By James Davey
作者：詹姆斯·戴维
London, May 7 (Reuters) - Primark Owner Associated British Foods Abf.l Has Not Done a Good Enough Job of Explaining to Investors the Strategic Logic, Growth Potential and Value of Its Food Businesses and Must Do Better, Its Chief Executive Told Reuters.
伦敦，5月7日（路透社）— Primark所有者英国食品联合会 abf.l 该公司首席执行官告诉路透社，在向投资者解释其食品业务的战略逻辑、增长潜力和价值方面做得还不够好，必须做得更好。
As Well as Owning the Fashion Chain, the Ftse 100 Group Is One of Britain's Biggest Owners of Grocery Brands and Also Runs Major Sugar, Ingredients and Agriculture Businesses. It Operates in 55 Countries, Employing 133,000.
富时100集团不仅拥有这家时装连锁店，还是英国最大的杂货品牌所有者之一，还经营主要的糖、原料和农业业务。它在55个国家开展业务，拥有13.3万名员工。
While Over Half of the Group's Annual Sales of 20 Billion Pounds ($25 Billion) Are Generated by the Food Businesses, They Receive Disproportionately Little Attention From Investors and the Media Whose Focus Is Trained on Primark.
尽管该集团200亿英镑（合250亿美元）的年销售额中，有一半以上是由食品业务产生的，但这些业务几乎没有受到投资者和以Primark为重点的媒体的关注。
George Weston, CEO Since 2005, Said Going Forward He Would Place a Greater Emphasis on Communicating the Importance of the Food Businesses as Investors Lacked a Good Understanding of the Portfolio, and He Plans to Say More This Year. He Is Also Looking to Make More Acquisitions.
自2005年起担任首席执行官的乔治·韦斯顿表示，展望未来，由于投资者对投资组合缺乏很好的了解，他将更加重视传达食品业务的重要性，他计划在今年发表更多意见。他还希望进行更多收购。
"It's Seen as Being a Rag-Tag Collection of Unrelated Food Businesses. It’s Not. There’s a Lot More Method to It Than I Think Parts of the Outside World Would Understand," He Said in an Interview.
“它被视为无关食品企业的杂乱集合。不是。解决这个问题的方法比我想象的要多得多，” 他在接受采访时说。
“We Have to Start Explaining It With a Bit More Purpose."
“我们必须开始用更多的目的来解释它。”
Weston Said That With AB Foods Predominantly Covered by Retail Analysts, the Stock Market's Focus on Primark Was Understandable.
韦斯顿说，由于AB Foods主要由零售分析师报道，因此股市对Primark的关注是可以理解的。
“IF You’ve Been Trying to Value Abf as a Stock Since Covid Started (in 2020), so Much of It Has Been About Primark’s Prospects, From Being Shut Down to Not Having Online Capability to Supply Chains to Inflation," He Said.
“如果你自Covid成立以来（2020年）一直试图将Abf作为股票进行估值，那么从被关闭到没有，其中大部分都与Primark的前景有关 在线能力 到供应链再到通货膨胀，” 他说。
"the Big Delta (Risk Metric) in Peoples’ Valuation Model Is What You Thought About Primark."
“人民估值模型中的大三角洲（风险指标）就是你对Primark的看法。”
Weston Said He Hoped a Return to Relative Stability in Supply Chains and Inflation as Well as Less Perceived Uncertainty About Primark's Future Meant Investors Would Now Look More Closely at the Food Businesses, Especially as Half Year Results, Published Last Month, Showed Them All Performing Well.
韦斯顿说，他希望供应链和通货膨胀恢复相对稳定，并减少对Primark未来的不确定性，这意味着投资者现在将更仔细地关注食品业务，尤其是 半年业绩，上个月发布，显示他们都表现良好。
"the Stars Aligned in This First Half Better Than They Ever Have Before," He Said, Highlighting Profit Growth of 39% in Grocery.
他说：“上半年的利润比以往任何时候都好，” 他强调杂货店的利润增长了39％。
AB Foods' Shares Are up 12% so Far This Year.
今年迄今为止，AB Foods的股价上涨了12％。
Connected Businesses
互联企业
Weston Said the Food Portfolio Was Made up of Varied but Connected Businesses Which All Tapped Into Common Themes.
韦斯顿说，食品投资组合由各种但相互关联的业务组成，这些业务都涉及共同的主题。
AB Foods Owns What Weston Calls "Long Duration Growth Businesses", Such as Twinings and Ovaltine Hot Drinks, Mazzetti Balsamic Vinegar, Patak’s and Blue Dragon Cooking Products, as Well as Enzymes, Yeast Extracts and Pharmaceutical Ingredients.
AB Foods拥有韦斯顿所谓的 “长期增长业务”，例如Twinings和Ovaltine热饮、Mazzetti香醋、帕塔克和蓝龙烹饪产品以及酶、酵母提取物和药物成分。
These Were Complemented by "Cash Generators" Such as Its Mazola Consumer Oils Business and Its Retail Bakery Ingredients Business in the United States.
除此之外，还有 “现金生成器”，例如其Mazola消费油业务和在美国的零售烘焙原料业务。
All of the Food Businesses, Weston Said, Tapped Into the Big Global Consumer Trends of Increased Demand for Wellness Products, Alternative Sources of Flavour and so Called "Premiumisation".
韦斯顿说，所有食品企业都利用了全球消费者对健康产品、替代风味来源和所谓的 “优质化” 需求增加的重大趋势。
Weston Said That AB Foods Was Looking to Grow Its Foods Portfolio With Small to Medium Sized Acquisitions in the Fast Moving Consumer Goods Sector in the U.s "Where Prices Have Been Stupid for 20 Years but Aren't Now," in Australia, and in the Speciality Ingredients Area.
韦斯顿说，AB Foods希望通过对美国 “价格低迷20年但现在不是” 的快速消费品行业、澳大利亚和特种原料领域的中小型收购来扩大其食品产品组合。
Better Engagement May Require Management to Be More Transparent, but There Are Limits, He Added.
他补充说，提高参与度可能需要管理层更加透明，但也有局限性。
"I Don’t Want to Tell Walmart What the Margins in Mazola Are."
“我不想告诉沃尔玛马佐拉的利润率是多少。”
($1 = 0.7967 Pounds)
（$1 = 0.7967 磅）
(Reporting by James Davey; Editing by Kate Holton and Tomasz Janowski)
（詹姆斯·戴维报道；凯特·霍尔顿和托马斯·亚诺夫斯基编辑）