Exhibit 99.5

 

BIOCERES GROUP PLC

Registration number: 13310943

 

 

BIOCERES GROUP PLC

 

Unaudited interim condensed consolidated financial statements

as of December 31, 2024 and June 30, 2024, and for the six-month

periods ended December 31, 2024 and 2023.

 

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

Contents

 

Unaudited interim condensed consolidated financial statements as of December 31, 2024 and June 30, 2024, and for the
six-month periods ended December 31, 2024 and 2023.

 

Unaudited interim condensed consolidated statements of financial position as of December 31, 2024 and June 30, 2024 2
Unaudited interim condensed consolidated statements of comprehensive income for the six-month periods ended December 31, 2024 and 2023 4
Unaudited interim condensed consolidated statements of changes in equity for the six-month periods ended December 31, 2024 and 2023 5
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended December 31, 2024 and 2023 7
Notes to the unaudited interim condensed consolidated financial statements 9

 

1

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2024, and June 30, 2024

(Amounts in US$)

 

   Notes  12/31/2024   06/30/2024 
ASSETS           
NON-CURRENT ASSETS           
Other financial assets  5.2   373,520    190,517 
Other receivables  5.4   27,128,645    27,887,034 
Income taxes      15,379    10,889 
Deferred tax assets  7   19,975,796    14,476,230 
Investments in joint ventures and associates  11   64,991,989    92,795,851 
Property, plant and equipment  5.6   74,935,727    74,612,434 
Investment properties      560,783    560,783 
Intangible assets  5.7   176,760,919    177,331,280 
Goodwill  5.8   112,163,432    112,163,432 
Right of use asset  14   16,335,484    11,601,752 
Total non-current assets      493,241,674    511,630,202 
              
CURRENT ASSETS             
Cash and cash equivalents  5.1   33,201,142    52,994,865 
Other financial assets  5.2   9,597,877    14,667,607 
Trade receivables  5.3   228,437,463    209,007,195 
Other receivables  5.4   38,376,133    34,657,383 
Recoverable income tax      1,500,924    655,691 
Inventories  5.5   101,809,489    125,929,768 
Biological assets      4,398,841    294,134 
Total current assets      417,321,869    438,206,643 
Total assets      910,563,543    949,836,845 

 

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

 

2

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2024, and June 30, 2024

(Amounts in US$)

 

   Notes  12/31/2024   06/30/2024 
EQUITY           
Issued capital  9   2,382,321    2,371,453 
Own shares held      (444,473)   (444,473)
Shares trading premium      (7,020,546)   (7,289,991)
Stock options and share based incentives      6,645,791    6,222,175 
Retained deficit/earnings      (31,960,439)   1,142,761 
Revaluation of property, plant and equipment reserve      (1,323,916)   (1,323,916)
Foreign currency translation reserve      (782,649)   534,827 
Equity attributable to owners of the parent      (32,503,911)   1,212,836 
Non-controlling interest      244,356,305    248,788,534 
Total equity      211,852,394    250,001,370 
              
LIABILITIES             
NON-CURRENT LIABILITIES             
Borrowings  5.10   151,769,309    127,248,305 
Deferred revenue and advances from customers  5.12   1,879,736    1,925,138 
Government grants      1,986    782 
Joint ventures and associates  11   749,269    296,455 
Deferred tax liabilities  7   32,950,920    34,500,445 
Provisions  5.13   17,307,170    17,484,715 
Consideration for acquisition      1,929,241    2,005,143 
Convertible notes      83,400,171    80,809,686 
Lease liabilities  14   10,848,789    8,161,359 
Total non-current liabilities      300,836,591    272,432,028 
              
CURRENT LIABILITIES             
Trade and other payables  5.9   144,082,550    168,937,536 
Borrowings  5.10   228,081,833    234,510,751 
Employee benefits and social security  5.11   8,421,333    7,506,831 
Deferred revenue and advances from customers  5.12   2,931,008    3,924,801 
Income tax payable      5,898,060    4,825,271 
Government grants      4,933    3,655 
Consideration for acquisition      3,165,618    4,571,824 
Lease liabilities  14   5,289,223    3,122,778 
Total current liabilities      397,874,558    427,403,447 
Total liabilities      698,711,149    699,835,475 
Total equity and liabilities      910,563,543    949,836,845 

 

The accompanying Notes are an integral part of these Consolidated financial statements. Related parties balances and transactions are disclosed in Note 15.

 

3

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the six-month periods ended of December 31, 2024, and 2023

(Amounts in US$)

 

   Notes  12/31/2024   12/31/2023 
            
Revenues from contracts with customers  6.1   199,478,869    256,984,240 
Government grants      10,154    74,723 
Initial recognition and changes in the fair value of biological assets at the point of harvest      588,053    338,128 
              
Cost of sales  6.2   (117,374,985)   (160,375,954)
Changes in the net realizable value of agricultural products after harvest      (204,910)   (2,192,558)
Research and development expenses  6.3   (8,797,433)   (8,605,575)
Selling, general and administrative expenses  6.4   (64,731,412)   (66,145,040)
Share of profit or loss of joint ventures and associates  11   (27,778,758)   (21,206,303)
Other income or expenses, net      164,944    (2,398,240)
Operating loss      (18,645,478)   (3,526,579)
              
Financial cost  6.5   (20,183,299)   (16,757,516)
Other financial results  6.5   (1,086,189)   (10,980,849)
Loss before income tax      (39,914,966)   (31,264,944)
              
Income tax  7   3,091,074    (7,444,529)
Loss for the year      (36,823,892)   (38,709,473)
              
Other comprehensive income             
Items that may be subsequently reclassified to profit and loss      (1,518,743)   6,579,570 
Foreign exchange differences on translation of foreign operations from joint ventures      (477,918)   1,250,603 
Foreign exchange differences on translation of foreign operations      (1,040,825)   5,328,967 
Total comprehensive loss      (38,342,635)   (32,129,903)
              
Loss for the period attributable to:             
Equity holders of the parent      (33,103,200)   (36,504,783)
Non-controlling interests      (3,720,692)   (2,204,690)
       (36,823,892)   (38,709,473)
Total comprehensive loss attributable to:             
Equity holders of the parent      (34,420,676)   (30,785,132)
Non-controlling interests      (3,921,959)   (1,344,771)
       (38,342,635)   (32,129,903)
Loss per share             
Basic loss attributable to ordinary equity holders of the parent  8   (1.7388)   (2.0228)
Diluted loss attributable to ordinary equity holders of the parent  8   (1.7388)   (2.0228)

 

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.

 

4

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month periods ended of December 31, 2024, and 2023

(Amounts in US$)

 

   Attributable to the equity holders of the parent             
   Issued
capital		   Own
shares
held		   Shares
trading
premium		   Stock
options
and
share
based
incentives		   Retained
earnings /
(deficit)		   Foreign
currency
translation
reserve		   Revaluation of
PP&E
and
effect of
tax rate
change		   Attributable to the
equity
holders
of the
parent		   Non-
controlling
interests		   Total
equity		 
06/30/2024   2,371,453    (444,473)   (7,289,991)   6,222,175    1,142,761    534,827    (1,323,916)   1,212,836    248,788,534    250,001,370 
                                                   
Increase in capital   10,868    —    —    —    —    —    —    10,868    —    10,868 
                                                   
Changes in ownership interests in subsidiaries   —    —    269,445    —    —    —    —    269,445    (1,473,609)   (1,204,164)
                                                   
Share-based incentives of subsidiaries   —    —    —    423,616    —    —    —    423,616    1,035,390    1,459,006 
                                                   
Distribution of dividends   —    —    —    —    —    —    —    —    (72,051)   (72,051)
                                                   
Loss for the period   —    —    —    —    (33,103,200)   —    —    (33,103,200)   (3,720,692)   (36,823,892)
                                                   
Other comprehensive loss   —    —    —    —    —    (1,317,476)   —    (1,317,476)   (201,267)   (1,518,743)
12/31/2024   2,382,321    (444,473)   (7,020,546)   6,645,791    (31,960,439)   (782,649)   (1,323,916)   (32,503,911)   244,356,305    211,852,394 

 

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

 

5

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month periods ended of December 31, 2024, and 2023

(Amounts in US$)

 

   Attributable to the equity holders of the parent             
   Issued
capital		   Shares
trading
premium		   Stock
options
and
share
based
incentives		   Retained
(deficit) /
earnings		   Foreign
currency
translation
reserve		   Revaluation of
PP&E
and effect
of tax
rate
change		   Attributable to the
equity
holders of
the parent		   Non-
controlling
interests		   Total
equity		 
06/30/2023   2,096,534    (13,587,790)   1,853,856    33,828,159    724,779    (1,323,916)   23,591,622    234,978,480    258,570,102 
                                              
Increase in capital   257,775    -    -    -    -    -    257,775    -    257,775 
                                              
Changes in ownership interests in subsidiaries   -    2,657,780    -    -    -    -    2,657,780    (5,264,579)   (2,606,799)
                                              
Share-based incentives of subsidiaries   -    -    1,607,529    -    -    -    1,607,529    5,154,147    6,761,676 
                                              
Distribution of dividends   -    -    -    -    -    -    -    (151,612)   (151,612)
                                              
Loss for the period   -    -    -    (36,504,783)   -    -    (36,504,783)   (2,204,690)   (38,709,473)
                                              
Other comprehensive income   -    -    -    -    5,719,652    -    5,719,652    859,918    6,579,570 
12/31/2023   2,354,309    (10,930,010)   3,461,385    (2,676,624)   6,444,431    (1,323,916)   (2,670,425)   233,371,664    230,701,239 

 

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

 

6

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH

For the six-month periods ended of December 31, 2024, and 2023

(Amounts in US$)

 

   Notes  12/31/2024   12/31/2023 
OPERATING ACTIVITIES           
Loss for the period      (36,823,892)   (38,709,473)
              
Adjustments to reconcile profit to net cash flows             
Income tax      (3,091,074)   7,444,529 
Depreciation of property, plant and equipment  6.3/6.4   3,046,924    2,567,152 
Amortization of intangible assets  6.3/6.4   5,944,308    5,475,007 
Depreciation of leased assets      2,219,948    3,418,956 
Share-based incentive and stock options      2,338,406    8,527,214 
Share of profit or loss of joint ventures and associates  11   27,778,758    21,206,303 
Provisions for contingencies      175,487    49,090 
Allowance for impairment of trade debtors      1,980,726    296,051 
Allowance for obsolescence      477,756    282,836 
Initial recognition and changes in the fair value of biological assets      (588,053)   (338,128)
Changes in the net realizable value of agricultural products after harvest      204,910    2,192,558 
Financial results      21,269,488    27,738,365 
Gain on sale of equipment and intangible assets      (147,199)   (33,521)
              
Working capital adjustments             
Trade receivables      (22,597,136)   (52,409,027)
Other receivables      (6,695,312)   9,155,329 
Inventories and biological assets      19,920,959    13,770,674 
Trade and other payables      (22,151,982)   10,600,074 
Employee benefits and social security      914,502    (1,593,274)
Government grants      2,482    (297,966)
Interest collected      3,579,162    1,204,931 
Deferred revenue and advances from customers      (1,039,195)   (2,714,109)
Net cash flows (used in) / generated by operating activities      (3,280,027)   17,644,227 

 

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

 

7

 

 

BIOCERES GROUP PLC

Registration number: 13310943

 

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH

As of December 31, 2024 and December 31, 2023

(Amounts in US$)

 

   Notes  12/31/2024   12/31/2023 
INVESTMENT ACTIVITIES           
Proceeds from sale of property, plant and equipment      155,471    45,268 
Proceeds from financial assets      9,655,265    5,997,737 
Investment in financial assets      (10,406,002)   (5,367,021)
Purchase of property, plant and equipment  5.6   (4,082,865)   (6,127,126)
Capitalized development expenditures  5.7   (5,022,789)   (4,454,893)
Purchase of intangible assets  5.7   (284,372)   (219,829)
Net cash flows used in investing activities      (9,985,292)   (10,125,864)
              
FINANCING ACTIVITIES             
Proceeds from borrowings      112,394,583    88,495,114 
Repayment of borrowings and financed payments      (114,600,002)   (92,666,882)
Interest payments      (15,493,896)   (14,297,231)
Leased assets payments      (2,497,966)   (2,493,617)
Cash dividend distributed to non-controlling interest      (72,051)   (151,612)
Purchase of own shares      (926,899)   (734,388)
Other financial payments      (2,662,021)   (1,530,144)
Proceeds from the issuance of preferred shares      15,000,000    - 
Net cash flows used in financing activities      (8,858,252)   (23,378,760)
              
Net decrease in cash and cash equivalents      (22,123,571)   (15,671,052)
              
Inflation effects on cash and cash equivalents      (12,324)   (105,152)
              
Cash and cash equivalents as of beginning of the year  5.1   52,994,865    49,265,020 
Effect of exchange rate changes on cash and equivalents      2,342,172    (6,321,148)
Cash and cash equivalents as of the end of the period      33,201,142    27,167,668 

 

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

 

8

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

Index

 

1. General information. 10
2. Accounting standards and basis of preparation. 10
3. New standards, amendments and interpretations issued by the IASB. 11
4. Acquisitions and other significant transactions 12
5. Information about components of unaudited interim condensed consolidated statement of financial position. 13
6. Information about components of unaudited interim condensed consolidated statement of comprehensive income. 19
7. Taxation. 23
8. Earnings per share. 24
9. Information about components of equity. 24
10. Cash flow information. 24
11. Joint ventures and associates. 25
12. Segment information 26
13. Financial instruments – Risk management. 27
14. Leases. 29
15. Shareholders and other related parties’ balances and transactions. 30
16. Key management personnel compensation. 31
17. Contingencies, commitments and restrictions on the distribution of profits. 31
18. Events occurring after the reporting period. 32

 

9

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

1. GENERAL INFORMATION

 

Bioceres Group PLC is a fully integrated company incorporated on April 3, 2021, in England and Wales, whose registered office is at Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom.

 

On April 1, 2025, the Company changed its legal name from Bioceres Group PLC to Bioceres Group Limited. (Note 18).

 

Unless the context otherwise requires, “we,” “us,” “our,” and “Bioceres Group” will refer to Bioceres Group PLC 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 six-month period ended December 31, 2024, 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 for the fiscal year ended June 30, 2024.

 

Authorization for the issue of the Consolidated financial statements

 

These unaudited interim condensed consolidated financial statements of the Group as of December 31, 2024, and June 30, 2024 and for the six-month periods ended December 31, 2024 and 2023 were approved and authorized by the Board of Directors of Bioceres Group PLC on April 15, 2025, except with respect to the matters that raise substantial doubt about the Company’s ability to continue as a going concern discussed in “Note 18.1. Going Concern” which was approved by the Board of Directors on August 11, 2025.

 

Basis of measurement

 

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

 

● Going concern basis of accounting, considering the conclusion of the assessment made by the Group’s 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”. (See Note 18.1)

 

● 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”).

 

b) Presentation currency

 

The consolidated financial statements of the Group are presented in US dollars.

 

10

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

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 on 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 on 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 profit or loss reorganized 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, 2024.

 

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

 

New standards and interpretations adopted by the Group

 

a) The following new standards, amendments and interpretations became applicable for the current reporting period and adopted by the Group.

 

- Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback.

 

- Amendments to IAS1 - Non-current liabilities with covenants.

 

- Amendments to IAS 7- Statement of Cash Flows & to IFRS 7- Financial Instruments: Disclosures.

 

- Amendment to IAS 7 and IFRS 7 - Supplier Financing.

 

These new standards and amendments did not have any material impact on the Group.

 

b) The following new standards are not yet adopted by the Group.

 

- Amendments to IAS 21- The Effects of Changes in Foreign Exchange Ratestitled Lack of Exchangeability. The amendments are effective for annual reporting periods beginning on or after 1 January 2025.

 

- Amendment to IFRS 9 and IFRS 7 – Classification and measurement of financial instruments. The amendments are effective for annual periods beginning on or after January 1, 2026.

 

- IFRS 19 - Subsidiaries without Public Accountability: Disclosures- The amendments are effective for annual periods beginning on or after January 1, 2027.

 

- Annual Improvements to IFRS Accounting Standards—Volume 11. The amendments are effective for annual periods beginning on or after January 1, 2026.

 

- Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity. The amendments are effective for annual periods beginning on or after January 1, 2026.

 

The above amendments are not expected to have material impact on the Group.

 

- IFRS 18 – Presentation and Disclosure in Financial Statements. This standard sets out requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. It is effective for annual periods beginning on or after January 1, 2027.

 

The Group is analyzing the potential impact of this standard on our financial statements.

 

11

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

4. ACQUISITIONS AND OTHER SIGNIFICANT TRANSACTIONS

 

Natal Agro S.R.L.

 

On June 10, 2024, we acquired a controlling interest in Natal Agro S.R.L (“Natal”), an Argentine company that breeds and develops corn varieties. The interest acquired is represented by a total of 116,225 shares of AR$ 10 nominal value each, representing 51% of equity and voting interest.

 

The consideration for the acquisition was $0.22 million in cash and the commitment to carrying out, at our own expense, the regulatory activities for HB4 corn to obtain authorization for its commercialization in Argentina, and the regulatory activities for HB4 corn in Brazil, once the commercialization strategy of HB4 corn in Brazil has been defined by the Company.

 

Fair value of the consideration of payment

 

Cash payment   215,415 
Regulatory activities   727,985 
Total consideration   943,400 

 

The consideration of payment was measured at fair value, which was calculated as the sum of cash paid and the acquisition-date fair values of the regulatory services to be provided. 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 will be recognized as finance cost over the period the consideration will be paid.

 

Assets acquired, liabilities assumed, and non-controlling interest recognized

 

Cash and cash equivalents   252,923 
Other financial assets   73,950 
Trade receivables   596,463 
Other receivables   288,861 
Income and minimum presumed recoverable income taxes   19,998 
Inventories   4,031,412 
Property, plant and equipment   816,576 
Intangible assets   2,217,985 
Right of use asset   168,988 
Trade and other payables   (2,302,332)
Borrowings   (743,279)
Employee benefits and social security   (23,346)
Deferred revenue and advances from customers   (2,515)
Provisions   (355,898)
Lease liabilities   (168,988)
Deferred tax liabilities   (996,824)
Total net assets identified   3,873,974 
      
Non-controlling interest   (1,898,247)
      
Gain from a bargain purchase   (1,032,327)
Total consideration   943,400 

 

12

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

The business combination was executed in a context of financial setbacks faced by the acquired company. To address these, in addition to the initial cash payment, Bioceres has committed to providing a working capital loan of up to $3 million to help alleviate the financial strain.

 

Bioceres will also provide regulatory services related to its proprietary technologies, which will enable strategic business development for Natal and create a new product pipeline leveraging Bioceres’ technology. Specifically, Bioceres has agreed to grant Natal an exclusive license for certain technologies to be applied to corn, with Natal committing to pay 15% of the revenues generated from this technology.

 

5. INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

5.1 Cash and cash equivalents

 

   12/31/2024   06/30/2024 
         
Cash at bank and on hand   17,197,598    27,210,070 
Mutual funds   16,003,544    25,784,795 
    33,201,142    52,994,865 

 

5.2 Other financial assets

 

   12/31/2024   06/30/2024 
Current        
Investments at fair value   1,657,706    2,191,286 
Mutual funds   48,520    6,658,805 
Other investments   7,891,651    5,817,516 
    9,597,877    14,667,607 
           
Non-current          
Mutual funds   373,134    190,080 
Investments at fair value   386    437 
    373,520    190,517 

 

The book value is reasonably approximate to the fair value given its short-term nature.

 

5.3 Trade receivables

 

   12/31/2024   06/30/2024 
Current        
Trade debtors   229,160,850    205,490,518 
Allowance for impairment of trade debtors (Note 5.9)   (8,706,185)   (7,050,280)
Shareholders and other related parties (Note 15)   258    37 
Allowance for credit notes to be issued   -    (2,905,624)
Trade debtors - Joint ventures and associates (Note 15)   1,730,524    2,176,622 
Deferred checks   6,252,016    11,295,922 
    228,437,463    209,007,195 

 

The book value is reasonably approximate to the fair value given its short-term nature.

 

13

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

5.4 Other receivables 

 

   12/31/2024   6/30/2024 
Current        
Taxes   7,674,012    5,475,685 
Insurance to be accrued   1,989,722    1,595,319 
Other receivables - Joint ventures and associates (Note 15)   19,201,838    12,162,870 
Prepayments to suppliers   2,264,684    7,236,905 
Shareholders and other related parties (Note 15)   106,900    47,348 
Government grants receivable   538    608 
Prepaid expenses and other receivables   3,297,871    3,736,808 
Loans receivables   19,617    1,800,572 
Miscellaneous   3,820,951    2,601,268 
    38,376,133    34,657,383 
           
Non-current          
Taxes   383,470    752,045 
Other receivables   230,000    230,000 
Reimbursements over exports   1,248,507    1,461,042 
Other receivables - Joint ventures and associates (Note 15)   24,301,539    25,423,142 
Miscellaneous   965,129    20,805 
    27,128,645    27,887,034 

 

5.5 Inventories

 

   12/31/2024   06/30/2024 
         
Seeds   6,146,855    5,967,231 
Resale products   46,799,130    53,788,333 
Manufactured products   18,846,502    26,081,250 
Goods in transit   3,122,201    5,618,540 
Supplies   20,773,539    22,546,093 
Agricultural products   9,583,835    15,015,884 
Allowance for obsolescence   (3,462,573)   (3,087,563)
    101,809,489    125,929,768 
           
Net of agricultural products   92,225,654    110,913,884 

 

14

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

5.6 Property, plant and equipment

 

Property, plant and equipment as of December 31, 2024 and December 31,2023, included the following:

 

Class  Net
carrying
amount
06/30/2024		   Additions   Transfers   Disposals   Depreciation
of the period		   Foreign
currency
translation		   As of
12/31/2024		 
Office equipment   503,950    17,929    -    -    (41,037)   (14,794)   466,048 
Vehicles   2,192,627    29,675    -    (8,272)   (447,262)   (1,330)   1,765,438 
Equipment and computer software   528,816    30,324    -    -    (128,051)   (26,386)   404,703 
Fixtures and fittings   2,805,076    8,834    -    -    (454,316)   59    2,359,653 
Machinery and equipment   16,722,642    474,971    73,221    -    (1,466,534)   (365,199)   15,439,101 
Land and buildings   39,745,067    -    46,431    -    (509,724)   (260,985)   39,020,789 
Buildings in progress   12,114,256    3,521,132    (119,652)   -    -    (35,741)   15,479,995 
Total   74,612,434    4,082,865    -    (8,272)   (3,046,924)   (704,376)   74,935,727 

 

Class  Net
carrying
amount
06/30/2023		   Additions   Disposals/
Disposals
from loss
of control
(*)		   Depreciation
of the period		   Foreign
currency
translation		   As of
12/31/2023		 
Research instruments   66,131    -    (66,131)   -    -    - 
Office equipment   360,575    52,158    (473)   (35,025)   (7,506)   369,729 
Vehicles   2,053,263    556,237    (37,145)   (416,309)   13,917    2,169,963 
Equipment and computer software   198,364    110,571    (5,041)   (89,124)   (8,030)   206,740 
Fixtures and fittings   2,925,032    10,483    (46,211)   (394,798)   (6,134)   2,488,372 
Machinery and equipment   14,586,768    275,297    (99,423)   (1,189,109)   (3,006)   13,570,527 
Land and buildings   36,211,957    10,351    -    (442,787)   33,183    35,812,704 
Buildings in progress   11,757,249    5,112,029    (12,221)   -    (55,102)   16,801,955 
Total   68,159,339    6,127,126    (266,645)   (2,567,152)   (32,678)   71,419,990 

 

  (*) USD (254,898) correspond to the loss of control of Inmet S.A

 

The depreciation charge is included in Notes 6.3 and 6.4. The Group has no commitments to purchase property, plant and equipment items.

 

15

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

5.7 Intangible assets

 

Intangible assets as of December 31, 2024 and December 31,2023 included the following:

 

Class  Net carrying
amount
06/30/2024		   Additions   Transfers/
Disposals		   Amortization
of
the period		   Foreign
currency
translation		   Net carrying
amount
12/31/2024		 
Seed and integrated products                              
Alfalfa Genuity Har Xstra   438,029    -    -    -    30,780    468,809 
HB4 soy and breeding program   35,574,369    2,392,794    -    (1,051,883)   -    36,915,280 
Integrated seed products   2,681,826    -    -    (97,479)   47,642    2,631,989 
Crop nutrition                              
Microbiological products   41,187,249    -    -    (1,813,650)   -    39,373,599 
Microbiological products in progress   10,452,861    2,629,995    -    -    (6,916)   13,075,940 
Other intangible assets                              
Trademarks and patents   51,316,860    133,595    -    (2,040,315)   -    49,410,140 
Trademarks and patents with indefinite useful life   10,045,294    -    -    -    (4,625)   10,040,669 
Software   1,119,494    -    137,598    (255,746)   (95)   1,001,251 
Software in progress   580,728    150,777    (137,598)   -    -    593,907 
Customer loyalty   18,934,570    -    -    (685,235)   -    18,249,335 
RG/RS/OX Wheat   5,000,000    -    -    -    -    5,000,000 
Total   177,331,280    5,307,161    -    (5,944,308)   66,786    176,760,919 

 

Class  Net carrying
amount
06/30/2023		   Additions   Disposals
from loss
of
control(*)		   Amortization
of
the period		   Foreign
currency
translation		   Net carrying
amount
12/31/2023		 
Seed and integrated products                              
Alfalfa Genuity Har Xstra   419,061    -    -    -    (143,582)   275,479 
Bacillus-PHAs   1,089,536    -    (1,089,536)   -    -      
HB4 soy and breeding program   31,679,114    1,729,439    -    (855,094)   -    32,553,459 
Integrated seed products   2,841,008    -    -    (86,762)   (238,121)   2,516,125 
Crop nutrition                              
Microbiological products   37,295,460    2,725,454    -    (1,402,972)   (1,661)   38,616,281 
Microbiological products in progress   12,213,341    -    -    -    -    12,213,341 
Other intangible assets                              
Trademarks and patents   51,933,444    1,288    -    (2,332,908)   -    49,601,824 
Trademarks and patents with indefinite useful life   7,827,309    -    -    -    -    7,827,309 
Software   1,638,752    218,541    -    (282,800)   (488)   1,574,005 
Software in progress   349,171    -    -    -    -    349,171 
Customer loyalty   23,006,023    -    -    (514,471)   -    22,491,552 
RG/RS/OX Wheat   5,000,000    -    -    -    -    5,000,000 
Total   175,292,219    4,674,722    (1,089,536)   (5,475,007)   (383,852)   173,018,546 

 

  (*) USD (1,089,536) correspond to the Loss of control of Inmet S.A.

 

16

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

The amortization charge is included in Notes 6.3 and 6.4.

 

There are no intangibles assets whose use has been restricted or which have been delivered as a guarantee. The Group has not assumed any commitments to acquire new intangibles.

 

Estimates

 

There is an inherent material uncertainty related to Management’s estimation of the ability of the Group to recover the carrying amounts of internally generated intangible assets related to biotechnology projects because it is dependent upon Group’s ability to raise sufficient funds to complete the projects development, the future outcome of the regulatory process, and the timing and amount of the future cash flows generated by the projects, among other future events.

 

Management’s estimations about the demonstrability of the recognition criteria for these assets and the subsequent recoverability represent the best estimate that can be made based on all the available evidence, existing facts and circumstances and using reasonable and supportable assumptions in cash flow projections. Therefore, the Consolidated financial statements do not include any adjustments that would result if the Group were unable to recover the carrying amount of the above-mentioned assets through the generation of enough future economic benefits.

 

5.8 Goodwill

 

   12/31/2024   06/30/2024 
         
Rizobacter Argentina S.A.   28,080,271    28,080,271 
Bioceres Crops S.A.   7,523,322    7,523,322 
Insumos Agroquímicos S.A.   470,090    470,090 
Pro Farm Group   76,089,749    76,089,749 
    112,163,432    112,163,432 

 

5.9 Trade and other payables

 

   12/31/2024   06/30/2024 
Current        
Trade creditors   91,759,968    108,922,112 
Shareholders and other related parties (Note 15)   49,646    37,985 
Trade creditors - Joint ventures and associates (Note 15)   44,907,002    52,778,206 
Taxes   6,969,417    5,877,930 
Miscellaneous   396,517    1,321,303 
    144,082,550    168,937,536 

 

17

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

5.10 Borrowings

 

   12/31/2024   06/30/2024 
Current        
Bank borrowings   100,167,892    94,711,273 
Corporate bonds   19,024,076    42,035,925 
Net loans payables - Joint ventures and associates (Note 15)   1,860,222    1,860,058 
Finance borrowings   107,029,643    95,903,495 
    228,081,833    234,510,751 
           
Non-current          
Bank borrowings   20,429,329    17,033,059 
Corporate bonds   46,484,304    25,071,823 
Finance borrowings   69,789,101    85,143,423 
Convertible preference shares   15,066,575    - 
    151,769,309    127,248,305 

 

In November 2024, BIOX completed a $25.9 million public offering of Series X corporate bonds in the Argentine market. The bonds were issued in two tranches: Class A: Approximately $2.4 million 7.0% p.a. bonds due November 2026; and Class B: Approximately $23.5 million 8.0% p.a. bonds due November 2027.

 

Bioceres SA is the guarantor of the stock purchase agreement signed on October 28, 2022, between Theo I SCSp and DRACO I LATAM SPC LTD, as well as the subsequent credit line agreement signed on December 11, 2023, which are included in the investment in Theo I SCSp, as indicated in Note 11.

 

In December 2024, the Company issued 2,380,952 convertible preference shares for total proceeds of $15 million. These preference shares accrue a 9% per annum payment-in-kind (PIK) return and grant the holder specific conversion rights, including the option to convert into ordinary shares at predefined terms, mandatory conversion provisions, and redemption alternatives contingent on the occurrence of certain events.

 

The carrying value of some borrowings as of December 31, 2024 are measured at amortized cost differ from their fair value. The following fair values measured are based on discounted cash flows (Level 3) due to the use of unobservable inputs, including own credit risk.

 

   12/31/2024   06/30/2024 
   Amortized
Cost		   Fair value   Amortized
Cost		   Fair value 
Current                
Bank borrowings   100,167,892    100,318,611    94,711,273    93,301,194 
Corporate bonds   19,024,076    18,783,131    42,035,925    41,492,963 
Financial borrowings   107,029,643    106,506,642    95,903,495    95,480,681 
                     
Non current                    
Bank borrowings   20,429,329    18,521,587    17,033,059    12,206,794 
Corporate bonds   46,484,304    42,828,561    25,071,823    23,845,583 
Financial borrowings   69,789,101    64,636,735    85,143,423    81,120,125 

 

18

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

5.11 Employee benefits and social security

 

   12/31/2024   06/30/2024 
Current        
Salaries, accrued incentives, vacations and social security   7,997,391    7,280,129 
Key management personnel (Note 15)   423,942    226,702 
    8,421,333    7,506,831 

 

5.12 Deferred revenue and advances from customers

 

   12/31/2024   06/30/2024 
Current        
Advances from customers   2,929,540    3,335,740 
Deferred revenue   1,468    589,061 
    2,931,008    3,924,801 
Non current          
Advances from customers   41,237    52,511 
Deferred revenue   1,838,499    1,872,627 
    1,879,736    1,925,138 

 

5.13 Provisions

 

   12/31/2024   06/30/2024 
         
Conditional payment Rizobacter SA   15,916,116    15,916,116 
Provisions for contingencies   1,391,054    1,568,599 
    17,307,170    17,484,715 

 

Conditional payment Rizobacter S.A.

 

The Group agreed with certain sellers of Rizobacter, a contingent payment of $17.3 million (current value of $15.9 million) conditional on obtaining a favorable resolution that totally rejects the claim of the plaintiff in the nullity trials, file “Harnan Miguel, Marcos and Martina c /ac Mullen Jorge and others s/ Annulment Action”, file No. 76,806 and in the embargo, file “Harnan Miguel, Marcos and Martina c/ Mac Mullen Jorge and others s/ Precautionary Measures”, file No. 76,745. In said cause, 44% of the capital of Rizobacter Argentina S.A. is seized and 30% of the dividends that the taxed shares produce.

 

If the injunction is lifted, the Group will be required to pay within 12 months of notification, a contingent purchase price of $17.3 million to certain selling shareholders of Rizobacter.

 

6. INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

6.1. Revenue from contracts with customers

 

   12/31/2024   12/31/2023 
         
Sale of goods and services   198,030,928    255,852,397 
Royalties   942,756    649,341 
Rendering of services with related parties   505,185    482,502 
    199,478,869    256,984,240 

 

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

 

19

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

6.2 Cost of sales

 

Item  12/31/2024   12/31/2023 
Inventories as of the beginning of the period   110,913,884    112,000,786 
Purchases of the period   87,376,569    144,988,998 
Production costs   11,872,011    13,031,307 
Foreign currency translation   (561,825)   (28,272)
Subtotal   209,600,639    269,992,819 
Inventories as of the end of the period (*)   (92,225,654)   (109,616,865)
Cost of sales   117,374,985    160,375,954 

 

  (*) Net of agricultural products

 

6.3 R&D classified by nature

 

Item  Research and
development expenses
12/31/2024		   Research and
development expenses
12/31/2023		 
         
Amortization of intangible assets   2,748,884    2,453,158 
Analysis and storage   -    5,302 
Commissions and royalties   3,960    - 
Depreciation of leased assets   37,252    - 
Depreciation of property, plant and equipment   420,532    312,453 
Freight and haulage   10,481    14,278 
Employee benefits and social securities   2,979,027    2,359,420 
Maintenance   140,536    91,708 
Energy and fuel   4,352    5,227 
Supplies and materials   917,622    1,243,826 
Mobility and travel   108,793    115,111 
Systems expenses   20,777    9,774 
Vehicles expenses   7,224    4,555 
Share-based incentives   91,097    143,749 
Professional fees and outsourced services   884,274    1,084,911 
Professional fees related parties   16,373    216,792 
Office supplies   183,055    481,162 
Insurance   23,494    19,586 
Licenses & Patents   199,538    44,109 
Miscellaneous   162    454 
Total   8,797,433    8,605,575 

 

    12/31/2024     12/31/2023  
R&D capitalized (Note 5.7)     5,022,789       4,454,893  
R&D profit and loss     8,797,433       8,605,575  
Total     13,820,222       13,060,468  

 

20

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

6.4 Expenses classified by nature and function

 

Item  Production
costs		   Selling,
general
and
administrative
expenses		   Total
12/31/2024		 
             
Amortization of intangible assets   156,124    3,039,300    3,195,424 
Analysis and storage   -    83,155    83,155 
Commissions and royalties   560,371    1,085,605    1,645,976 
Import and export expenses   -    655,178    655,178 
Depreciation of property, plant and equipment   1,378,837    1,247,555    2,626,392 
Impairment of receivables   -    1,980,726    1,980,726 
Freight and haulage   426,217    5,085,998    5,512,215 
Logistics   789,135    235,223    1,024,358 
Employee benefits and social securities   4,299,411    22,595,764    26,895,175 
Taxes   102,660    8,650,475    8,753,135 
Rentals   -    732    732 
Maintenance   838,419    1,106,873    1,945,292 
Energy and fuel   294,101    42,155    336,256 
Supplies and materials   349,722    1,510,587    1,860,309 
Mobility and travel   68,371    2,216,795    2,285,166 
Allowance for obsolescence   401,812    75,944    477,756 
Publicity and advertising   -    2,278,363    2,278,363 
Systems expenses   12,597    1,710,627    1,723,224 
Vehicles expenses   52,656    275,195    327,851 
Share-based incentives for employees   264,260    1,983,049    2,247,309 
Surveillance expenses   10,643    287,471    298,114 
Professional fees and outsourced services   112,630    4,488,332    4,600,962 
Professional fees related parties (Note 15)   -    10,396    10,396 
Office supplies   51,865    629,240    681,105 
Insurance   114,562    1,432,859    1,547,421 
Licenses & Patents   -    12,711    12,711 
Depreciation of leased assets   748,412    1,434,284    2,182,696 
Contingencies   55,521    119,966    175,487 
Environmental Impact Treatment   770,747    59,208    829,955 
Miscellaneous   12,938    397,646    410,584 
Total   11,872,011    64,731,412    76,603,423 

 

21

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

Item  Production
costs		   Selling,
general
and
administrative
expenses		   Total
12/31/2023		 
             
Amortization of intangible assets   60,849    2,961,000    3,021,849 
Analysis and storage   570    153,163    153,733 
Commissions and royalties   421,677    1,008,251    1,429,928 
Import and export expenses   43,902    318,479    362,381 
Depreciation of property, plant and equipment   1,308,591    946,108    2,254,699 
Impairment of receivables   -    296,051    296,051 
Freight and haulage   75,002    6,001,970    6,076,972 
Logistics   559,186    876,395    1,435,581 
Employee benefits and social securities   5,985,138    21,896,732    27,881,870 
Taxes   127,760    7,119,629    7,247,389 
Maintenance   966,967    575,008    1,541,975 
Energy and fuel   500,658    272,547    773,205 
Supplies and materials   367,386    1,691,154    2,058,540 
Mobility and travel   94,476    2,173,971    2,268,447 
Allowance for obsolescence   282,836    -    282,836 
Publicity and advertising   1,300    2,333,423    2,334,723 
Systems expenses   27,186    1,973,803    2,000,989 
Vehicles expenses   40,428    585,440    625,868 
Based incentive stock   65,042    5,843,381    5,908,423 
Share-based incentives for employees   274,862    2,200,180    2,475,042 
Surveillance expenses   368    240,461    240,829 
Professional fees and outsourced services   57,126    3,683,802    3,740,928 
Professional fees related parties (Note 14)   -    86,022    86,022 
Office supplies   80,236    683,484    763,720 
Insurance   81,174    1,103,528    1,184,702 
Depreciation of leased assets   699,044    1,012,212    1,711,256 
Contingencies   1,239    47,851    49,090 
Environmental Impact Treatment   906,478    967    907,445 
Miscellaneous   1,826    60,028    61,854 
Total   13,031,307    66,145,040    79,176,347 

 

6.5 Finance results

 

   12/31/2024   12/31/2023 
Financial Costs        
Interest expenses   (17,521,278)   (15,227,372)
Financial commissions   (2,662,021)   (1,530,144)
    (20,183,299)   (16,757,516)
Other financial results          
Exchange differences generated by assets   397,445    12,304,261 
Exchange differences generated by liabilities   (3,459,235)   (20,284,048)
Changes in fair value of financial assets or liabilities and other financial results   (1,908,704)   (11,947,674)
Net gain of inflation effect on monetary items   3,884,305    8,946,612 
    (1,086,189)   (10,980,849)
           
Total net financial cost   (21,269,488)   (27,738,365)

 

22

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

7. TAXATION

 

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

 

   12/31/2024   12/31/2023 
Current tax expense   (4,863,336)   (3,845,338)
Deferred tax   7,954,410    (3,599,191)
    3,091,074    (7,444,529)

 

   12/31/2024   12/31/2023 
Beginning of the period deferred tax   (20,024,215)   (24,839,145)
Charge for the period   7,954,410    (3,599,191)
Conversion difference   (905,319)   (223,133)
Total net deferred tax   (12,975,124)   (28,661,469)

 

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:

 

   12/31/2024   12/31/2023 
Loss before income tax-rate   (39,914,966)   (31,264,944)
Income tax expense by applying tax rate in force in the respective countries   10,097,367    2,760,933 
Share of profit or loss of subsidiaries, joint ventures and associates   (6,119,447)   (5,658,977)
Stock options charge   (133,846)   (1,489,037)
Non-deductible expenses   (928,113)   (115,997)
Result of inflation effect on monetary items and other finance results   (1,325,710)   (11,000,459)
Tax inflation adjustment   1,500,823    7,460,048 
Others   -    598,960 
Income tax expenses   3,091,074    (7,444,529)

 

The income tax expense was calculated by applying the tax rate in force in the respective countries, as follows:

 

   December 31, 2024   December 31, 2023 
Tax jurisdiction  Earning
before
income tax-
rate		   Weight
average
applicable
tax rate		   Income tax   Earning
before
income tax-
rate		   Weight
average
applicable
tax rate		   Income
tax		 
Low or null taxation jurisdictions   6,695,356    0.0%   -    (5,056,118)   0.0%   - 
Profit-making entities   12,232,201    32.1%   (3,637,726)   28,776,271    31.3%   (9,007,794)
Loss-making entities   (58,842,523)   22.0%   13,735,093    (54,985,097)   21.4%   11,768,727 
    (39,914,966)        10,097,367    (31,264,944)        2,760,933 

 

23

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

8. EARNING PER SHARE

 

   12/31/2024   12/31/2023 
Numerator        
Loss for the period (basic EPS)   (33,103,200)   (36,504,783)
Loss for the period (diluted EPS)   (33,103,200)   (36,504,783)
Denominator          
Weighted average number of shares (basic EPS)   19,038,163    18,046,322 
Weighted average number of shares (diluted EPS)   19,038,163    18,046,322 
           
Basic loss attributable to ordinary equity holders of the parent   (1.7388)   (2.0228)
Diluted loss attributable to ordinary equity holders of the parent   (1.7388)   (2.0228)

 

For the six-month periods ended December 31, 2024 and 2023, diluted EPS was the same as basic EPS, as the effect of potential ordinary shares would be antidilutive.

 

9. INFORMATION ABOUT COMPONENTS OF EQUITY

 

Capital issued

 

The numbers of shares issued as of December 31, 2024, and June 30, 2024, are the following:

 

Period ended  Class  Number of
Shares		   Nominal
Value		   Subscribed capital 
06/30/2024(*)  Ordinary   18,995,832   £0.1    2,371,453   £1,899,583 
12/31/2024(*)  Ordinary   19,076,966   £0.1    2,382,321   £1,907,697 

 

  (*) Of the total number of shares, 57.600 shares are held by Rizobacter Argentina S.A.

 

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

 

10. CASH FLOW INFORMATION

 

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

 

   12/31/2024   12/31/2023 
Investment activities        
Investment in-kind in other related parties (Note 15)   3,642,234    - 
Issuance of shares   10,868    257,775 
Capitalization of interest on buildings in progress   144,360    47,542 
    3,797,462    305,317 

 

   12/31/2024   12/31/2023 
Financing activities        
Acquisition of non-controlling interest in subsidiaries   (1,204,164)   (2,606,799)
    (1,204,164)   (2,606,799)

 

24

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

11. JOINT VENTURES AND ASSOCIATES

 

Assets  12/31/2024   06/30/2024 
Measured at equity value method        
Synertech Industrias S.A.   39,976,501    39,749,850 
SW Semillas S.A.   844    955 
Agrality Argentina S.A.   8,293,315    7,758,886 
Agrality US Inc.   3,612,755    3,521,791 
Agrality Seeds Inc.   5,631,375    4,812,389 
Alfalfa Technologies S.R.L.   36,503    36,503 
Inmet S.A   353,524    379,876 
    57,904,817    56,260,250 
Measured at Fair value          
Theo I SCS   7,087,172    36,535,601 
    7,087,172    36,535,601 

 

Liabilities  12/31/2024   06/30/2024 
Measured at equity value method        
Trigall Genetics S.A.   749,269    296,455 
    749,269    296,455 

 

Changes in joint ventures investments and affiliates:

 

   12/31/2024   12/31/2023 
As of the beginning   92,499,396    117,720,140 
Share-based incentives   -    50,383 
Foreign currency translation   (477,918)   1,250,603 
Share of profit or loss measured at equity value method   1,669,671    5,559,957 
Share of profit or loss measured at fair value   (29,448,429)   (26,766,260)
As of the end of the period   64,242,720    97,814,823 

 

Share of profit or loss of joint ventures and affiliates:

 

Profit and losses  12/31/2024   12/31/2023 
         
Measured at equity value method        
Synertech Industrias S.A.   226,651    3,178,839 
Agrality US Inc.   90,964    - 
Agrality Argentina S.A.   1,041,220    1,754,197 
Agrality Seeds Inc.   818,986    - 
SW Semillas S.A.   (2,290)   - 
Trigall Genetics   (452,814)   506,840 
Inmet S.A.   (53,046)   120,081 
    1,669,671    5,559,957 
Measured at Fair value          
Moolec Science SA   -    3,048,310 
Theo I SCS   (29,448,429)   (29,814,570)
    (29,448,429)   (26,766,260)

 

Bioceres Group PLC has elected to measure the investment in its associate Theo I SC at fair value through profit or loss in accordance with IFRS 9.

 

25

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

12. SEGMENT INFORMATION

 

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

 

Year ended December 31, 2024  Seed and
integrated
products		   Crop
protection		   Crop
nutrition		   Emerging
solutions		   Consolidated 
Revenues from contracts with customers                    
Sale of goods and services   42,959,645    100,406,986    55,070,802    98,680    198,536,113 
Royalties   942,756    -    -    -    942,756 
Others                         
Initial recognition and changes in the fair value of biological assets at the point of harvest   588,053    -    -    -    588,053 
Government grants   -    -    -    10,154    10,154 
Total revenues   44,490,454    100,406,986    55,070,802    108,834    200,077,076 
                          
Cost of sales   (27,868,376)   (60,663,237)   (28,814,839)   (28,533)   (117,374,985)
Gross profit per segment   16,622,078    39,743,749    26,255,963    80,301    82,702,091 
% Gross margin   37%   40%   48%   100%   41%

 

Period ended December 31, 2023  Seed and
integrated
products		   Crop
protection		   Crop
nutrition		   Emerging
solutions		   Consolidated 
Revenues from contracts with customers                    
Sale of goods and services   53,777,458    127,029,466    75,020,367    507,608    256,334,899 
Royalties   649,341    -    -    -    649,341 
Others                         
Initial recognition and changes in the fair value of biological assets at the point of harvest   77,353    141,457    119,318    -    338,128 
Government grants   -    -    -    74,723    74,723 
Total revenues   54,504,152    127,170,923    75,139,685    582,331    257,397,091 
                          
Cost of sales   (36,216,288)   (81,249,196)   (42,860,834)   (49,636)   (160,375,954)
Gross profit per segment   18,287,864    45,921,727    32,278,851    532,695    97,021,137 
% Gross margin   34%   36%   43%   91%   38%

 

26

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

13. FINANCIAL INSTRUMENTS – RISK MANAGEMENT

 

The following tables show additional information required under IFRS 7 on the financial assets and liabilities recorded as of December 31, 2024, and June 30, 2024.

 

Financial assets by category

 

   Amortised cost   Mandatorily measured
at fair value
through profit or loss		 
Financial asset  12/31/2024   06/30/2024   12/31/2024   06/30/2024 
                 
Cash and cash equivalents   18,081,185    46,710,292    15,119,957    6,284,573 
Other financial assets   373,134    -    9,598,263    14,858,124 
Trade receivables   228,437,463    209,007,195    -    - 
Other receivables (*)   45,094,878    45,342,974    6,789,863    - 
Total   291,986,660    301,060,461    31,508,083    21,142,697 

 

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

 

Financial liabilities by category

 

   Amortised cost   Mandatorily measured
at fair value
through profit or loss		 
Financial liability  12/31/2024   06/30/2024   12/31/2024   06/30/2024 
                 
Trade and other payables   137,437,127    156,947,744    6,645,423    11,989,792 
Borrowings   379,851,142    361,759,056    -    - 
Consideration for acquisition   3,617,374    3,852,853    1,477,485    2,724,114 
Convertible notes   83,400,171    80,809,686    -    - 
Lease liability   16,138,012    11,284,137    -    - 
Total   620,443,826    614,653,476    8,122,908    14,713,906 

 

Financial instruments measured at fair value

 

Measurement at fair value at 12/31/2024  Level 1   Level 2 
Financial assets at fair value        
Mutual funds   15,119,957    - 
Moolec Science S.A shares   1,657,706    - 
Investments at fair value   7,083,184    - 
US Treasury bills   -    - 
Other investments   857,373    - 
Other receivables - Joint ventures and associates   -    6,789,863 
Financial liabilities valued at fair value          
Trade and other payables   -    6,645,423 
Consideration for acquisition   1,477,485    - 

 

Measurement at fair value at 06/30/2024  Level 1   Level 2 
Financial assets at fair value        
Mutual funds   12,943,378    - 
Moolec Science S.A shares   2,191,286    - 
Investments at fair value   2,311,604    - 
US Treasury bills   1,993,668    - 
Other investments   1,702,761    - 
           
Financial liabilities valued at fair value          
Trade and other payables   -    11,989,792 
Consideration for acquisition   2,724,114    - 

 

27

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

Fair value by hierarchy

 

According to the requirements of IFRS 7, the Group classifies each class of financial instrument valued at fair value into three levels, depending on the relevance of the judgment associated to the assumptions used for measuring the fair value.

 

Level 1comprises financial assets and liabilities with fair values determined by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

 

Level 2comprises inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

 

Level 3comprises financial instruments with inputs for estimating fair value that are not based on observable market data.

 

Estimation of fair value

 

The fair value of marketable securities, mutual funds and US Treasury Bills is calculated using the market approach using 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 of the entity 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 5.10).

 

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

 

Currency risk

 

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rate. Currency on foreign exchange risk arises when the Group enters into transactions denominated in a currency other than its functional currency.

 

28

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

The table below sets forth our net exposure to currency risk as of December 31, 2024:

 

Net foreign currency position  12/31/2024 
Amount expressed in US$   3,945,953 

 

Considering only this net currency exposure as of December 31, 2024 if an US Dollar revaluation or depreciation in relation to other foreign currencies with the remaining variables remaining constant, would have a positive or a negative impact on comprehensive income as a result of foreign exchange gains or losses. We estimate that a devaluation or an appreciation of the US Dollar other currencies of 10% during the period ended December 31, 2024 would have resulted in a net pre-tax loss or gain of approximately $0.3 million.

 

14. LEASES

 

The right-of-use asset was initially measured at the amount of the lease liability plus initial direct costs incurred, adjusted by pre-payments made in relation to the lease. The right-of-use asset was measured at cost less accumulated depreciation and accumulated impairment.

 

The lease liability was initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if it can be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate.

 

The information about the right-of-use and liabilities related with lease assets is as follows:

 

   12/31/2024   06/30/2024 
Right-of-use leased asset        
Book value at the beginning of the period/inception   20,979,597    21,163,192 
Additions of the period   7,872,230    2,585,223 
Additions from business combination   -    168,988 
Disposals   (76,298)   (1,284,975)
Exchange differences   (986,508)   (1,652,831)
Book value at the end of the period   27,789,021    20,979,597 

 

   12/31/2024   06/30/2024 
Depreciation        
Book value at the beginning of the period/inception   9,377,845    7,226,617 
Depreciation of the period   2,219,948    3,418,956 
Disposals   (76,298)   (1,092,167)
Exchange differences   (67,958)   (175,561)
Accumulated depreciation at the end of the period   11,453,537    9,377,845 
           
Total   16,335,484    11,601,752 

 

   12/31/2024   06/30/2024 
Lease Liabilities        
Book value at the beginning of the period/inception   11,284,137    13,889,223 
Additions of the period   7,872,230    2,585,223 
Additions from business combination   -    168,988 
Interest expenses, exchange differences and inflation effects   (520,389)   (480,189)
Payments of the period   (2,497,966)   (4,879,108)
Total   16,138,012    11,284,137 

 

29

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

   12/31/2024   06/30/2024 
Lease Liabilities        
Current   5,289,223    3,122,778 
Non-current   10,848,789    8,161,359 
    16,138,012    11,284,137 

 

    12/31/2024     06/30/2024  
Machinery and equipment     3,655,741       3,655,741  
Vehicles     1,117,687       1,272,071  
Equipment and computer software     1,234,475       1,130,541  
Land and buildings     21,781,118       14,921,244  
      27,789,021       20,979,597  

 

15. SHAREHOLDERS AND OTHER RELATED PARTIES BALANCES AND TRANSACTIONS

 

During the period ended December 31, 2024 and 2023, the transactions between the Group and related parties, and the related balances owed by and to them as of December 31 and June 30, 2024, are as follows:

 

      Value of
transactions
for the
period
ended		   Value of
transactions
for the
period
ended		 
Party  Transaction type  12/31/2024   12/31/2023 
Joint ventures and associates  Sales of goods and services   6,773,660    14,320,418 
   Purchases of goods and services   (23,377,901)   (20,999,513)
   Net loans granted   3,381,521    2,560,120 
   Interest gain   456,086    337,146 
   Net loans received   (1,860,058)   (1,859,680)
Shareholders and other related parties  Net loans granted   59,552    (1,320)
   Interest expenses   (807,441)   (1,493,682)
   Own shares held by subsidiaries   (444,473)   - 
   Sales of goods and services   6,463,117    1,643,269 
   Purchases of goods and services   (1,750,963)   (2,178,877)
   In-kind contributions   3,642,234    - 
Key management personnel  Sales and services   6,048    - 
   Purchases of goods and services   821,959    - 
   Salaries, social security benefits and other benefits   (1,517,990)   (1,294,164)
   Stock options-based incentives   (480,450)   (8,527,214)
Total      (8,635,099)   (17,493,497)

 

      Amounts receivable
from related parties		 
Party  Transaction type  12/31/2024   6/30/2024 
            
Joint ventures and associates  Trade debtors   1,730,524    2,176,622 
Other receivables      43,503,377    37,586,012 
Shareholders and other related parties  Trade debtors   258    37 
Other receivables      106,900    47,348 
Total      45,341,059    39,810,019 

 

30

 

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

      Amounts payable to
related parties		 
Party  Transaction type  12/31/2024   6/30/2024 
Joint ventures and associates  Trade creditors   (44,907,002)   (52,778,206)
   Net loans payables   (1,860,222)   (1,860,058)
Shareholders and other related parties  Trade creditors   (49,646)   (37,985)
Key management personnel  Salaries, social security benefits and other benefits   (423,942)   (226,702)
Total      (47,240,812)   (54,902,951)

 

16. KEY MANAGEMENT PERSONNEL COMPENSATION

 

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group.

 

The compensation of directors and other members of key management personnel, including social contributions and other benefits, were as follows for the period ended December 31, 2024 and 2023.

 

   12/31/2024   12/31/2023 
Salaries, social security and other benefits   1,517,990    1,294,164 
Share based payment   480,450    8,527,214 
    1,998,440    9,821,378 

 

The Group entered into indemnification agreements with each of its directors and executive officers. These agreements generally provide that the relevant director or officer will be indemnified by the Group to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding which he or she becomes involved as a party or otherwise by virtue of his or her being or having been such a director or officer of the Group and against amounts paid or incurred by him or her in the settlement thereof.

 

The agreements are subject to certain exceptions, including that no indemnification will be provided to any director or officer against any liability to the Group or its shareholder (i) by reason of intentional fraudulent conduct, dishonesty, willful misconduct, or gross negligence on the part of the director or officer; or (ii) by reason of payment made under an insurance policy or any third party that has no recourse against the indemnitee director or officer.

 

The compensation of key executives is determined by the Board of Directors of Bioceres Group PLC, Bioceres S.A. and Bioceres Crop Solutions Corp., based on the performance of individuals and market trends.

 

Bioceres Group currently does not pay any compensation to any of its executive board members.

 

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

 

There were no other 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, 2024.

 

31

 

BIOCERES GROUP PLC

 

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

 

 

 

18. EVENTS OCCURRING AFTER THE REPORTING PERIOD

 

The Group initiated a plan to dispose of its investment in Theo I SCSp, currently recognized as a non-current asset under “Investments in joint ventures and associates” line. The sale process is expected to be completed during the first half of fiscal year 2026. As of the date of authorization of these interim condensed consolidated financial statements, the investment met the criteria to be classified as a disposal group held for sale under IFRS 5.

 

On April 1, 2025, pursuant to resolutions passed at a General Meeting of Shareholders, the Company re-registered as a private limited company and changed its legal name from Bioceres Group PLC to Bioceres Group Limited.

 

Subsequent to December 31, 2024, there have been no other situations or circumstances that may require significant adjustments or further disclosure in these consolidated financial statements that were not mentioned above.

 

18.1 GOING CONCERN

 

On June 18, 2025, Bioceres Crop Solutions Corp. (“BIOX”), a public company controlled until that date by Bioceres Group Limited, entered into an amendment with the Secured Notes’ holders by which the holders of the Secured Notes waived the breach of covenants that lead to the default of the debt (specifically, the breach of covenants related to the Consolidated Total Net Leverage Ratio (determined as the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Issuer and its Subsidiaries for such Test Period) of 3.75x as of March 31, 2025). retrospectively modifying the required Consolidated Total Net Leverage Ratio to 5x Consolidated Total Net Leverage Ratio, and extended the maturity of the Secured Notes to August 31, 2027. In accordance with the terms of the amendment, effective June 24, 2025, Gloria Montaron Estrada, Enrique Lopez Lecube and Keith McGovern were replaced in BIOX’s Board of Directors by Milen Marinov, Noah Kolatch and Scott Crocco, who were nominated by certain holders of the Secured Notes. BIOX agreed, for so long as the Secured Notes remain outstanding, to continue to nominate Messrs Marinov, Kolatch and Crocco (or such other persons as may nominated as their replacements) for additional terms as directors.

 

The effect of the changes in the terms of the Secured Notes of BIOX, one of the former subsidiaries of Bioceres Group Limited, resulted in the loss of de facto control of that subsidiary and consequently, its deconsolidation.

 

While BIOX was able to resolve the uncertainties regarding its financial plan through this agreement, as a result of the loss of control over BIOX, access to financing that Bioceres S.A., its wholly owned subsidiary Bioceres LLC and Bioceres Group Limited had until then was restricted or limited.

 

In June 2025, Bioceres S.A., one of the Argentine subsidiaries of Bioceres Group Limited, defaulted a portion of its financial debt that was due that month. As a result, Bioceres S.A. has initiated a debt restructuring process for its financial debt for an aggregate amount of $36.4 million. This process seeks to improve the debt profile of Bioceres S.A.

 

In July 2025, Bioceres LLC, a wholly owned subsidiary of Bioceres S.A., received a notice of default on its financial debt in the amount of $69.5 million. The creditor conducted a public auction to wit 3,062,500 pledged BIOX shares, pursuant to the New York Uniform Commercial Code. Management has responded to said creditor, reserving all rights, remedies, and defenses.

 

The defaults by Bioceres S.A. and Bioceres LLC do not have implications in other debts as there are no cross-default clauses on the remaining financial debt of the Group.

 

The aforementioned events raise a material uncertainty which may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about the ability of Bioceres Group Limited to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Currently, the Group lacks sufficient financial resources to meet its obligations or fully implement its business plan. Without securing additional capital, or achieving a successful financial restructuring process, the Group will not be able to sustain its operations.

 

Management has plans to address the Group’s financial situation as follows:

 

●Currently management is working on the financial restructuring process of Bioceres S.A.’s outstanding debt, proposing among other alternatives the extension of the maturity of current debt and the use of the Group’s cash inflows from operating activities, as well as obtaining the necessary capital to fully execute the Group’s business plan.

 

●Management expects that certain shareholders and/or investors will continue or commence to provide new financing lines.

 

●A dedicated Restructuring Committee has been established to address and implement the aforementioned financial restructuring process.

 

However, there is no assurance that the restructuring process will be successful, that investors and shareholders will continue to provide financing, or that the Group’s future operations will generate profitability. The uncertainty surrounding the ability to secure additional funding and the potential for continued operational losses contribute to raise a material uncertainty which may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) about the Group’s ability to continue as a going concern.

 

The accompanying consolidated financial statements do not include any adjustments that may be required to address the potential impacts on the recoverability and classification of assets or the amounts and classifications liabilities, should the Group be unable to continue as a going concern.

 

32