RFM Ultra Premium Vineyard Fund

Fund Overview
Fund Assets
Performance & Financial Information
Unit Prices
Distributions

 

Fund Overview

The Ultra Premium Vineyard Fund (UPVF) is a Registered Managed Investment Scheme, established in February 2002. The UPVF owns three vineyards, one in each region of the Barossa and Coonawarra, South Australia and in the Grampians in Victoria. The vineyards are at varying stages of maturity and produce fruit for ultra premium quality wines.

In April 2008, the UPVF significantly changed the nature of its business, ceasing the production, harvest and sale of wine grapes and beginning a passive vineyard asset leasing business. The real property, water entitlements and infrastructure held by the UPVF were leased to Great Southern Managers Australia Limited for a period of 22 years commencing in May 2008.

Great Southern Managers Australia Limited (GSMAL) who are in receivership, have now defaulted on their lease payment to the UPVF and in September 2009 the lease was terminated. The UPVF has reverted to an operational entity responsible for producing, harvesting and selling wine grapes.

The UPVF is closed to new investment.

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Fund Assets

The UPVF has three properties located in Barossa Valley, Coonawarra in South Australia and the Grampians in Victoria.

The Kleinig Vineyard forms part of Koonunga Hill and is located in the northern end of the Barossa Valley region of South Australia. The vineyard is 260.3 hectares in size with 206.27 hectares of planted area. The majority of grapes grown are Shiraz with Grenache and Merlot also grown. Of the 206.27 hectares planted area, 130 hectares are contracted with Fosters. Premium fruit has been grown over the years with over a quarter of the Fosters production making A grade in 2009.

The Rosebank Vineyard is located in the Grampians region of western Victoria. The vineyard size is 291.4 hectares with 82.68 hectares of planted area. Grapes grown are Shiraz (80%) and Cabernet Sauvignon (20%). The vineyard is currently uncontracted with fruit on sold in 2009 to an array of off takers. Negotiations are underway with Best Wines, Mount Langi Gharan, and Brown Brothers

The last property, Dohnt Vineyard, is located due west of the Coonawarra Township and to the north of Penola, about 4 hours or 380km from Adelaide and/or Melbourne. The property is within the declared Geographical Indication wine region of Coonawarra and it is 37.07 hectares in size. 29.7 hectares of the vineyard is planted area and all is contracted with Fosters. There are three different types of grapes grown on this property, being Shiraz 21%, Cabernet Sauvignon 61% and Chardonnay 18%.

All vineyards receive approximately 500mm or more of rainfall per annum. RFM has also arranged for 270ML off-peak water supply for Kleinig Vineyard, 130ML allocation per annum for Rosebank and drip irrigation installed over Dohnt Vineyard.

Table 1: UPVF Assets
RFM Ultra Premium Vineyard Fund as at 30 June 2009
Units on Issue 13,603,006
Total Assets $17,658,355
Net Assets $7,647,632

Performance & Financial Information

Table 2: UPVF Financial Year Returns
Financial Year Returns 2009 2008 2007 2006 2005
Distribution 2.89% 0.00% 0.00% 0.00% 0.00%
Growth -12.21% -9.10% -3.01% -4.57% -5.92%
Total Return -9.33% -9.10% -3.01% -4.57% -5.92%
Grossed Up Distribution 2.89% 0.00% 0.00% 0.00% 0.00%
Grossed Up Total Return -9.33% -5.92% -4.57% -3.01% -9.10%

Returns inclusive of Franking Credits.
Past performance is not a reliable indicator of future performance.

 

Table 3: UPVF Rolling Annual Returns
Rolling Annual Returns
(as at 31 Dec 2009)		 1 Mth 3 Mth 6 Mth 1 Yr 2 Yr* 3 Yr* 4 Yr* 5 Yr* Inception*
Distribution Returns 0.00% 0.00% 0.00% 1.01% 1.16% 0.85% 0.67% 0.54% 0.39%
Growth Returns 0.00% 2.48% -38.53% -38.62% -28.85% -21.46% -17.79% -16.63% -6.86%
Total Returns 0.00% 2.48% -38.53% -37.61% -27.69% -20.61% -17.13% -16.08% -6.46%
Grossed Up Distribution Returns 0.00% 0.00% 0.00% 1.01% 1.16% 0.85% 0.67% 0.54% 0.39%
Grossed Up Total Returns1 0.00% 2.48% -38.53% -37.61% -27.69% -20.61% -17.13% -16.08% -6.46%

* Annualised figures.
1 Effective return including Franking Credits distributed to Unitholders.

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Unit Prices

Click here for historical unit price information

Table 4: UPVF Unit Price History

N.B. The unit prices published 15 March 2010 and 15 April 2010 do not include the UPVF's possible requirement for more funding for operational expenses. Any capital raised for this purpose is likely to be raised at a discount to NAV. The impact of any dilution has yet to be quantified and therefore has not been included in the published unit price.

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Distributions

Table 5: UPVF Distribution History
Payment Date
Record Date
Distributions Paid (per unit)
Franking Credits
Total
15/01/2009
31/12/2008
$0.0153
$0.0000
$0.0153
15/04/2009
31/03/2009
$0.0153
$0.0000
$0.0153

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Key Documents