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There's a lot to discuss with Hugh Johnston, the Disney Disney CFO who joins us now.

Hugh it's great to catch up with you sir we spoke for years in your years of

Pepsi fantastic to see you in a new seat let's just get straight into these

numbers if we can.

Cost cutting. Can you walk us through where that cost cutting exercise is really biting?

Yeah, it actually is and good morning to you, John, and to the team there.

I'm very excited about that the

progress that we've made on cost cutting. To be honest, when you do these programs, you're

always looking for is it actually flowing to the bottom line and what we communicated yesterday

was 500 million dollars of saves flowed through to the bottom line and you can see it in the

P&L in the form of margin improvement to the tune of 350 basis points.

...