6-K - BIOX - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rules 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of November 2022

Commission File Number: 001-38836

BIOCERES CROP SOLUTIONS CORP.

(Translation of registrant’s name into English)

Ocampo 210 bis, Predio CCT, Rosario

Province of Santa Fe, Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Exhibit List

Exhibit No.	Description
99.1	Press<br>release, Bioceres Crop Solutions Corp. reports fiscal first quarter 2023 financial and operational results.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		BIOCERES CROP SOLUTIONS CORP.
		(Registrant)
Dated: November 11, 2022	By:	By:	/s/ Federico Trucco
		Name:	Federico Trucco
		Title:	Chief Executive Officer

Exhibit 99.1

FISCAL<br><br><br>FIRST QUARTER<br><br><br>2023<br><br><br><br><br>Financial and Operating Results
BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>1<br><br>Bioceres Crop Solutions Reports<br><br>Fiscal F<br>irst<br><br>Quarter 202<br>3<br><br><br>Financial and Operational Results<br><br><br>R<br>evenues<br>increased<br><br>7<br>1<br>%<br>compared to 1Q22 pro<br><br>forma numbers<br><br><br><br>1Q23<br>Adjusted EBITDA<br>nearly doubled YoY<br>,<br><br>reach<br>ing<br><br>$73 million<br>on an LTM<br>basis<br>after<br>excluding HB4<br>pre<br>-<br>launch<br><br>costs<br><br><br>A<br>nnounced a<br>greement with Syngenta Seedcare<br>s<br>upport<br>ing<br><br>inoculant growth<br>internationally<br><br><br>ROSARIO, Argenti<br>na<br> –<br><br>November<br><br>9<br>, 2022<br> –<br><br>Bioceres Crop Solutions Corp.<br><br>(Bioceres) (NASDAQ:<br>BIOX)<br>,<br>a fully integrated provider of crop productivity solutions designed to enable the transition of<br>agriculture towards carbon neutr<br>ality,<br>announced<br><br>financial<br><br>results for<br>the fiscal f<br>irst<br><br>quarter ended<br>September<br><br>30, 2022. Financial results are expressed in U<br>..<br>S<br>..<br><br>dollars and are presented in accordance<br>with International Financial Reporting Standards. All comparisons in this announcement are year<br>-<br>over<br>-<br>year (YoY), unless otherwise noted.<br><br><br>FINANCIAL & BUSINESS HIGHLIGHTS<br><br> •<br><br>Total revenues in 1Q23 were $12<br>7<br>..<br>1<br><br>m<br>illion<br>,<br><br>a 7<br>1<br>% increase with respect to the<br>comparable<br>pro<br><br>forma numbers for the first quarter of last year<br>, which are inclusive of historical revenues<br>from Pro Farm.<br><br>Top line<br>growth was driven by<br>continued outstanding performance in micro<br>-<br>beaded fertilizer<br>s, as well as inoculants, adjuvants and third<br>-<br>party products.<br><br> •<br><br>Gross profit for the quarter increased 52% year over year compared to 1Q22 pro forma<br>numbers<br>,<br>reaching $51.4 m<br>illion<br>, with all three product segments contributing to gross profit<br>growth<br>..<br><br> •<br><br>Adjusted<br>EBI<br>T<br>DA<br>for the quarter was<br><br>$<br>24.5<br><br>million<br>,<br>near<br>ly<br>doubling last year’s quarterly<br>result,<br><br>reflect<br>ing strong top line and gross profit growth.<br><br><br> •<br><br>The company announced an a<br>greement with Syngenta<br>Seedcare<br>for the development and<br>commercialization of<br><br>certain<br><br>biological seed treatments.<br><br>The partnership will drive global<br>expansion, sustain double digit growth in the category, and provide a baseline of minimum<br>profit sharing over the life of the agreement. Additionally, an u<br>pfront pay<br>ment of $50 million<br>was<br>received<br><br>in early October 2022<br>..<br><br><br> •<br><br>HB4<br>W<br>heat harvest and<br>S<br>oy planting are beginning in Latin America,<br><br>a season<br>characterized<br>by a very severe drought.<br>HB4<br>S<br>oy<br>hectares<br>more than double<br><br>year<br><br>ago seed<br>multiplication level, for early season plantings.<br>Two soybean varieties are being scaled in<br>Brazil for an upcoming launch in this territory.<br><br> •<br><br>Merger with<br>Pro Farm triggers adoption of the U.S. dollar as the functional currency in<br>main operational<br><br>subsidiaries, starting in 1Q23.<br><br>The Pro Farm merger and subsequent
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>2<br><br>business integration drove a functional currency switch from local currency to the U.S. dollar<br>in<br>the<br>main<br><br>Argentine<br><br>subsidiaries<br>,<br><br>whose operations are carried out almost exclusively in<br>U.S. dollars. The shift eliminates the need for IAS 29 inflationary adjustments going forward.<br><br> •<br><br>Completion of previously announced $5 million share buy<br>-<br>back program<br>.. Program to be<br>extended through the<br><br>approval of an additional $5 million.<br><br>MANAGEMENT REVIEW<br><br>Mr. Federico Trucco, Bioceres´ Chief Executive Officer, commented: “We are delighted to report on a<br>fantastic beginning to FY23, with revenues growing 71% for the quarter and adjusted EBITDA<br>almost<br>doubling for the period.<br><br>This achievement is even more remarkable after six consecutive quarters of<br>revenue expansion.<br><br>Severe drought conditions in Argentina may transiently slow down sales in the<br>current quarter for our core portfolio, an impact wh<br>ich we expect to be partially moderated with Pro<br>Farm sales in North America and Europe. At the same time, the drought is creating a unique<br>opportunity to showcase HB4 technology, with the country<br>-<br>wide wheat crop decline expected to be<br>at the 40% level com<br>pared to last year’s harvest. We are also making good progress with HB4 Soy<br>breeding and multiplication efforts, with early season plantings well under way and, with two varieties<br>being scaled in Brazil for an upcoming launch with multipliers in this impor<br>tant geography.”<br><br>Trucco continued, “As exciting and promising as these data points may be, they are not the highlights<br>of the quarter. In 1Q23 we have closed two transactions that give us an unmatched platform for<br>future growth in biological ag inputs, pos<br>itioning our company as a clear leader in sustainable<br>solutions for the agriculture of the future. With the integration of Pro Farm (formerly Marrone Bio<br>Innovations), we now have an existing portfolio<br>-<br><br>or pipeline<br>-<br><br>of products designed to replace or<br>sig<br>nificantly reduce the use of synthetic chemicals in most functions for which they are required in<br>high productivity<br>agriculture. Where we can most immediately achieve this substitution is in the seed<br>care segment of the industry, a $4<br>-<br>5 billion market wher<br>e biologicals have already achieved a 20%<br><br>penetration. And we are starting this journey with the recent announcement of a long<br>-<br>term<br>collaboration agreement with one of the segment leaders, Syngenta.”<br><br> “We have been collaborating with Syngenta<br>Seedcare for 20 years in Argentina and have jointly<br>achieved and held the #1 position for our inoculants, bio fungicides and Syngenta molecules for a<br>long time. This new collaboration creates the right structure to expand this success internationally,<br>at a<br>n accelerated pace. We expect the international revenues generated by our inoculants alone to<br>at least double in the next two years. While Syngenta will now cover working capital needs as well as<br>sales and marketing activities, we have secured minimum pro<br>fits that average $23 million per year<br>over the life of the agreement, not including an upfront fee of $50 million in exchange for the different<br>rights granted for the collaboration. On top of these annual minimum profits, we will receive between<br>50% and 3<br>0% of the incremental profits generated by the collaboration, depending on the geography<br>and the year. The collaboration is not just designed to maximize our commercial reach, but it is also<br>focused on accelerating our R&D efforts, with Syngenta covering 7<br>0% of the R&D investments<br>required for early pipeline products and new products that we may opt to develop jointly within this<br>framework." Trucco finished by adding, “we want to thank Syngenta Seedcare leadership for their<br>trust<br>and hard work to get to thi<br>s point and reassure them of our full commitment to the success of<br>this joint endeavor.”<br><br>Mr. Enrique Lopez Lecube, Bioceres´ Chief Financial Officer, noted, “This was an extremely important<br>quarter from a strategy standpoint. We started the fiscal ye<br>ar<br>on a<br><br>strong<br><br>note<br><br>with the completion<br>of the merger with Pro Farm and made considerable progress<br>on<br><br>our integration and synerg<br>y<br><br>efforts
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>3<br><br>throughout the quarter. Simultaneously we executed an ironclad agreement with Syngenta Seedcare<br>that solidifies a prof<br>itable long<br>-<br>term growth path for our inoculants. These two milestones put us in<br>a unique position to structurally benefit from the secular growth trend and high profitability profile<br>that biologicals offer. Our first quarter financial performance continued<br><br>to build on past execution,<br>adding a 71% top line expansion to the already outstanding 62% growth reported for our last full<br>fiscal year. Importantly, this growth transcended revenues and brought a record<br>-<br>high $24.5 million<br>Adjusted EBITDA for the quarter<br>, even as we account for HB4 inventory ramp<br>-<br>up costs and negative<br>EBITDA from Pro Farm. Our balance sheet and cash position remain strong, particularly after the<br>issuance of the $55 million convertible notes in July, followed by the $50 million upfront pay<br>ment<br>received from Syngenta in early October”. Lopez Lecube added, “<br>D<br>espite severe weather conditions<br>currently affecting farmers in an important end market like Argentina, our strong first quarter results<br>and the revenue diversification we gained from Pro<br><br>Farm, make us feel confident about the growth<br>outlook for the full fiscal year. We will remain focused on executing our HB4 strategy and making<br>Pro Farm assets EBITDA contributors before year end”.<br><br>KEY<br>FINANCIAL METRICS<br><br>(In millions of U.S. dollars, unles<br>s where otherwise stated)<br><br><br>Table 1: 1Q23 Key Financial Metrics<br><br><br><br>1Q23<br><br>1Q22 Pro Forma<br><br>1<br><br>1Q23<br><br>% Change<br><br><br>Revenue by Segment<br><br><br><br><br>Crop Protection<br><br>41.0<br><br>63.0<br><br>54%<br><br>Seed and Integrated Products<br><br>8.7<br><br>13.8<br><br>59%<br><br>Crop Nutrition<br><br>24.<br>8<br><br>50.<br>3<br><br>103%<br><br>Total Revenue<br><br>74.<br>5<br><br>12<br>7<br>..<br>1<br><br>7<br>1<br>%<br><br>Gross Profit<br><br>33<br>..9<br><br>51.<br>4<br><br>52<br>%<br><br>Gross Margin<br><br>45.5%<br><br>40.5%<br><br>(<br>50<br>5<br><br>bps<br>)<br><br><br><br>1.<br>1<br>Q22<br>pro forma financials<br>includ<br>e<br><br>Pro Farm<br><br>historical numbers and Bioceres comparable metrics<br>..<br><br><br>1Q22<br><br>1Q23<br><br>% Change<br><br><br>Adjusted EBITDA<br><br>12.4<br><br>24.<br>5<br><br>9<br>8<br>%<br><br>HB4<br>ramp<br>-<br>up<br><br>cost<br><br>1.9<br><br>1.0<br><br>(48%)<br><br>Adjusted EBITDA excluding HB4 ramp<br>-<br>up<br>cost<br>2<br><br>14.4<br><br>25.<br>5<br><br>78%<br><br>2.<br><br>Only excludes HB4 ramp<br>-<br>up cost. The remaining HB4 operating expenses are included in the Adjusted EBITDA metric.<br><br>1Q23<br> –<br><br>Summary: 1Q23<br><br>was an outstanding quarter with revenues increasing 71% to $127.1 million<br>when compared to 1Q22 pro forma revenues that include historical sales from Pro Farm. Top<br>-<br>line<br>growth was driven by continued strong performance in micro<br>-<br>beaded fertilizers, as well<br><br>as adjuvants,<br>third<br>-<br>party products, and seed treatment packs. Gross profit increased 52%, with an overall growth<br>margin of 40.5%. Adjusted EBITDA nearly doubled at $24.5 million. This number includes the effect<br>of HB4 ramp<br>-<br>up costs and negative EBITDA fro<br>m Pro Farm.
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>4<br><br>F<br>IRST<br><br>QUARTER<br><br>202<br>3<br><br>FINANCIAL RESULTS<br><br><br>Change in functional currency.<br><br>Starting in<br>1Q23, the functional currency for<br>the main<br>Argentine<br>operating subsidiaries has been changed to<br>the<br>U<br>..<br>S<br>.. dollar<br>..<br>The need for this change in subsidiaries<br>whose businesses operate almost entirely in dollars or dollar<br>-<br>linked was cemented<br>by<br>the<br>Pro<br><br>Farm<br>merger and subsequent business integration<br>..<br><br>As a result of this change,<br><br>IAS 29 adjustments<br><br> –<br><br>which<br>appl<br>y<br><br>to<br>financial statements in<br><br>the<br><br>local<br><br>currency of a h<br>yperinflationary economy<br><br> –<br><br>are no longer<br>applicable<br><br>to<br>those subsidiaries<br>..<br> “Comparable” metrics<br>,<br><br>which had been<br>presented<br>until now<br>as a<br>reflection<br>of the underlying business performance that<br>remove<br>d<br><br>the distortionary effect<br>s<br><br>of IAS<br><br>29<br>,<br><br>will no longer be<br>used<br><br>and management will only<br>address reported figures.<br><br><br>Pro<br><br>forma revenues and<br>p<br>ro forma<br>gross profit.<br>As of this quarter, Pro Farm<br>result<br>s<br><br>are included in<br>our reporting<br>, following the merger, which was completed on July<br>12<br>, 2022<br>..<br>Pro Farm products are<br>integrated into our previously existing segments. Legacy bioprotection products are included within<br>the Crop Protection segmen<br>t<br>, and l<br>egacy biostimulant products are included within the Crop<br>Nutrition segment<br>..<br>Pro<br><br>forma<br>r<br>evenues and<br>p<br>ro forma<br><br>g<br>ross<br>p<br>rofit metrics that include Pro Farm are<br>presented for 1Q22 to facilitate comparison.<br><br><br><br>Revenues<br><br>Table<br>2<br>:<br>1<br>Q<br>2<br>3<br><br>Revenues by Segment<br><br>(In millions of U<br>..<br>S<br>..<br><br>dollars)<br><br>1Q2<br>2<br><br>Pro<br><br>forma<br>1<br><br>1Q<br>2<br>3<br><br>% Change<br><br><br>Revenue by segment<br><br><br><br><br>Crop protection<br><br>41.0<br><br>63.0<br><br>54<br>%<br><br>Seed and integrated products<br><br>8.7<br><br>13.8<br><br>59%<br><br>Crop nutrition<br><br>24.<br>8<br><br>50.<br>3<br><br>103<br>%<br><br>Total revenue<br><br>74.<br>5<br><br>12<br>7<br>..<br>1<br><br>7<br>1<br>%<br><br><br><br><br><br><br>1. Financials presented for 1Q22 correspond to<br>p<br>ro<br><br>forma<br>c<br>omparable<br>f<br>inancials<br>,<br><br>including Pro Farm.<br><br><br>Total<br>Re<br>v<br>en<br>ues<br><br>were<br>$<br>127<br>..<br>1<br><br>million<br>,<br><br>representing a<br>quarterly record in sales and a<br>7<br>1<br>% growth<br>versus<br>pro<br><br>forma<br>comparable revenues<br>for<br><br>1Q22<br>..<br>Th<br>e<br><br>outstanding revenue performance<br>continues<br>previous quarter trends<br><br>with robust growth<br>across<br><br>all<br>segments<br>..<br><br>Crop Nutrition<br>accounted for half of<br>the<br>total revenue growth,<br><br>with<br><br>continued strong performance<br><br>in<br><br>micro<br>-<br>beaded fertilizer<br><br>sales<br>.. Expansion<br><br>was<br>driven by<br>the<br>winter<br><br>season<br><br>and<br><br>pre<br>-<br>season<br><br>summer<br><br>sales<br><br>in Latin America<br>..<br><br>Inoculant<br>sales<br><br>also<br>expanded<br><br>during the quarter,<br>delivering<br>growth<br>across<br>South Africa, Europe and South America.<br><br>Despite the dry weather<br><br>in Latin America<br>,<br>Crop Protection delivered<br><br>a<br><br>strong<br><br>performance, with a<br>54<br>% increase in sales<br>for the quarter<br>, led by h<br>igher<br><br>t<br>hird<br>-<br>party<br><br>product<br><br>sales<br>in Argentina<br>,<br>solid<br><br>adjuvant sales in Argentina and<br><br>Brazil, expanding<br>through<br>business<br>-<br>to<br>-<br>business<br><br>channels<br>..<br>Sales of<br>Pro<br>Farm row<br><br>crop product<br>s<br><br>delivered<br><br>solid growth<br>,<br><br>as high commodity prices allowed farmers to<br>invest in<br>biocontrol.<br><br>Pro Farm<br>bioprotection product<br>s<br><br>for<br>specialty<br><br>crops were negatively affected by<br>drought conditions in<br><br>the western United States<br>..
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>5<br><br>The<br>increase in<br>revenues from<br>Seed & Integrated Products<br>w<br>as<br>driven<br><br>by higher s<br>eed treatment<br>packs<br><br>sales in Latin America and South Africa.<br>A<br>nticipated sales to the soybean and<br>other<br>legumes<br><br>season<br><br>contributed to<br><br>the growth in<br>Latin America<br>, while<br>an<br><br>expansion in soybean<br>acreage<br><br>supported<br><br>growth<br><br>in South Africa.<br><br>Gross Profit & Margin<br><br>Table<br>3<br>:<br>1<br>Q<br>2<br>3<br><br>Gross Profit by Segment<br><br>(In millions of U<br>..<br>S<br>..<br>dollars)<br><br><br>1Q22<br><br>Pro<br><br>forma<br>1<br><br>1Q23<br><br>% Change<br><br><br>Gross profit by segment<br><br><br><br><br>Crop protection<br><br>14.8<br><br>1<br>7<br>..<br>9<br><br>2<br>1<br>%<br><br>Seed and integrated products<br><br>5.5<br><br>8.3<br><br>52%<br><br>Crop nutrition<br><br>13.6<br><br>25.<br>2<br><br>8<br>2<br>%<br><br>Total Gross profit<br><br>33<br>..9<br><br>51.<br>4<br><br>52<br>%<br><br>% Gross margin<br><br>45.5%<br><br>40.5%<br><br>(<br>50<br>5<br><br>bps)<br><br><br><br><br>1. Financials presented for 1Q22 correspond to<br>p<br>ro<br><br>f<br>orma<br>c<br>omparable<br>f<br>inancials<br>,<br><br>including Pro Farm.<br><br>Total<br>Gross Profit<br><br>increased by<br>52<br>% in the quarter, with<br>positive contributions<br>in all three segment<br>s.<br>Crop Nutrition contributed<br>two thirds<br>of the<br>total<br><br>growth,<br>in line with the<br>sales<br>expansion<br>in<br><br>micro<br>-<br>beaded fertilizers and inoculants.<br><br>Crop Protection and Seed & Integrated Products<br> ’<br><br>growth<br><br>was<br>driven by third<br>-<br>party products and seed treatment packs<br><br>correspondingly<br>, plus<br><br>the inclusion of Pro<br>Farm<br><br>results<br><br>in<br>1Q23<br>..<br><br>Gross margin<br>for the<br>quarter<br><br>was<br>40.5<br>%, a<br>50<br>5<br>-<br>basis<br><br>point decline<br><br>from the comparable<br>pro<br><br>forma<br>gross margin of 4<br>5.5<br>%<br>in<br>1Q22<br>, driven by<br>p<br>roduct mix within<br><br>each individual<br><br>segment<br>, and g<br>lobal<br>market dynamics<br>that<br>increased<br>costs of<br>some<br>manufacturing<br>inputs and their<br>related logistics<br>expenses<br>..<br><br><br>Operating Expenses<br><br>Selling, General and Administrative (SG&A):<br><br>F<br>irst quarter SG&<br>A expenses<br><br>totaled $<br>3<br>1<br>..<br>9<br><br>million<br>,<br>compared to $1<br>6.2<br><br>million during the<br>1Q22<br>, a $15.<br>7<br><br>million increase<br>..<br><br>Quarterly<br><br>operating expenses<br>included $2.8 million<br>of transaction expenses related to the<br>Pro Farm merger, which<br>are deducted<br>from the<br>Adj<br>usted<br><br>EBITDA<br><br>calculation.<br>SG&A increase in the quarter was mainly driven by the<br>addition of Pro Farm operating expenses,<br>further enhanced by<br>transitory expenses<br>related to<br>integration efforts<br><br>such as<br><br>severance<br>and higher than usual traveling<br><br>expenses<br>..<br>Base<br>-<br>line business<br>operating e<br>xpenses<br>were also higher<br>, mainly explained by variable SG&A<br>costs<br><br>on high<br>er sales during<br>the quarter.<br><br>Despite the year<br>-<br>over<br>-<br>year increase, SG&A expenses<br>after deducting $2.8 million in one<br>-<br>time<br>transaction expenses stood at<br>22<br>..9%<br><br>of comparable sale<br>s<br>, roughly in line with the pro forma metric<br>for 1Q22.<br><br>Research and Development (R&D):<br><br>R&D<br>expenses<br><br>in the f<br>irst<br><br>quarter were<br><br>$<br>3.9<br><br>million,<br><br>compared to<br><br>$1.4 million in<br>1Q22.<br>1Q23 expenses included<br><br>the addition of<br><br>R&D<br>expenses<br><br>supporting the<br><br>Pro Farm
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>6<br><br>pipeline<br>..<br><br>As planned, the company continues to invest<br>in<br><br>the<br><br>development<br><br>of biol<br>ogical products and<br>the registration<br><br>of seeds and trait<br>s<br>,<br><br>particularly HB4<br>for wheat<br><br>and soybean crops.<br><br>Adjusted EBITDA & Adjusted EBITDA Margin<br><br>Table<br>4<br>:<br>1<br>Q2<br>3<br><br>Adjusted EBITDA Reconciliation<br><br><br>(In millions of U.S. dollars)<br><br>1Q22<br><br>1Q23<br><br>Chg.<br><br>%<br>Chg.<br><br>Comparable revenue<br><br>64.8<br><br>127.1<br><br>62.3<br><br>9<br>6%<br><br>IAS 29<br><br>2.1<br><br>-<br><br><br>(2.1)<br><br>(100%)<br><br>Reported revenue<br><br>66.9<br><br>127.1<br><br>60.2<br><br>90%<br><br>Comparable<br>g<br>ross profit<br><br>27.9<br><br>51.4<br><br>23.5<br><br>84%<br><br>% Gross margin<br><br>43%<br><br>40%<br><br><br><br>IAS 29<br><br>1.1<br><br>-<br><br><br>(1.1)<br><br>(100%)<br><br>Reported<br>g<br>ross<br>p<br>rofit<br><br>29.0<br><br>51.4<br><br>22.4<br><br>77%<br><br>Share of profit (loss) of JVs<br><br>(0.2)<br><br>0.8<br><br>1.<br>1<br><br>479%<br><br>Selling, general and administrative expenses<br><br>(1<br>6<br>..<br>2<br>)<br><br>(<br>3<br>1<br>..<br>9<br>)<br><br>(1<br>5<br>..<br>7<br>)<br><br>(<br>97%<br>)<br><br>Research and development expenses<br><br>(1.4)<br><br>(3.9)<br><br>(2.4)<br><br>(<br>169%<br>)<br><br>Other income or expenses, net<br><br>(1.1)<br><br>0.5<br><br>1.6<br><br>142%<br><br>Operating profit<br><br>10.0<br><br>1<br>7<br>..<br>0<br><br>7.0<br><br>69%<br><br>Transactional expenses<br><br>-<br><br><br>2.8<br><br>2.8<br><br>-<br><br>D&A<br><br>1.9<br><br>4.5<br><br>2.7<br><br>144%<br><br>Share<br>-<br>based incentives<br><br>0.5<br><br>0.2<br><br>(0.3)<br><br>(57%)<br><br>Adjusted EBITDA<br><br>12.4<br><br>24.5<br><br>12.1<br><br>9<br>8<br>%<br><br>HB4<br>expenses<br><br>0.4<br><br>-<br><br><br>(0.4)<br><br>(100%)<br><br>Inventory ramp<br>-<br>up cost<br><br>1.6<br><br>1.0<br><br>(0.6)<br><br>(36%)<br><br>Adjusted EBITDA excluding HB4 pre<br>-<br>launch costs<br><br>14.4<br><br>25.5<br><br>11.1<br><br>78%<br><br>Adjusted EBITDA<br><br>reached<br>$<br>24<br>..<br>5<br><br>million<br>in 1Q23<br>compared<br>to<br><br>$1<br>2<br>..4<br><br>million in<br>1<br>Q2<br>2<br>..<br><br><br>The<br>9<br>8<br>%<br>year<br>-<br>over<br>-<br>year<br><br>increase<br><br>reflects strong<br>operational performance<br><br>but also accounts for an<br>uneven comparison<br>to 1Q22 Adjusted EBITDA<br>,<br><br>which had been<br><br>negatively impacted by IAS29<br>accounting adjustments.<br><br><br>Record $2<br>4<br>..<br>5<br><br>million<br>in<br>1Q23 Adjusted EBITDA<br>includes negative results from Pro Farm<br>, which is<br>expected to contribute<br><br>positively to EBITDA by year end as the revenue base expands, and cost and<br>sales s<br>ynergies are realized<br>..<br><br>Despite<br><br>not benefit<br>ing<br><br>from<br>a<br><br>pro forma exercise on<br>historical Adjusted EBITDA<br><br>-<br><br>1Q23 metrics<br>account for negative EBITDA from Pro Farm while 1Q22<br>do<br><br>not<br>..<br><br>A<br>djusted EBITDA margin remained<br>relatively flat<br><br>at<br>19.3<br>%<br>..
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>7<br><br>Financial<br>Income and Loss<br><br>Table<br>5<br>:<br>1<br>Q2<br>3<br><br>Net Finance Result<br>1<br><br>(In millions of U<br>..<br>S<br>..<br><br>dollars)<br><br>1<br>Q2<br>2<br><br>1<br>Q2<br>3<br><br>Chg.<br><br>%Chg.<br><br>Net interest expenses<br><br>(2.1)<br><br>(4.0)<br><br>(2.0)<br><br>96%<br><br>Financial commissions<br><br>(0.8)<br><br>(1.1)<br><br>(0.3)<br><br>34%<br><br>Total net interest expenses and financial<br>commissions<br><br>(2.8)<br><br>(5.1)<br><br>(2.2)<br><br>79%<br><br><br>Exchange variations<br><br>(2.7)<br><br>(2.5)<br><br>0<br>..2<br><br>(<br>7<br>%)<br><br>Net gain of inflation effect on monetary items<br><br>1.6<br><br>(0.2)<br><br>(1.8)<br><br>(109%)<br><br>Changes in fair value of financial assets or liabilities and others<br><br>(0.8)<br><br>(0.6)<br><br>0<br>..2<br><br>(<br>26<br>%)<br><br>Total other<br>non<br>-<br>cash finance result<br><br>(1.8)<br><br>(<br>3.2<br>)<br><br>1<br>..4<br><br>77%<br><br>Total Net Finance Result<br><br>(4.7)<br><br>(8.3)<br><br>(3.6)<br><br>78%<br><br><br>Total net interest expenses and commissions from financial debt<br>increase<br>d by<br><br>$<br>2<br>..<br>2<br><br>million during<br><br>1<br>Q2<br>3<br><br>to $<br>5<br>..<br>1<br><br>million as a result of<br>a higher debt position<br>from<br><br>the<br>executed agreements in connection<br>with the<br>Pro Farm<br><br>merger<br>..<br>Part of the p<br>roceeds w<br>ere<br><br>used to pay<br><br>off<br>all<br>existing Pro<br><br>Farm Group’s<br><br>financial obligations<br><br>and<br>for<br>working capital<br><br>needs<br><br>to<br>execut<br>e<br><br>cost synergies<br>..<br><br>Net gain from inflation effect on monetary items<br>were<br>minimized<br><br>as a result of the<br>change in<br>functional currency<br>..<br><br><br>1<br><br>Net interest expenses from financial debt obligations, net of gains/losses from translation effects on Argentine Peso denomin<br>ated loans held by<br>Rizobacter as part of the Company´s financial hedging strategy, as well as financial commissions, are the main f<br>inancial metrics that management uses<br>to assess Bioceres’ cost of financing. Exchange rate variations, net gains/losses due to the inflation effect on monetary ite<br>ms, and Changes in fair value<br>of financial assets or liabilities and others include items tha<br>t are believed to have a limited impact on the underlying business, as a significant portion<br>of both cash flows and financial debt obligations are linked to the U<br>..<br>S<br>..<br><br>dollar.
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>8<br><br>Balance Sheet Highlights<br><br>Table<br>6<br>: Capitalization and Debt<br><br>(In millions of U<br>..<br>S<br>..<br><br>dollars)<br><br>As of<br>September<br>, 30<br><br><br><br>2021<br><br>2022<br><br>Total Debt<br><br><br><br>Short<br>-<br>Term Debt<br><br>66.7<br><br>7<br>4<br>..<br>7<br><br>Long<br>-<br>Term Debt<br><br>112.8<br><br>153.1<br><br>Cash and Cash Equivalents<br><br>(36.6)<br><br>(47.4)<br><br>Other short<br>-<br>term investments<br><br>(5.3)<br><br>(3.9)<br><br>Total Net Debt<br><br>137.6<br><br>17<br>6<br>..6<br><br>Equity attributable to equity holders of the parent<br><br>73.7<br><br>280.<br>5<br><br>Equity<br>attributable to non<br>-<br>controlling interests<br><br>24.1<br><br>34.2<br><br>Capitalization<br><br>235.4<br><br>491.<br>3<br><br>LTM As Reported Adjusted EBITDA<br><br>50.2<br><br>63.<br>6<br><br>Net Debt /LTM Adjusted EBITDA<br><br>2.74x<br><br>2.7<br>8<br>x<br><br>Net Financial Debt<br>,<br><br>stood at<br>$1<br>7<br>6<br>..<br>6<br><br>million on<br>September<br><br>30, 2022, and Total Financial Debt at<br>$<br>22<br>7<br>..9<br>million,<br>in<br>creasing from $17<br>9<br>..<br>5<br><br>million in<br>1<br>Q2<br>2<br>..<br>The i<br>ncrease<br><br>in Total Financial Debt<br><br>relates<br>to<br>the execution of the<br>two<br>financing agreements in<br><br>connection to the merger with<br>P<br>ro Farm<br><br>which<br>totaled<br>$79<br>m<br>illion<br>..<br><br>Part of the p<br>roceeds w<br>ere<br>allocated to<br>paying down<br><br>all<br>existing Pro<br><br>Farm financial<br>obligations<br>..<br><br>Cash, Cash Equivalents and<br>O<br>ther<br>S<br>hort<br>-<br>term<br>I<br>nvestments<br><br>as<br><br>of<br>September<br>30, 2022, totaled $<br>51.3<br><br>million, compared to $4<br>1<br>..<br>9<br><br>million on<br>September 30, 2021<br>..<br><br>Subsequent to quarter end<br>, on October 6<br>th<br>, 2022, we received $50 million<br>of the upfront consideration<br>for the rights granted to Syngenta under the<br>exclusive<br>distribution agreement and R&D collaboration<br>..<br>Inclu<br>sive of<br><br>this payment,<br>C<br>ash,<br>C<br>ash Equivalents and<br>O<br>ther<br>S<br>hort<br>-<br>term<br>I<br>nvestments<br><br>increase<br>d<br><br>to<br>$<br>1<br>01.3 million.<br><br>Net Debt<br>-<br>to<br>-<br>LTM Adjusted EBITDA<br>,<br><br>on<br>September<br><br>30, 2022, was<br>2.7<br>8<br>x<br>a slight increase<br>compared<br>to 2.<br>74<br>x<br>in 1Q22<br>..<br><br>F<br>IRST<br><br>QUARTER 202<br>3<br><br>EARNINGS CONFERENCE CALL<br><br><br>Management<br>will host<br>a<br>conference call a<br>nd<br><br>question<br>-<br>and<br>-<br>answer session<br>, which<br>will be<br>accompanied by a presentation<br><br>available<br><br>during the webcast or accessed via the investor relations<br>section of the company’s<br>website<br>..<br><br><br>To access the call, please use the following information:
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>9<br><br>Date:<br><br>Thursday,<br>November<br><br>10<br>,<br><br>2022<br><br>Time:<br><br>8:30 a.m. EST, 5:30 a.m. PST<br><br>Toll Free dial<br>-<br>in number:<br><br>1<br>-<br>844<br>-<br>200<br>-<br>6205<br><br>Toll/International dial<br>-<br>in number:<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>1<br>-<br>929<br>-<br>526<br>-<br>1599<br><br>Conference ID:<br><br>941140<br><br>Webcast:<br><br>Click<br>here<br><br><br><br><br>Please<br>dial in<br>5<br>-<br>10 minutes prior to the start time<br><br>to<br><br>register and<br><br>join<br>..<br><br><br><br><br>The conference call will be broadcast live and available for replay<br>here<br><br>and via the investor relations<br>section of the company’s website<br><br>here<br>..<br><br><br><br><br>A replay of the call will be available through<br>November<br><br>1<br>5<br>, 2022, following the conference.<br><br><br><br>Toll Free Replay Number:<br><br>1<br>-<br>866<br>-<br>813<br>-<br>9403<br><br>International Replay Number:<br><br>+44 204 525 0658<br><br>Replay ID:<br><br>062915<br><br>About Bioceres Crop Solutions Corp.<br><br>Bioceres Crop Solutions Corp. (NASDAQ: BIOX) is a fully integrated provider of crop productivity<br>technologies designed to enable the transition of agriculture towards carbon neutrality. To do this,<br>Bioceres’ solutions c<br>reate economic incentives for farmers and other stakeholders to adopt<br>environmentally friendlier production practices. The Company has a unique biotech platform with<br>high<br>-<br>impact, patented technologies for seeds and microbial ag<br>-<br>inputs, as well as next gene<br>ration<br>Crop Nutrition and Protection solutions. Through its HB4® program, the Company is bringing digital<br>solutions to support growers’ decisions and provide end<br>-<br>to<br>-<br>end traceability for production outputs.<br>For more information, visit<br><br>here<br>..<br><br><br><br>Contact<br><br>Bioceres Crop Solutions<br><br>Paula Savanti<br><br>Head of Investor Relations<br><br>[email protected]<br><br><br>Forward<br>-<br>Looking Statements<br><br>This communication includes “forward<br>-<br>looking statements” within the meaning of the “safe harbor”<br>provisions of the United States Private Securities Litigation Reform Act of 1995. Forward<br>-<br>looking<br>statements may be identified by the use of words such as “for<br>ecast,” “intend,” “seek,” “target,”<br> “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar<br>expressions that predict or indicate future events or trends or that are not statements of historical<br>matters. Such forwar<br>d<br>-<br>looking statements include<br><br>estimated financial data and, among others,<br>statements related to the expected or potential impact of the novel coronavirus (COVID<br>-<br>19)<br>pandemic, and the related responses by governments, clients and the Company, on our business<br>,<br>financial condition, liquidity position and results of operations, and any such forward<br>-<br>looking<br>statements, whether concerning the COVID<br>-<br>19 pandemic or otherwise, involve risks, assumptions<br>and uncertainties. These forward<br>-<br>looking statements include, but<br><br>are not limited to, whether (i) the
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>10<br><br>health and safety measures implemented to safeguard employees and assure business continuity<br>will be successful, (ii) the uncertainty related to COVID<br>-<br>19 in the farming community will be short<br>lived, and (iii) we will b<br>e able to coordinate efforts to ramp up inventories. Such forward<br>-<br>looking<br>statements are based on management’s reasonable current assumptions, expectations, plans and<br>forecasts regarding the Company’s current or future results and future business and econo<br>mic<br>conditions more generally. Such forward<br>-<br>looking statements involve risks, uncertainties and other<br>factors, which may cause the actual results, levels of activity, performance or achievement of the<br>Company to be materially different from any future resu<br>lts expressed or implied by such forward<br>-<br>looking statements, and there can be no assurance that actual results will not differ materially from<br>management’s expectations<br><br>or could affect the Company’s ability to achieve its strategic goals,<br>including the unc<br>ertainties relating to the impact of COVID<br>-<br>19 on the Company’s business,<br>operations, liquidity and financial results and the other factors that are described in the sections<br>entitled “Risk Factors” in the Company's Securities and Exchange Commission filing<br>s updated from<br>time to time.<br><br>The preceding list is not intended to be an exhaustive list of all of our forward<br>-<br>looking<br>statements. Therefore, you should not rely on any of these forward<br>-<br>looking statements as<br>predictions of future events. All forward<br>-<br>lookin<br>g statements contained in this release are qualified in<br>their entirety by this cautionary statement. Forward<br>-<br>looking statements speak only as of the date<br>they are or were made, and the Company does not intend to update or otherwise revise the forward<br>-<br>looki<br>ng statements to reflect events or circumstances after the date of this release or to reflect the<br>occurrence of unanticipated events, except as required by law.<br><br><br><br>Use of<br>Non<br>-<br>IFRS Financial Information<br><br>The Company supplements the use of IFRS financial measu<br>res with non<br>-<br>IFRS financial measures,<br>including Adjusted EBITDA, Adjusted EBITDA Margin, Net debt, Net interest expenses,<br>Comparable<br>figures<br><br>which exclude the impact of IAS29 as explained below<br><br>and<br>p<br>ro forma numbers<br><br>which are<br>inclusive of<br>historical revenues and gross profit from Pro Farm<br>..<br><br><br>The non<br>-<br>IFRS measures should not be considered in isolation or as a substitute for measures of<br>performance prepared in accordance with IFRS and may be different from non<br>-<br>IFRS measures used<br>by other comp<br>anies. In addition, the non<br>-<br>IFRS measures are not based on any comprehensive set of<br>accounting rules or principles. Non<br>-<br>IFRS measures have limitations in that they do not reflect all of<br>the amounts associated with our results of operations as determined in<br><br>accordance with IFRS. This<br>non<br>-<br>IFRS financial measures should only be used to evaluate the Company’s results of operations in<br>conjunction with the most comparable IFRS financial measures.<br><br>In addition, other companies may<br>report similarly titled measures,<br>but calculate them differently, which reduces their usefulness as a<br>comparative measure. Management utilizes these non<br>-<br>IFRS<br><br>metrics as performance measures in<br>evaluating and making operational decisions regarding our business.<br><br><br><br>Adjusted EBITDA and<br>Adjusted EBITDA Margin<br><br>The Company defines Adjusted EBITDA as profit/(loss) exclusive of financial income/(costs),<br>income tax benefit/(expense), depreciation, amortization, share<br>-<br>based compensation, inventory<br>purchase allocation and one<br>-<br>time transactional<br>expenses.<br><br><br>Management believes that Adjusted EBITDA provides useful supplemental information to investors<br>about the Company and its results. Adjusted EBITDA is among the measures used by the<br>management team to evaluate the Company’s financial and operatin<br>g performance and make day<br>-<br>to<br>-<br>day financial and operating decisions. In addition, Adjusted EBITDA and similarly titled measures<br>are frequently used by competitors, rating agencies, securities analysts, investors and other parties<br>to evaluate companies in t<br>he same industry. Management also believes that Adjusted EBITDA is
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>11<br><br>helpful to investors because it provides additional information about trends in the Company’s core<br>operating performance prior to considering the impact of capital structure, depreciation,<br>amortization and taxation on results. Adjusted EBITDA should not be considered in isolation or as a<br>substitute for other measures of financial performance reported in accordance with IFRS. Adjusted<br>EBITDA has limitations as an analytical tool, including:<br><br><br> • Adjusted EBITDA does not reflect changes in, including cash requirements for working capital<br>needs or contractual commitments.<br><br><br> • Adjusted EBITDA does not reflect financial expenses, or the cash requirements to service interest<br>or principal payments on<br><br>indebtedness, or interest income or other financial income.<br><br><br> • Adjusted EBITDA does not reflect income tax expense or the cash requirements to pay income<br>taxes.<br><br><br> • Although depreciation and amortization are non<br>-<br>cash charges, the assets being depreciated or<br>amortized often will need to be replaced in the future, and<br><br>Adjusted EBITDA does not reflect any cash<br>requirements for these replacements.<br><br><br> • Although share<br>-<br>based compensation is a non<br>-<br>cash charge, Adjusted EBITDA does not consider the<br>potentially dilutive impact of share<br>-<br>based compensation; and<br><br><br> • Other compani<br>es may calculate Adjusted EBITDA and similarly titled measures differently, limiting<br>its usefulness as a comparative measure.<br><br><br>The Company compensates for the inherent limitations associated with using Adjusted EBITDA<br>through disclosure of these limitatio<br>ns, presentation in the combined financial statements in<br>accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS<br>measure, income/(loss) for the period or year.<br><br><br>Table<br>7<br>:<br>1Q23<br>Adjusted EBITDA<br>Reconciliation from Income/(Loss) for the period<br><br>(In millions of US dollars)<br><br>1Q22<br><br>1Q23<br><br>Chg.<br><br>%Chg.<br><br>Income/(Loss) for the period<br><br>2.3<br><br>3.<br>9<br><br>1.<br>6<br><br>73<br>%<br><br>Income tax (benefit)/expense<br><br>2.6<br><br>4.<br>8<br><br>2.<br>2<br><br>8<br>3<br>%<br><br>Finance results<br><br>5.2<br><br>8.3<br><br>3.1<br><br>61%<br><br>Depreciation of PP&E and<br>intangibles assets<br><br>1.9<br><br>4.5<br><br>2.7<br><br>144%<br><br>Stock<br>-<br>based compensation charges<br><br>0.5<br><br>0.2<br><br>(0.3)<br><br>(57%)<br><br>Transaction expenses<br><br>-<br><br><br>2.8<br><br>2.8<br><br>-<br><br>Adjusted EBITDA<br><br>12.4<br><br>24.<br>5<br><br>12.<br>1<br><br>9<br>8<br>%<br><br><br><br>Comparable revenue and Comparable gross margin<br><br>(Comparable figures<br>)<br><br>Comparable<br>figures result from dividing nominal Argentine pesos for the Argentine operations by the<br>average foreign exchange rate of the Argentine Peso against the U<br>..<br>S<br>..<br><br>Dollar in the period. For<br>comparison purposes, the impact of adopting IAS 29 is presented separate<br>ly in each of the<br>applicable sections of this earnings release, in a column denominated “IAS 29”. The IAS 29
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>12<br><br>adjustment results from the combined effect of: (i) the indexation to reflect changes in purchasing<br>power on results against a dedicated line in th<br>e financial results, and (ii) the difference between the<br>translation of results at the closing exchange rate and the translation using the average year<br>-<br>to<br>-<br>date<br>rate on the reported period, as applicable to non<br>-<br>inflationary economies.<br><br>Comparable figures<br>are<br><br>only<br>used<br>for historical information,<br>before<br><br>FY23<br>..<br><br><br>P<br>ro forma<br>revenue and<br>p<br>ro forma gross<br>profit<br><br>(<br>p<br>ro forma numbers)<br><br>The<br>p<br>ro forma<br>revenue and<br>p<br>ro forma gross profit<br>for the<br>t<br>hree<br>-<br>month period ended September 2021,<br>combines the<br>C<br>omparable revenue<br>and<br>C<br>omparable gross profit<br>of<br>BIOX with the historical<br>revenue<br>and gross profit<br><br>of Pro Farm<br>, net of intercompany operations<br>.. Pro forma<br>revenue and<br>p<br>ro forma<br>gross profit<br><br>are computed assuming the merger occurred a<br>s of<br>July<br><br>1, 2021<br><br>and carried forward<br>through the interim period presented.<br><br>Pro forma revenues and<br>p<br>ro forma<br><br>gross profit metrics are<br>presented for 1Q22 to facilitate year over year comparisons.<br><br><br><br>Table 8:<br>1Q22<br>Pro<br>F<br>orma<br><br>Revenues and<br>Pro Forma<br>Gross Profit<br><br>Reconciliation<br><br>(In millions of U<br>..<br>S<br>..<br><br>dollars)<br><br>BIOX<br>Reported<br><br>IAS 29<br><br>BIOX<br>Comparable<br><br>PFG<br><br>Pro Forma<br><br>Revenue by Segment<br><br><br><br><br><br><br>Crop Protection<br><br>35.2<br><br>(0.8)<br><br>34.3<br><br>6.7<br><br>41.0<br><br>Seed and integrated<br>products<br><br>9.0<br><br>(0.3)<br><br>8.7<br><br>-<br><br>8.7<br><br>Crop Nutrition<br><br>22.8<br><br>(1.0)<br><br>21.8<br><br>2.9<br><br>24.8<br><br>Gross Profit by Segment<br><br><br><br><br><br><br>Crop Protection<br><br>13.6<br><br>(2.3)<br><br>11.3<br><br>3.5<br><br>14.8<br><br>Seed and integrated products<br><br>5.5<br><br>(0.0)<br><br>5.5<br><br>-<br><br>5.5<br><br>Crop Nutrition<br><br>9.9<br><br>1.2<br><br>11.1<br><br>2.5<br><br>13.6<br><br><br><br>Net Debt and Net Debt to Adjusted EBITDA<br><br>Net debt is defined as the sum of long and short<br>-<br>term borrowings<br><br>less cash and cash equivalents<br>and<br>other<br><br>short<br>-<br>term<br>investments<br>.. This measure is used by management and investment analysts<br>to<br><br>show the financial strength of the Company. Management is consistently tracking the Company’s<br>leverage position and its ability to repay and service the debt obligations over time. Therefore,<br>management has set a leverage ratio target that is measured by net debt divided by Adjusted<br>EBITDA.<br><br><br>Net Interest Expenses<br><br>Net interest expenses are defined as the sum of interest, other financial results<br>,<br><br>and gains/losses<br>from translation effects on Arge<br>ntine Peso denominated loans held by Rizobacter Argentina.<br>Gains/losses from translation effects on Argentine Peso denominated loans are part of the hedging<br>activities conducted by the Company to manage cost of financing. Net interest expenses and<br>financia<br>l commissions represent the main financial metrics that management uses to assess<br>Bioceres’ cost of financing.
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>13<br><br>Application of IAS 29<br><br>Argentina has been classified as a hyperinflationary economy under the terms of IAS 29 beginning<br>July 1, 2018. IAS 29 requires adjusting all non<br>-<br>monetary items in the statement of financial position<br>by applying a general price index from the<br>mo<br>nth<br><br>they wer<br>e booked to the end of the reporting period.<br>At the same time, it also requires that all items in the statement of income are expressed in terms of<br>the measuring unit current at the end of the reporting period. Consequently, on a monthly basis,<br>results of<br>operations for each reporting period are measured in Argentine Pesos and adjusted for<br>inflation by the applicable monthly inflation rate each month. All amounts need to be restated by<br>applying the change in the general price index from the dates when the i<br>tems of income and<br>expenses were initially recorded in the financial statements. As a result, each monthly results of<br>operations are readjusted each successive month to reflect changes in the monthly inflation rate.<br><br><br>After the restatement explained above, IAS 21 “The Effects of Changes in Foreign Exchange Rates”,<br>addresses the way results must be translated under inflation accounting, stating that all amounts<br>shall be translated at the closing rate<br>of<br><br>the date of the m<br>ost recent statement of financial position.<br>Accordingly, monthly results of operations in Argentine Pesos, after adjustment for inflation pursuant<br>to IAS 29, as described above, must then be converted into U.S dollars at the closing exchange rate<br>for such<br>monthly reported period. This conversion changes every prior reported monthly statement<br>of income in U.S dollars as each monthly amount is readjusted under IAS 29 for inflation per above<br>and reconverted at different exchange rates for each monthly reported<br><br>period under IAS 21. As a<br>result, the impact of monthly inflationary adjustments and monthly conversion adjustments vary the<br>results of operation month to month until year end.
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>14<br><br>Unaudited Consolidated Statement of<br>Comprehensive Income<br><br>(Figures in U<br>..<br>S<br>..<br><br>dollars)<br><br><br><br>Three<br>-<br>month period<br>ended 0<br>9<br>/30/2022<br><br>Three<br>-<br>month period<br>ended 0<br>9<br>/30/2021<br><br><br>Total revenue<br><br>127,105,318<br><br>66,906,245<br><br><br><br>Cost of sales<br><br>(75,675,878)<br><br>(37,882,453)<br><br>Gross profit<br><br>51,429,440<br><br>29,023,792<br><br><br><br>% Gross<br>profit<br><br>40%<br><br>43%<br><br>Operating expenses<br><br>(35,756,924)<br><br>(17,614,742)<br><br><br><br>Share of profit of JV<br><br>842,240<br><br>(222,236)<br><br>Other income or expenses, net<br><br>478,041<br><br>(1,146,617)<br><br>Operating profit<br><br>16,992,797<br><br>10,040,197<br><br><br><br>Finance result<br><br>(8,326,449)<br><br>(5,179,668)<br><br><br><br>Profit<br>before income tax<br><br>8,666,348<br><br>4,860,529<br><br><br><br>Income tax<br><br>(4,754,347)<br><br>(2,595,313)<br><br><br><br>Profit for the period<br><br>3,912,001<br><br>2,265,216<br><br><br><br>Other comprehensive profit / (loss)<br><br>(7,213)<br><br>5,729,137<br><br><br><br>Total comprehensive Profit<br><br>3,904,788<br><br>7,994,353<br><br><br><br><br><br><br><br>Profit for the<br>period attributable to:<br><br><br><br><br><br>Equity holders of the parent<br><br>498,297<br><br>874,137<br><br><br><br>Non<br>-<br>controlling interests<br><br>3,413,704<br><br>1,391,079<br><br><br><br>3,912,001<br><br>2,265,216<br><br><br><br>Total comprehensive profit attributable to:<br><br><br><br><br><br><br><br>Equity holders of the parent<br><br>414,561<br><br>5,722,061<br><br><br><br>Non<br>-<br>controlling interests<br><br>3,490,227<br><br>2,272,29<br>2<br><br><br><br>3,904,788<br><br>7,994,35<br>3
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BIOCERES CROP SOLUTIONS F<br>IRST<br><br>QUARTER 202<br>3<br><br><br><br>15<br><br>Unaudited Consolidated Statement of Financial Position<br><br>(Figures in U<br>..<br>S<br>..<br><br>dollars)<br><br><br>ASSETS<br><br>0<br>9<br>/30/2022<br><br>06/30/202<br>2<br><br>CURRENT ASSETS<br><br><br><br><br><br>Cash and cash equivalents<br><br>47,387,568<br><br>33,475,266<br><br>Other financial assets<br><br>3,930,613<br><br>5,401,133<br><br>Trade receivables<br><br>142,754,854<br><br>111,752,310<br><br>Other receivables<br><br>22,957,655<br><br>19,327,584<br><br>Income and minimum presumed income taxes recoverable<br><br>1,567,204<br><br>1,647,398<br><br>Inventories<br><br>141,910,323<br><br>126,044,122<br><br>Biological assets<br><br>1,026,<br>744<br><br>57,313<br><br>Total current assets<br><br>361,534,961<br><br>297,705,126<br><br>NON<br>-<br>CURRENT ASSETS<br><br><br><br><br>Other financial assets<br><br>1,074,005<br><br>619,841<br><br>Trade receivables<br><br>5,076<br><br>200,412<br><br>Other receivables<br><br>3,163,404<br><br>2,254,199<br><br>Income and minimum presumed income taxes recoverable<br><br>109,175<br><br>44,412<br><br>Deferred tax assets<br><br>4,120,745<br><br>4,011,374<br><br>Investments in joint ventures and associates<br><br>39,629,317<br><br>38,554,092<br><br>Property, plant and equipment<br><br>62,807,699<br><br>49,908,325<br><br>Intangible assets<br><br>174,493,490<br><br>76,704,869<br><br>Goodwill<br><br>123,981,288<br><br>36,073,685<br><br>Right<br>-<br>of<br>-<br>use leased asset<br><br>14,224,682<br><br>12,144,026<br><br>Total non<br>-<br>current assets<br><br>423,608,881<br><br>220,515,235<br><br>Total assets<br><br>785,143,842<br><br>518,220,361<br><br><br>LIABILITIES<br><br>0<br>9<br>/30/2022<br><br>06/30/202<br>2<br><br>CURRENT LIABILITIES<br><br><br><br><br><br>Trade and other payables<br><br>138,810,191<br><br>125,849,620<br><br>Borrowings<br><br>74,733,602<br><br>71,301,468<br><br>Employee benefits and social security<br><br>11,785,442<br><br>7,619,121<br><br>Deferred revenue and advances from customers<br><br>6,377,194<br><br>5,895,313<br><br>Income tax payable<br><br>6,357,991<br><br>7,538,764<br><br>Consideration for acquisition<br><br>2,418,847<br><br>3,048,562<br><br>Lease liabilities<br><br>2,769,144<br><br>1,412,904<br><br>Total current liabilities<br><br>243,252,411<br><br>222,665,752<br><br>NON<br>-<br>CURRENT LIABILITIES<br><br><br><br><br>Borrowings<br><br>81,778,391<br><br>74,177,169<br><br>Investments in joint ventures and associates<br><br>850,065<br><br>717,948<br><br>Deferred tax liabilities<br><br>45,073,540<br><br>29,005,943<br><br>Provisions<br><br>5,052,363<br><br>603,022<br><br>Consideration for acquisitions<br><br>11,502,897<br><br>9,854,228<br><br>Convertible notes<br><br>71,362,653<br><br>12,559,071<br><br>Lease<br>liability<br><br>11,516,213<br><br>10,338,380<br><br>Total non<br>-<br>current liabilities<br><br>227,136,122<br><br>137,255,761<br><br>Total liabilities<br><br>470,388,533<br><br>359,921,513<br><br>EQUITY<br><br><br><br><br>Equity attributable to owners of the parent<br><br>280,512,784<br><br>127,358,573<br><br>Non<br>-<br>controlling interests<br><br>34,242,525<br><br>30,940,275<br><br>Total equity<br><br>314,755,309<br><br>158,298,848<br><br>Total equity and liabilities<br><br>785,143,842<br><br>518,220,361
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