Andres Lopez: Yes. So the demand fundamentals in the Americas are very good. And in fact, when it comes to Latin America, we remain with very large backlogs and — in those markets, that’s why we’re building capacity and we are importing glass as well as other players are importing glass to be able to support those markets. So the Americas North, too, or North America is quite stable. The performance of the MEGA beer has been stabilizing. The decline has been slowing. The premium beer is growing well and premium products are in a very good place. The issue is that we have very tough comps with Q1 2022. That was the time when we were coming back from the pandemic inventories where we will, there was a price increase in the second quarter of 32% that increased in the first quarter of ’21.
So we’re dealing with that. On top of it, our inventories are low. So we can now ship anymore, out of inventories, incremental — more incremental demand as we did before. So the situation is tight. And then we have a higher level of asset activity at this point in some of these markets which is also limiting our ability to ship. So all those things come together. That’s — we are in forecast. At this point in time, everything is proceeding as we expected. And as capacity comes into operation, we’re going to see the positive effect of that on demand.
John Haudrich: And kind of an other aspects of your question there. If you look at what happened in Americas where the volumes were down 6% in the fourth quarter, that was attributed to our own maintenance activity. We had significant rebuild activity going on both in Brazil and North America. And back to Andres’ comments there, the inventories are just a record low levels and given that activity it, was very difficult to meet the demand. And as we look to 2023, overall, we think probably there’s probably more volume growth opportunity in the Americas given that all markets are dealing with low inventory levels but we are adding new capacity over in Europe — I mean in the Americas, primarily in Colombia and Canada. So that will come online and allow to have a little bit more growth in the Americas.
Operator: Our next question today comes from Arun Viswanathan from RBC Capital Markets.
Arun Viswanathan: I guess I just wanted to understand the earnings in context of your medium-term and long-term targets. So you noted that you reached your ’24 number expectations ahead of time in ’23 here. So would you characterize the ’23 guidance which is about 15% above where many of the Street expectations are and you noted that you beat those 12 quarters in a row. Would you characterize your ’23 kind of full year outlook on operating income as kind of a new base level? And the way I would kind of think about it is, since you’re growing now in the 2% to 4% range, even though ’23 is going to below that for macro concerns, would you just apply kind of a new margin range on some of this heightened growth? And so maybe, in the out years, you’d reach levels in ’25? Is that how we can think about it.
John Haudrich: Yes. What I would say is, I mean and you included in our prepared comments, we had indicated we expect continued earnings improvement in, not only ’23 but also in ’24. There’s a lot of moving parts. We’re managing a lot of levers in the business. Of course, we are raising prices, as we’ve discussed before. but we are profitably growing our business. Most of that capacity expansion will come more online in 2024 and 2025. And to your point, we’re targeting nice categories. So those should be able to inch the margins up in that particular regard. We got more ongoing margin expansion initiatives with in particular, we were profiling North America. There’s a couple of years’ worth of opportunity there that we’re going to be focusing on.
