By James Davey
作者：詹姆斯·戴維
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.
倫敦，5月7日（路透社）— Primark所有者英國食品聯合會 abf.l 該公司首席執行官告訴路透社，在向投資者解釋其食品業務的戰略邏輯、增長潛力和價值方面做得還不夠好，必須做得更好。
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.
富時100集團不僅擁有這家時裝連鎖店，還是英國最大的雜貨品牌所有者之一，還經營主要的糖、原料和農業業務。它在55個國家開展業務，擁有13.3萬名員工。
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.
儘管該集團200億英鎊（合250億美元）的年銷售額中，有一半以上是由食品業務產生的，但這些業務幾乎沒有受到投資者和以Primark爲重點的媒體的關注。
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年起擔任首席執行官的喬治·韋斯頓表示，展望未來，由於投資者對投資組合缺乏很好的了解，他將更加重視傳達食品業務的重要性，他計劃在今年發表更多意見。他還希望進行更多收購。
"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.
“它被視爲無關食品企業的雜亂集合。不是。解決這個問題的方法比我想象的要多得多，” 他在接受採訪時說。
“We Have to Start Explaining It With a Bit More Purpose."
“我們必須開始用更多的目的來解釋它。”
Weston Said That With AB Foods Predominantly Covered by Retail Analysts, the Stock Market's Focus on Primark Was Understandable.
韋斯頓說，由於AB Foods主要由零售分析師報道，因此股市對Primark的關注是可以理解的。
“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成立以來（2020年）一直試圖將Abf作爲股票進行估值，那麼從被關閉到沒有，其中大部分都與Primark的前景有關 在線能力 到供應鏈再到通貨膨脹，” 他說。
"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（風險指標）就是你對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.
韋斯頓說，他希望供應鏈和通貨膨脹恢復相對穩定，並減少對Primark未來的不確定性，這意味着投資者現在將更仔細地關注食品業務，尤其是 半年業績，上個月發佈，顯示他們都表現良好。
"the Stars Aligned in This First Half Better Than They Ever Have Before," He Said, Highlighting Profit Growth of 39% in Grocery.
他說：“上半年的利潤比以往任何時候都好，” 他強調雜貨店的利潤增長了39％。
AB Foods' Shares Are up 12% so Far This Year.
今年迄今爲止，AB Foods的股價上漲了12％。
Connected Businesses
互聯企業
Weston Said the Food Portfolio Was Made up of Varied but Connected Businesses Which All Tapped Into Common Themes.
韋斯頓說，食品投資組合由各種但相互關聯的業務組成，這些業務都涉及共同的主題。
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擁有韋斯頓所謂的 “長期增長業務”，例如Twinings和Ovaltine熱飲、Mazzetti香醋、帕塔克和藍龍烹飪產品以及酶、酵母提取物和藥物成分。
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，還有 “現金生成器”，例如其Mazola消費油業務和在美國的零售烘焙原料業務。
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".
韋斯頓說，所有食品企業都利用了全球消費者對健康產品、替代風味來源和所謂的 “優質化” 需求增加的重大趨勢。
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.
韋斯頓說，AB Foods希望通過對美國 “價格低迷20年但現在不是” 的快速消費品行業、澳大利亞和特種原料領域的中小型收購來擴大其食品產品組合。
Better Engagement May Require Management to Be More Transparent, but There Are Limits, He Added.
他補充說，提高參與度可能需要管理層更加透明，但也有侷限性。
"I Don’t Want to Tell Walmart What the Margins in Mazola Are."
“我不想告訴沃爾瑪馬佐拉的利潤率是多少。”
($1 = 0.7967 Pounds)
（$1 = 0.7967 磅）
(Reporting by James Davey; Editing by Kate Holton and Tomasz Janowski)
（詹姆斯·戴維報道；凱特·霍爾頓和托馬斯·亞諾夫斯基編輯）