚƵ ĚŽƐƐŝĞƌ Ě͛ĂƵƚŽƌŝƐĂƚŝŽŶ ĚĞ ŵŝƐĞ ƐƵƌ ůĞ
ŵĂƌĐŚĠ͕ů͛ĠƚƵĚĞĚĞƐƚĂďŝůŝƚĠĞƐƚƵŶĞĠƚĂƉĞĐůĞĨĚĂŶƐůĞĚŽŵĂŝŶĞƉŚĂƌŵĂĐĞƵƚŝƋƵĞ͘ůůĞĞƐƚƵŶĞ
ĚĞƐŐĂƌĂŶƚŝĞƐĚĞůĂƋƵĂůŝƚĠĚƵŵĠĚŝĐĂŵĞŶƚĞƚĚĞůĂƐĠĐƵƌŝƚĠĚĞƐŽŶƵƚŝůŝƐĂƚŝŽŶ͘

DKd^>^
x WƌŽĐĞƐƐƵƐŐĠŶĠƌĂůĚĞƐĠƚƵĚĞƐĚĞƐƚĂďŝůŝƚĠ
x ŽŶŶĞƐWƌĂƚŝƋƵĞƐĚĞ&ĂďƌŝĐĂƚŝŽŶ
x YƵĂůŝƚĠ
x ŽŶĨŽƌŵŝƚĠĚƵŵĠĚŝĐĂŵĞŶƚ

:hZz
x D͘>KDZ'ddŚŝĞƌƌLJ͕WƌŽĨĞƐƐĞƵƌĚĞƐhŶŝǀĞƌƐŝƚĠƐ
x D͘ddKhd/>ĂƵƌĞŶƚ͕DĂŠƚƌĞĚĞƐŽŶĨĠƌĞŶĐĞƐĚĞƐhŶŝǀĞƌƐŝƚĠƐʹ,Z
x D͘>,ŝĚŝĞƌ͕DĂŠƚƌĞĚĞƐŽŶĨĠƌĞŶĐĞƐĚĞƐhŶŝǀĞƌƐŝƚĠƐʹ,Z
x DŵĞ͘WZ/^ŽŵŝŶŝƋƵĞ͕ZĞƐƉŽŶƐĂďůĞĚƵ>ĂďŽƌĂƚŽŝƌĞĚĞŽŶƚƌƀůĞYƵĂůŝƚĠĚĞDLJůĂŶ
x D͘DKhE^&&ƌĞĚĚLJ͕WŚĂƌŵĂĐŝĞŶ,ŽƐƉŝƚĂůŝĞƌ


d^KhdEE
sĞŶĚƌĞĚŝϭϮ:ƵŝŶϮϬϮϬ

Z^^>͛hdhZ
ϮϴZƵĞĚĞůĂZĠƐŝƐƚĂŶĐĞʹϰϮϬϬϬ^ĂŝŶƚͲƚŝĞŶŶĞ


 
DURAFOUR
(CC BY-NC-ND 2.0)