Josh Wool: Okay, and then maybe kind of stepping back, considering both the pulp side as well as the energy side, assuming that these declines we’ve seen continue or at least don’t reverse, how comfortable are you with the raw material and energy cost levels today in terms of supporting your goals to restore historical margins in 2022, 2024 and beyond, while also meeting some customer expectation of relief on their cost of sales, which seems to be more of an imperative. Just listening to some of the brand owners today even versus a couple of quarters ago.
Thomas Fahnemann: Okay yes, Josh, we have taken all the pricing initiatives back in September, October, November to bring the prices based on the raw material cost at that time to the level which we need. So, and I would say we are — we are really, really there. The biggest problem we have and what it takes is the market weakness right now. So, whenever the volume comes back and it will come back, it’s just a question of time. And again, I can just say the volume loss of volume cost us from a customer standpoint around about 3 million and fixed cost absorption 4 million. So, we’re talking about $7 million just in Q2. So, whenever that comes back, the margins will be where they need to be, but even now if you look at the details in one of the things. I mean even with some losses, we overcompensated this with pricing. Sorry, Josh, I didn’t want to interrupt you.
Josh Wool: Perfect, I didn’t — I don’t want to dominate the call. So, I have one final question just to run cash flow. Given that your guidance for working capital includes both the working capital as well as the turnaround cash costs, it would be helpful to know what your guidance implies for working capital spend or generation in the second half or I guess maybe said differently. Slide 9, you have the cash flow bridge. I think if you combine working capital and other, it’s around 63 million of cash usage in the first half. Should I compare that to your guidance of 40 to 50 million with the implication being that working capital will be a $15 million to $20 million source of funds in the second half? Is that the right analysis?
Ramesh Shettigar: Yes. I think you can think about it that way because generally the second half of the year for us is a source of cash and working capital. But then like I said, the two additional headwinds that were calling out this time around in our guidance, which is why this number has gone from 20 to 30, to 40 to 50, which is a 20 million hit, 10 of that is coming from the Ober-Schmitten shutdown and 10 of it is coming from just AP headwinds because of payment terms. So — but holding — setting that aside, the way you’re thinking about working capital for the second half of the year versus what you’re seeing now in the first half is correct.
Josh Wool: Perfect. Okay well I’m going to get back in the queue, but definitely appreciate all the color. And I know it was a difficult quarter, but keep on focusing on the things you can control. I appreciate it, guys.
Ramesh Shettigar: Thank you.
Thomas Fahnemann: Thank you.
Operator: Our next question will come from Mike Ginnings with Angelo Gordon. Please go ahead.
Mike Ginnings: Morning, Thomas and Ramesh.
Ramesh Shettigar: Good morning, Mike.
Thomas Fahnemann: Good morning, Mike.
Mike Ginnings: So look, I think a lot of the points you raised on destock are fairly similar to what we’ve heard from materials peers more broadly. I guess I want to contrast that with recent commentary from consumer products companies which seems to suggest that after the last two years of kind of price-lead top-line growth that there’s going to be a bit of inflection of volume led over the next two years. How do you — what’s the visibility like on those volumes where we’re hearing. And again, this is primarily related to the Airlaid material side. What kind of visibility do you guys have looking out, back half of the year into 2024 on volume recovery off of, putting aside any stock or restock?
