7RPV%XODW

/DHFRQRPDGHWXYLGD
&PR DGPLQLVWUDUWH GH ORV  D ORV  DRV

6XGDPHULFDQD


  

 

$*DLR\(OHQDTXHLQYLUWLHURQHQKDFHUPH
$&DUL6DQWL/XOL\)DXVWRDTXLHQHVOHVGHERPLIHOLFLGDG

$*DEULHOD\5REHUWRTXHJDVWDURQVXWLHPSR\SDFLHQFLDDSR\DQGRHVWHSUR\HFWR

$ ORV PXFKRV \ PXFKDV DQQLPRV \ DQQLPDV TXH PH DQLPDURQ D LQJUHVDU HQ XQ QXHYR
OLEUR

<ILQDOPHQWHDPLSDV$UJHQWLQDTXHQRDKRUUDQRWLFLDVVREUHODHFRQRPD


  

 

,JXDOHVSHURGLVWLQWRV
3UHVHQWDFLQ

/DHFRQRPDGHWXYLGDHVXQSUR\HFWRTXHVXUJLMXVWDPHQWHGHODYLGD7HQLHQGRHQFXHQWD
OD JUDQ YDULDFLQ TXH FDUDFWHUL]D D OD HFRQRPD DUJHQWLQD QR HV SRFD OD JHQWH TXH PH SLGH
DVHVRUDPLHQWRVREUHFPRJDVWDUVLOHFRQYLHQHFRPSUDUVHXQDXWRDKRUDRHVSHUDUXQSRFRVL
SDUDDKRUUDUGHEHUDFRPSUDUGODUHVRSRQHUODSODWDHQXQSOD]RILMRVLSDUDLQYHUWLUHVPHMRU
XQGHSDUWDPHQWRGHSR]RRWHQHUDFFLRQHV
(VWDV SUHJXQWDV VRQ FRPXQHV D WRGRV SHUR WLHQHQ UHVSXHVWDV GLVWLQWDV VHJQ OD SHUVRQD \
VHJQ FPR HVWQ HO SDV \ HO PXQGR HQ HVH SUHFLVR PRPHQWR 'LFH 0DLWHQD /DV PXMHUHV
VRPRVWRGDVGLVWLQWDVSHURQRVSDVDQODVPLVPDVFRVDV\HVRFRUUHSDUDWRGRVQRVSDVDQODV
PLVPDVFRVDVSHURVRPRVGLIHUHQWHV3RUHVRODVUHVSXHVWDVWDPELQVRQGLIHUHQWHVSRUTXHQR
HVLJXDOGDUOHXQFRQVHMRDXQMRYHQTXHUHFLQHPSLH]DVXYLGDODERUDOTXHDXQMXELODGRD
DOJXLHQTXHHVSDGUHGHWUHVKLMRVTXHDXQVROWHUR
/DHFRQRPDQRHVWHVFLQGLGDGHQXHVWUDSURSLDYLGDVLQRTXHQRVDFRPSDD\FUHFHFRQ
FDGD XQR GH QRVRWURV (Q HVWH OLEUR PH SURSXVH HO GHVDIR GH GDU DOJXQDV FODYHV SDUD HO
PRPHQWRGHWRPDUGHFLVLRQHVHFRQPLFDVWHQLHQGRHQFXHQWDODSDUWLFXODULGDGGHODVGLVWLQWDV
HWDSDVTXHHQOQHDVJHQHUDOHVWRGRVDWUDYHVDPRV
(QSULPHUOXJDUWHQHPRVLQJUHVRVHVGHFLUTXHUHFLELPRVXQVXHOGRVLVRPRVHPSOHDGRVR
JHQHUDPRV XQD JDQDQFLD VL VRPRV HPSUHVDULRV R FRPHUFLDQWHV 'HVSXV GHFLGLPRV HQ TX
JDVWDUXQDSDUWHGHHVRVLQJUHVRV7DPELQHOHJLPRVFPRDKRUUDU\VLWHQHPRVDKRUURVGH


  

 
TX PRGR LQYHUWLUORV < SXHGH GDUVH HO FDVR GH TXH GHFLGDPRV DGHODQWDU XQ JDVWR \ QRV
S
S
J
J
HQGHXGHPRVSDUDSRGHUKDFHUOR(OOLEURVLJXHHVDPLVPDOJLFD
,,QJUHVR*DVWR$KRUUR,QYHUVLQ'HXGD
QJUHVR  *DVWR  $KRUUR  ,QYHUVLQ  'HXGD

&DGD FDSWXOR FRPLHQ]D FRQ XQD SDUWH WHULFD (Q HOOD WH FXHQWR XQ SRFR GHVGH OD WHRUD
HFRQPLFD \ RWUR SRFR D SDUWLU GHO FRPSRUWDPLHQWR KDELWXDO GH OD JHQWH FXOHV VRQ ORV
VXSXHVWRV \ ORV FRQFHSWRV TXH HVWQ GHWUV GH FDGD XQD GH HVWDV DFFLRQHV (V OD EDVH SDUD LU
HQWHQGLHQGROXHJRDOJXQRVGHORVFRQVHMRVTXHYDVDHQFRQWUDUHQFDGDHWDSDGHODYLGD3DVDU
GH XQD D RWUD SDUWH GHO FDSWXOR WH SHUPLWLU SDVDU GH QR HQWHQGHU QDGD GH HFRQRPD D
IDPLOLDUL]DUWH\DPLJDUWHFRQHOOD
3DUD RUJDQL]DU ORV FDSWXORV PH HQIUHQW DO UHWR GH SHQVDU FPR OLGLDPRV WRGRV FRQ FDGD
XQDGHHVWDVDFFLRQHVDORODUJRGHQXHVWUDYLGDFPRODVHQFDUDPRVGHDFXHUGRFRQQXHVWUD
HGDG< DTX SXVH HQ MXHJR PL YHWD PV SUDJPWLFD 'HFLG GLYLGLU HO OLEUR SRU GFDGDV OR
FXDOVLELHQHVDUELWUDULR\QRGHOWRGRUHDOLVWDHVPX\SUFWLFR\IXQFLRQDO
(QWUHORV\ORVDRV(VWDSULPHUDHWDSDFRPSUHQGHODDGROHVFHQFLD\HOILQDOGHO
FROHJLRVHFXQGDULR
(QWUH ORV  \ ORV  DRV /D ILQDOL]DFLQ GH ORV HVWXGLRV \ HO FRPLHQ]R GH OD HUD
ODERUDOSHURVLQFRPSURPLVRVIDPLOLDUHV
(QWUH ORV  \ ORV  DRV (V OD HWDSD GH PD\RU FUHFLPLHQWR SURIHVLRQDO \ FXDQGR
QXHVWUDDFWLYLGDGIDPLOLDUHVWDSOHQR
(QWUH ORV  \ ORV  DRV &XDQGR OR ORJUDGR VH FRQVROLGD \ VH PDQWLHQH /RV KLMRV
FRPLHQ]DQOHQWDPHQWHDLQGHSHQGL]DUVH\WHQHPRVPVWLHPSRSDUDQRVRWURV
'HVSXVGHORVDRV(VODHWDSDGHOUHWLURFXDQGRGHMDPRVDWUVQXHVWUDYLGDDFWLYD\
\DQRWHQHPRVKLMRVDTXLHQHVPDQWHQHU
3RUVXSXHVWRTXHDOJXQDVSHUVRQDVFRPLHQ]DQDQWHVDOJXQDGHHVWDVHWDSDVRWURVPVWDUGH
\HVWQORVTXHQRORKDFHQQXQFD&RPRWHGLMHVHWUDWDGHXQUHFRUWHFRQILQHVSUDJPWLFRV
TXHQRUHIOHMDHQVXYDULHGDG\GLYHUVLGDGODYLGDGHWRGDVODVSHUVRQDVDOJRTXHVLQGXGDVHUD
LPSRVLEOH&DGDXQRYDFRQVWUX\HQGRVXYLGDVHJQVXVSURSLRVWLHPSRVSHURHQFLHUWDIRUPD
VRQHWDSDVLQHOXGLEOHVTXHHQFLHUUDQVLWXDFLRQHVVLPLODUHVSDUDWRGRV&RPRGLFH0DLWHQD


  

 
/DV LGHDV TXH WH SURSRQJR YDQ D VHUYLUWH FRPR JXD FXDQGR WHQJDV TXH WRPDU GHFLVLRQHV
HFRQPLFDV \\ VVLHQWDV
LHQWDV GGXGDV
XGDV HH LLQVHJXULGDGHV
QVHJXULGDGHV 6
H WWUDWD
UDWD GGH
H FFRQVHMRV
RQVHMRV TXH
TXH DD DDOJXQRV
OJXQRV OOHV
HV VVHUYLUQ
HUYLUQ
HFRQPLFDV
6H
P V T
XH DD RRWURV
WURV &
LHUWDV VVXJHUHQFLDV
XJHUHQFLDV WWH
H SSDUHFHUQ
DUHFHUQ RREYLDV
EYLDV \\ RRWUDV
WUDV TXL]V
TXL]V LLQQRYDGRUDV
QQRYDGRUDV \
PV
TXH
&LHUWDV

GHVFXEULUV ODV UD]RQHV GH PXFKDV GH HVDV FRVDV TXH KDFV FRWLGLDQDPHQWH SHUR GH PDQHUD
LQWXLWLYD\TXHWHGDQEXHQRVUHVXOWDGRV
6LWXLGHDHVKDFHUWHULFRHVWHOLEURQRHVSDUDYRV3DUDHVRWHQGUVTXHHVWXGLDUODEXUDUR
JDQDUWHHO4XLQL(QFDPELRVLEXVFVRUGHQDUORVFRQRFLPLHQWRVGHHFRQRPDLQWXLWLYDTXH
\DPDQHMV\DSUHQGHUDOJXQDVFRVDVTXHWHD\XGDUQDGHFLGLUPHMRUbDGHODQWH
$VHVODHFRQRPDQRVDFRPSDDHQQXHVWUDYLGD'HVGHORVKDVWDORVDRV
'LVIUXWPRVOD


  

 

&XQWRYDOHXQDUJHQWLQR"

,1*5(62


  

 

+D\ XQ IDPRVR FKLVWH TXH VH KDFH HQ EXHQD SDUWH GH /DWLQRDPULFD \ TXH GLFH TXH D XQ
DUJHQWLQR KD\ TXH FRPSUDUOR SRU OR TXH YDOH \ YHQGHUOR SRU OR TXH O FUHH TXH YDOH 7HQLHQGR
HQFXHQWDDODGLIHUHQFLDGHSUHFLRVUHDOPHQWHHVXQQHJRFLQ
/RVLQJUHVRVMXHJDQXQUROLPSRUWDQWVLPRDORODUJRGHQXHVWUDYLGD3HURPLHQWUDVTXHHQ
HO UHVWR GH QXHVWUDV DFFLRQHV HFRQPLFDV JDVWDU DKRUUDU LQYHUWLU R HQGHXGDUQRV KD\ XQD
IXHUWH SDUWLFLSDFLQ GH QXHVWUD YROXQWDG OD PD\RU SDUWH GH ODV YHFHV QXHVWURV LQJUHVRV
GHSHQGHQ GH OD YROXQWDG GH WHUFHURV
1R VH WUDWD GH YLFWLPL]DUVH SHUR OR FLHUWR HV TXH WHQGUHPRV HO LQJUHVR TXH RWURV HVWQ
GLVSXHVWRV D SDJDU SRU QRVRWURV< SRU OR JHQHUDO HVWH QXQFD FRLQFLGH FRQ OR TXH QRVRWURV
SHQVDPRV TXH YDOHPRV (V PX\ LPSRUWDQWH HQWHQGHU HVWR SRUTXH VL TXHUV WHQHU LQJUHVRV
PD\RUHV GHILQLWLYDPHQWH GHEHUDV YDOHU PV SDUD DTXHO TXH YD D SDJDUWH HO VXHOGR 3HUR
FPRVHKDFH"
7XLQJUHVRGHSHQGHGHXQDPSOLRDEDQLFRGHYDULDEOHVTXHYDQGHVGHHQTXPHGLGDWXURO
D\XGD D LQFUHPHQWDU HO YDORU GH OD HPSUHVD KDVWD FPR WH OOHYV FRQ WX MHIH 8QD HVWUDWHJLD
H[LWRVD SDUD FRWL]DUVH HV FDSDFLWDUWH SHUPDQHQWHPHQWH SDUD LU VDELHQGR FDGD YH] PV \
SRGHU DSRUWDU PV 6LQ HPEDUJR HQ HVWH UXEUR ODV FRVDV QR VLHPSUH VRQ MXVWDV 7RGRV
FRQRFHPRV FDVRV GH HPSOHDGRV TXH FXPSOHQ D UDMDWDEOD OD /H\ GHO 0QLPR (VIXHU]R \ VLQ
HPEDUJRJDQDQPVTXHQRVRWURVTXHQRVGHVYLYLPRVWUDEDMDQGR'HWRGDVPDQHUDVVHDPRV
VLQFHURVQDGLHSLHQVDPHMRUGHQRVRWURVTXHQRVRWURVPLVPRV
4XLHUHGHFLUTXHORVLQJUHVRVSUHVHQWDQXQGHVDIRFRQVWDQWHSRUTXHUHVSRQGHQDPOWLSOHV
FDXVDV6LHVWXGLV\WHHVIRU]VPXFKRQRQHFHVDULDPHQWHYDVDJDQDUPVSHURWDPSRFRHV
JDUDQWD FKXSDUOH ODV PHGLDV D WX MHIH
&XQWRYDOHXQWUDEDMDGRULQGHSHQGLHQWH"SURIHVLRQDORFRPHUFLDQWH


  

 
6HU XQ WUDEDMDGRU LQGHSHQGLHQWH GD XQD QRFLQ PXFKR PV FODUD GH WRGR HVWR 6L VRV
S
\ WXV SSURGXFWRV QR VH YHQGHQ HQWRQFHV WHQV GRV RSFLRQHV
S
M
FRPHUFLDQWH R HPSUHVDULR
EDMDUOHV
HHOSUHFLRRSURGXFLUDOJRGLIHUHQWH<DTXQRKD\YXHOWDV/RPLVPRRFXUUHVLVRVSURIHVLRQDO
O SUHFLR R SURGXFLU DOJR GLIHUHQWH < DTX QR KD\ YXHOWDV /R PLVPR RFXUUH VL VRV SURIHVLRQDO

LQGHSHQGLHQWH WXV KRQRUDULRV QR VOR YDQ D GHSHQGHU GH WX IRUPDFLQ \ FDSDFLWDFLQ VLQR
WDPELQGHFXOHVODWDULIDHQMXHJRHQHOPHUFDGR$HVWRVHOHVXPDTXHHQXQHVFHQDULRGH
LQIODFLQ\GHEDMRRQXORFUHFLPLHQWRHFRQPLFRHVDGHILQLFLQVHYXHOYHWRGRXQUHWR
6DEVFXQSURGXFWLYRVRV"
+DEUVHVFXFKDGRHVWDSDODEULWDPLOHVGHYHFHVDXQTXHVHJXUDPHQWHQXQFDWHTXHGDPX\HQ
FODURORTXHVLJQLILFD3URGXFWLYLGDGHVORTXHDSRUWVDODSURGXFFLQGHULTXH]DDODFUHDFLQ
GHELHQHVRVHUYLFLRV6LWUDEDMVXQDKRUDWXSURGXFWLYLGDGHVORTXHSURGXMLVWHHQHVDKRUDGH
WUDEDMRVLWUDEDMVRFKRKRUDVORTXHDSRUWVGXUDQWHHVHWLHPSR
3RUORWDQWRODIRUPDGHPDQWHQHUWXVDODULRRGHORJUDULQFUHPHQWDUORHQHOODUJRSOD]RHVW
UHODFLRQDGDFRQODSRVLELOLGDGGHDSRUWDUFDGDYH]PVDODSURGXFFLQGHODHPSUHVDGRQGH
HVWV HPSOHDGR (VR QR TXLHUH GHFLU WUDEDMDU PV KRUDV DXQTXH PXFKRV OR KDFHQ VLQR VHU
PV HILFLHQWH HQ OD PLVPD FDQWLGDG GH WLHPSR 'LFKR GH RWUR PRGR OD LGHD QR HV DSRUWDU
KRUDVKRPEUHVLQRWUDEDMDUPHMRU
3DUD FRQRFHU WX SURGXFWLYLGDG WHQV TXH HYDOXDU TX KDFV \ TX LPSDFWR WLHQH WX
SDUWLFLSDFLQ HQ OD HPSUHVD /D SURGXFWLYLGDG HQWHQGLGD FRPR DTXHOOR TXH DSRUWDPRV D OD
FUHDFLQGHELHQHVRVHUYLFLRVVHFRUUHVSRQGHDORODUJRGHOWLHPSRDORTXHLUHPRVWHQLHQGR
FRPRLQJUHVR3RUVXSXHVWRTXHHVWRQRHVWDQH[DFWR\UHVXOWDGLIFLOPHQWHPHGLEOHSHURVL
XQR VH TXHGD KDFLHQGR OR PLVPR WRGD OD YLGD QXQFD YHU LQFUHPHQWDUVH VXV LQJUHVRV SRU HO
PHURSDVRGHORVDRV
(VWDUHJODWLHQHDOJXQDVH[FHSFLRQHVGRQGHSRUFRQYHQLRVGHORVVLQGLFDWRVHOVDODULRFUHFH
GHDFXHUGRDODFDQWLGDGGHDRVHQORVTXHXQRVHGHVHPSHHHQVXOXJDUGHWUDEDMR3HURPV
DOO GH HVWDV FOXVXODV HQ SULQFLSLR QR H[LVWHQ LQFUHPHQWRV SRU WLHPSR DFXPXODGR D PHQRV
TXHHVRVLJQLILTXHJDQDUH[SHULHQFLDRIRUMDUUHGHVTXHLPSOLFDQXQYDORUDJUHJDGRDOSURFHVR
SURGXFWLYR TXH OXHJR SXHGH YHUVH UHIOHMDGR HQ QXHVWURV LQJUHVRV 3RU HVR HV TXH LQFRUSRUDU
FRQRFLPLHQWRWRGRHOWLHPSRD\XGDDQXHVWURPHMRUGHVDUUROORODERUDO
3HUR FRQRFLPLHQWR QR HV VOR DTXHOOR TXH OHHPRV R ORV FXUVRV TXH KDFHPRV &PR" 7H
H[SOLFR


  

 
+D\RQRKD\XQD8QLYHUVLGDGGHOD&DOOH"

(
V HHYLGHQWH
YLGHQWH TTXH
XH HHO
O HHVWXGLR
VWXGLR \\ OOD
D SSUHSDUDFLQ
UHSDUDFLQ IIRUPDO
RUPDO SSHUPDQHQWH
HUPDQHQWH QQRV
RV FFRQFHGHQ
RQFHGHQ P
D\RU
(V
PD\RU

FFDSDFLGDG
DSDFLGDG GGH
H QQHJRFLDFLQ
HJRFLDFLQ DD OOD
D KKRUD
RUD GGH
H GGLVFXWLU
LVFXWLU QQXHVWURV
XHVWURV LLQJUHVRV
QJUHVRV \\ DDGHPV
GHPV QQRV
RV GGDQ
DQ OODD

FRPSUHQVLQ GHO QHJRFLR GRQGH QRV GHVHPSHDPRV \ GHO OXJDU TXH RFXSDPRV 3HUR HO
FRQRFLPLHQWR QR HV HO QLFR IDFWRU HQ MXHJR VLQR TXH H[LVWH RWUR TXH SHVD EDVWDQWH HQ OD
YDORUDFLQ TXH ORV RWURV KDFHQ GH QRVRWURV \ HV OD H[SHULHQFLD R HQ OHQJXDMH FRPQ WHQHU
FDOOH
(VDH[SHULHQFLDVHFRPSRQHDVXYH]GHXQDYDULHGDGGHIDFWRUHVHQWUHORVFXDOHVKD\GRV
FRQ PV SHVR HVSHFILFR 8QR HV HO FRQRFLPLHQWR GHO PHUFDGR GH ORV HVWQGDUHV GH OD
FRPSHWHQFLD6DEHUTXHVORPV\ORPHQRVLPSRUWDQWHWHORYDGDQGRVORODH[SHULHQFLD(O
VHJXQGR IDFWRU DXQTXH SDUD QDGD PHQRU HV OD UHG GH YQFXORV R UHODFLRQHV TXH YD\DV
JHQHUDQGR 0LHQWUDV PV DFWLYR VHDV HQ FUHDU \ FXOWLYDU XQD UHG GH YQFXORV PD\RUHV
RSRUWXQLGDGHVVHWHSUHVHQWDUQGHWHQHUDOWHUQDWLYDVTXHWHSHUPLWDQPHMRUDUWXVLQJUHVRV
6HJQGDWRVGHFRQVXOWRUDVWUHVGHFDGDFXDWURSHUVRQDVTXHFRQVLJXHQXQQXHYRWUDEDMRHV
GHFLUPVGHOSRUFLHQWRGHODJHQWHORKDFHQDWUDYVGHUHODFLRQHVLQIRUPDOHVFRQVWUXLGDV
GXUDQWHVXFDUUHUDODERUDO7DQWRHODUWHGHDUPDUUHGHVFRPRODSURSLDH[SHULHQFLDVRQFRVDV
TXH VH DGTXLHUHQ FRQ ORV DRV 3RU HVR HV TXH GLJR TXH SRU PV IRUPDFLQ TXH WHQJD XQ
JUDGXDGRUHFLQUHFLELGRHQXQSULQFLSLRJDQDUPHQRVTXHRWURFRQYDULRVDRVWUDEDMDQGRHQ
HOPLVPROXJDU
3DUDWRGRVORVTXHHVWQOH\HQGRHVWHOLEURHVFODURTXHFRQVLGHUDQGRHOFLFORFRPSOHWRGH
OD YLGD HO SULPHU WUDEDMR QXQFD RIUHFH HOHYDGRV LQJUHVRV (VWR HV DV SRUTXH DO SULQFLSLR VL
ELHQGDPRVFRVDVGHQRVRWURVVRQPVODVTXHUHFLELPRV\QXHVWUDSURGXFWLYLGDGWRGDYDHV
EDMD 3HUR D PHGLGD TXH YDPRV DSUHQGLHQGR OD WDUHD QXHVWUD SURGXFWLYLGDG FUHFH \ SRU OR
WDQWRWDPELQQXHVWUDSRVLELOLGDGGHWHQHUPD\RUHVLQJUHVRV
3HURKDVWDODVUHGHV\ODH[SHULHQFLDFXPSOHQXQFLFOR8QRQRYDDFXPXODQGRH[SHULHQFLD
WRGR HO WLHPSR QL DJUDQGDQGR VX UHG GH FRQWDFWRV SHUPDQHQWHPHQWH 'H KHFKR WDPELQ ORV
GHPVYDQFRQRFLHQGRORVOPLWHVGHORTXHXQRSXHGHRIUHFHU3RUHVRWDPELQODHVFDODGH
LQJUHVRVYDLQFUHPHQWQGRVHFRQHOWLHPSRKDVWDTXHOOHJDDVXOPLWHTXHVRQORVDRV\D
SDUWLUGHHQWRQFHVVHHVWDELOL]DKDVWDODMXELODFLQ(VWRQRHVVORFRQVHFXHQFLDGHOFRQWH[WR
VLQRTXHFRQHOSDVRGHOWLHPSRWDPELQXQRYDWRPQGRVHODVFRVDVFRQRWUDDFWLWXG
(V QHFHVDULR GHVWDFDU HVSHFLDOPHQWH TXH OD H[SHULHQFLD YD SHUGLHQGR HILFDFLD HQ DOJXQRV
VHFWRUHVPVTXHHQRWURV/DLUUXSFLQGHQXHYDVWHFQRORJDVPRGLILFDUDGLFDOPHQWHODIRUPD
HQ TXH VH YHQD HQFDUDQGR XQ QHJRFLR 3RU HMHPSOR KDFHU SXEOLFLGDG HQ ,QWHUQHW QR HV OR


  

 
PLVPRTXHKDFHUODSRUWHOHYLVLQ$VWHQHUH[SHULHQFLDHQSXEOLFLGDGWHOHYLVLYDYDSHUGLHQGR
YDORU HQ OD PHGLGD HQ TXH DSDUHFHQ FDQDOHV FRQ RWUDV OJLFDV \ GLQPLFDV 6LQ HPEDUJR HV
HHVWR
VW R P
LVPR OOR
R TTXH
XH QQRV
RV RREOLJD
EOLJD DD HHVWXGLDU
VWXGLDU \\ DD DDFWXDOL]DUQRV
FWXDOL]DUQRV SSDUD
DU D S
RGHU P
DQWHQHU QQXHVWUD
XHVWUD
PLVPR
SRGHU
PDQWHQHU
S
URGXFWLYLGDG \ VXPDU D OD HPSUHVD PD\RU SURGXFFLQ GH ELHQHV R VHUYLFLRV D ILQ GH TXH QRV
SURGXFWLYLGDG\VXPDUDODHPSUHVDPD\RUSURGXFFLQGHELHQHVRVHUYLFLRVDILQGHTXHQRV