Thomas Fahnemann: Yes, I mean, I would — I would tend to agree with you, Mike. I mean, we’re also seeing some market improvements sequentially. We have been talking about Airlaid, we are expecting volumes in the second half being more and bigger than in the first half. We’re already seeing this a little bit in July, also has a little bit to do with one of our biggest customers has this financial year-end in June. And so historically, July, August is a little bit better and we also — and that’s really important more for our CS [Ph] business that we are also expecting a better mix in Q3. I mean in our CS [Ph] business is really important, which products are you selling because there are different margin profile. So, we think that — and our inclined via products are more profitable and have a much better fixed cost absorption than wall cover or the metalized products.
So, and we are also seeing and expecting that the inclined wire products are improving in the second half compared to the first half. And for us to be honest right now is really the — the biggest focus for us is the taking all the inflationary pressures aside. We need to really go back. Like with Josh’s question, we need to go back to pre-inflation margins. So, we are now on our way down with energy prices coming down, raw material prices coming down and we are going to leverage this because we need to also make sure that we are not missing the boat here. So, we need to also be on our toes to make sure that we are — that we hit the right price. And you’re absolutely right, it’ll be a volume game and not a price game.
Mike Ginnings: Perfect. Thank you. And then maybe one follow up. I just want to make sure I understood your response correctly to one of Josh’s questions. When we were talking – when he was asking about the branded versus unbranded, what is that impact us of a customer, this trade down effect that we are seeing in the market if any?
Thomas Fahnemann: To be honest, for us, it’s — it’s almost nothing because we are — we are serving both sides of the equation. So we are serving customers which are providing their products to the — to the branded business. And we are serving customers who have the non-branded business. So, there’s no big impact for us.
Mike Ginnings: Perfect. Thank you. I’ll hop back in the queue.
Ramesh Shettigar: Okay, thank you.
Operator: [Operator instructions] We’ll go ahead and take our next question from Roger Spitz with Bank of America. Please go ahead.
Roger Spitz: Hi, thanks very much. Regarding the benefit of lower pulp prices, will you see — I mean eventually see all the benefit? Or has there been any change in sort of your contracts with some of your customers where you will not be able to see that benefit as pulp prices fall?
Thomas Fahnemann: We’ll see the benefit. No changes to the negative in our contracts. We will see the benefit. But as I mentioned, there’s a little bit of a time lag, but other than that we will see the full benefit of that.
Roger Spitz: Perfect. In terms of the cash flow guidance, I just want to make sure. So, the 2023 cash restructuring and closure costs are all in the 40 million to 50 million of working capital and cash restructuring which — and there are no other cash items which then implies that the midpoint of the range OCF was CapExs negative 50. Is that the right way or there are other cash items cash items [Indiscernible]
Thomas Fahnemann: No, you have it exactly right, Roger. It would be a negative 50 of a net cash flow.
Roger Spitz: Perfect. And can you — last call, you spoke about potential divestiture or monetization of any non-core assets that might be coming sooner rather than later. Perhaps you mentioned the prepared remarks, I didn’t hear, but can you give us any update if you haven’t mentioned?
Thomas Fahnemann: Sure, Number one, I mean again at that time we were trying to really divest Ober-Schmitten closure costs. And as Ramesh mentioned and I mentioned earlier, we — we got pretty close, but unfortunately it didn’t work and that’s why we had to kind of make the decision to shut the operations down because this is for a long time losing money and Ober-Schmitten closure costs. The market is not even getting worse, so this — this makes no sense, so to wait. So, all there’s another business where we might think about it, but today is not the right market to do that to be quite honest. We are not under pressure. So, we would like to really make sure that we are not rushed into anything. So we have another asset and again very minor, not changing kind of the overall company.
