Ron Delia: Yes, good question. You’ve got that right. I did refer to destocking accelerating really through the first quarter in health care, especially in the medical device side of the business. And it really comes down to the fact that there were some real supply constraints over the last 12 to 18 months in that segment or in these products that we supply into medical, predominantly, but also pharma in some product categories where we and the rest of the industry live through some real raw material shortages, which I think led to some stock buildup. in some segments. And so we’re now on the other end of that and the raw materials are now more available. There’s no longer a shortage and we can supply in real time. And so customers are sitting on a reasonable amount of inventory that needs to be worked down. And I think we started to see that in the first quarter. I think we’ll see that continue into the second half fiscal year.
Brook Campbell: Okay, thanks. And just one quick follow-up on slide 13. You may just talk to some progress you’re making on designing the packaging to be recycled and great progress there over the years. But in flexible packaging, there’s still 11% of the portfolio that isn’t designed to be recycled and there’s no trials underway at the moment by the looks of that graph. So can you just talk to that part of the portfolio? What’s the plan? And do you have a commitment still to have it 100% of that portfolio designed to be recycled by 2025? Thanks.
Ron Delia: Yes, look, we’re going to continue to shrink that part of the graph. So the 11% you’re referring to is 6% lower than it was a year ago. And we’ve been making really good progress. It’s substantially improved over even three, four years ago. And we’re going to continue to close that gap. Look, are we going to get all the way to 100 %? I’m not sure. I think we’re going to get really close. Some of the more sophisticated structures where the material is providing multiple types of functionalities, whether it’s barrier or sealing strength or physical strength is a number of different components that go into some of the more sophisticated materials that we make. Those will take the longest, but we’re still at it. We’re hard at it and we haven’t wavered in our ambition to get to 100%. And so we’ve got our sights on closing that gap.
Operator: Your next question comes from the line of George Staphos with Bank of America.
George Staphos: Thanks for taking the follow on. I’ll make it quick guys. So Ron, if we think about the $200 million last year of temporary savings, if that’s where you framed it and then the $70 million so far this year, at in a day, how much of that truly will be temporary and how much you think will be structural? I know it’s hard to say, we won’t hold you to the basis point, but if you were in our seat trying to model Amcor, what would you try to bake in? And then just a minor question. I thought I heard you say, or Michael maybe with you, that 2Q in terms of earnings and EBITDA might be flat to slightly down versus 1Q. I just wanted to make sure I heard that correctly. Thanks guys and good luck in the quarter.
Michael Casamento : Yes, so I can take the second point there, George. Yes, you heard that correctly. I mean Q2, Q1 and Q2 typically are pretty similar. If you look over the history of Amcor, they’re pretty similar. We’re not expecting anything to be different in this dynamic. I mean, Q2 is going to be broadly in line with Q1, perhaps marginally less. But H1, as per our expectations that we’ve outlined, so no change there whatsoever.
Ron Delia: Yes, look, on the cost side, George, I’m not going to parse it down and give you a number. What I would say is most of the cost that’s come out is come out of the operational side. The overhead portion of the cost reduction is certainly going to stay out. On the plant side, to the extent we’ve driven procurement benefits, those will be sustained. And then to the extent that we’ve taken costs out by removing shifts, then obviously we’ll put those shifts back on as volumes return. So, I would just describe it more in terms of the buckets of costs that have come out. We don’t think about that whole quantum of cost as being temporary necessarily. We do think there’s some that stays out of the business, even as volumes return. Ladies and gentlemen, this concludes our question and answer session. I will now turn the call back to Ron for closing remarks.
Ron Delia: Okay, thanks again to everyone who’s joined the call today. Thank you for your questions, and thanks for your interest in Amcor. And, operator, with that, we’ll close the call.
Operator: Thank you. This concludes today’s conference call. Thank you for joining. You may now disconnect your line.
