Annual Report Empresas CMPC S.A.

Transcription

1 Annual Report Empresas CMPC S.A.

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3 Empresas CMPC S.A. 001 Empresas CMPC S.A. is a listed stock corporation established in 1920 with Chilean private capitals. Its equity is divided into 200 million shares, held by 7,983 shareholders. Its forest assets extend over an area of 717,000 hectares of mainly radiata pine and eucalyptus forests. During 2005 its sales reached to ThUS$ 2,129, Net income was ThUS$ 239,974.5, equivalent to ThUS$ 1.2 per share. CMPC is an integrated forestry company that conducts five distinct businesses, each of which is organized as a separate company or group of companies and independently managed in accordance with the consolidated corporate strategy. These subsidiaries are: Forestal Mininco S.A.: Forestry and sawmill business. CMPC Celulosa S.A.: Short, long-fiber and fluff pulp business. It operates the following pulp mills: Pacífico (495,000 tons/year), Santa Fe (380,000 tons/year) and Laja (360,000 tons/year). CMPC Papeles S.A.: Folding boxboard, printing and writing papers, corrugating and wrapping materials, newsprint and wood free paper business. Its subsidiaries are: Papeles Cordillera S.A., Cartulinas CMPC S.A., Industrias Forestales S.A., and the distribution company EDIPAC S.A. CMPC Tissue S.A.: Tissue and sanitary products in Chile, Argentina, Uruguay, Peru and Mexico. CMPC Productos de Papel S.A.: Engaged in the packaging business, operating through 4 subsidiaries: Envases Impresos S.A., Envases Roble Alto S.A., PROPA S.A., (with subsidiaries in Chile, Argentina and Peru) and Chimolsa S.A.

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5 Contents Letter from the Chairman 007 Board of Directors, Committee of Directors and Management 010 Historic Background 013 Corporate Responsibility in CMPC 015 Businesses and Subsidiaries Description 019 Businesses Analysis 033 Financial Analysis 045 Ownership Structure 056 General Information 059 Consolidated Financial Statements 071 Overseas Representatives 136 Bankers 138 General Information 139

6 004 Board of Directors Empresas CMPC Arturo Mackenna (Chief Executive Officer), Juan Claro, Bernardo Matte, Gonzalo García (General Secretary), Eliodoro Matte, Jorge Gabriel Larraín, Patricio Grez, Jorge Marín, Martín Costabal.

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9 Letter from the Chairman 007 Dear Shareholders, I am pleased to submit for your consideration our Annual Report and Financial Statements for the recently ended fiscal year. The year 2005 was marked by the celebration of the 85th anniversary of the Company, which gave rise to several activities with the community, workers, customers, suppliers, and authorities. These included the exhibition Lágrimas de Luna Tesoros de la Platería Mapuche (Moon Tears -Treasures of Mapuche Silverware), sponsored by CMPC and opened to the public at the Museo de Bellas Artes and subsequently at the Jorge Alessandri Educational Park in Concepción. We consider these initiatives an event of great significance and a vivid testimony of our respect for the identity and spiritual legacy of the Mapuche culture. At the opening of this exhibition, and in the presence of the President of Chile, I emphasized the fact that CMPC develops its production activities harmonizing several aspects, which are very important for society. Certainly, companies main social responsibility is to keep themselves active and generate wealth by means of satisfying customers demands and fairly competing in markets. When this happens, companies not only generate returns for their shareholders, but also very desirable social consequences, such as employment opportunities and provision of high-value goods and services. However, CMPC intends to go further and get involved with the challenges and goals of its neighbors, by making constant and significant social contributions to communities surrounding its forest properties and mills. Fundación CMPC, which supports 93 schools in 36 districts of the country, benefiting over 380 teachers and 15 thousand children, is one of our most important contributions. Equally relevant for the Company is the care for the environment. For this reason all our investments have duly assumed the corresponding environmental dimension. Technical and information requirements regarding the communities involved have been addressed in an atmosphere of much collaboration, with satisfactory results. During the referred ceremony, the President of Chile congratulated CMPC for its contribution and its capability to understand and accommodate the economic, social, cultural and environmental requirements arising from our activity. Throughout its history, the Company has undertaken pioneering and break-through activities in diverse areas, thus contributing not only to consolidate itself in the economic sphere, but also to gain a privileged position in its social insertion. So has been recognized by journals like La Segunda and El Diario Financiero, which supported by wide-coverage surveys- have honored us as The Most Admired Company in Chile for the year This anniversary finds CMPC very actively progressing. Today we have 20 mills operating in Chile, 6 abroad and nearly 500 thousand planted hectares. As I addressed in my letter last year, the Company is developing very important projects, some of which are already near to completion. During the fiscal year, CMPC implemented an expansion of the Maule Plant adding 80 thousand tons of folding boxboard per year with an investment of 38.5 million dollars. In September a new tissue paper machine started up in the Talagante Plant. Total investment amounted to 31 million dollars, and the machine s capacity is 34 thousand tons of paper per year. The rebuilt sawmill in Mulchén began to operate in October, with a capacity of

10 thousand cubic meters per year with an investment of 26 million dollars. Also, by the end of the year, an agreement was reached to purchase the forests and industrial assets of Forestal Copihue for 110 million dollars, including essentially 16 thousand hectares planted with radiata pine in the 7th Region, a sawmill in Constitución and a remanufacturing plant in Coronel. The main ongoing project is the new pulp production line in the Santa Fe Pulp Mill, with a total investment of 745 million dollars. This project is being executed according to schedule and its start up is programmed for the last quarter of Special and constant care has been given to environmental and safety factors and we have devoted significant energy and resources to ensure compliance with our obligations in these matters. During 2006, important investments will be completed in other areas of the Company, such as the new plywood plant, a new biomass boiler at the Pacífico Pulp Mill, several environmental improvements at the Laja Pulp Mill, an increase in corrugated paper production capacity in Puente Alto, and the construction of secondary treatment plants in Nacimiento, Maule, Valdivia, Puente Alto and Talagante. With the foregoing, we complete the investment plan of 1,500 million dollars initiated in the year 2004, the most ambitious in the Company s history. In 2005 our net income amounted to US$ 240 million, 29% lower than that of the previous year. This decrease was the result of several factors that impacted negatively the costs of different activities. These factors include the appreciation of the local currency against foreign currencies, which increased fixed costs measured in dollars, substantial fuel surges and gas shortages, increases in land and ocean freight rates, higher prices of wood purchased from third parties, increases in maintenance and construction costs of forest roads, and the recognition of extraordinary expenses associated to the large number of projects under execution. Export prices of CMPC, measured in dollars, were on average a little lower than those of Pulp prices started the year with an upward trend. However, from the second quarter prices began to weaken, ending with an annual average US$ 20 per ton below the ones recorded in In contrast, some paper export prices experienced moderate increases during the year. It should be noted that price levels of our main export products are modest compared to those obtained by other commodities such as copper and oil. The positive performance of the Chilean economy, particularly in consumption, fuelled a growth in sales in the domestic market, although in a highly competitive environment. Subsidiaries abroad improved their performance measured in dollars, but the economic situation in Argentina continues making difficult for us to obtain results consistent with the investment made in that country. In order to pursue our investments and refinance some financial debt, CMPC issued a 10 year bond in the local market for UF 7 million (approximately 200 million dollars). Furthermore, the Company subscribed a 7-year syndicated loan for 100 million dollars with a group of 8 banks. Including these operations, the average cost of debt is 4.5% per annum in dollars, one of the lowest one ever achieved by a Chilean private company. As a result of the disbursement in investments, net debt increased from 501 million dollars by the end of 2004 to 968 million dollars by the end of 2005.

11 009 Letter from the Chairman CMPC is a company that is investing, which believes in Chile, in its workers, and in its business. A company that is faithful to its traditions, while innovative and vigorous. CMPC is a company that is investing, which believes in Chile, in its workers and in its business. It is also a company which is faithful to its traditions, while innovative and vigorous, and is admired by many as an example of a company that tries to do things well. The difficulties and challenges we face encourage us to make daily efforts to fulfill our duties and conduct our businesses to achieve the best possible results, in an efficient and prudent manner. We endeavor to continue to make a positive contribution to our country and its people, aspiring always to excellence, taking advantage of the possibilities that emerge in the different lines of business in which we compete, and providing improved opportunities to our workers and their families. On this 85th anniversary, taking pride in our history, CMPC has solid foundations to plan its future. This imposes on us the responsibility of continuing to work to attain our entrepreneurial objectives in a framework of strict ethical rigor, and respect for fundamental rules, principles and values. Eliodoro Matte Chairman Empresas CMPC S.A.

12 010 Board of Directors and Administration BOARD OF DIRECTORS EMPRESAS CMPC S.A. Chairman Eliodoro Matte Civil Industrial Engineer Rut: Committee of Directors Jorge Marín Patricio Grez Martín Costabal Directors Juan Claro Entrepreneur Rut: Martín Costabal Economist Rut: Patricio Grez Civil Engineer Rut: Jorge Gabriel Larraín Economist Rut: Jorge Marín Business Administrator Rut: Bernardo Matte Economist Rut:

13 011 MANAGEMENT OF EMPRESAS CMPC S.A. Chief Executive Officer Arturo Mackenna Civil Industrial Engineer Rut: General Secretary Gonzalo García Lawyer Rut: K Chief Financial Officer Luis Llanos Civil Industrial Engineer Rut: External Auditors PricewaterhouseCoopers Management From left to right: Luis Llanos, Arturo Mackenna and Gonzalo García.

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15 Historic Background 013 Empresas CMPC was established in 1920 under the name Compañía Manufacturera de Papeles y Cartones S.A. through the merger of the paper manufacturing firm Ebbinghaus, Hansel and Company and the Maipú Mill of Comunidad Fábrica de Cartón Maipú. During the early and mid-1900s, when the Chilean economy was characterized by import substitution and high tariffs, CMPC focused on diversifying into paper production to complement its production of boxboard and became, by the 1960s, the leading supplier of converted paper products in Chile. As the paper market grew, CMPC began to produce its own pulp at the Laja mill in The growing forest reserves established by CMPC, as well as the need to obtain economies of scale, soon resulted in the production of more pulp than the Chilean market required and, in the late 1950s, the Company entered the export market for newsprint and pulp. In 1991, CMPC made its first investment in production facilities outside of Chile, acquiring the Argentine disposable diaper producer Química Estrella San Luis S.A. In 1993, CMPC entered into a 50/50 joint venture with Procter & Gamble, in order to develop the disposable diapers and sanitary towels market in Chile, Argentina, Bolivia, Uruguay and Paraguay. This join venture was terminated in In 1994, CMPC continued its international expansion with the acquisition of the tissue producer IPUSA in Uruguay. In 1995 it started operations of its greenfield tissue mill in Argentina in 1995, and in 1996, continued to expand its tissue operation through the acquisition of Papelera del Plata S.A. in Argentina and the organization of a tissue company in Peru. In 1998, CMPC finished its second tissue machine in Argentina and started a production facility in Peru, becoming the largest tissue operator in South America. In the mid 1950s, the Company became a holding, decentralizing its operations in different subsidiaries grouped in 5 large business areas: Forestry, Pulp, Paper, Tissue and Paper Products. During 1998, CMPC completed the process of fully incorporating the Santa Fe and Pacífico mills into its pulp business, after acquiring 100% of both companies. In fact, in two separate operations, the Company purchased from Royal Dutch/Shell and Citibank 80% of ownership interest in the Santa Fe Pulp Mill, and, from Simpson Paper and the IFC 53.5% of ownership interest in the Pacífico Pulp Mill. CMPC had previously purchased from Scott Paper 20% of shares in Santa Fe in In 1998, a new boxboard machine started operating, allowing CMPC to serve new export markets for folding boxboard. In 1999, CMPC entered the Peruvian multiwall sacks market with a new greenfield plant. Finally in 2001, a new liner and medium paper mill started operating to supply the domestic corrugated boxes needs. The Company is currently developing relevant projects in its 5 business areas. Many of them have already been executed and are in operation, such as the expansion of the folding boxboard plant in Maule, the reconstruction of the Mulchén sawmill and the expansion of the tissue paper plant in Talagante, while other projects like Santa Fe 2 are in an advanced state of development.

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17 Corporate Responsibility in CMPC 015 For CMPC, corporate responsibility is a voluntary and proactive commitment to perform its duty within an ethical framework that considers good practices in all its activities in different areas: BUSINESS ACTIVITIES The Company contributes to Chile s development by generating both employment and wealth. In order to achieve this: conducts good management practices; produces and sales high quality products; maintains reliable and efficient relations with its customers and suppliers; competes fairly in the marketplace; produces transparent financial reporting; pays all taxes and complies with the legal frameworks. EMPLOYEES The Company strives to ensure appropriate working conditions, complying with all labor obligations related to remuneration, social security and regulations. Furthermore, it develops policies and benefit programs for employees and their families, with a constant concern for their job security and generating training and career development opportunities. People are a key factor in the success of the Company s affairs. COMMUNITY The Company has designed several programs for educational support and community development that benefit the communities surrounding its properties and mills, in order to contribute to improve their living conditions. As a member of many communities, the Company is always keen to collaborate with them in order to participate, where possible, in their goals and challenges. This year CMPC has reinforced its action program towards social insertion, with special emphasis on the generation of direct, indirect and related local employment, as well as cooperating in the development of small-size companies that may offer job possibilities in the region. Fundación CMPC The Program for Language and Mathematics Learning Support covered 5,924 children. A significant improvement in student performance was achieved with this program, as measured by the SIMCE national test (a test conducted nationally to assess the education quality). Likewise, significant management support was provided to municipal schools involved in the program. Also this year the School Libraries project was implemented, with an average of 1,600 books delivered to each of the following schools: Coigüe in the district of Negrete; El Saber, Toqui Lautaro and Canada; the last three located in the district of Nacimiento. The collection comprises literary genres for all tastes and ages, responding to the different interests of readers. Together with the donation of resources, training was provided to librarians and teachers, an experience that took place at the Reading Center of Lo Barnechea in Santiago.

18 016 Good Neighborhood Plan During 2005, an average of 1,262 neighbors were hired as labor force, of whom 721 were Mapuche. This made possible to incorporate neighbors to the forest culture, and so to receive the benefits of living in the proximity of cultivated forests. A total of 211 courses were given to neighbors covering over 2,700 people. From its beginning, six years ago, 914 courses have been given, with 12 thousand neighbors trained in several areas of rural development support, with special emphasis on improving their household skills. Scholarships to pursue secondary education were granted to 147 children. This support is relevant due to the large existing distances to secondary education establishments in rural areas. Over 120 workshops have been given to neighbors, transferring knowledge applicable to their daily chores. Furthermore, pasture has been rented to 280 people with 3,280 livestock; firewood has been furnished to 1,460 neighbors; small farmers have been trained at El Vergel Agricultural School in Angol; a project related to mountain ñocha (a variety of sedge) was developed for seven Mapuche communities and, like in previous years, free access has been allowed to the Company s farms, to remove non-forest products (including mushrooms, dog-rose flowers, blackberries, yellow flowers, among others). The Jorge Alessandri Educational Park Three important events took place in 2005: Opening of the Artequín Museum in the Park. This museum houses works of art reproductions, offering an educational-interactive proposal through guided workshops, audiovisual and computer means. This innovative model allows visitors to experience art in an amusing and didactic manner. Construction of an access square that is part of the first stage of a new landscape proposal, which will modify the present one, changing some plants but preserving native species.

19 017 Corporate Responsibility in CMPC Presentation of the exhibition Lágrimas de Luna -Tesoros de la Platería Mapuche (Moon Tears -Treasures of the Mapuche Silverware), which was opened to the public from November 8 through December 12. This exhibition gathers the most symbolic pieces of the Mapuche people, each object reflecting their spirituality and culture. During the year 2005, the Park received 132,360 visits. From its opening to date, 860 thousand people have visited the Park, and approximately 500 thousand children have participated in the educational and cultural activities offered. Other CMPC Community-Oriented Actions CMPC has a permanent attitude of collaboration with several social and trade institutions. These include, among others, ICARE, CEP, CORMA, Paz Ciudadana, SOFOFA. The Company actively cooperates in the cultural field in Chile. In this regard, it supports the work developed by the Artequín Museum, the Municipal Theater (Chile s principal opera and classical music house) and literary contests organized by El Mercurio Newspaper s Book Magazine. Through its corporate website CMPC makes an important contribution to the children of Chile and the world by providing a wide range of information relating to forests, pulp and paper. THE ENVIRONMENT Regarding the environment, the Company plans for the long term, guided by the principle of sustainable development. This is an element of its competitive strategy that is essential for the existence and progress of the business. This approach is reflected in the Company s environmental policy, which contains the principles that regulate the personnel s performance.

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21 Businesses and Subsidiaries Description Servicios Compartidos 020 Forestal 022 Celulosa 024 Papeles 026 Tissue 028 Productos de Papel 030

22 020 Servicios Compartidos CMPC S.A. SUBSIDIARY DESCRIPTION During 2005 CMPC started a project aimed at creating a shared service center operated as an independent subsidiary to support all business units of the Company, namely: Forestry, Pulp, Papers, Tissue, and Paper Products. The purpose of Servicios Compartidos CMPC is to provide the services these business divisions may require, with high quality and competitive costs, in areas such as accounting, information technologies, communications, procurement, and payroll. Benefits expected of this subsidiary include, among others: improvement and standardization of administrative, payroll, procurement and IT processes in CMPC, support and strengthen the different business areas with optimal service levels for its customers. Concentration of all these support services in a single organization facilitates the attainment of high professional and technical specialization of personnel, as well as reaching a significant volume of operations to obtain synergies and economies of scale, optimizing costs, quality and efficiency. The basic functions of Servicios Compartidos CMPC are the following: To operate the accounting, tax, procurement, accounts payable and payroll processes. To provide information technology/computer support. To optimize current processes and develop new options. To provide professional consultancy in financial, accounting, tax, and computer-related matters. To maintain and define procedures. To establish agreements related to services and associated costs for each area. The objective of this subsidiary is to provide services to CMPC and its subsidiaries; it is not intended to provide services to third parties. Likewise, the Company s subsidiaries shall not exercise the functions described above directly or contract them from third parties. The implementation of these activities is being made gradually and by stages, including a redesign of processes and support technologies. The main challenge CMPC faces now is to make a transition without generating adverse impacts on the current operation of companies, and to achieve an efficient organization able to provide the best service. For that purposes, CMPC relies on its highly qualified and enthusiastic staff and the support of its executive officers.

23 021 Businesses and Subsidiaries Description Chief Executive Officer: Jorge Araya / Directors: Antonio Albarrán, Sergio Colvin, Andrés Infante, Luis Llanos, Jorge Morel, Hernán Rodríguez.

24 022 Forestal Mininco S.A. Chief Executive Officer: Hernán Rodríguez / Chairman: Eliodoro Matte / Vice-Chairman: Arturo Mackenna / Directors: Ernesto Ayala, Gonzalo García, Jorge Gabriel Larraín, José Ignacio Letamendi, Pedro Schlack.

25 023 Businesses and Subsidiaries Description BUSINESS DESCRIPTION CMPC conducts its forest business in a two-fold manner. Forestal Mininco and Forestal Monteáguila manage the forest assets to support the industrial development of the Company in pulp and solid wood needs. CMPC Maderas operates the area of solid wood products, such as sawn wood, remanufacturing and plywood. The Company owns forest resources for over 420 thousand hectares planted with pine and eucalyptus, located between the 7th and 11th Regions in Chile. In the northeast of Argentina, the subsidiary Bosques del Plata is developing a forest base of 100 thousand hectares, principally of taeda and elliotti pine, with the capacity to support a pulp mill at a competitive scale. CMPC Maderas owns three sawmills in the 8th Region: Bucalemu, Mulchén and Nacimiento, with a production capacity of over 1.1 million m3/year of radiata pine. In addition to its sales in Chile, CMPC exports 77% of its production to more than 20 countries in the five continents. It also owns a remanufacturing plant in Los Angeles that produces 110 thousand m3/year of products made from dry sawn wood (finger joint panels, moldings, and laminated products), which are exported mainly to the United States, Japan and Spain. In January 2006, CMPC Maderas will start to operate the industrial assets acquired from Forestal Copihue, consisting of a sawmill of 120 thousand m3/year; a facility to produce 150 thousand units of poles per year, both located in Constitución; and a remanufacturing plant located in Coronel with an annual production capacity of 90 thousand m3, in addition to 200 thousand doors per year.

26 024 CMPC Celulosa S.A. Chief Executive Officer: Sergio Colvin / Chairman: Eliodoro Matte / Vice-Chairman: Arturo Mackenna / Directors: Jorge Araya, Ernesto Ayala, Jorge Gabriel Larraín, Luis Llanos, Bernardo Matte.

27 025 Businesses and Subsidiaries Description BUSINESS DESCRIPTION CMPC produces over one million tons of kraft pulp per year in its Laja, Pacífico and Santa Fe Pulp Mills. The Company has an integral logistic and marketing network reaching over 200 customers in 30 countries in Europe, Asia, and America. The Laja Pulp Mill produces 345 thousand tons per year of long-fiber kraft pulp, from radiata pine. Most part of this volume is bleached pulp, although unbleached pulp and fluff pulp in rolls are also produced, the latter being used in the manufacture of absorbent products. Laja is an integrated mill, which also produces white printing and writing paper, as well as sack kraft paper. The Pacífico Pulp Mill, located 30 kilometers from the city of Angol, produces 490 thousand tons per year of bleached, long-fiber kraft pulp from radiata pine. The Santa Fe Pulp Mill, in Nacimiento, produces 380 thousand tons per year of bleached, short-fiber kraft pulp, from eucalyptus. This pulp has several characteristics that make it an ideal raw material for the production of high quality fine printing, writing and tissue papers. At this pulp mill, CMPC is developing the largest project in its history, by building a second production line for bleached kraft pulp from eucalyptus, with a design capacity of 780 thousand tons per year. With an investment of US$ 745 million, its start up is scheduled for the last quarter of 2006.

28 026 CMPC Papeles S.A. Chief Executive Officer: Antonio Albarrán / Chairman: Eliodoro Matte / Vice-Chairman: Arturo Mackenna / Directors: Jorge Araya, Andrés Echeverría, Luis Llanos, Bernardo Matte, Juan Claro.

29 027 Businesses and Subsidiaries Description BUSINESS DESCRIPTION This business area has a structure with five subsidiaries, through which it is engaged in the production and marketing of folding boxboards, newsprint, corrugating, printing, writing, and wrapping papers. INFORSA sells newsprint paper produced at its Nacimiento plant (8th Region), with a production capacity of 200 thousand tons per year. The main destination of its exports is Latin America. However, sales are also made to North American, the Caribbean, Asia and Europe. Cartulinas CMPC operates the Maule (7th Region) and the Valdivia (10th Region) mills, with a total production capacity of 330 thousand tons of folding boxboard per year, which are sold in more than 30 countries of Latin America, Europe, Asia and the United States. Papeles Cordillera, located in the district of Puente Alto, in Santiago, operates 5 paper machines, including a modern one that produces mainly corrugating papers from recycled fibers. SOREPA is the company responsible for collecting waste papers and corrugated boxes all over the country, which are recycled and transformed into paper again at CMPC s plants, with a significant environmental benefit. In addition, CMPC Papeles owns EDIPAC, a company that distributes nation wide CMPC s paper grades and some imported grades, as well as paper products.

30 028 CMPC Tissue S.A. Chief Executive Officer: Jorge Morel / Chairman: Eliodoro Matte / Vice-Chairman: Arturo Mackenna / Directors: Gonzalo García, Jorge Hurtado, Bernardo Larraín, Luis Llanos, Bernardo Matte.

31 029 Businesses and Subsidiaries Description BUSINESS DESCRIPTION With its plants in Chile, Argentina, Peru and Uruguay, CMPC Tissue manufactures and markets toilet paper, paper towels, napkins and disposable handkerchiefs under the brands Elite, Confort, Higienol, Nova, Noble and Sussex, among others. Additionally, it produces and sells disposable diapers under the Babysec brand, sanitary towels and adult incontinence diapers under the Ladysoft and Cotidian brands respectively. In Chile, CMPC Tissue has production plants in Puente Alto and Talagante, both with modern technology paper machines and conversion equipment. In Uruguay, its subsidiary IPUSA located in Pando, 30 kilometers from Montevideo, produces tissue products and diapers. The subsidiary PROTISA Peru has a plant in Lima that produces tissue products and diapers. The Company has gained an important presence in the market of disposable diapers -specially in the medium and low segments with its brand Babysec. Finally, the Company recently began the production of sanitary towels (Ladysoft) and adult incontinence diapers (Cotidian). Additionally, it offers a specialized line of sanitary products for consumption in institutions and public places.

32 030 CMPC Productos de Papel S.A. Chief Executive Officer: Andrés Infante / Chairman: Eliodoro Matte / Vice-Chairman: Arturo Mackenna / Directors: Juan Carlos Eyzaguirre, Gonzalo García, Patricio Grez, Eugenio Heiremans, Bernardo Matte.