BIOCERES CROP SOLUTIONS CORP. Unaudited interim condensed consolidated financial statements as of September 30, 2021 and June 30, 2021, and for the three-month periods ended[...]

BIOCERES CROP SOLUTIONS CORP.
Unaudited interim condensed consolidated financial
statements as of September 30, 2021 and June 30, 2021,
and for the three-month periods ended September 30,
2021, and 2020.

INDEX

Unaudited interim condensed consolidated financial statements as of September 30, 2021, June 30, 2021 and for the three-month periods ended September 30, 2021 and 2020.
Unaudited interim condensed consolidated statements of financial position as of September 30, 2021 and June 30, 2021	F-3
Unaudited interim condensed consolidated statements of comprehensive income for the three-month periods ended September 30, 2021 and 2020	F-5
Unaudited interim condensed consolidated statements of changes in equity for the three-month periods ended September 30, 2021 and 2020	F-7
Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended September 30, 2021 and 2020	F-9
Notes to the unaudited interim condensed consolidated financial statements	F-11

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of September 30, 2021, and June 30, 2021

(Amounts in US Dollars)

		Notes		09/30/2021			06/30/2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents		6.1			36,631,549				36,046,113
Other financial assets		6.2			5,283,685				11,161,398
Trade receivables		6.3			94,809,859				88,784,172
Other receivables		6.4			15,528,441				11,153,705
Income and minimum presumed income taxes recoverable		8			969,921				990,881
Inventories		6.5			72,551,919				61,037,551
Biological assets		6.6			37,879,003				2,315,838
Total current assets					263,654,377				211,489,658
NON-CURRENT ASSETS
Other financial assets		6.2			935,851				1,097,462
Trade receivables		6.3			128,575				135,739
Other receivables		6.4			1,644,765				2,543,142
Income and minimum presumed income taxes recoverable		8			14,867				12,589
Deferred tax assets		8			3,802,891				3,278,370
Investments in joint ventures and associates		12			31,876,966				30,657,173
Property, plant and equipment		6.7			48,078,743				47,954,596
Intangible assets		6.8			70,287,443				67,342,362
Goodwill		6.9			30,468,839				28,751,206
Right of use asset		18			1,407,154				1,327,660
Total non-current assets					188,646,094				183,100,299
Total assets					452,300,471				394,589,957

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of September 30, 2021, and June 30, 2021

(Amounts in US Dollars)

LIABILITIES		Notes		09/30/2021			06/30/2021
CURRENT LIABILITIES
Trade and other payables		6.10			113,963,318				72,091,408
Borrowings		6.11			66,655,578				76,785,857
Employee benefits and social security		6.12			5,214,001				4,680,078
Deferred revenue and advances from customers					5,302,738				6,277,313
Income tax payable		8			10,520,678				7,452,891
Government grants					306				-
Lease liabilities		18			718,966				750,308
Total current liabilities					202,375,585				168,037,855
NON-CURRENT LIABILITIES
Borrowings		6.11			62,644,168				47,988,468
Government grants					-				784
Joint ventures and associates		12			1,276,639				1,278,250
Deferred tax liabilities		8			24,965,998				25,699,495
Provisions					438,816				449,847
Consideration for acquisition		6.13			12,075,576				11,790,533
Convertible notes					50,190,617				48,664,012
Lease liabilities		18			490,101				390,409
Total non-current liabilities					152,081,915				136,261,798
Total liabilities					354,457,500				304,299,653
EQUITY
Equity attributable to owners of the parent					73,748,044				67,743,242
Non-controlling interests					24,094,927				22,547,062
Total equity					97,842,971				90,290,304
Total equity and liabilities					452,300,471				394,589,957

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three-month periods ended September 30, 2021 and 2020

(Amounts in US Dollars)

				Three-month period ended
		Notes		09/30/2021			09/30/2020
Revenues from contracts with customers		7.1			66,353,874				42,105,290
Government grants					468				604
Initial recognition and changes in the fair value of biological assets					551,903				249,367
Total					66,906,245				42,355,261
Cost of sales		7.2			(37,882,453	)			(23,112,642	)
Research and development expenses		7.3			(1,431,542	)			(1,024,212	)
Selling, general and administrative expenses		7.4			(16,183,200	)			(10,092,243	)
Share of profit or loss of joint ventures and associates		12			(222,236	)			239,712
Other income or expenses, net					(1,146,617	)			5,190
Operating profit					10,040,197				8,371,066
Financial cost		7.5			(3,342,809	)			(5,276,050	)
Other financial results		7.5			(1,836,859	)			(7,459,412	)
Profit (loss) before income tax					4,860,529				(4,364,396	)
Income tax		8			(2,595,313	)			(2,005,866	)
Profit (loss) for the period					2,265,216				(6,370,262	)
Profit (loss) for the period attributable to:
Equity holders of the parent					874,137				(6,971,558	)
Non-controlling interests					1,391,079				601,296
					2,265,216				(6,370,262	)
Profit (loss) per share
Basic profit (loss) attributable to ordinary equity holders of the parent 1		9			0.0213				(0.1917	)
Diluted profit (loss) attributable to ordinary equity holders of the parent		9			0.0206				(0.1917	)
Weighted average number of shares
Basic 1		9			41,104,088				36,367,953
Diluted		9			42,376,794				36,367,953

(1) For the three-month period ended September 30, 2020 diluted EPS was the same as basic EPS. See note 9.

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three-month periods ended September 30, 2021 and 2020

(Amounts in US Dollars)

		Three-month period ended
		09/30/2021			09/30/2020
Profit (loss) for the period			2,265,216				(6,370,262	)
Other comprehensive income			5,729,137				136,131
Items that may be subsequently reclassified to profit and loss			7,118,021				13,796
Exchange differences on translation of foreign operations from joint ventures			1,617,492				(76,438	)
Exchange differences on translation of foreign operations			5,500,529				90,234
Items that will not be subsequently reclassified to loss and profit			(1,388,884	)			122,335
Revaluation of property, plant and equipment, net of tax, of joint ventures and associates 2			(173,852	)			14,135
Revaluation of property, plant and equipment, net of tax 3			(1,215,032	)			108,200
Total comprehensive profit (loss)			7,994,353				(6,234,131	)
Total comprehensive profit (loss) attributable to:
Equity holders of the parent			5,722,059				(7,033,867	)
Non-controlling interests			2,272,294				799,736
			7,994,353				(6,234,131	)

(2) The tax effect of the revaluation of property, plant and equipment of joint ventures and associates was $ 93,613 and $ (4,712) for the three-month periods ended September 30, 2021 and 2020, respectively.

(3) The tax effect of the revaluation of property, plant and equipment was $ 654,248 and $(36,067) for the three-month periods ended September 30, 2021 and 2020, respectively.

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three-month periods ended September 30, 2021 and 2020

(Amounts in US Dollars)

		Attributable to the equity holders of the parent
Description		Issued capital			Share premium			Own shares trading premium			Stock options and share based incentives			Convertible instruments			Cost of own shares held			Retained deficit			Foreign currency translation reserve			Revaluation of PP&E and effect of tax rate change			Equity attributable to owners of the parent			Non- controlling Interests			Total equity
06/30/2020			3,613				96,486,865				-				3,428,029				702,981				(30,906	)			(18,613,112	)			(43,198,201	)			7,400,126				46,179,395				14,570,087				60,749,482
Capitalization of warrants			260				7,765,410				(916,202	)			-				-				-				-				-				-				6,849,468				-				6,849,468
Share-based incentives			-				-				-				316,703				-				-				-				-				-				316,703				-				316,703
Purchase of own shares			-				-				-				-				-				(529,278	)			-				-				-				(529,278	)			-				(529,278	)
(Loss) profit for the period			-				-				-				-				-				-				(6,971,558	)			-				-				(6,971,558	)			601,296				(6,370,262	)
Other comprehensive income or loss			-				-				-				-				-				-				-				(160,177	)			97,868				(62,309	)			198,440				136,131
09/30/2020			3,873				104,252,275				(916,202	)			3,744,732				702,981				(560,184	)			(25,584,670	)			(43,358,378	)			7,497,994				45,782,421				15,369,823				61,152,244

As of September 30, 2020, we have 226,325 of our own shares.

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three-month periods ended September 30, 2021 and 2020

(Amounts in US Dollars)

		Attributable to the equity holders of the parent
Description		Issued capital			Share premium			Changes in non- controlling interests			Own shares trading premium			Stock options and share based incentives			Convertible instruments			Cost of own shares held			Retained deficit			Foreign currency translation reserve			Revaluation of PP&E and effect of tax rate change			Equity / (deficit) attributable to owners of the parent			Non- controlling Interests			Total equity
06/30/2021			4,158				120,662,386				-				(916,202	)			3,672,768				702,981				(3,530,926	)			(25,483,275	)			(32,622,808	)			5,254,160				67,743,242				22,547,062				90,290,304
Share-based incentives (Note 17)			-				-				-				-				538,636				-				-				-				-				-				538,636				-				538,636
Changes in non-controlling interests			-				-				(255,893	)			-				-				-				-				-				-				-				(255,893	)			(724,429	)			(980,322	)
Profit for the period			-				-				-				-				-				-				-				874,137				-				-				874,137				1,391,079				2,265,216
Other comprehensive income or (loss)			-				-				-				-				-				-				-				-				5,959,029				(1,111,107	)			4,847,922				881,215				5,729,137
09/30/2021			4,158				120,662,386				(255,893	)			(916,202	)			4,211,404				702,981				(3,530,926	)			(24,609,138	)			(26,663,779	)			4,143,053				73,748,044				24,094,927				97,842,971

As of September 30, 2021, we have 464,455 of our own shares.

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three-month periods ended September 30, 2021 and 2020

(Amounts in US Dollars)

		Notes			09/30/2021			09/30/2020
OPERATING ACTIVITIES
Profit (loss) for the period							2,265,216				(6,370,262	)
Adjustments to reconcile profit to net cash flows
Income tax							2,595,313				2,005,866
Finance results							5,179,668				12,735,462
Depreciation of property, plant and equipment			6.7				946,344				534,655
Amortization of intangible assets			6.8				672,887				529,477
Depreciation of leased assets			18				240,154				93,167
Transactional expenses							-				700,000
Share-based incentive and stock options							538,636				316,703
Share of profit or loss of joint ventures and associates			12				222,236				(239,712	)
Provisions for contingencies							2,742				36,321
Allowance for impairment of trade debtors							197,642				96,931
Allowance for obsolescence							440,324				192,170
Initial recognition and changes in the fair value of biological assets							(551,903	)			(249,367	)
Gain or loss on sale of equipment and intangible assets							(42,639	)			(39,871	)
Working capital adjustments
Trade receivables							(6,130,427	)			(900,927	)
Other receivables							(3,750,061	)			(5,779,106	)
Income and minimum presumed income taxes							2,989,781				596,708
Inventories and biological assets							(51,035,721	)			(5,124,373	)
Trade and other payables							38,528,315				(5,511,875	)
Employee benefits and social security							491,886				(254,546	)
Deferred revenue and advances from customers							(1,051,306	)			(1,236,992	)
Income and minimum presumed income taxes paid							(146,317	)			-
Government grants							(478	)			(858	)
Interest collected							975,051				974,461
Inflation effects on working capital adjustments							(7,321,037	)			(606,310	)
Net cash flows used in operating activities							(13,743,694	)			(7,502,278	)

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three-month periods ended September 30, 2021 and 2020

(Amounts in US Dollars)

		Notes			09/30/2021			09/30/2020
INVESTMENT ACTIVITIES
Proceeds from sale of property, plant and equipment							198,043				41,930
Proceeds from financial assets							4,997,025				-
Investment in financial assets							(450,253	)			(525,903	)
Purchase of property, plant and equipment			6.7				(779,401	)			(1,067,553	)
Acquisition of investment property							-				(561,746	)
Capitalized development expenditures			6.8				(1,587,042	)			(439,934	)
Purchase of intangible assets			6.8				(192,133	)			(282,452	)
Net cash flows generated (used in) by investing activities							2,186,239				(2,835,658	)
FINANCING ACTIVITIES
Proceeds from borrowings							39,875,454				42,430,825
Repayment of borrowings, financed payments and interest payments							(24,450,337	)			(29,818,977	)
(Decrease) increase in bank overdrafts and other short-term borrowings							(32,838	)			1,909,507
Other financial proceeds or payments, net							(1,569,712	)			97,897
Acquisition of non-controlling interest in subsidiaries							(724,429	)			-
Purchase of own shares							-				(529,278	)
Leased assets payments							(243,783	)			(158,985	)
Warrants tender offer payments							-				(1,030,952	)
Net cash flows generated by financing activities							12,854,355				12,900,037
Net increase in cash and cash equivalents							1,296,900				2,562,101
Inflation effects on cash and cash equivalents							(1,477,981	)			(240,142	)
Cash and cash equivalents as of beginning of the period			6.1				36,046,113				27,159,421
Effect of exchange rate changes on cash and equivalents							766,517				507,256
Cash and cash equivalents as of the end of the period			6.1				36,631,549				29,988,636

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties' balances and transactions are disclosed in Note 15.

Index

1.	General information.

2.	Accounting standards and basis of preparation.

3.	New standards, amendments and interpretations issued by the IASB.

4.	Impact of COVID-19.

5.	Seasonality.

6.	Information about components of unaudited interim condensed consolidated statements of financial position.

7.	Information about components of unaudited interim condensed consolidated statement of comprehensive income.

8.

Taxation.

9.	Earnings per share.

10.	Information about unaudited condensed consolidated components of equity.

11.	Cash flow information.

12.	Joint ventures and associates.

13.	Segment information.

14.	Financial instruments - Risk management.

15.	Shareholders and other related parties' balances and transactions.

16.	Key management personnel compensation.

17.	Share-based payments.

18.

Leases.

19.	Contingencies, commitments, and restrictions on the distribution of profits.

20.	Events occurring after the reporting period.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

1.	GENERAL INFORMATION

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 Group 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.

Bioceres is a global company with an extensive geographic footprint. The Group's agricultural inputs are marketed across more than 30 countries, mainly in Argentina, Brazil, United States, Europe and South Africa.

Unless the context otherwise requires, "we", "us", "our", "Bioceres", "BIOX", "the Group", and "Bioceres Crop Solutions" will refer to Bioceres Crop Solutions Corp. and its subsidiaries.

2.	ACCOUNTING STANDARDS AND BASIS OF PREPARATION

Statement of compliance with IFRS as issued by IASB

These unaudited interim condensed consolidated financial statements for the three-month period ended September 30, 2021, have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.

These unaudited interim condensed consolidated financial statements do not include all notes of the type normally included in an annual financial statement. Accordingly, these unaudited interim condensed consolidated financial statements are to be read in conjunction with the consolidated financial statements as of June 30, 2021.

Authorization for the issue of the unaudited interim condensed consolidated financial statements

These unaudited interim condensed consolidated financial statements of the Group as of September 30, 2021, June 30, 2021 and for the three-month periods ended September 30, 2021 and 2020 were authorized by the Board of Directors of Bioceres Crop Solutions Corp. on November 29, 2021.

Basis of measurement

The unaudited interim condensed consolidated financial statements of the Group have been prepared using:

·Going Concern Basis of Accounting, considering the conclusion of the assessment made by the Management about the ability of the Group and its subsidiaries to continue as a going concern, in accordance with the requirements of paragraph 25 of IAS 1, "Presentation of Financial Statements".

·Accrual Basis of Accounting (except for cash flows information). Under this basis of accounting, the effects of transactions and other events are recognized as they occur, even when there are no cash flows.

Functional currency and presentation currency

a)Functional currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic market in which the entity operates (i.e., "the functional currency").

IAS 29 "Financial reporting in hyperinflationary economies" requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether these are based on the historical cost method or the current cost method, be stated in terms of the measuring unit current at the closing date of the reporting period. For such purpose, the inflation produced since the acquisition date or the revaluation date, as applicable, must be computed in non-monetary items. The standard details a series of factors to be considered for concluding whether an economy is hyperinflationary, including, but not limited to, a cumulative inflation rate over a three-year period that approaches or exceeds 100%. Inflation accumulated in three years, as of June 30, 2018, was over 100%. It was for this reason that, in accordance with IAS 29, the Argentine economy had to be considered as hyperinflationary since July 1, 2018. Consequently, the Group has applied IAS 29 to these financial statements.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities, will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets, will gain purchasing power, provided that such items are not subject to an adjustment mechanism.

Briefly, the restatement mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated because they are already expressed in a current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements, will be adjusted according to those agreements. Non-monetary items measured at their current values at the end of the reporting period, such as the net realizable value or others, do not need to be restated. The remaining non-monetary assets and liabilities will be restated according to a general price index. The loss or gain for the net monetary position will be included in the net result of the reporting period, revealing this information in a separate line item.

The inflation adjustment to the initial balances was calculated by means of a conversion factor derived from the Argentine price indexes published by the National Institute of Statistics.

The index as of September 30, 2020 and June 30, 2020 was 346.6207 and 321.9738, respectively.

The index as of September 30, 2021 and June 30, 2021 was 528.4968 and 483.6049, respectively.

The comparative figures in these unaudited interim condensed consolidated financial statements presented in a stable currency are not adjusted for subsequent changes in the price levels or exchange rates.

b)Presentation currency

The unaudited interim condensed consolidated financial statements of the Group are presented in US Dollars, which is the presentation currency.

c)Foreign currency

Transactions entered into by Group entities in a currency other than their functional currency are recorded at the relevant exchange rates as of the date upon which such transactions occur. Foreign currency monetary assets and liabilities are translated at the prevailing exchanges rates as of the final day of each reporting period. Exchange differences arising from the retranslation of unsettled monetary assets and liabilities are recognized immediately in profit or loss, except for foreign currency borrowings qualifying as a hedge of a net investment in a foreign operation for which exchange differences are recognized in other comprehensive income and accumulated in the foreign exchange reserve along with the exchange differences arising from the retranslation of the foreign operation. Upon the disposal of a foreign operation, the cumulative exchange differences recognized in the foreign exchange reserve relating to such operation up to the date of disposal are transferred to the consolidated statement of profit or loss and other comprehensive income as part of the gain or loss recognized upon such disposal.

Changes in accounting policies

The accounting policies adopted in the preparation of these unaudited interim condensed consolidated financial statements are consistent with those adopted for the preparation of the consolidated financial statements as of June 30, 2021.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

3.	NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS ISSUED BY THE IASB

a) The following new standards became applicable for the current reporting period and adopted by the Group. These amendments did not have a material impact on the Group.

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Benchmark Reform (Phase 2)

The Phase 2 amendments, Interest Rate Benchmark Reform-Phase 2, address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate (replacement issues). In 2019, the Board issued its initial amendments in Phase 1 of the project.

The amendments are related to changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities; hedge accounting; and disclosures. They apply only to changes required by the interest rate benchmark reform to financial instruments and hedging relationships.

The amendments are effective for financial years beginning on or after January 1, 2021. Earlier application is permitted.

Covid-19-Related Rent Concessions beyond 30 June 2021

The International Accounting Standards Board extended by one year the application period of the practical expedient in IFRS 16 Leases to help lessees accounting for covid-19-related rent concessions.

In response to calls from stakeholders and because the covid-19 pandemic is still at its height, the Board has extended the relief by one year to cover rent concessions that reduce only lease payments due on or before 30 June 2022.

The original amendment permitted lessees, as a practical expedient, not to assess whether particular rent concessions occurring as a direct consequence of the covid-19 pandemic are lease modifications and, instead, to account for those rent concessions as if they were not lease modifications.

The amendment is effective for annual reporting periods beginning on or after 1 April 2021.

New standards and interpretations not yet adopted by the Group

No new standards have been issued in the current reporting period.

4.	IMPACT OF COVID-19

In December 2019, a novel strain of coronavirus ("COVID-19") was reported in Wuhan, China. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. COVID-19 has disrupted business activities in Argentina and worldwide. The Group's operations, which involve agricultural production and commercialization activities, have been mostly exempted from the disruption. Consequently, our financial condition, liquidity position and results of operations have not been materially impacted as we have been allowed to continue with our operations.

The eventual scope of the Coronavirus outbreak and its impact on the countries and global economy are unknown, with governments being able to implement stricter containment measures, which are not predictable in this instance. It cannot be reasonably quantified to what extent the Coronavirus will affect the Company's business and the results of its operations in the future if this situation is prolonged. The Board of Directors and senior management are closely monitoring the situation and taking all necessary measures at their disposal to protect human life and the Group's operations and financial condition.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5.	SEASONALITY

The Group revenues fluctuate depending on the timing of orders from our distributors and customers and on prevailing seed market prices, which influence the purchase decisions of growers, the end-users of seed and integrated products, crop protection products and crop nutrition products. Given the cyclicality of crop planting and harvesting and South America's planting and growing seasons, which vary from year to year, our business is highly seasonal. This results in substantial fluctuations in quarterly sales and profitability. Generally, the Group sales are concentrated in the third and fourth quarters of each calendar year, when demand for seed and integrated products, crop protection products and crop nutrition products increases as South American growers begin planting their fields. Regarding the seed and integrated products business, the Group contracts with growers and seed suppliers based upon anticipated market demand that we forecast. Generally, in the seed and integrated products business we stock the seed during the harvest season and ship from inventory throughout the year, with the objective of selling most of the inventory from the current year's harvest before the next year's, with crop protection and crop nutrition business following a cycle similar to the seed cycle. The impact of seasonality and the resulting fluctuations in quarterly results may be lessened as we achieve our international expansion plans for the seed and integrated products business in geographies with complementary seasons and climates.

6.    INFORMATION ABOUT COMPONENTS OF UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

6.1.	Cash and cash equivalents

		09/30/2021			06/30/2021
Cash at bank and on hand			30,082,841				28,327,569
Money market funds			6,548,708				7,718,544
			36,631,549				36,046,113

6.2.	Other financial asset

		09/30/2021			06/30/2021
Current
Restricted short-term deposits			252,474				425,976
US Treasury bills			2,513,798				7,885,937
Other investments			2,517,413				2,849,485
			5,283,685				11,161,398

		09/30/2021			06/30/2021
Non-current
Shares of Bioceres S.A.			376,288				355,251
Other investments			559,563				742,211
			935,851				1,097,462

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

6.3.	Trade receivables

		09/30/2021			06/30/2021
Current
Trade debtors			84,883,913				87,709,287
Allowance for impairment of trade debtors			(5,819,700	)			(5,858,503	)
Shareholders and other related parties (Note 15)			(78,474	)			-
Allowance for impairment of shareholders and other related parties (Note 15)			43,345				-
Allowance for credit notes to be issued			(1,572,371	)			(2,987,398	)
Trade debtors - Joint ventures and associates (Note 15)			57,706				221,048
Deferred checks			17,295,440				9,699,738
			94,809,859				88,784,172
Non-current
Trade debtors			128,575				135,739
			128,575				135,739

6.4.	Other receivables

		09/30/2021			06/30/2021
Current
Taxes			8,065,060				6,048,533
Other receivables - Other related parties (Note 15)			1,499				1,547
Other receivables - Parents companies and related parties to Parents (Note 15)			1,052,879				770,549
Other receivables - Joint ventures and associates (Note 15)			2,375,118				2,219,863
Prepayments to suppliers			3,396,211				1,646,614
Prepayments to suppliers - Shareholders and other related parties (Note 15)			128,565				132,625
Reimbursements over exports			10,548				10,547
Prepaid expenses and other receivables			184,938				1,021
Loans receivable			-				230,000
Miscellaneous			313,623				92,406
			15,528,441				11,153,705

		09/30/2021			06/30/2021
Non-current
Taxes			170,150				862,771
Reimbursements over exports			1,474,615				1,680,371
			1,644,765				2,543,142

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

6.5.	Inventories

		09/30/2021			06/30/2021
Agrochemicals			1,012,575				1,161,025
Seeds and grains			1,323,942				404,774
Resale products			27,848,800				20,207,496
Manufactured products			16,213,582				10,902,683
Goods in transit			2,076,596				1,169,303
Supplies			9,270,594				6,320,594
Agricultural products			16,054,607				21,984,626
Allowance for obsolescence			(1,248,777	)			(1,112,950	)
			72,551,919				61,037,551
Net of Agricultural products			56,497,312				39,052,925

6.6.	Biological assets

Changes in biological assets

		Soybean			Corn			Wheat			Barley			HB4 Wheat			Total
Beginning of the period			54,162				27,646				22,311				3,071				2,208,648				2,315,838
Initial recognition and changes in the fair value of biological assets			-				-				9,275				-				542,628				551,903
Costs incurred during the period			118,984				148,549				67,594				21,877				34,999,130				35,356,134
Exchange differences			(3,479	)			(3,120	)			(10,992	)			(429	)			(326,852	)			(344,872	)
Period ended September 30, 2021			169,667				173,075				88,188				24,519				37,423,554				37,879,003

		Soybean			Corn			Wheat			Barley			HB4 Wheat			Total
Beginning of the period			105,101				271,754				45,639				34,050				509,184				965,728
Initial recognition and changes in the fair value of biological assets			-				73,267				151,863				24,237				-				249,367
Decrease due to harvest / disposals			(97,199	)			(118,943	)			-				(31,490	)			-				(247,632	)
Costs incurred during the period			-				-				231,023				40,811				1,725,754				1,997,588
Exchange differences			(7,902	)			(20,431	)			(18,237	)			(4,094	)			-				(50,664	)
Period ended September 30, 2020			-				205,647				410,288				63,514				2,234,938				2,914,387

6.7.	Property, plant and equipment

Property, plant and equipment as of September 30, 2021 and June 30, 2021 included the following:

		09/30/2021			06/30/2021
Gross carrying amount			65,468,079				63,974,402
Accumulated depreciation			(17,389,336	)			(16,019,806	)
Net carrying amount			48,078,743				47,954,596

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Net carrying amount for each class of assets is as follows:

Class		Net carrying amount 09/30/2021			Net carrying amount 06/30/2021
Office equipment			233,701				288,920
Vehicles			2,196,182				1,835,634
Equipment and computer software			97,010				67,105
Fixtures and fittings			3,327,794				2,967,431
Machinery and equipment			5,166,486				5,125,728
Land and buildings			35,183,123				35,674,513
Buildings in progress			1,874,447				1,995,265
Total			48,078,743				47,954,596

1.	Gross carrying amount as of September 30, 2021 is as follows:

		Gross carrying amount
Class		As of the beginning of the period			Additions			Transfers			Disposals			Foreign currency translation			Revaluation			As of the end of the period
Office equipment			762,825				5,290				(57,945	)			-				31,728				-				741,898
Vehicles			3,512,217				380,671				57,945				-				173,881				-				4,124,714
Equipment and computer software			592,126				35,904				-				(33,476	)			19,598				-				614,152
Fixtures and fittings			5,637,943				-				336,147				-				463,824				-				6,437,914
Machinery and equipment			9,987,811				104,452				-				(39,144	)			471,112				-				10,524,231
Land and buildings			41,486,215				3,020				28,413				-				1,851,395				(2,218,320	)			41,150,723
Buildings in progress			1,995,265				250,064				(364,560	)			(120,206	)			113,884				-				1,874,447
Total			63,974,402				779,401				-				(192,826	)			3,125,422				(2,218,320	)			65,468,079

2.	Accumulated depreciation as of September 30, 2021 is as follows:

		Depreciation
Class		Accumulated as of the beginning of the period			Disposals			Of the period			Foreign currency translation			Revaluation			Accumulated as of the end of period
Office equipment			473,905				-				11,407				22,885				-				508,197
Vehicles			1,676,583				-				220,281				31,668				-				1,928,532
Equipment and computer software			525,021				(33,181	)			17,815				7,487				-				517,142
Fixtures and fittings			2,670,512				-				289,507				150,101				-				3,110,120
Machinery and equipment			4,862,083				(4,241	)			237,784				262,119				-				5,357,745
Land and buildings			5,811,702				-				169,550				335,389				(349,041	)			5,967,600
Total			16,019,806				(37,422	)			946,344				809,649				(349,041	)			17,389,336

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

3.	Gross carrying amount as of September 30, 2020, is as follows:

		Gross carrying amount
Class		As of the beginning of period			Additions			Disposals			Foreign currency translation			Revaluation			As of the end of period
Office equipment			579,882				34,754				-				(2,884	)			-				611,752
Vehicles			2,977,542				760,464				(56,338	)			(14,608	)			-				3,667,060
Equipment and computer software			465,679				3,107				-				(1,208	)			-				467,578
Fixtures and fittings			5,480,431				-				-				(26,135	)			-				5,454,296
Machinery and equipment			9,054,701				48,202				-				(75,265	)			-				9,027,638
Land and buildings			34,698,618				-				-				(120,985	)			149,399				34,727,032
Buildings in progress			1,270,539				221,026				-				(5,864	)			-				1,485,701
Total			54,527,392				1,067,553				(56,338	)			(246,949	)			149,399				55,441,057

4.	Accumulated depreciation as of September 30, 2020, is as follows:

		Depreciation
Class		Accumulated as of the beginning of period			Disposals			Of the period			Foreign currency translation			Revaluation			Accumulated as of the end of period
Office equipment			391,602				-				9,709				(1,177	)			-				400,134
Vehicles			1,828,087				(54,279	)			139,019				(8,865	)			-				1,903,962
Equipment and computer software			433,231				-				5,782				(1,741	)			-				437,272
Fixtures and fittings			1,801,356				-				84,156				(8,943	)			-				1,876,569
Machinery and equipment			3,605,468				-				139,300				(16,497	)			-				3,728,271
Land and buildings			4,952,542				-				156,689				(21,767	)			5,132				5,092,596
Total			13,012,286				(54,279	)			534,655				(58,990	)			5,132				13,438,804

The depreciation charge is included in Notes 7.3 and 7.4.

Revaluation of property, plant and equipment

At a minimum, the Group updates its assessment of the fair value of its land and buildings at the end of each reporting year (after the revaluation policy was adopted), considering the most recent independent valuations and market data. As of September 30, 2021, the Group reviewed these valuations in order to determine the variations between the fair values and their book value, taking into consideration the valuations made in June 2021. Management determined the property, plant and equipment's value within a range of reasonable fair value estimates. All resulting fair value estimates for land and buildings are classified as Level 3 and are consistent with the methodology disclosed in the annual financial statements.

6.8.	Intangible assets

Intangible assets as of September 30, 2021 and June 30, 2021 included the following:

		09/30/2021			06/30/2021
Gross carrying amount			82,263,734				78,019,203
Accumulated amortization			(11,976,291	)			(10,676,841	)
Net carrying amount			70,287,443				67,342,362

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

1.	Net carrying amount of each class of intangible assets is as follows:

Class		Net carrying amount 09/30/2021			Net carrying amount 06/30/2021
Seed and integrated products
HB4 soy and breeding program			28,964,455				27,611,142
Integrated seed products			2,689,348				2,558,220
Crop nutrition
Microbiological products			4,243,569				3,996,657
Other intangible assets
Trademarks and patents			7,122,562				6,923,256
Software			2,108,152				1,849,041
Customer loyalty			20,159,357				19,404,046
RG/RS/OX Wheat			5,000,000				5,000,000
Total			70,287,443				67,342,362

2.	Gross carrying amount as of September 30, 2021 is as follows:

		Gross carrying amount
Class		As of the beginning of the period			Additions			Foreign currency translation			As of the end of the period
Seed and integrated products
HB4 soy and breeding program			27,611,142				1,353,313				-				28,964,455
Integrated seed products			2,558,220				-				131,128				2,689,348
Crop nutrition
Microbiological products			6,037,680				233,729				273,721				6,545,130
Other intangible assets
Trademarks and patents			9,824,171				629				544,834				10,369,634
Software			3,784,593				191,504				282,051				4,258,148
Customer loyalty			23,203,397				-				1,233,622				24,437,019
RG/RS/OX Wheat			5,000,000				-				-				5,000,000
Total			78,019,203				1,779,175				2,465,356				82,263,734

3.	Accumulated amortization as of September 30, 2021 is as follows:

		Amortization
Class		Accumulated as of beginning of the period			Of the period			Foreign currency translation			Accumulated as of the end of the period
Crop nutrition
Microbiological products			2,041,023				139,408				121,130				2,301,561
Other intangible assets
Trademarks and patents			2,900,915				174,626				171,531				3,247,072
Software			1,935,552				103,543				110,901				2,149,996
Customer loyalty			3,799,351				255,310				223,001				4,277,662
Total			10,676,841				672,887				626,563				11,976,291

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL

STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

4.	Gross carrying amount as of September 30, 2020 is as follows:

		Gross carrying amount
Class		As of the beginning of period			Additions			Foreign currency translation			As of the end of period
Seed and integrated products
HB4 soy and breeding program			7,345,923				439,934				(820	)			7,785,037
Integrated seed products			2,296,955				-				(10,087	)			2,286,868
Crop nutrition
Microbiological products			3,867,593				246,385				(16,272	)			4,097,706
Other intangible assets
Trademarks and patents			8,432,746				-				(37,019	)			8,395,727
Software			2,088,929				36,067				(19,296	)			2,105,700
Customer loyalty			18,800,691				-				(82,532	)			18,718,159
Total			42,832,837				722,386				(166,026	)			43,389,197

5.	Accumulated amortization as of September 30, 2020 is as follows:

		Amortization
Class		Accumulated as of beginning of period			Of the period			Foreign currency translation			Accumulated as of the end of period
Crop nutrition
Microbiological products			1,363,962				113,827				(5,181	)			1,472,608
Other intangible assets
Trademarks and patents			2,057,964				138,441				(9,034	)			2,187,371
Software			1,401,964				97,227				(15,290	)			1,483,901
Customer loyalty			2,675,483				179,982				(11,745	)			2,843,720
Total			7,499,373				529,477				(41,250	)			7,987,600

The amortization charge is included in Notes 7.3 and 7.4.

6.9.

Goodwill

The variations in goodwill that occurred during the period correspond to the result of inflation adjustment and conversion to presentation currency. There were no indicators of goodwill impairment.

Carrying amount of goodwill as of September 30, 2021 and June 30, 2021 is as follows:

		09/30/2021			06/30/2021
Rizobacter Argentina S.A.			23,638,531				22,277,336
Bioceres Crops S.A.			6,360,218				6,003,780
Insumos Agroquímicos S.A.			470,090				470,090
			30,468,839				28,751,206

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

6.10.Trade and other payables

		09/30/2021			06/30/2021
Current
Trade creditors			88,718,299				51,389,515
Shareholders and other related parties (Note 15)			36,920				52,864
Trade creditors - Parent company (Note 15)			250,629				193,718
Trade creditors - Joint ventures and associates (Note 15)			22,343,319				17,669,027
Taxes			2,237,168				2,556,945
Miscellaneous			376,983				229,339
			113,963,318				72,091,408

6.11.Borrowings

		09/30/2021			06/30/2021
Current
Bank overdrafts			-				32,838
Bank borrowings			29,156,974				33,684,287
Corporate bonds			20,387,497				24,742,752
Trust debt securities			2,102,497				3,470,448
Net loans payables- Parents companies and related parties to Parents (Note 15)			3,578,921				3,578,921
Subordinated loan			11,429,689				11,276,611
			66,655,578				76,785,857
Non-current
Bank borrowings			2,656,673				4,161,827
Corporate bonds			53,987,495				37,826,641
Net loans payables- Parents companies and related parties to Parents (Note 15)			6,000,000				6,000,000
			62,644,168				47,988,468

On August 31, 2021, Rizobacter completed a $16.1 million public offering of Series VI corporate bonds in the Argentine market. The bonds were issued in two tranches: (i) Class A: $12.7 million with maturity in March 2023 and an annual nominal interest rate of 3.75%; and (ii) Class B: $3.4 million with maturity in September 2024 and an annual nominal interest rate of 5.25%.

The carrying value of some borrowings as of September 30, 2021 measured at amortized cost differs from the fair value of these borrowings. The following measures of fair values are based on discounted cash flows (Level 3), due to the use of unobservable inputs, including own credit risk.

		09/30/2021			06/30/2021
		Amortized cost			Fair value			Amortized cost			Fair value
Current
Bank borrowings			29,156,974				28,809,692				33,684,287				32,770,615
Corporate Bonds			20,387,497				20,072,253				24,742,752				24,085,087
Non-current
Bank borrowings			2,656,673				2,312,824				4,161,827				3,864,666
Corporate Bonds			53,987,495				47,941,646				37,826,641				32,656,097

The Group has met the capital and interest installments whose maturity was effective in the three-month period ended September 30, 2021.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

6.12.Employee benefits and social security

		09/30/2021			06/30/2021
Current
Salaries, accrued incentives, vacations and social security			5,081,964				4,243,585
Key management personnel (Note 15)			132,037				436,493
			5,214,001				4,680,078

6.13.Consideration for acquisitions

The consideration of payment for the acquisitions was measured at fair value, which was calculated as the sum of the acquisition-date fair values of the assets transferred, and the liabilities incurred. The fair values measured were based on discounting future cash flow using market discount rates. The difference between fair value and nominal value of consideration is recognized as other finance over the period the consideration will be paid.

7. INFORMATION ABOUT COMPONENTS OF UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

7.1.Revenues from contracts with customers

		09/30/2021			09/30/2020
Sale of goods and services			65,672,217				41,193,013
Royalties			681,657				912,277
			66,353,874				42,105,290

Transactions of sales of goods and services with joint ventures, shareholders and other related parties are reported in Note 15.

7.2.Cost of sales

Item		09/30/2021			09/30/2020
Inventories as of the beginning of the period			39,052,925				29,338,548
Purchases of the period			49,130,173				23,197,990
Production costs			3,662,191				2,922,581
Foreign currency translation			2,534,476				(404,642	)
Subtotal			94,379,765				55,054,477
Inventories as of the end of the period (*)			(56,497,312	)			(31,941,835	)
Cost of sales			37,882,453				23,112,642

(*) Net of agricultural products from the HB4 program.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

7.3.R&D classified by nature

Item		Research and development expenses 09/30/2021			Research and development expenses 09/30/2020
Amortization of intangible assets			302,214				252,267
Import and export expenses			1,686				2,533
Depreciation of property, plant and equipment			179,677				32,423
Freight and haulage			12				-
Employee benefits and social securities			259,522				210,327
Maintenance			7,375				4,791
Energy and fuel			18,521				14,019
Supplies and materials			491,964				244,173
Mobility and travel			4,766				4,274
Professional fees and outsourced services			62,856				7,447
Professional fees related parties			86,256				234,837
Office supplies			2,334				493
Information technology expenses			31				9,915
Insurance			2,960				5,653
Depreciation of leased assets			1,206				654
Miscellaneous			10,162				406
Total			1,431,542				1,024,212

		09/30/2021			09/30/2020
R&D Capitalized (Note 6.8)			1,587,042				439,934
R&D profit and loss			1,431,542				1,024,212
Total			3,018,584				1,464,146

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

7.4.Expenses classified by nature and function

Item		Production costs			Selling, general and administrative expenses			Total 09/30/2021
Amortization of intangible assets			-				370,673				370,673
Analysis and storage			2,355				24,703				27,058
Commissions and royalties			335,585				473,456				809,041
Import and export expenses			7,304				159,345				166,649
Depreciation of property, plant and equipment			314,569				452,098				766,667
Depreciation of leased assets			118,086				120,862				238,948
Impairment of receivables			-				197,642				197,642
Freight and haulage			98,488				2,221,651				2,320,139
Employee benefits and social securities			1,508,725				4,997,301				6,506,026
Maintenance			178,832				211,075				389,907
Energy and fuel			105,690				15,593				121,283
Supplies and materials			209,874				129,419				339,293
Mobility and travel			4,454				265,364				269,818
Publicity and advertising			-				973,659				973,659
Contingencies			-				2,742				2,742
Share-based incentives			-				517,434				517,434
Professional fees and outsourced services			307,060				1,971,702				2,278,762
Professional fees related parties			-				14,474				14,474
Office supplies			6,376				119,830				126,206
Insurance			13,054				240,421				253,475
Information technology expenses			-				330,337				330,337
Obsolescence			440,324				-				440,324
Taxes			11,256				2,331,803				2,343,059
Miscellaneous			159				41,616				41,775
Total			3,662,191				16,183,200				19,845,391

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Item		Production costs			Selling, general and administrative expenses			Total 09/30/2020
Amortization of intangible assets			-				277,210				277,210
Analysis and storage			11,562				9,674				21,236
Commissions and royalties			468,400				155,743				624,143
Import and export expenses			41,244				233,814				275,058
Depreciation of property, plant and equipment			270,785				231,447				502,232
Depreciation of leased assets			64,014				28,499				92,513
Impairment of receivables			-				96,931				96,931
Freight and haulage			162,690				997,397				1,160,087
Employee benefits and social securities			1,198,492				3,366,048				4,564,540
Maintenance			165,489				175,437				340,926
Energy and fuel			80,009				22,326				102,335
Supplies and materials			60,192				77,134				137,326
Mobility and travel			968				162,001				162,969
Publicity and advertising			-				462,658				462,658
Contingencies			4,403				33,386				37,789
Share-based incentives			-				316,703				316,703
Professional fees and outsourced services			173,131				1,748,720				1,921,851
Professional fees related parties			-				2,294				2,294
Office supplies			378				122,357				122,735
Insurance			18,648				225,789				244,437
Information technology expenses			328				247,928				248,256
Obsolescence			192,170				-				192,170
Taxes			9,298				1,081,550				1,090,848
Miscellaneous			380				17,197				17,577
Total			2,922,581				10,092,243				13,014,824

7.5.Finance results

		09/30/2021			09/30/2020
Financial costs
Interest expenses with the Parents (Note 15)			(240,639	)			(313,677	)
Interest expenses			(2,312,445	)			(4,490,817	)
Financial commissions			(789,725	)			(471,556	)
			(3,342,809	)			(5,276,050	)
Other financial results
Exchange differences generated by assets			4,721,459				8,480,343
Exchange differences generated by liabilities			(7,441,398	)			(12,055,520	)
Changes in fair value of financial assets or liabilities and other financial results			(766,225	)			(5,459,905	)
Net gain of inflation effect on monetary items			1,649,305				1,575,670
			(1,836,859	)			(7,459,412	)
Total net financial results			(5,179,668	)			(12,735,462	)

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

8. TAXATION

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

		09/30/2021			09/30/2020
Current tax expense			(4,650,198	)			(2,360,843	)
Deferred tax			2,054,885				354,977
Total			(2,595,313	)			(2,005,866	)

The gross movement on the deferred income tax account is as follows:

		09/30/2021			09/30/2020
Beginning of the period deferred tax			(22,421,125	)			(14,164,930	)
Charge of the period			2,054,885				354,977
Charge to OCI			654,248				(36,067	)
Conversion difference			(1,451,115	)			30,922
Total net deferred tax			(21,163,107	)			(13,815,098	)

The tax on the Group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

		09/30/2021			09/30/2020
Earnings (Loss) before income tax-rate			4,860,529				(4,364,396	)
Income tax expense by applying tax rate in force in the respective countries			(2,774,368	)			(1,306,510	)
Share of profit or loss of subsidiaries, joint ventures and associates			(78,009	)			82,195
Stock options charge			(93,824	)			(15,212	)
Rate change adjustment			-				38,109
Non-deductible expenses			(475,473	)			(70,883	)
Untaxed gains			135,263				-
Representation expenses			(2,084	)			(8,189	)
Foreign investment coverage			56,980				99,610
Tax inflation adjustment			300,200				(742,393	)
Result of inflation effect on monetary items and other finance results			283,261				(82,593	)
Others			52,741				-
Income tax expenses			(2,595,313	)			(2,005,866	)

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

9. EARNINGS PER SHARE (EPS)

The numerators and denominators used in the calculation of basic EPS and diluted EPS are presented below:

		09/30/2021			09/30/2020
Numerator
Profit (loss) for the period (basic EPS)			874,137				(6,971,558	)
Profit (loss) for the period (diluted EPS)			874,137				(6,971,558	)
Denominator
Weighted average number of shares (basic EPS)			41,104,088				36,367,953
Weighted average number of shares (diluted EPS)			42,376,794				36,367,953
Basic profit (loss) attributable to ordinary equity holders of the parent			0.0213				(0.1917	)
Diluted profit (loss) gain attributable to ordinary equity holders of the parent			0.0206				(0.1917	)

For the period ended September 30, 2020 diluted EPS was the same as basic EPS as the effect of potential ordinary shares would be antidilutive.

Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. The Group has two categories of dilutive potential shares, share-based incentives, and Convertible notes.

The stock options were included in the diluted EPS calculation for the year ended Septiember 30, 2021 only for the tranches in which the average market price of ordinary shares during the periods was higher than the assumed proceeds per option. See note 17.

Convertible notes outstanding were not included in the diluted EPS calculations for the year ended September 30, 2021 because its interest (net of tax and other changes in income or expense) per ordinary share obtainable on conversion exceeds basic earnings per share.

10. INFORMATION ABOUT UNAUDITED INTERIM CONDENSED CONSOLIDATED COMPONENTS OF EQUITY

Share capital

As of September 30, 2021, we have (i) 100,000,000 ordinary shares ($0.0001 par value) authorized, (ii) 41,104,087 ordinary shares issued and outstanding, (iii) 1,000,000 preference shares ($0.0001 par value) authorized, (iv) no preference shares issued and outstanding, (v) $49.1 million of Convertible notes, and (vi) 2,032,092 ordinary shares reserved for our equity compensation plans.

Holders of the ordinary shares are entitled to one vote for each ordinary share.

Non-controlling interests

On August 2, 2021, we acquired 2,467,990 shares of Insumos Agróquimicos S.A. ("Insuagro"). Consideration of payment was $0.7 million in cash as a Fixed Price. Furthermore, the Fixed Price may be increased up to 3.5x Adjusted EBITDA per share to be measured in each annual reporting period. The Group has recognized in equity the difference between the amount by which the non-controlling interests were incorporated and the fair value of the consideration paid.

As of today, we own 13,489,990 shares of Insuagro, which represent 61.32% of the share capital and 61.22% of the votes.

There were no dividends paid to non-controlling interests in the periods ended September 30, 2021 and 2020.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

11.	CASH FLOW INFORMATION

Significant non-cash transactions related to investment and financing activities are as follows:

		09/30/2021			09/30/2020
Investment activities
Settlement of receivables through PPE contribution			-				1,858,732
Investment in-kind in other related parties (Note 15)			455,444				261,619
			455,444				2,120,351

		09/30/2021			09/30/2020
Financing activities
Acquisition of non-controlling interest in subsidiaries			255,893				-
			255,893				-

12.	JOINT VENTURES AND ASSOCIATES

		09/30/2021			06/30/2021
Liabilities
Trigall Genetics S.A.			1,276,639				1,278,250
			1,276,639				1,278,250

		09/30/2021			06/30/2021
Assets
Synertech Industrias S.A.			28,780,636				27,572,597
Indrasa Biotecnología S.A.			69,709				54,957
Alfalfa Technologies S.R.L.			94,922				97,920
Moolec Science Limited			2,931,699				2,931,699
			31,876,966				30,657,173

Share of profit or loss of joint ventures and associates:

		09/30/2021			09/30/2020
Trigall Genetics S.A.			1,611				(114,233	)
Synertech Industrias S.A.			(240,282	)			328,106
Indrasa Biotecnología S.A.			16,435				25,839
			(222,236	)			239,712

Changes in joint ventures and associates

		09/30/2021			09/30/2020
As of the beginning of the period			29,378,923				23,103,963
Revaluation of property, plant and equipment			(173,852	)			14,135
Foreign currency translation			1,617,492				(76,438	)
Share of profit or loss			(222,236	)			239,712
As of the end of the period			30,600,327				23,281,372

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

13.	SEGMENT INFORMATION

The following tables present information with respect to the Group´s reporting segments:

Period ended September 30, 2021		Seed and integrated products			Crop protection			Crop nutrition			Consolidated
Revenues from contracts with customers
Sale of goods and services			8,250,549				34,958,979				22,462,689				65,672,217
Royalties			681,657												681,657
Others
Government grants			468				-				-				468
Initial recognition and changes in the fair value of biological assets			45,951				191,317				314,635				551,903
Total			8,978,625				35,150,296				22,777,324				66,906,245
Cost of sales			(3,494,180	)			(21,524,899	)			(12,863,374	)			(37,882,453	)
Gross margin per segment			5,484,445				13,625,397				9,913,950				29,023,792
%			61	%			39	%			44	%			43	%

Period ended September 30, 2020		Seed and integrated products			Crop protection			Crop nutrition			Consolidated
Revenues from contracts with customers
Sale of goods and services			7,742,299				21,567,520				11,883,194				41,193,013
Royalties			912,277												912,277
Others
Government grants			604				-				-				604
Initial recognition and changes in the fair value of biological assets			20,421				72,295				156,651				249,367
Total			8,675,601				21,639,815				12,039,845				42,355,261
Cost of sales			(3,320,422	)			(13,521,273	)			(6,270,947	)			(23,112,642	)
Gross margin per segment			5,355,179				8,118,542				5,768,898				19,242,619
%			62	%			38	%			48	%			45	%

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

14. FINANCIAL INSTRUMENTS - RISK MANAGEMENT

The following tables show additional information required under IFRS 7 for financial assets and liabilities recorded as of September 30, 2021 and June 30, 2021.

		Amortized cost			Mandatorily measured at fair value through profit or loss
Financial asset		09/30/2021			06/30/2021			09/30/2021			06/30/2021
Cash and cash equivalents			30,082,841				28,327,569				6,548,708				7,718,544
Other financial assets			1,188,325				1,523,438				5,031,211				10,735,422
Trade receivables			94,938,434				88,919,911				-				-
Other receivables (*)			5,228,282				5,005,283				-				-
Total			131,437,882				123,776,201				11,579,919				18,453,966

(*) Advances expenses and tax balances are not included.

		Amortized cost			Mandatorily measured at fair value through profit or loss
Financial liability		09/30/2021			06/30/2021			09/30/2021			06/30/2021
Trade and other payables			113,963,318				72,091,408				-				-
Borrowings			129,299,746				124,774,325				-				-
Convertible notes			50,190,617				48,664,012				-				-
Lease liability			1,209,067				1,140,717				-				-
Employee benefits and social security			5,214,001				4,680,078				-				-
Consideration for acquisition of assets			12,075,576				11,790,533				-				-
Total			311,952,325				263,141,073				-				-

Financial instruments measured at fair value

Measurement at fair value at 09/30/2021		Level 1			Level 2			Level 3
Financial assets at fair value
Mutual funds			6,548,708				-				-
US Treasury bills			2,513,798				-				-
Other investments			1,883,593				633,820				-

Measurement at fair value at 06/30/2021		Level 1			Level 2			Level 3
Financial assets at fair value
Mutual funds			7,718,544				-				-
US Treasury bills			7,885,937				-				-
Other investments			2,110,414				739,071				-

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Estimation of fair value

The fair value of marketable securities, mutual funds and US Treasury Bills is calculated using the market approach, which use quoted prices in active markets for identical assets. The quoted marked price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

The Group's financial liabilities, which were not traded in an active market, were determined using valuation techniques that maximize the use of available market information, and thus rely as little as possible on specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2.

If one or more of the significant inputs is not based on observable market data, the instruments are included in Level 3.

The Group's policy is to recognize transfers between different categories of the fair value hierarchy at the time they occur or when there are changes in the circumstances that cause the transfer.

There were no transfers between levels of the fair value hierarchy. There were no changes in economic or business circumstances affecting fair value.

Financial instruments not measured at fair value

The financial instruments not measured at fair value include cash and cash equivalents, trade accounts receivable, other accounts receivable, trade payables and other debts, borrowings, financed payments and convertible notes.

The carrying value of financial instruments not measured at fair value does not differ significantly from their fair value, except for borrowings (Note 6.11).

Management estimates that the carrying value of the financial instruments measured at amortized cost approximates their fair value.

15.	SHAREHOLDERS AND OTHER RELATED PARTIES BALANCES AND TRANSACTIONS

During the periods ended September 30, 2021 and 2020, the transactions between the Group and related parties, and the related balances owed by and to them, are as follows:

				Amount of the transactions of the period ended
Party		Transaction type		09/30/2021			09/30/2020
Joint ventures and associates		Sales and services			4,331,275				1,340,709
Joint ventures and associates		Purchases of goods and services			(12,087,333	)			(4,496,924	)
Joint ventures and associates		Net loans granted			-				375,575
Key management personnel		Salaries, social security benefits and other benefits			(969,716	)			(880,195	)
Key management personnel		Net loans cancelled			-				(598,508	)
Key management personnel		Interest gain			-				8,812
Shareholders and other related parties		Sales of goods and services			1,805				177,017
Shareholders and other related parties		Purchases of goods and services			(1,422,314	)			(492,235	)
Shareholders and other related parties		In-kind contributions			455,444				261,619
Parents companies and related parties to Parents (Note 7.5)		Interest expenses			(240,639	)			(313,677	)
Total					(9,931,478	)			(4,617,807	)

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

				Amounts receivable from related parties
Party		Transaction type		09/30/2021			06/30/2021
Parents companies and related parties to Parents		Other receivables			1,052,879				770,549
Shareholders and other related parties		Trade debtors			(78,474	)			-
Shareholders and other related parties		Allowance for impairment			43,345				-
Other receivables - Other related parties		Other receivables			130,064				134,172
Joint ventures and associates		Trade debtors			57,706				221,048
Joint ventures and associates		Other receivables			2,375,118				2,219,863
Total					3,580,638				3,345,632

				Amounts payable to related parties
Party		Transaction type		09/30/2021			06/30/2021
Parent company		Trade creditors			(250,629	)			(193,718	)
Parents companies and related parties to Parents		Net loans payables			(9,578,921	)			(9,578,921	)
Key management personnel		Salaries, social security benefits and other benefits			(132,037	)			(436,493	)
Shareholders and other related parties		Trade and other payables			(36,920	)			(52,864	)
Joint ventures and associates		Trade creditors			(22,343,319	)			(17,669,027	)
Total					(32,341,826	)			(27,931,023	)

16.	KEY MANAGEMENT PERSONNEL COMPENSATION

The compensation of directors and other members of key management, including social security contributions and other benefits, was as follows for the period ended September 30, 2021 and 2020.

		09/30/2021			09/30/2020
Salaries, social security and other benefits			452,282				563,492
Share-based incentives			517,434				316,703
Total			969,716				880,195

17.	SHARE-BASED PAYMENTS

a)	Incentive payments based on options

-Share option plan for directors and senior management: plan granted up to 1,200,000 stock options with an exercise price of $4.55 and expire on October 31, 2029.

-Share Option Plan for junior management: plan granted up to 100,000 underlying ordinary shares for certain key employees. The options have an exercise price of $5.55 and expire on October 23, 2030.

Options can be exercised on a cashless basis at their volume weighted average price ("VWAP") of the ordinary shares during a twenty-day period to the date of exercise.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

The fair value of the stock options at the grant date was estimated using the "Black-Scholes" model, considering the terms and conditions under which the options on shares were granted and adjusted to consider the possible dilutive effect of the future exercise of options.

Factor		Directors and Sr. Management			Junior Management
Weighted average fair value of shares		$	5.42			$	13.98
Exercise price		$	4.55			$	5.55
Weighted average expected volatility (*)			29.69	%			42.18	%
Dividend rate			0	%			0	%
Weighted average risk-free interest rate			1.66	%			1.17	%
Weighted average expected life			9.89	years			9.22	years
Weighted average fair value of stock options at measurement date		$	2.47			$	10.1

There are no market-related performance conditions or non-vesting conditions that should be considered for determining the fair value of options.

The Group estimates that 100% of the stock options will be exercised, taking into account historical patterns of executives maintaining their jobs and the probability of exercising the options. This estimate is reviewed at the end of each annual or interim period.

The following table shows the weighted average amount and exercise price and the movements of the stock options of executives and directors of the Group during the three-month periods ended September 30, 2021 and 2020.

		09/30/2021			09/30/2020
		Number of options			Exercise price			Number of options			Exercise price
At the beginning			1,166,667			$	4.55				1,200,000			$	4.55
Granted during the period			93,600			$	5.55				-				-
Annulled during the period			-				-				-				-
Exercised during the period			-				-				-				-
Expired during the period			-				-				-				-
Effective at period (*)			1,260,267			$	4.62				1,200,000			$	4.55

(*) Exercise price of options effective at the end of the period was calculated using weighted average.

The charge of the plans based on options recognized during the period was $0.4 million.

b) Annual compensation - Bonus

Bonus in Cash is an annual cash incentive awarded up to an amount that is five times the individual's monthly salary, which can be increased by $30,000 in value if the recipient decides to receive the base bonus in ordinary shares, to each of the Chief Operating Officer, Sales Director and Marketing Director and Managing Director of Rizobacter. The bonus will be granted upon the meeting by the Company of certain financial and operational objectives. Each year the Board of Directors defines the objectives upon approval of the annual budget.

As well as fiscal year ended June 30, 2020, for the Bonus in Cash 2021, all the beneficiaries decided to receive the bonus in ordinary shares. The charge for the three-month period ended September 30, 2021 in consideration of the annual compensation bonus for objectives achieved in the year ended June 30, 2021 amounted to $0.05 million.

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Bonus in Kind is an annual in-kind incentive awarded in ordinary shares up to an equivalent of $315,000, $165,000 and $100,000 to the Chief Executive Officer, Chief Financial Officer and Chief Technology Officer, respectively, to tie a portion of their compensation to financial and operational objectives. Each year the Board of Directors will define the objectives upon approval of the annual budget.

The charge for the three-month period ended September 30, 2021 in consideration of the annual compensation bonus for objectives achieved in the year ended June 30, 2021 amounted to $0.07 million.

The number of shares that can be awarded under each bonus will be determined by using a 20-day volume weighted average price ("VWAP") of the Company's ordinary shares, starting with the day on which the relevant financial and operational objectives are met by the Company and the bonus is granted.

50% of bonus vests immediately if the financial and operational objectives are achieved as of such date, and the remaining 50% vests in the subsequent 12-months, upon meeting of the financial and operational objectives.

e) Employee Stock Purchase Plan (ESPP)

This is an incentive plan for eligible employees with no stock compensation to purchase ordinary shares of the Company up to a maximum of 15% percent of such employee's monthly compensation. The number of ordinary shares subject to the ESPP shall be 200,000 ordinary shares. The purchase price will be equal to 85% of the lower of the closing price of the Company's ordinary shares on the first business day and the last business day of the relevant offering period. As of the date of These condensed consolidated statements of financial position the ESSP is not yet implemented.

18.

LEASE

Right-of-use leased asset		09/30/2021			06/30/2021
Cost
Book value at the beginning of the period			3,688,150				2,369,326
Additions of the period			307,510				913,321
Disposals			(44,092	)			-
Exchange differences			(82,907	)			405,503
Book value at the end of the year			3,868,661				3,688,150

Depreciation		09/30/2021			06/30/2021
Book value at the beginning of the period			2,360,490				1,254,729
Exchange differences			(139,137	)			278,441
Depreciation of the period			240,154				827,320
Accumulated depreciation at the end of the period			2,461,507				2,360,490
Total			1,407,154				1,327,660

Lease liability		09/30/2021			06/30/2021
Book value at the beginning of the period			1,140,717				1,109,812
Additions of the year			106,185				259,427
Interest expenses, exchange differences and inflation effects			205,948				500,442
Payments of the period			(243,783	)			(728,964	)
Total			1,209,067				1,140,717

Lease Liabilities		09/30/2021			06/30/2021
Non-current			490,101				390,409
Current			718,966				750,308
Total			1,209,067				1,140,717

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

The recognized right-of-use assets relate to the following types of assets:

		09/30/2021			06/30/2021
Machinery and equipment			700,807				661,544
Vehicles			1,042,169				1,061,184
Equipment and computer software			772,777				582,101
Land and buildings			1,352,908				1,383,321
			3,868,661				3,688,150

The incremental borrowing rate used was 6.23%.

19.	CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS

There were no significant changes to the contingencies, commitments and restrictions on the distribution of profits from the disclosure made in the Consolidated financial statement as of June 30, 2021.

20.	EVENTS OCCURRING AFTER THE REPORTING PERIOD

Subsequent to September 30, 2021, there have been no situations or circumstances that may require significant adjustments or further disclosure in these unaudited interim condensed consolidated financial statements that were not mentioned above.