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 September 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): ¨
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
 |
Bioceres
Crop Solutions Reports
Fiscal
Fourth Quarter and Full-Year 2022
Financial
and Operational Results
Fourth quarter
44% top line growth consolidated record full fiscal year revenues, with LTM baseline adjusted EBITDA1 at $61.9 million
HB4 revenues
reported for the first time, with an increase of 94% compared to HB4 wheat contributed goods YoY
ROSARIO, Argentina
– September 8, 2022 – Bioceres Crop Solutions Corp. (“Bioceres”) (NASDAQ: BIOX), a fully integrated
provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, announced financial
results for the fiscal fourth quarter and fiscal year ended June 30, 2022. Financial results are expressed in US dollars and are
presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (“YoY”),
unless otherwise noted.
FINANCIAL &
BUSINESS HIGHLIGHTS
| ● | 4Q22
numbers continued strong growth from previous quarters, with comparable revenues up 44% to
$104.1 million. Comparable revenues for FY22 increased 62% to a record $319.3 million. Metrics
do not include ProFarm numbers, which will be consolidated as of 1Q23. |
| ● | HB4
Wheat revenues were $12.4 million, a 94% increase compared to the year-ago contributed goods
number. |
| ● | Comparable
gross profit for the quarter increased 32% compared to the year-ago quarter, reaching $41.4
million. Comparable gross profit for the full fiscal year reached a record of $136.9 million,
up 45% compared to FY21. |
| ● | Adjusted
EBITDA, excluding HB4 pre-launch costs, reached $61.9 million in FY22, a 24% increase compared
to the previous fiscal year. Adjusted EBITDA number significantly underestimated as a result
of the accounting impact of IAS29. |
| ● | HB4
Soy harvest completed in Argentina. Two varieties advanced for commercial launch with selected
multipliers/distributors in the upcoming season. Seed multiplication in Brazil advancing
under HB4 Program approach. Two varieties on track for Brazil launch in 2023/24 season. |
| ● | Key
feed and food clearances obtained during FY22 including China´s Ministry of Agriculture
approval for HB4 Soy and the U.S. Food and Drug Administration (FDA) favorable conclusion
on HB4 Wheat safety assessment. Other feed and food approvals for HB4 Wheat include Brazil,
Colombia, Australia, New Zealand and Nigeria for HB4 Wheat. |
1 Baseline adjusted EBITDA
excludes HB4 pre-launch costs
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
| ● | Completed
merger with Marrone Bio Innovations, Inc. (now ProFarm Group) on July 12, 2022.
Integration process well under way. |
MANAGEMENT REVIEW
Mr. Federico
Trucco, Bioceres´ Chief Executive Officer, commented: “We are very proud of the performance delivered by our teams in the
fourth quarter and full fiscal year 2022. This last quarter was particularly challenging since we are comparing to a record setting quarter
of last year (4Q21) when we grew at close to 40% compared to 4Q20. This is an amazing closing to an amazing year, not only reflected
in our record setting financials but also in terms of achieving gatekeeping regulatory clearances, namely feed & food approvals
for HB4 Wheat in Brazil and for HB4 Soy in China. We are for the first time reporting revenues associated to the HB4 technology, resulting
from the one crop where we faced the most skepticism: HB4 Wheat. This technology is now not only green-lighted by a growing number of
regulators, including the U.S. FDA, but also increasingly accepted growers, industry participants and consumers at the end. Today we
have more than 20 processors incorporating HB4 wheat in their products with a similar number being onboarded in the next few months.
We have consumer brands actively addressing HB4 Wheat merits, and we have successfully executed the first export operation for HB4 Wheat
flour to Brazil. A post-approval survey in Brazil showed that close to 70% of consumers had no concerns on GMO wheat, an observation
that helped change the position of key groups that historically rejected transgenics in the crop. With this we are not saying that the
job is done, it is far from being done. But we are obviously thrilled to see this progress and very proud of our global leadership in
this front.”
Trucco added, “Furthermore,
as we look into FY23 and beyond, we are invigorated by the opportunities ahead. Right after the quarters’ end and less than four
months since the announcement, we have successfully merged with and de-listed Marrone Bio Innovations. Like the Rizobacter integration
back in 2016, we believe this merger will be transformational for us. With our new colleagues, we are focused on the integration and
expansion of our business and on combining our relative strengths to create a formidable company with a unique product offering and outstanding
global reach.”
Mr. Enrique
Lopez Lecube, Bioceres´ Chief Financial Officer, noted, “We continued our outstanding performance during the fourth quarter,
closing out our tremendous fiscal year on a high note. We delivered annual top-line growth of 62% with our initial HB4 revenues of $12.4
million. We also executed a transformational merger with Marrone Bio Innovations, that significantly enriches our portfolio of biological
products, diversifies our revenue sources, and broadens our sources of growth. Throughout the year, we benefited from positive tailwinds
that accelerated adoption of our technologies and achieved multiple milestones on the regulatory front. We also faced some headwinds
that affected our logistics and manufacturing costs, but overall, we were able to successfully weather supply chain disruptions and unfavorable
macro dynamics. As we move into the new fiscal year, we are focused on solidifying and growing from this new revenue base with the financial
and strategic resources to deliver greater value to our shareholders.”
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
KEY FINANCIAL
METRICS
(In millions of US dollars, unless where otherwise stated)
Table 1:
4Q22 Key Financial Metrics
| 4Q22 | |
| Comparable | | |
| % Change | |
| Revenue by Segment | |
4Q21 | | |
4Q22 | | |
Comparable1 | | |
As Reported | |
| Crop Protection | |
| 42.9 | | |
| 49.7 | | |
| 16 | % | |
| 6 | % |
| Seed and Integrated Products | |
| 6.8 | | |
| 21.5 | | |
| 215 | % | |
| 118 | % |
| Crop Nutrition | |
| 22.7 | | |
| 32.9 | | |
| 45 | % | |
| 37 | % |
| Total Revenue | |
| 72.4 | | |
| 104.1 | | |
| 44 | % | |
| 29 | % |
| Gross Profit | |
| 31.4 | | |
| 41.4 | | |
| 32 | % | |
| 12 | % |
| Gross Margin | |
| 43.4 | % | |
| 39.8 | % | |
| (366 | )bps | |
| (526 | )bps |
| | |
As Reported | | |
% Change | |
| Adjusted EBITDA | |
| 16.6 | | |
| 14.6 | | |
| (12 | )% |
| HB4 pre-launch costs | |
| 0.8 | | |
| 3.2 | | |
| 286 | % |
| Baseline Business Adjusted EBITDA | |
| 17.4 | | |
| 17.7 | | |
| 2 | % |
| 1. | Comparable
excludes the impact of IAS29 as discussed in more detail on page 14. |
4Q22 –
Summary: Comparable revenues in 4Q22 rose 44% from those in 4Q21, reaching $104.1 million, a company record for any quarter. The
increased comparable revenues were mainly driven by the company’s first revenues for HB4 Wheat, greater adoption of Bioceres’
micro-beaded fertilizers in Brazil and Argentina, as well as growth in third-party crop protection products. Comparable gross profit
increased 32%, although gross margins were somewhat lower reflecting a product mix in the quarter weighted to crop protection products.
The 4Q22 Adjusted EBITDA excluding pre-launch costs was 2% higher, at $17.7 million. In preparation for commercialization, HB4 pre-launch
costs increased as expected, to $3.2 million in 4Q22, compared to $0.8 million YoY.
Table 2:
Full Fiscal Year 2022 Key Financial Metrics
| Full
Fiscal Year Period | |
| Comparable | | |
| % Change | |
| Revenue by Segment | |
FY21 | | |
FY22 | | |
Comparable1 | | |
As Reported | |
| Crop Protection | |
| 107.6 | | |
| 166.4 | | |
| 55 | % | |
| 53 | % |
| Seed and Integrated Products | |
| 31.0 | | |
| 48.9 | | |
| 58 | % | |
| 47 | % |
| Crop Nutrition | |
| 58.8 | | |
| 103.9 | | |
| 77 | % | |
| 80 | % |
| Total Revenue | |
| 197.4 | | |
| 319.3 | | |
| 62 | % | |
| 60 | % |
| Gross Profit | |
| 94.2 | | |
| 136.9 | | |
| 45 | % | |
| 39 | % |
| Gross Margin | |
| 47.7 | % | |
| 42.9 | % | |
| (484 | )bps | |
| (560 | )bps |
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
| | |
As Reported | | |
% Change | |
| Adjusted
EBITDA | |
| 48.3 | | |
| 51.5 | | |
| 7 | % |
| HB4
pre-launch costs | |
| 1.6 | | |
| 10.3 | | |
| 563 | % |
| Baseline
Business Adjusted EBITDA | |
| 49.9 | | |
| 61.9 | | |
| 24 | % |
| 1. | Comparable
excludes the impact of IAS29 as discussed in more detail on page 14. |
FY22
- Summary: Comparable revenues in FY22 of $319.3 million were also a record for the company, and for each product segment, increasing
overall by 62%. Sales benefited from the strategic efforts to broaden geographic reach and deepen market penetration, with greater grower
adoption of inoculants, micro-beaded fertilizers, and third-party products. First-time revenues of $12.4 million for HB4 Wheat also contributed
to FY22 top line growth. Comparable gross profit grew by 45% to $136.9 million, although gross margins declined by 484 basis points as
a function of product mix. Adjusted EBITDA and Baseline Business Adjusted EBITDA, increased by 7% and 24% respectively, as a result of
both sales and gross profit increases.
FOURTH QUARTER &
FULL FISCAL YEAR 2022 FINANCIAL RESULTS
Comparable Revenues
and Comparable Gross Profit are key operational metrics used by management to assess the Company's underlying financial and operating
performance. The Company has introduced the term “Comparable” to reflect the result of a given metric excluding the impact
of IAS 29. For comparison purposes, the impact of adopting IAS 29 is presented separately in each of the applicable sections of this
earnings press release, in a column denominated “IAS 29”. For further information please review the Application of IAS 29
section.
Please
note that comparable revenues, comparable gross profit and comparable gross margins are presented for the purpose of comparing each of
these metrics to the corresponding year-ago figure without the impact of IAS 29 and on an individual basis. Comparable figures are not
used for the purpose of calculating Adjusted EBITDA, which is determined from reported metrics and therefore subject to IAS 29 variations
derived from IAS 29 application.
Overall, under
the current macro dynamics that apply to Argentine subsidiaries, IAS 29 overestimates revenues and underestimates margins, as costs
are punished more heavily. Comparable measures remove these distortions. However, the Adjusted EBITDA metric reported is affected by
these IAS 29 dynamics, and the effect is cumulative throughout the year, yielding the greatest differences in 4Q. We estimate a $17.7
million EBITDA hit due to the accounting impact of IAS 29.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Revenues
Table 3: 4Q22 Revenues by Segment
| (In millions of US dollars) | |
As Reported | | |
IAS 29 | | |
Comparable | |
| | |
4Q21 | | |
4Q22 | | |
%Chg. | | |
4Q21 | | |
4Q22 | | |
4Q21 | | |
4Q22 | | |
%Chg. | |
| Revenue by segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Crop protection | |
| 48.1 | | |
| 50.9 | | |
| 6 | % | |
| (5.2 | ) | |
| (1.2 | ) | |
| 42.9 | | |
| 49.7 | | |
| 16 | % |
| Seed and integrated products | |
| 10.0 | | |
| 21.7 | | |
| 118 | % | |
| (3.2 | ) | |
| (0.3 | ) | |
| 6.8 | | |
| 21.5 | | |
| 215 | % |
| Crop nutrition | |
| 24.1 | | |
| 33.1 | | |
| 37 | % | |
| (1.5 | ) | |
| (0.2 | ) | |
| 22.7 | | |
| 32.9 | | |
| 45 | % |
| Total revenue | |
| 82.2 | | |
| 105.7 | | |
| 29 | % | |
| (9.8 | ) | |
| (1.7 | ) | |
| 72.4 | | |
| 104.1 | | |
| 44 | % |
Table 4: FY22 Revenues by
Segment
| (In millions of US dollars) | |
As Reported | | |
IAS 29 | | |
Comparable | |
| | |
FY21 | | |
FY22 | | |
%Chg. | | |
FY21 | | |
FY22 | | |
FY21 | | |
FY22 | | |
%Chg. | |
| Revenue by segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Crop protection | |
| 114.1 | | |
| 174.4 | | |
| 53 | % | |
| (6.5 | ) | |
| (7.9 | ) | |
| 107.6 | | |
| 166.4 | | |
| 55 | % |
| Seed and integrated products | |
| 34.8 | | |
| 51.3 | | |
| 47 | % | |
| (3.8 | ) | |
| (2.4 | ) | |
| 31.0 | | |
| 48.9 | | |
| 58 | % |
| Crop nutrition | |
| 60.6 | | |
| 109.1 | | |
| 80 | % | |
| (1.8 | ) | |
| (5.2 | ) | |
| 58.8 | | |
| 103.9 | | |
| 77 | % |
| Total revenue | |
| 209.5 | | |
| 334.8 | | |
| 60 | % | |
| (12.1 | ) | |
| (15.5 | ) | |
| 197.4 | | |
| 319.3 | | |
| 62 | % |
Comparable Revenues increased by 44% in
4Q22, led by strong performance in the Seed and Integrated Products and Crop Nutrition segments.
Seed and Integrated Products growth is mainly
explained by first-time revenues of $12.4 million in 4Q22 for HB4 Wheat Program and seed sales. Adoption of micro-beaded fertilizers
continued its expansion following the trend of previous quarters, as tight global supply of conventional fertilizers persisted. A
shift in product mix to higher value long-life inoculants in the Brazilian market as well as new inoculant sales in South Africa, also
contributed to segment growth. Crop Protection delivered a positive performance for the quarter with higher sales of third-party products
in Argentina. Dry weather in Argentina and Latin America in general constrained performance in products such as fungicides, insecticides
and adjuvants.
For the full fiscal year 2022, comparable revenues
were record high at $319.3, representing a 62% growth from last year. This acceleration in annual growth is the result of a strong performance
across all three segments. The full fiscal year was characterized by two external conditions that had positive and negative implications
for the business: disruptions in global markets led to higher commodity prices and benefitted adoption of new technologies, while dry
conditions in South America affected summer crops in 2Q and winter planting in 4Q. Despite the latter, the business delivered an outstanding
performance, emphasizing commercial strength and portfolio diversification, both features that will be further enhanced by the incorporation
of ProFarm Group´s (formerly Marrone Bio Innovations) portfolio, commercial team and revenue contribution in Europe and the US.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
The Crop Protection segment contributed significant
revenue growth, following the commercial reorganization for third party product sales, as well as tailwinds from global supply chain
issues that contributed to higher prices. The Crop Nutrition segment contributed almost 40% of overall annual growth, with an outstanding
performance in both micro-beaded fertilizers and inoculant sales. Micro-beaded fertilizers increased market penetration almost doubling
sales. Expanded grower experience with this novel fertilizing technology pushed volumes up 64% year over year. Inoculant sales were particularly
strong in Brazil, a targeted expansion region based on the competitive advantage from Rizobacter´s LLI (Long-Life Inoculants) technology.
Finally, Seed and Integrated Products delivered a 58% growth compared to the previous year, mainly based on the revenue recognition of
HB4 Wheat, discussed above.
Gross Profit & Margin
Table 5: 4Q22 Gross Profit
by Segment
| (In millions of US dollars) | |
As Reported | | |
IAS 29 | | |
Comparable | |
| | |
4Q21 | | |
4Q22 | | |
%Chg. | | |
4Q21 | | |
4Q22 | | |
4Q21 | | |
4Q22 | | |
%Chg. | |
| Gross profit by segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Crop protection | |
| 14.2 | | |
| 11.8 | | |
| (17 | )% | |
| 1.4 | | |
| 2.6 | | |
| 15.5 | | |
| 14.4 | | |
| (8 | )% |
| Seed and integrated products | |
| 6.0 | | |
| 12.8 | | |
| 113 | % | |
| (2.4 | ) | |
| 0.5 | | |
| 3.6 | | |
| 13.4 | | |
| 270 | % |
| Crop nutrition | |
| 12.4 | | |
| 11.8 | | |
| (5 | )% | |
| (0.2 | ) | |
| 1.8 | | |
| 12.3 | | |
| 13.6 | | |
| 11 | % |
| Total Gross profit | |
| 32.7 | | |
| 36.5 | | |
| 12 | % | |
| (1.2 | ) | |
| 4.9 | | |
| 31.4 | | |
| 41.4 | | |
| 32 | % |
| % Gross margin | |
| 39.7 | % | |
| 34.5 | % | |
| (526 | )bps | |
| | | |
| | | |
| 43.4 | % | |
| 39.8 | % | |
| (366 | )bps |
Table 6: FY22 Gross Profit
by Segment
| (In millions of US dollars) | |
As Reported | | |
IAS 29 | | |
Comparable | |
| | |
FY21 | | |
FY22 | | |
%Chg. | | |
FY21 | | |
FY22 | | |
FY21 | | |
FY22 | | |
%Chg. | |
| Gross profit by segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Crop protection | |
| 39.0 | | |
| 49.9 | | |
| 28 | % | |
| 3.9 | | |
| 4.9 | | |
| 42.9 | | |
| 54.8 | | |
| 28 | % |
| Seed and integrated products | |
| 21.9 | | |
| 29.5 | | |
| 35 | % | |
| (2.2 | ) | |
| 1.7 | | |
| 19.7 | | |
| 31.2 | | |
| 58 | % |
| Crop nutrition | |
| 30.0 | | |
| 47.1 | | |
| 57 | % | |
| 1.6 | | |
| 3.8 | | |
| 31.6 | | |
| 50.8 | | |
| 61 | % |
| Total Gross profit | |
| 90.9 | | |
| 126.5 | | |
| 39 | % | |
| 3.3 | | |
| 10.4 | | |
| 94.2 | | |
| 136.9 | | |
| 45 | % |
| % Gross margin | |
| 43.4 | % | |
| 37.8 | % | |
| (560 | )bps | |
| | | |
| | | |
| 47.7 | % | |
| 42.9 | % | |
| (484 | )bps |
Comparable Gross Profit increased by 32%
in the quarter, as improvements in Crop Nutrition and Seed and Integrated Products more than offset a decline in gross profit in the
Crop Protection segment. Higher value inoculants, micro-beaded fertilizers, and HB4 Wheat seed sales were key drivers of the gross
profit increase. Comparable gross margin was 39.8%, a 366 basis point decline from the comparable gross margin of 43.4% last year,
driven by segment mix. Product mix within Crop Protection and Crop Nutrition segments also
contributed to the decrease.
For the full fiscal year, comparable gross profit
grew by 45% with expansion in all three segments. Leading gross profit contributing products included micro-beaded fertilizers, inoculants,
third-party crop protection products, and HB4 Wheat. Gross Margins overall decreased from 47.7% to 42.9%, on similar segment mix and
product mix dynamics as 4Q22. Also, macro dynamics throughout the year in Argentina, where cumulative local inflation outpaced depreciation
of the Argentine peso for the period, created transitory cost pressure on some of the products manufactured in-country.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
The cumulative effect of IAS 29 application affected
the reported gross profit for the fourth quarter by $4.9 million, which led to a reported gross margin of 34.5% versus the 39.8% comparable
margin. Similarly, IAS 29 had a negative $10.4 million impact on the full fiscal year gross profit, leading to a 37.8% reported
gross margin, 510 basis points lower than the comparable metric.
Operating Expenses
Selling, General and Administrative (SG&A):
Fourth quarter SG&A expenses rose 52% to $24.5 million, a $8.4 million increase mainly explained by $1.5 million in IAS 29 accounting,
and $2.4 million of HB4 expenses. At 23.1% percent of sales, expenses for the quarter were in line with the full year SG&A as a percent
of sales. Full year SG&A increased 63% to $77.5 million; roughly half of the increase is explained by operational growth, while HB4
and IAS 29 accounting, drove $5.4 million and $3.7 million increases respectively. Full year variable SG&A increased in line with
sales growth, while fixed SG&A increase was primarily driven by HB4 pre-launch costs, IAS 29 accounting, and temporary headwinds
on expenses of Argentine subsidiaries throughout the year coming from local macro dynamics described for cost of goods sold. Expenses
related to supporting HB4 commercial scale-up throughout the fiscal year stood at $6.0 million and $3.7 million in IAS29 negative accounting,
which totaled 3.5% as a percent of sales.
Research and Development (R&D): R&D
expenses in the fourth quarter were $2.3 million for the fourth quarter and $7.0 million for the entire fiscal year, representing annual
increases of 15% and 24.5%, respectively. These increases are consistent with the general levels of increase in Argentine-based costs.
Adjusted EBITDA &
Adjusted EBITDA Margin
Table 7: 4Q22 Adjusted EBITDA
Reconciliation
| (In millions
of US dollars) | |
4Q21 | | |
4Q22 | | |
Chg. | | |
%Chg. | |
| Adjusted EBITDA | |
| 16.6 | | |
| 14.6 | | |
| (2.0 | ) | |
| (12 | )% |
| HB4 pre-launch costs | |
| | | |
| | | |
| | | |
| | |
| General expenses | |
| 0.2 | | |
| 1.6 | | |
| 1.4 | | |
| 659 | % |
| Inventory ramp-up and data acquisition costs | |
| 0.6 | | |
| 2.4 | | |
| 1.8 | | |
| 286 | % |
| IAS 29 | |
| 0.0 | | |
| (0.8 | ) | |
| (0.8 | ) | |
| - | |
| Baseline Business Adjusted EBITDA | |
| 17.4 | | |
| 17.7 | | |
| 0.3 | | |
| 2 | % |
| Baseline Business Adjusted EBITDA Margin | |
| 21.2 | % | |
| 16.8 | % | |
| | | |
| (344 | )bps |
Table 8: FY22 Adjusted EBITDA
Reconciliation
| (In millions of US dollars) | |
FY21 | | |
FY22 | | |
Chg. | | |
%Chg. | |
| Adjusted EBITDA | |
| 48.3 | | |
| 51.5 | | |
| 3.2 | | |
| 7 | % |
| HB4 pre-launch costs | |
| | | |
| | | |
| | | |
| | |
| General expenses | |
| 0.6 | | |
| 3.4 | | |
| 2.8 | | |
| 498 | % |
| Inventory ramp-up and data acquisition costs | |
| 1.0 | | |
| 4.9 | | |
| 3.9 | | |
| 393 | % |
| IAS 29 | |
| 0.0 | | |
| 2.1 | | |
| 2.1 | | |
| - | |
| Baseline Business Adjusted EBITDA | |
| 49.9 | | |
| 61.9 | | |
| 12.0 | | |
| 24 | % |
| Baseline Business Adjusted EBITDA Margin | |
| 23.8 | % | |
| 18.5 | % | |
| | | |
| (533 | )bps |
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Adjusted EBITDA excluding HB4 pre-launch costs
in 4Q22 was $17.7 million compared with $17.4 million in 4Q21, up 2% YoY. For the full fiscal year 2022, the Adjusted EBITDA excluding
HB4 pre-launch costs, improved by 24% to $61.9 million, reflecting top line and profitability performance. Adjusted EBITDA margins were
lower both on the reported metric and excluding HB4 pre-launch costs, reflecting the effect on gross margins of product mix and higher
costs in Argentine subsidiaries derived from local macro dynamics. As explained above, EBITDA margin is also heavily punished by the
accounting impact of IAS29 adjustments, which shaves an estimated $17.7 million in nominal adjustments.
Financial Income and Loss
Table
9: 4Q22 Net Finance Result2
| (In millions
of US dollars) | |
4Q21 | | |
4Q22 | | |
Chg. | | |
%Chg. | |
| Net interest expenses | |
| (4.4 | ) | |
| (3.1 | ) | |
| 1.3 | | |
| (30 | )% |
| Financial commissions | |
| (0.9 | ) | |
| (0.9 | ) | |
| (0.1 | ) | |
| 8 | % |
| Total net interest expenses and financial commissions | |
| (5.2 | ) | |
| (4.0 | ) | |
| 1.2 | | |
| (24 | )% |
| Exchange variations | |
| (3.4 | ) | |
| (3.7 | ) | |
| (0.3 | ) | |
| 8 | % |
| Net gain of inflation effect on monetary items | |
| 5.0 | | |
| 0.1 | | |
| (5.0 | ) | |
| (99 | )% |
| Changes in fair value of financial assets or liabilities and others | |
| 0.2 | | |
| 1.7 | | |
| 1.4 | | |
| 561 | % |
| Total other non-cash finance result | |
| 1.9 | | |
| (1.9 | ) | |
| (3.9 | ) | |
| (202 | )% |
| Total Net Finance Result | |
| (3.3 | ) | |
| (5.9 | ) | |
| (2.6 | ) | |
| 79 | % |
2 Net interest
expenses from financial debt obligations, net of gains/losses from translation effects on Argentine Peso denominated loans held by Rizobacter
as part of the Company´s financial hedging strategy, as well as financial commissions, are the main financial metrics that management
uses to assess Bioceres’ cost of financing. Exchange rate variations, net gains/losses due to the inflation effect on monetary
items, and Changes in fair value of financial assets or liabilities and others include items that are believed to have a limited impact
on the underlying business, as a significant portion of both cash flows and financial debt obligations are linked to the US dollar.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Table
10: FY22 Net Finance Result2
| (In millions of US dollars) | |
FY21 | | |
FY22 | | |
Chg. | | |
%Chg. | |
| Net interest expenses | |
| (12.3 | ) | |
| (10.8 | ) | |
| 1.4 | | |
| (12 | )% |
| Financial commissions | |
| (2.3 | ) | |
| (3.0 | ) | |
| (0.7 | ) | |
| 28 | % |
| Total net interest expenses and financial commissions | |
| (14.6 | ) | |
| (13.8 | ) | |
| 0.8 | | |
| (5 | )% |
| Exchange variations | |
| (13.4 | ) | |
| (12.5 | ) | |
| 0.9 | | |
| (7 | )% |
| Net gain of inflation effect on monetary items | |
| 11.8 | | |
| 2.1 | | |
| (9.7 | ) | |
| (82 | )% |
| Changes in fair value of financial assets or liabilities and others | |
| (5.1 | ) | |
| (2.4 | ) | |
| 7.4 | | |
| (147 | )% |
| Total other non-cash finance result | |
| (6.6 | ) | |
| (8.0 | ) | |
| (1.4 | ) | |
| 21 | % |
| Total Net Finance Result | |
| (21.2 | ) | |
| (21.8 | ) | |
| (0.6 | ) | |
| 3 | % |
Total net interest expenses and commissions from
financial debt decreased $1.2 million during 4Q22 to $4.0 million, as a result of a reduction in financial interests from debt issuances.
Last-twelve months net interest expense and financial commissions decreased $0.8 million, from $14.6 million to $13.8 million. The decrease
was mainly explained by the replacement of expensive sources of capital with newly issued debt instruments throughout the year, as well
as a lower total financial debt position compared to the year-ago period.
Balance Sheet Highlights
Table 11: Capitalization and
Debt
| (In millions of US dollars) | |
As of June, 30 | |
| | |
2021 | | |
2022 | |
| Total Debt | |
| | | |
| | |
| Short-Term Debt | |
| 76.8 | | |
| 78.6 | |
| Long-Term Debt | |
| 96.7 | | |
| 86.7 | |
| Cash and Cash Equivalents | |
| (36.0 | ) | |
| (33.4 | ) |
| Other short-term investments | |
| (11.2 | ) | |
| (4.7 | ) |
| Total Net Debt | |
| 126.2 | | |
| 127.3 | |
| Equity attributable to equity holders of the parent | |
| 67.7 | | |
| 127.2 | |
| Equity attributable to non-controlling interests | |
| 22.5 | | |
| 31.7 | |
| Capitalization | |
| 216.5 | | |
| 286.1 | |
| LTM As Reported Adjusted EBITDA | |
| 48.3 | | |
| 51.5 | |
| Net Debt /LTM Adjusted EBITDA | |
| 2.61 | x | |
| 2.47 | x |
Net
Financial Debt, stood at $127.3 million on June 30, 2022, and Total Financial Debt at $165.3 million, decreasing from $173.4
million in 4Q21. The debt position as of June 30, 2022 contemplates the 75% of the 2019 convertible notes that were converted into
4.6 million shares of common stock.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
After
quarter close, the company executed two financing agreements that had been announced in connection to the merger with Marrone Bio Innovations.
New secured convertible notes due in 2026 were issued, bringing in $55 million in proceeds to strengthen the cash position and execute
merger synergies. Also, 1.5 million shares corresponding to the remaining 25% of the 2019 convertible notes were repurchased through
new secured notes due in 2026 and with no conversion features into common stock.
Cash, Cash Equivalents and
other short-term investments as of June 30, 2022, totaled $38.1 million, compared to $47.2 million on June 30, 2021.
Net Debt-to-LTM Adjusted EBITDA,
on June 30, 2022, was 2.47x, compared to 2.61x on June 30, 2021.
FOURTH QUARTER &
FULL-FISCAL YEAR 2022 EARNINGS CONFERENCE CALL
Management will host a conference call and question-and-answer
session, which will be accompanied by a presentation available during the webcast or accessed via the investor relations section of the
company’s website.
To access the call, please use the following
information:
| Date: |
Thursday,
September 8, 2022 |
| Time: |
8:30 a.m. EST, 5:30 a.m. PST |
| Toll Free dial-in number: |
1-844-200-6205 |
| Toll/International dial-in number:
|
1-929-526-1599 |
| Conference ID: |
112267 |
| Webcast: |
Click here |
Please dial in 5-10 minutes prior to the start
time to register and join.
The conference call will be broadcast live and
available for replay here and via the investor relations section of the company’s website here.
A replay of the call will be available through
September 13, 2022, following the conference.
| Toll Free Replay
Number: |
1-866-813-9403 |
| International Replay Number: |
+44 204 525 0658 |
| Replay ID: |
676507 |
About Bioceres Crop Solutions Corp.
Bioceres Crop Solutions Corp. (NASDAQ: BIOX)
is a fully integrated provider of crop productivity technologies designed to enable the transition of agriculture towards carbon neutrality.
To do this, Bioceres’ solutions create economic incentives for farmers and other stakeholders to adopt environmentally friendlier
production practices. The Company has a unique biotech platform with high-impact, patented technologies for seeds and microbial ag-inputs,
as well as next generation Crop Nutrition and Protection solutions. Through its HB4® program, the Company is bringing digital solutions
to support growers’ decisions and provide end-to-end traceability for production outputs. For more information, visit here.
Contact
Bioceres Crop Solutions
Paula Savanti
Head of Investor Relations
investorrelations@biocerescrops.com
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Forward-Looking Statements
This communication includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,”
“target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that
are not statements of historical matters. Such forward-looking statements include estimated financial data and, among others, statements
related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses by governments, clients
and the Company, on our business, financial condition, liquidity position and results of operations, and any such forward-looking statements,
whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. These forward-looking statements
include, but are not limited to, whether (i) the health and safety measures implemented to safeguard employees and assure business
continuity will be successful, (ii) the uncertainty related to COVID-19 in the farming community will be short lived, and (iii) we
will be able to coordinate efforts to ramp up inventories. Such forward-looking statements are based on management’s reasonable
current assumptions, expectations, plans and forecasts regarding the Company’s current or future results and future business and
economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the
actual results, levels of activity, performance or achievement of the Company to be materially different from any future results expressed
or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management’s
expectations or could affect the Company’s ability to achieve its strategic goals, including the uncertainties relating to
the impact of COVID-19 on the Company’s business, operations, liquidity and financial results and the other factors that are described
in the sections entitled “Risk Factors” in the Company's Securities and Exchange Commission filings updated from time to
time. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Therefore, you should
not rely on any of these forward-looking statements as predictions of future events. All forward-looking statements contained in this
release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or
were made, and the Company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances
after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
Use Of Non-GAAP Financial Information
To supplement our audited financial results prepared
in accordance with GAAP, we have prepared certain non-GAAP measures that include or exclude special items. These non-GAAP measures are
not meant to be considered in isolation or as a substitute for financial information presented in accordance with GAAP and should be
viewed as supplemental and in addition to our financial information presented in accordance with GAAP. Investors are cautioned that there
are material limitations associated with the use of non-GAAP financial measures. In addition, other companies may report similarly titled
measures, but calculate them differently, which reduces their usefulness as a comparative measure. Management utilizes these non-GAAP
metrics as performance measures in evaluating and making operational decisions regarding our business.
Non-IFRS Financial Information
The Company supplements the use of IFRS financial
measures with non-IFRS financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Net debt, Net interest expenses, Comparable
revenues and Comparable gross profit which exclude the impact of IAS29 as explained below.
The non-IFRS measures should not be considered
in isolation or as a substitute for measures of performance prepared in accordance with IFRS and may be different from non-IFRS measures
used by other companies. In addition, the non-IFRS measures are not based on any comprehensive set of accounting rules or principles.
Non-IFRS measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined
in accordance with IFRS. This non-IFRS financial measures should only be used to evaluate the Company’s results of operations in
conjunction with the most comparable IFRS financial measures.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Adjusted EBITDA and Adjusted EBITDA Margin
The Company defines Adjusted EBITDA as profit/(loss)
exclusive of financial income/(costs), income tax benefit/(expense), depreciation, amortization, share-based compensation, inventory
purchase allocation and one-time transactional expenses.
Management believes that Adjusted EBITDA provides
useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the management
team to evaluate the Company’s financial and operating performance and make day-to-day financial and operating decisions. In addition,
Adjusted EBITDA and similarly titled measures are frequently used by competitors, rating agencies, securities analysts, investors and
other parties to evaluate companies in the same industry. Management also believes that Adjusted EBITDA is helpful to investors because
it provides additional information about trends in the Company’s core operating performance prior to considering the impact of
capital structure, depreciation, amortization and taxation on results. Adjusted EBITDA should not be considered in isolation or as a
substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical
tool, including:
• Adjusted EBITDA does not reflect changes
in, including cash requirements for working capital needs or contractual commitments.
• Adjusted EBITDA does not reflect financial
expenses, or the cash requirements to service interest or principal payments on indebtedness, or interest income or other financial income.
• Adjusted EBITDA does not reflect income
tax expense or the cash requirements to pay income taxes.
• Although depreciation and amortization
are non-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and Adjusted EBITDA does
not reflect any cash requirements for these replacements.
• Although share-based compensation is a
non-cash charge, Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation; and
• Other companies may calculate Adjusted
EBITDA and similarly titled measures differently, limiting its usefulness as a comparative measure.
The Company compensates for the inherent limitations
associated with using Adjusted EBITDA through disclosure of these limitations, presentation in the combined financial statements in accordance
with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, income/(loss) for the period or year.
Table 12: FY22 Adjusted EBITDA Reconciliation
from Income/(Loss) for the period
| (In millions of US dollars) | |
FY21 | | |
FY22 | | |
Chg. | | |
%Chg. | |
| Income/(Loss) for the period | |
| (3.8 | ) | |
| (4.1 | ) | |
| (0.2 | ) | |
| 6 | % |
| Income tax (benefit)/expense | |
| 14.4 | | |
| 18.0 | | |
| 3.7 | | |
| 26 | % |
| Finance results | |
| 27.9 | | |
| 26.0 | | |
| (1.9 | ) | |
| (7 | )% |
| Depreciation of PP&E and intangibles assets | |
| 6.3 | | |
| 9.2 | | |
| 2.9 | | |
| 47 | % |
| Stock-based compensation charges | |
| 1.7 | | |
| 1.4 | | |
| (0.2 | ) | |
| (14 | )% |
| Transaction expenses | |
| 2.0 | | |
| 1.0 | | |
| (1.1 | ) | |
| (52 | )% |
| Adjusted EBITDA | |
| 48.3 | | |
| 51.5 | | |
| 3.2 | | |
| 7 | % |
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Comparable figures or figures ex-IAS 29 (Comparable revenue and
Comparable gross margin)
Comparable figures or figures ex-IAS 29 result
from dividing nominal Argentine pesos for the Argentine operations by the average foreign exchange rate of the Argentine Peso against
the US Dollar in the period. For comparison purposes, the impact of adopting IAS 29 is presented separately in each of the applicable
sections of this earnings release, in a column denominated “IAS 29”. The IAS 29 adjustment results from the combined effect
of: (i) the indexation to reflect changes in purchasing power on results against a dedicated line in the financial results, and
(ii) the difference between the translation of results at the closing exchange rate and the translation using the average year-to-date
rate on the reported period, as applicable to non-inflationary economies.
Net Debt and Net Debt to Adjusted EBITDA
Net debt is defined as the sum of long and short-term
borrowings and finance payment from business combinations, less cash and cash equivalents and other short-term investments. This measure
is used by management and investment analysts and management believes it shows the financial strength of the Company. Management is consistently
tracking the Company’s leverage position and its ability to repay and service the debt obligations over time. Therefore, management
has set a leverage ratio target that is measured by net debt divided by Adjusted EBITDA.
Net Interest Expenses
Net interest expenses are defined as the sum
of interest, other financial results, and gains/losses from translation effects on Argentine Peso denominated loans held by Rizobacter
Argentina. Gains/losses from translation effects on Argentine Peso denominated loans are part of the hedging activities conducted by
the Company to manage cost of financing. Net interest expenses and financial commissions represent the main financial metrics that management
uses to assess Bioceres’ cost of financing.
Application of IAS 29
Argentina has been classified as a hyperinflationary
economy under the terms of IAS 29 beginning July 1, 2018. IAS 29 requires adjusting all non-monetary items in the statement of financial
position by applying a general price index from the day they were booked to the end of the reporting period. At the same time, it also
requires that all items in the statement of income are expressed in terms of the measuring unit current at the end of the reporting period.
Consequently, on a monthly basis, results of operations for each reporting period are measured in Argentine Pesos and adjusted for inflation
by the applicable monthly inflation rate each month. All amounts need to be restated by applying the change in the general price index
from the dates when the items of income and expenses were initially recorded in the financial statements. As a result, each monthly results
of operations are readjusted each successive month to reflect changes in the monthly inflation rate.
After the restatement explained above, IAS
21 “The Effects of Changes in Foreign Exchange Rates”, addresses the way results must be translated under inflation accounting,
stating that all amounts shall be translated at the closing rate at the date of the most recent statement of financial position. Accordingly,
monthly results of operations in Argentine Pesos, after adjustment for inflation pursuant to IAS 29, as described above, must then be
converted into U.S dollars at the closing exchange rate for such monthly reported period. This conversion changes every prior reported
monthly statement of income in U.S dollars as each monthly amount is readjusted under IAS 29 for inflation per above and reconverted
at different exchange rates for each monthly 18 reported period under IAS 21. As a result, the impact of monthly inflationary adjustments
and monthly conversion adjustments vary the results of operation month to month until year end.
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Unaudited Consolidated Statement of Comprehensive
Income
(Figures in US dollars)
| | |
Three-month
period ended
06/30/2022 | | |
Three-month
period ended
06/30/2021 | | |
Fiscal year
ended
06/30/2022 | | |
Fiscal year
ended
06/30/2021 | |
| Total revenue | |
| 105,749,320 | | |
| 82,211,113 | | |
| 334,800,936 | | |
| 209,526,177 | |
| Cost of sales | |
| (69,299,211 | ) | |
| (49,553,410 | ) | |
| (208,338,098 | ) | |
| (118,641,803 | ) |
| Gross profit | |
| 36,450,109 | | |
| 32,657,703 | | |
| 126,462,838 | | |
| 90,884,374 | |
| % Gross profit | |
| 34 | % | |
| 40 | % | |
| 38 | % | |
| 43 | % |
| Operating expenses | |
| (26,799,025 | ) | |
| (18,112,187 | ) | |
| (84,482,306 | ) | |
| (53,219,556 | ) |
| Share of profit of JV | |
| 429,285 | | |
| (214,499 | ) | |
| 1,144,418 | | |
| 997,429 | |
| Other income or expenses, net | |
| (39,356 | ) | |
| (624,808 | ) | |
| (3,195,056 | ) | |
| (279,359 | ) |
| Operating profit | |
| 10,041,013 | | |
| 13,706,209 | | |
| 39,929,894 | | |
| 38,382,888 | |
| Finance result | |
| (7,768,098 | ) | |
| (4,212,002 | ) | |
| (25,953,635 | ) | |
| (27,852,340 | ) |
| Profit before income tax | |
| 2,272,915 | | |
| 9,494,207 | | |
| 13,976,259 | | |
| 10,530,548 | |
| Income tax | |
| (6,952,138 | ) | |
| (8,119,007 | ) | |
| (18,028,709 | ) | |
| (14,351,170 | ) |
| Profit / (Loss) for the period | |
| (4,679,223 | ) | |
| 1,375,200 | | |
| (4,052,450 | ) | |
| (3,820,622 | ) |
| Other comprehensive profit / (loss) | |
| 9,181,967 | | |
| 7,344,254 | | |
| 35,172,250 | | |
| 10,051,318 | |
| Total comprehensive Profit / (Loss) | |
| 4,502,744 | | |
| 8,719,454 | | |
| 31,119,800 | | |
| 6,230,696 | |
| Profit / (loss) for the period attributable to: | |
| | | |
| | | |
| | | |
| | |
| Equity holders of the parent | |
| (5,146,706 | ) | |
| 633,686 | | |
| (7,332,197 | ) | |
| (6,870,163 | ) |
| Non-controlling interests | |
| 467,483 | | |
| 741,514 | | |
| 3,279,747 | | |
| 3,049,541 | |
| | |
| (4,679,223 | ) | |
| 1,375,200 | | |
| (4,052,450 | ) | |
| (3,820,622 | ) |
| Total comprehensive profit / (loss) attributable to: | |
| | | |
| | | |
| | | |
| | |
| Equity holders of the parent | |
| 2,327,191 | | |
| 6,838,210 | | |
| 22,013,125 | | |
| 1,559,264 | |
| Non-controlling interests | |
| 2,175,553 | | |
| 1,881,244 | | |
| 9,106,675 | | |
| 4,671,432 | |
| | |
| 4,502,744 | | |
| 8,719,454 | | |
| 31,119,800 | | |
| 6,230,696 | |
| BIOCERES CROP SOLUTIONS |
FOURTH QUARTER 2022 |
|
Unaudited Consolidated Statement of Financial Position
(Figures in US dollars)
| ASSETS | |
06/30/2022 | | |
06/30/2021 | |
| CURRENT ASSETS | |
| | | |
| | |
| Cash and cash equivalents | |
| 33,404,416 | | |
| 36,046,113 | |
| Other financial assets | |
| 4,668,728 | | |
| 11,161,398 | |
| Trade receivables | |
| 111,327,322 | | |
| 88,784,172 | |
| Other receivables | |
| 19,557,901 | | |
| 11,153,705 | |
| Income and minimum presumed income taxes recoverable | |
| 1,647,398 | | |
| 990,881 | |
| Inventories | |
| 126,125,724 | | |
| 61,037,551 | |
| Biological assets | |
| 49,523 | | |
| 2,315,838 | |
| Total current assets | |
| 296,781,012 | | |
| 211,489,658 | |
| NON-CURRENT ASSETS | |
| | | |
| | |
| Other financial assets | |
| 619,841 | | |
| 1,097,462 | |
| Trade receivables | |
| 200,412 | | |
| 135,739 | |
| Other receivables | |
| 2,165,718 | | |
| 2,543,142 | |
| Income and minimum presumed income taxes recoverable | |
| 44,412 | | |
| 12,589 | |
| Deferred tax assets | |
| 4,333,451 | | |
| 3,278,370 | |
| Investments in joint ventures and associates | |
| 38,554,092 | | |
| 30,657,173 | |
| Property, plant and equipment | |
| 49,823,879 | | |
| 47,954,596 | |
| Intangible assets | |
| 76,956,604 | | |
| 67,342,362 | |
| Goodwill | |
| 36,723,978 | | |
| 28,751,206 | |
| Right-of-use leased asset | |
| 12,144,026 | | |
| 1,327,660 | |
| Total non-current assets | |
| 221,566,413 | | |
| 183,100,299 | |
| Total assets | |
| 518,347,425 | | |
| 394,589,957 | |
| LIABILITIES | |
06/30/2022 | | |
06/30/2021 | |
| CURRENT LIABILITIES | |
| | | |
| | |
| Trade and other payables | |
| 117,674,880 | | |
| 72,091,408 | |
| Borrowings | |
| 78,588,637 | | |
| 76,785,857 | |
| Employee benefits and social security | |
| 7,624,175 | | |
| 4,680,078 | |
| Deferred revenue and advances from customers | |
| 5,757,553 | | |
| 6,277,313 | |
| Income tax payable | |
| 7,538,764 | | |
| 7,452,891 | |
| Lease liabilities | |
| 1,412,904 | | |
| 750,308 | |
| Total current liabilities | |
| 218,596,913 | | |
| 168,037,855 | |
| NON-CURRENT LIABILITIES | |
| | | |
| | |
| Borrowings | |
| 74,177,169 | | |
| 47,988,468 | |
| Government grants | |
| - | | |
| 784 | |
| Investments in joint ventures and associates | |
| 717,948 | | |
| 1,278,250 | |
| Deferred tax liabilities | |
| 29,102,169 | | |
| 25,699,495 | |
| Provisions | |
| 603,022 | | |
| 449,847 | |
| Consideration for acquisitions | |
| 13,373,022 | | |
| 11,790,533 | |
| Convertible notes | |
| 12,559,071 | | |
| 48,664,012 | |
| Lease liability | |
| 10,338,380 | | |
| 390,409 | |
| Total non-current liabilities | |
| 140,870,781 | | |
| 136,261,798 | |
| Total liabilities | |
| 359,467,694 | | |
| 304,299,653 | |
| EQUITY | |
| | | |
| | |
| Equity attributable to owners of the parent | |
| 127,225,994 | | |
| 67,743,242 | |
| Non-controlling interests | |
| 31,653,737 | | |
| 22,547,062 | |
| Total equity | |
| 158,879,731 | | |
| 90,290,304 | |
| Total equity and liabilities | |
| 518,347,425 | | |
| 394,589,957 | |
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: September 8, 2022 |
By: |
By: |
/s/ Federico
Trucco |
| |
|
Name: |
Federico Trucco |
| |
|
Title: |
Chief Executive Officer |
Bioceres Crop Solutions (AMEX:BIOX)
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