62828025 0

Table of Contents

Exhibit 99.1

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BIOCERES CROP SOLUTIONS CORP.

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Unaudited interim condensed consolidated financial statements
as of December 31, 2023 and June 30, 2023,

and for the three and six month periods ended

December 31, 2023 and 2022.

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​

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Table of Contents

INDEX

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Unaudited interim condensed consolidated financial statements as of December 31, 2023 and June 30, 2023, and for the three and six month periods ended December 31, 2023 and 2022. | ​
Unaudited interim condensed consolidated statements of financial position as of December 31, 2023 and June 30, 2023 | F-3
Unaudited interim condensed consolidated statements of comprehensive income for the three and six month periods ended December 31, 2023 and 2022 | F-5
Unaudited interim condensed consolidated statements of changes in equity for the six-month periods ended December 31, 2023 and 2022 | F-6
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended December 31, 2023 and 2022 | F-8
Notes to the unaudited interim condensed consolidated financial statements | F-11

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F-2

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2023, and June 30, 2023

(Amounts in US$)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notes |  | 12/31/2023 |  | 06/30/2023
ASSETS |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | 5.1 |  | 24,401,937 |  | 48,129,194
Other financial assets |  | 5.2 |  | 17,040,207 |  | 12,135,020
Trade receivables |  | 5.3 |  | 199,666,283 |  | 158,006,474
Other receivables |  | 5.4 |  | 25,081,598 |  | 28,824,998
Income and minimum presumed recoverable income taxes | ​ | ​ |  | 1,120,881 |  | 9,444,898
Inventories |  | 5.5 |  | 123,738,148 |  | 140,426,975
Biological assets | ​ | 5.6 | ​ | 938,370 | ​ | 146,842
Total current assets | ​ | ​ |  | 391,987,424 |  | 397,114,401
​ | ​ | ​ | ​ | ​ | ​ | ​
NON-CURRENT ASSETS | ​ | ​ |  | ​ |  | ​
Other financial assets |  | 5.2 |  | 444,743 |  | 444,909
Other receivables | ​ | 5.4 | ​ | 1,619,642 | ​ | 2,546,241
Income and minimum presumed recoverable income taxes |  | ​ |  | 3,794 |  | 16,286
Deferred tax assets | ​ | 7 |  | 9,273,827 |  | 7,312,964
Investments in joint ventures and associates | ​ | 11 |  | 42,402,217 |  | 39,296,810
Investment properties |  | 5.10 |  | 3,792,238 |  | 3,589,749
Property, plant and equipment |  | 5.7 |  | 71,388,129 |  | 67,853,835
Intangible assets |  | 5.8 |  | 172,743,513 |  | 173,783,956
Goodwill |  | 5.9 |  | 112,163,432 |  | 112,163,432
Right of use asset | ​ | 14 | ​ | 13,704,217 | ​ | 13,936,575
Total non-current assets |  |  |  | 427,535,752 |  | 420,944,757
Total assets |  |  |  | 819,523,176 |  | 818,059,158

​

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.

​

F-3

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of December 31, 2023, and June 30, 2023

(Amounts in US$)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  | Notes |  | 12/31/2023 |  | 06/30/2023
​ |  |  |  |  |  |
CURRENT LIABILITIES |  | ​ |  | ​ |  | ​
Trade and other payables |  | 5.11 |  | 164,003,202 |  | 150,807,674
Borrowings |  | 5.12 |  | 113,520,778 |  | 107,639,659
Employee benefits and social security |  | 5.14 |  | 8,218,657 |  | 9,606,707
Deferred revenue and advances from customers | ​ | 5.15 |  | 22,099,378 |  | 24,875,662
Income tax payable |  | ​ |  | 864,954 |  | 509,034
Consideration for acquisition | ​ | ​ | ​ | 4,082,708 | ​ | 1,415,099
Lease liabilities | ​ | 14 |  | 4,017,013 |  | 3,858,699
Total current liabilities | ​ | ​ | ​ | 316,806,690 | ​ | 298,712,534
​ | ​ | ​ |  | ​ |  | ​
NON-CURRENT LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​
Borrowings | ​ | 5.12 | ​ | 31,517,348 | ​ | 60,670,946
Deferred revenue and advances from customers | ​ | 5.15 | ​ | 2,135,840 | ​ | 2,057,805
Joint ventures and associates | ​ | 11 |  | 115,983 |  | 622,823
Deferred tax liabilities |  | 7 |  | 43,024,592 |  | 35,785,347
Provisions |  | ​ |  | 478,490 |  | 891,769
Consideration for acquisition | ​ | ​ | ​ | 2,601,570 | ​ | 3,578,157
Secured notes | ​ | 5.13 | ​ | 77,998,071 | ​ | 75,213,146
Lease liabilities | ​ | 14 | ​ | 9,583,276 | ​ | 10,030,524
Total non-current liabilities | ​ | ​ |  | 167,455,170 |  | 188,850,517
Total liabilities |  |  |  | 484,261,860 |  | 487,563,051
​ | ​ | ​ | ​ | ​ | ​ | ​
EQUITY |  |  |  | ​ |  | ​
Equity attributable to owners of the parent |  |  |  | 300,541,772 | ​ | 298,594,088
Non-controlling interest |  |  |  | 34,719,544 | ​ | 31,902,019
Total equity |  |  |  | 335,261,316 | ​ | 330,496,107
Total equity and liabilities |  |  |  | 819,523,176 |  | 818,059,158

​

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.

​

F-4

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three and six month periods ended of December 31, 2023, and 2022

(Amounts in US$)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three-month period ended | ​ | Six-month period ended
​ |  | Notes |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2023 |  | 12/31/2022
Revenues from contracts with customers |  | 6.1 |  | 140,293,827 | ​ | 94,548,714 | ​ | 256,476,632 | ​ | 221,391,962
Initial recognition and changes in the fair value of biological assets at the point of harvest |  | ​ |  | (72,785) | ​ | (138,529) | ​ | 338,128 | ​ | 351,477
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales | ​ | 6.2 | ​ | (88,710,537) | ​ | (59,141,259) | ​ | (160,326,318) | ​ | (134,817,137)
Changes in the net realizable value of agricultural products after harvest |  | ​ |  | (746,242) | ​ | (1,509,023) | ​ | (2,192,558) | ​ | (1,736,959)
Research and development expenses |  | 6.3 |  | (3,643,077) | ​ | (3,457,892) | ​ | (8,224,318) | ​ | (7,309,906)
Selling, general and administrative expenses |  | 6.4 |  | (31,164,937) | ​ | (28,413,577) | ​ | (65,097,785) | ​ | (60,318,488)
Share of profit or loss of joint ventures and associates |  | 11 |  | 2,052,296 | ​ | 40,048 | ​ | 3,560,967 | ​ | 882,288
Other income or expenses, net | ​ | 6.5 |  | (1,166,603) | ​ | 290,487 | ​ | (2,398,238) | ​ | 768,528
Operating profit | ​ | ​ |  | 16,841,942 | ​ | 2,218,969 | ​ | 22,136,510 | ​ | 19,211,765
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Financial cost | ​ | 6.6 |  | (3,815,993) | ​ | (5,759,485) | ​ | (11,477,850) | ​ | (12,539,332)
Other financial results | ​ | 6.6 | ​ | (3,454,061) | ​ | (4,200,857) | ​ | (3,336,196) | ​ | (5,489,163)
(Loss) profit before income tax | ​ | ​ |  | 9,571,888 | ​ | (7,741,373) | ​ | 7,322,464 | ​ | 1,183,270
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax | ​ | 7 | ​ | (8,333,387) | ​ | (684,906) | ​ | (8,762,427) | ​ | (5,697,549)
(Loss) profit for the period | ​ | ​ |  | 1,238,501 | ​ | (8,426,279) | ​ | (1,439,963) | ​ | (4,514,279)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) profit for the period attributable to: | ​ | ​ |  |  |  |  |  |  |  |
Equity holders of the parent | ​ | ​ |  | 108,449 | ​ | (8,156,746) |  | (4,483,185) |  | (7,658,449)
Non-controlling interests | ​ | ​ |  | 1,130,052 | ​ | (269,533) |  | 3,043,222 |  | 3,144,170
​ | ​ | ​ |  | 1,238,501 | ​ | (8,426,279) |  | (1,439,963) |  | (4,514,279)
(Loss) profit per share | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic (loss) profit attributable to ordinary equity holders of the parent | ​ | 8 | ​ | 0.0017 | ​ | (0.1323) | ​ | (0.0713) | ​ | (0.1242)
Diluted (loss) profit attributable to ordinary equity holders of the parent | ​ | 8 | ​ | 0.0017 | ​ | (0.1323) | ​ | (0.0713) | ​ | (0.1242)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) profit for the period | ​ | ​ | ​ | 1,238,501 | ​ | (8,426,279) | ​ | (1,439,963) | ​ | (4,514,279)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive (loss) income | ​ | ​ | ​ | 485,703 | ​ | 585,882 | ​ | (444,254) | ​ | 616,907
Items that may be subsequently reclassified to profit and loss | ​ | ​ | ​ | 485,703 | ​ | 585,882 | ​ | (444,254) | ​ | 616,907
Foreign exchange differences on translation of foreign operations from joint ventures | ​ | ​ | ​ | 897 | ​ | (122,814) | ​ | 897 | ​ | (21,946)
Foreign exchange differences on translation of foreign operations | ​ | ​ | ​ | 484,806 | ​ | 708,696 | ​ | (445,151) | ​ | 638,853
Total comprehensive (loss) profit | ​ | ​ | ​ | 1,724,204 | ​ | (7,840,397) | ​ | (1,884,217) | ​ | (3,897,372)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total comprehensive (loss) profit attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity holders of the parent | ​ | ​ | ​ | 510,976 | ​ | (7,779,559) | ​ | (4,853,354) | ​ | (7,377,844)
Non-controlling interests | ​ | ​ | ​ | 1,213,228 | ​ | (60,838) | ​ | 2,969,137 | ​ | 3,480,472
​ | ​ | ​ | ​ | 1,724,204 | ​ | (7,840,397) | ​ | (1,884,217) | ​ | (3,897,372)

​

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.

​

​

F-5

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month periods ended of December 31, 2023, and 2022

(Amounts in US$)

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Attributable to the equity holders of the parent | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Equity / | ​ | ​ | ​ | ​
​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Stock |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | Revaluation | ​ | (deficit) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Changes in | ​ | Own |  | options |  | ​ |  | Cost of | ​ | ​ | ​ | Foreign | ​ | of PP&E | ​ | attributable | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | non- | ​ | shares |  | and share |  | ​ |  | own | ​ | ​ | ​ | currency | ​ | and effect | ​ | to owners | ​ | Non- | ​ | ​
​ | ​ | Issued | ​ | Share | ​ | controlling | ​ | trading | ​ | based | ​ | Convertible |  | shares | ​ | Retained | ​ | translation | ​ | of tax rate | ​ | of the | ​ | controlling | ​ | Total
Description |  | capital |  | premium |  | interests |  | premium |  | incentives |  | instruments |  | held |  | deficit |  | reserve |  | change |  | parent |  | Interests | ​ | equity
06/30/2022 | ​ | 4,637 | ​ | 158,819,506 | ​ | (255,893) | ​ | (916,202) | ​ | 3,767,925 | ​ | 175,745 | ​ | (3,530,926) | ​ | (32,682,893) | ​ | 969,402 | ​ | 1,007,272 | ​ | 127,358,573 | ​ | 30,940,275 |  | 158,298,848
Share-based incentives | ​ | 5 | ​ | 631,778 | ​ | — | ​ | 135,361 | ​ | 1,806,100 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 2,573,244 | ​ | — | ​ | 2,573,244
Business combination | ​ | 1,640 | ​ | 153,357,564 | ​ | — | ​ | — | ​ | 1,620,140 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 154,979,344 | ​ | — | ​ | 154,979,344
Capitalization of convertible notes (Note 5.13) | ​ | 153 | ​ | 12,211,485 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 12,211,638 | ​ | — | ​ | 12,211,638
Purchase of own shares | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (26,206,394) | ​ | — | ​ | — | ​ | — | ​ | (26,206,394) | ​ | — | ​ | (26,206,394)
Issuance of convertible notes (Note 7.13) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 9,109,516 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 9,109,516 | ​ | — | ​ | 9,109,516
Distribution of dividends by subsidiary | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (452,129) | ​ | (452,129)
(Loss) profit for the period | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (7,658,449) | ​ | — | ​ | — | ​ | (7,658,449) | ​ | 3,144,170 | ​ | (4,514,279)
Other comprehensive income | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 280,605 | ​ | — | ​ | 280,605 | ​ | 336,302 | ​ | 616,907
12/31/2022 |  | 6,435 |  | 325,020,333 |  | (255,893) |  | (780,841) |  | 7,194,165 |  | 9,285,261 |  | (29,737,320) |  | (40,341,342) | ​ | 1,250,007 | ​ | 1,007,272 | ​ | 272,648,077 | ​ | 33,968,618 | ​ | 306,616,695

​

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.

​

F-6

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month periods ended of December 31, 2023, and 2022

(Amounts in US$)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Attributable to the equity holders of the parent | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Stock | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Revaluation | ​ | Equity / | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Changes | ​ | Own | ​ | options | ​ | ​ | ​ | Cost of | ​ | ​ | ​ | Foreign | ​ | of PP&E | ​ | (deficit) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | in non- | ​ | shares | ​ | and share | ​ | ​ | ​ | own | ​ | ​ | ​ | currency | ​ | and effect | ​ | attributable | ​ | Non- | ​ | ​
​ | ​ | Issued | ​ | Share | ​ | controlling | ​ | trading | ​ | based | ​ | Convertible | ​ | shares | ​ | Retained | ​ | translation | ​ | of tax rate | ​ | to owners of | ​ | controlling | ​ | Total
Description |  | capital |  | premium |  | interests |  | premium |  | incentives |  | instruments |  | held |  | deficit |  | reserve |  | change |  | the parent |  | Interests |  | equity
06/30/2023 | ​ | 6,493 | ​ | 327,028,559 | ​ | (255,893) | ​ | (780,841) | ​ | 6,645,442 | ​ | 9,285,261 | ​ | (30,553,591) | ​ | (13,903,017) | ​ | 1,282,377 | ​ | (160,702) | ​ | 298,594,088 | ​ | 31,902,019 |  | 330,496,107
Share-based incentives | ​ | 4 | ​ | 526,017 | ​ | — | ​ | — | ​ | 7,009,405 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 7,535,426 | ​ | — | ​ | 7,535,426
Purchase of own shares | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (734,388) | ​ | — | ​ | — | ​ | — | ​ | (734,388) | ​ | — | ​ | (734,388)
Distribution of dividends by subsidiary | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (151,612) | ​ | (151,612)
(Loss) profit for the period | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (4,483,185) | ​ | — | ​ | — | ​ | (4,483,185) | ​ | 3,043,222 | ​ | (1,439,963)
Other comprehensive loss | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (370,169) | ​ | — | ​ | (370,169) | ​ | (74,085) | ​ | (444,254)
12/31/2023 |  | 6,497 |  | 327,554,576 |  | (255,893) |  | (780,841) |  | 13,654,847 |  | 9,285,261 |  | (31,287,979) |  | (18,386,202) | ​ | 912,208 | ​ | (160,702) | ​ | 300,541,772 | ​ | 34,719,544 | ​ | 335,261,316

​

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.

​

​

F-7

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six-month periods ended of December 31, 2023, and 2022

(Amounts in US$)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notes |  | 12/31/2023 |  | 12/31/2022
OPERATING ACTIVITIES |  | ​ |  | ​ |  | ​
Loss for the period |  | ​ |  | (1,439,963) |  | (4,514,279)
​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to reconcile profit to net cash flows |  | ​ |  | ​ |  | ​
Income tax |  | 7 |  | 8,762,427 |  | 5,697,549
Financial results |  | ​ |  | 14,814,046 |  | 18,028,495
Depreciation of property, plant and equipment |  | 5.7 |  | 2,556,422 |  | 2,960,156
Amortization of intangible assets |  | 5.8 |  | 5,474,971 |  | 5,191,521
Depreciation of leased assets |  | 14 |  | 1,711,256 | ​ | 1,837,532
Transactional expenses | ​ | ​ | ​ | — | ​ | 3,634,992
Share-based incentive and stock options |  | ​ |  | 8,527,214 |  | 2,062,345
Share of profit or loss of joint ventures and associates |  | 11 |  | (3,560,967) |  | (882,288)
Loss of participation in joint ventures and associates | ​ | 11 | ​ | — | ​ | 7,853
Provisions for contingencies | ​ | ​ |  | 49,090 |  | 39,847
Allowance for impairment of trade debtors |  | ​ |  | 296,051 |  | 468,992
Allowance for obsolescence |  | ​ |  | 282,836 |  | 481,332
Initial recognition and changes in the fair value of biological assets |  | ​ |  | (338,128) |  | (351,477)
Changes in the net realizable value of agricultural products after harvest | ​ | ​ | ​ | 2,192,558 | ​ | 1,736,959
Gain or loss on sale of equipment and intangible assets |  | ​ |  | (33,521) |  | (111,728)
​ | ​ | ​ | ​ | ​ | ​ | ​
Working capital adjustments |  | ​ |  | ​ |  | ​
Trade receivables |  | ​ |  | (38,431,478) |  | (63,042,799)
Other receivables |  | ​ |  | 3,281,861 |  | (6,589,310)
Income and minimum presumed income taxes payable |  | ​ |  | 8,670,430 |  | (3,869,723)
Inventories and biological assets |  | ​ |  | 13,725,208 |  | (23,455,328)
Trade and other payables |  | ​ |  | 11,867,420 |  | 12,216,345
Employee benefits and social security |  | ​ |  | (1,388,050) |  | 2,185,006
Deferred revenue and advances from customers |  | ​ |  | (2,698,249) |  | 53,775,013
Income taxes paid | ​ | ​ | ​ | — | ​ | (2,772,608)
Interest collected |  | ​ |  | 1,204,931 | ​ | 3,493,607
Inflation effects on working capital adjustments |  | ​ |  | 323,421 | ​ | 658,967
Net cash flows generated by operating activities |  | ​ |  | 35,849,786 | ​ | 8,886,971

​

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.

​

F-8

Table of Contents

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six-month periods ended of December 31, 2023, and 2022

(Amounts in US$)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notes |  | 12/31/2023 |  | 12/31/2022
INVESTMENT ACTIVITIES |  |  |  |  |  |
Proceeds from sale of property, plant and equipment | ​ | ​ |  | 45,268 |  | 118,914
Net cash received from business combination | ​ | ​ | ​ | — | ​ | 4,373,265
Investment in financial assets | ​ | ​ | ​ | (16,363,130) | ​ | (13,813,944)
Purchase of property, plant and equipment |  | 5.7 |  | (6,070,237) |  | (3,824,078)
Capitalized development expenditures |  | 5.8 |  | (4,454,893) |  | (5,926,539)
Purchase of intangible assets |  | 5.8 |  | (219,829) |  | (148,075)
Net cash flows used by investing activities | ​ | ​ |  | (27,062,821) |  | (19,220,457)
​ | ​ | ​ | ​ | ​ | ​ | ​
FINANCING ACTIVITIES | ​ | ​ |  |  |  |
Proceeds from borrowings | ​ | ​ |  | 69,810,628 |  | 136,880,982
Repayment of borrowings and financed payments | ​ | ​ |  | (79,250,768) |  | (78,971,568)
Interest payments | ​ | ​ |  | (12,168,664) |  | (9,678,974)
Other financial proceeds or payments, net | ​ | ​ |  | (1,288,813) |  | (3,588,240)
Purchase of own shares | ​ | ​ | ​ | (734,388) | ​ | (2,291,365)
Leased assets payments | ​ | 14 | ​ | (2,493,617) | ​ | (1,553,958)
Cash dividend distributed by subsidiary | ​ | ​ | ​ | (151,612) | ​ | (452,129)
Net cash flows (used) generated by financing activities | ​ | ​ |  | (26,277,234) |  | 40,344,748
​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash and cash equivalents | ​ | ​ |  | (17,490,269) |  | 30,011,262
​ | ​ | ​ | ​ | ​ | ​ | ​
Inflation effects on cash and cash equivalents | ​ | ​ | ​ | (10,495) | ​ | (56,375)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents as of beginning of the period |  | 5.1 |  | 48,129,194 |  | 33,475,266
Effect of exchange rate changes on cash and equivalents | ​ | ​ |  | (6,226,493) |  | 5,119,869
Cash and cash equivalents as of the end of the period |  | 5.1 |  | 24,401,937 |  | 68,550,022

​

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.

​

​

F-9

Table of Contents

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

Index

​

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

​

​

​

F-10

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

1. GENERAL INFORMATION

Bioceres Crop Solutions Corp. (NASDAQ:BIOX) is a leader in the development and commercialization of productivity solutions designed to regenerate agricultural ecosystems while making crops more resilient to climate change. To do this, Bioceres’ products create economic incentives for farmers and other stakeholders to adopt environmentally friendly production practices. Bioceres 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 45 countries, primarily in South America, the United States and Europe.

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 six-month period ended December 31, 2023, 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, 2023.

Authorization for the issue of the consolidated financial statements

These unaudited interim condensed consolidated financial statements of the Group as of December 31, 2023, June 30, 2023 and for the three and six month periods ended December 31, 2023 and 2022 were authorized by the Board of Directors of Bioceres Crop Solutions Corp. on February 28, 2024.

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”.
●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”).

F-11

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NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

b) | Presentation currency

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

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

In previous years, the Group presented the sum of revenues from contracts with customers, initial recognition and changes in fair value of biological assets at the point of harvest, and changes in the net realizable value of agricultural products after harvest in a caption “Total” to assist investors to understand the performance of the Group’s comprehensive income for each fiscal year. As of the current period, that caption has been removed from the consolidated statements of comprehensive income to be aligned with comparable companies of the industry.

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, 2023.

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

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

| - | Amendment to IAS 12 –Deferred tax related to assets and liabilities arising from a single transaction.

| - | International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12)

| - | Amendments to IAS 1 and IFRS Practice Statement 2- Disclosure of Accounting Policies

| - | Amendments to IAS 8-Definition of Accounting Estimates

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 IFRS 16- Lease Liability in a Sale and Leaseback. The amendments are effective for annual reporting periods beginning on or after 1 January 2024.

| - | Amendments to IAS1 – Non- current liabilities with covenants. The amendments are effective for annual reporting periods beginning on or after 1 January 2024.

| - | Amendments to IAS 7- Statement of Cash Flows & to IFRS 7- Financial Instruments: Disclosures. The amendments are effective for annual reporting periods beginning on or after 1 January 2024.

| - | 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.

F-12

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

| - | Amendment to IAS 7 and IFRS 7 - Supplier Financing. The amendments are effective for annual periods beginning on or after January 1, 2024.

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

4. SEASONALITY

Our revenues fluctuate depending on the timing of orders from our distributors and customers and on prevailing market prices, which influence the purchase decisions of growers, the end users of our seed and integrated products, crop protection products and crop nutrition products. Given the cyclicality of crop planting and harvesting, as well as growing seasons, which vary from year to year, our business is highly seasonal. This results in substantial fluctuations in quarterly sales and profitability. Our portfolio is highly oriented to crop planting. Generally, our sales are concentrated in the third and fourth quarters of each calendar year, when demand for our seed and integrated products, crop protection products and crop nutrition products increases as growers begin planting their summer crops in South America, while winter crop season occurs in the Northern hemisphere. With our seed and integrated products business, we contract with growers and seed suppliers based upon our anticipated market demand. Generally, in our 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 our crop protection and our crop nutrition business following a similar cycle to the seed cycle. Milestone, royalty, and license revenues are also likely to fluctuate from period to period given the seasonality of agriculture and time required to progress from one milestone to the next.

​

Our seed and integrated products, crop protection and crop nutrition businesses are also affected by unpredictable weather conditions such as heavy rains, hail, floods, freezing conditions, windstorms, drought or fire, as well as other hazardous situations beyond our control, which may cause our sales and operating results to fluctuate significantly. In addition, disruptions that cause delays by growers in harvesting or planting can result in the movement of orders to a future quarter, which also causes fluctuations in our quarterly operating results. Finally, some of our customers and distributors order in bulk only one or two times a year, which may further cause our seed product revenues to fluctuate from period to period.

​

5. INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

5.1. Cash and cash equivalents

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Cash at bank and on hand | ​ | 24,332,260 | ​ | 48,129,194
Mutual funds | ​ | 69,677 | ​ | —
​ |  | 24,401,937 | ​ | 48,129,194

​

F-13

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

5.2. Other financial assets

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Current |  | ​ |  |
Restricted short-term deposits |  | — |  | 212,703
US Treasury bills | ​ | — | ​ | 9,163,298
Mutual funds | ​ | 14,736,104 | ​ | 1,596,539
Other investments |  | 2,304,103 |  | 1,162,480
​ |  | 17,040,207 |  | 12,135,020
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Non-current |  |  |  |
Shares of Bioceres S.A. |  | 444,410 |  | 444,635
Other investments |  | 333 |  | 274
​ |  | 444,743 |  | 444,909

​

5.3. Trade receivables

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Current | ​ | ​ | ​ | ​
Trade debtors | ​ | 206,838,287 | ​ | 160,269,233
Allowance for impairment of trade debtors |  | (7,523,261) |  | (7,425,604)
Shareholders and other related parties (Note 15) |  | 1,223,994 |  | —
Allowance for credit notes to be issued |  | (3,928,835) |  | (3,694,019)
Trade debtors - Joint ventures and associates (Note 15) |  | 781,452 |  | 865,627
Deferred checks |  | 2,274,646 |  | 7,991,237
​ | ​ | 199,666,283 |  | 158,006,474

​

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

​

F-14

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

5.4. Other receivables

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Current |  |  |  |
Taxes |  | 5,490,671 |  | 6,113,764
Receivables for PP&E sales | ​ | — | ​ | 156,423
Shareholders and other related parties (Note 15) |  | 3,105,591 |  | 3,792,429
Other receivables - Joint ventures and associates (Note 15) |  | 7,500,898 |  | 6,104,219
Prepayments to suppliers |  | 3,820,065 |  | 10,956,831
Reimbursements over exports |  | 10,558 |  | 10,558
Prepaid expenses and other receivables |  | 4,022,045 |  | 1,302,221
Miscellaneous |  | 1,131,770 |  | 388,553
​ |  | 25,081,598 |  | 28,824,998
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Non-current |  | ​ |  | ​
Taxes |  | — |  | 873,699
Reimbursements over exports |  | 1,363,902 |  | 1,290,227
Loans receivables |  | 230,000 |  | 230,000
Miscellaneous |  | 25,740 |  | 152,315
​ |  | 1,619,642 |  | 2,546,241

​

5.5. Inventories

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Seeds |  | 7,508,251 | ​ | 1,542,159
Resale products |  | 64,271,825 | ​ | 58,544,931
Manufactured products |  | 21,131,225 | ​ | 25,881,761
Goods in transit |  | 1,408,487 | ​ | 3,620,606
Supplies |  | 17,878,874 | ​ | 24,893,187
Agricultural products |  | 14,121,283 | ​ | 28,436,830
Allowance for obsolescence |  | (2,581,797) | ​ | (2,492,499)
​ | ​ | 123,738,148 | ​ | 140,426,975
​ | ​ | ​ | ​ | ​
Net of agricultural products |  | 109,616,865 |  | 111,990,145

​

5.6. Biological assets

Changes in Biological assets:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Soybean | ​ | Corn |  | Wheat |  | Barley |  | Sunflower |  | Total
Beginning of the period | ​ | — | ​ | — | ​ | 87,785 | ​ | 59,057 | ​ | — | ​ | 146,842
Initial recognition and changes in the fair value of biological assets at the point of harvest |  | — |  | — |  | 231,523 |  | 106,605 |  | — |  | 338,128
Costs incurred during the period |  | 581,227 |  | 301,686 |  | — |  | — |  | 55,457 |  | 938,370
Decrease due to harvest/disposals |  | — |  | — |  | (319,308) |  | (165,662) |  | — |  | (484,970)
Period ended December 31, 2023 |  | 581,227 |  | 301,686 |  | — |  | — |  | 55,457 |  | 938,370

​

F-15

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Soybean |  | Corn |  | Wheat |  | Barley |  | Sunflower |  | Total
Beginning of the period |  | — | ​ | — | ​ | 44,413 | ​ | 12,900 | ​ | — | ​ | 57,313
Initial recognition and changes in the fair value of biological assets at the point of harvest |  | — |  | — |  | 191,481 |  | 159,996 | ​ | — |  | 351,477
Costs incurred during the period |  | 290,667 |  | 263,428 |  | 389,282 |  | 126,293 | ​ | 27,005 |  | 1,096,675
Decrease due to harvest/disposals |  | — |  | — |  | (625,176) |  | (299,189) | ​ | — |  | (924,365)
Period ended December 31, 2022 |  | 290,667 |  | 263,428 |  | — |  | — | ​ | 27,005 |  | 581,100

​

5.7. Property, plant and equipment

Property, plant and equipment as of December 31, 2023 and June 30, 2023 included the following:

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Gross carrying amount |  | 99,485,867 |  | 93,634,779
Accumulated depreciation |  | (28,097,738) |  | (25,780,944)
Net carrying amount |  | 71,388,129 |  | 67,853,835

​

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

​

​ | ​ | ​ | ​ | ​
​ | ​ | Net carrying | ​ | Net carrying
​ | ​ | amount | ​ | amount
Class |  | 12/31/2023 |  | 06/30/2023
Office equipment | ​ | 280,108 | ​ | 263,892
Vehicles | ​ | 2,177,685 | ​ | 2,032,853
Equipment and computer software |  | 190,697 |  | 174,399
Fixtures and fittings |  | 2,469,766 |  | 2,862,949
Machinery and equipment |  | 13,556,213 |  | 14,463,756
Land and buildings |  | 35,745,539 |  | 36,144,792
Buildings in progress |  | 16,968,121 |  | 11,911,194
Total |  | 71,388,129 |  | 67,853,835

​

1. Gross carrying amount as of December 31, 2023 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | beginning | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | As of the
​ | ​ | of the | ​ | ​ | ​ | ​ | ​ | currency | ​ | end of the
Class |  | period |  | Additions |  | Disposals |  | translation |  | period
Office equipment | ​ | 968,088 | ​ | 52,158 | ​ | — | ​ | (3,291) | ​ | 1,016,955
Vehicles | ​ | 5,492,319 | ​ | 556,237 | ​ | (126,068) | ​ | (411) | ​ | 5,922,077
Equipment and computer software | ​ | 974,509 | ​ | 101,224 | ​ | — | ​ | (7,575) | ​ | 1,068,158
Fixtures and fittings | ​ | 7,663,899 | ​ | 10,483 | ​ | (8,976) | ​ | (9,384) | ​ | 7,656,022
Machinery and equipment |  | 23,513,047 | ​ | 275,297 |  | — |  | (26,864) |  | 23,761,480
Land and buildings |  | 43,111,723 | ​ | 10,351 |  | — |  | (29,020) |  | 43,093,054
Buildings in progress (a) |  | 11,911,194 | ​ | 5,112,029 |  | — |  | (55,102) |  | 16,968,121
Total |  | 93,634,779 | ​ | 6,117,779 |  | (135,044) |  | (131,647) |  | 99,485,867

(a) | Includes capitalized financial costs of $47,542 corresponding to the period ended December 31, 2023.

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

2. Accumulated depreciation as of December 31, 2023 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Depreciation
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of the | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | Accumulated
​ | ​ | beginning of | ​ | ​ | ​ | ​ | ​ | currency | ​ | as of the end
Class |  | the period |  | Disposals |  | Of the period |  | translation |  | of the period
Office equipment | ​ | 704,196 | ​ | — | ​ | 33,828 | ​ | (1,177) | ​ | 736,847
Vehicles | ​ | 3,459,466 | ​ | (117,055) | ​ | 416,309 | ​ | (14,328) | ​ | 3,744,392
Equipment and computer software | ​ | 800,110 | ​ | — | ​ | 83,364 | ​ | (6,013) | ​ | 877,461
Fixtures and fittings | ​ | 4,800,950 | ​ | (6,242) | ​ | 394,798 | ​ | (3,250) | ​ | 5,186,256
Machinery and equipment |  | 9,049,291 |  | — |  | 1,185,336 |  | (29,360) |  | 10,205,267
Land and buildings |  | 6,966,931 |  | — |  | 442,787 |  | (62,203) |  | 7,347,515
Total |  | 25,780,944 |  | (123,297) |  | 2,556,422 |  | (116,331) |  | 28,097,738

​

3. Gross carrying amount as of December 31, 2022 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | Additions | ​ | ​ | ​ | Foreign | ​ | As of the
​ | ​ | beginning | ​ | ​ | ​ | from business | ​ | ​ | ​ | currency | ​ | end of the
Class |  | of the period |  | Additions |  | combination |  | Disposals |  | translation |  | period
Office equipment | ​ | 908,004 | ​ | 305 | ​ | — | ​ | — | ​ | 724 | ​ | 909,033
Vehicles | ​ | 5,261,979 | ​ | 84,209 | ​ | — | ​ | (59,744) | ​ | (3,948) | ​ | 5,282,496
Equipment and computer software | ​ | 925,349 | ​ | 111,226 | ​ | 12,469 | ​ | — | ​ | (32,824) | ​ | 1,016,220
Fixtures and fittings | ​ | 7,606,389 | ​ | 34,256 | ​ | 5,379 | ​ | — | ​ | 12,143 | ​ | 7,658,167
Machinery and equipment |  | 13,017,830 | ​ | 1,128,712 |  | 7,047,496 |  | (7,186) |  | (14,677) |  | 21,172,175
Land and buildings |  | 40,659,129 | ​ | — |  | 4,750,136 |  | — |  | (28,269) |  | 45,380,996
Buildings in progress |  | 3,142,774 | ​ | 2,465,370 |  | 1,285,092 |  | — |  | (17,027) |  | 6,876,209
Total |  | 71,521,454 | ​ | 3,824,078 |  | 13,100,572 |  | (66,930) |  | (83,878) |  | 88,295,296

​

4. Accumulated depreciation as of December 31, 2022 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Depreciation
​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | as of the | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | Accumulated
​ | ​ | beginning of | ​ | ​ | ​ | Of the | ​ | currency | ​ | as of the end
Class |  | the period |  | Disposals |  | period |  | translation |  | of the period
Office equipment | ​ | 638,466 | ​ | — | ​ | 30,827 | ​ | (466) | ​ | 668,827
Vehicles | ​ | 2,596,905 | ​ | (59,744) | ​ | 457,562 | ​ | (1,178) | ​ | 2,993,545
Equipment and computer software | ​ | 693,673 | ​ | — | ​ | 73,094 | ​ | (1,549) | ​ | 765,218
Fixtures and fittings |  | 4,059,470 | ​ | — | ​ | 370,828 | ​ | (355) | ​ | 4,429,943
Machinery and equipment |  | 7,205,870 |  | — |  | 1,575,862 |  | (9,845) |  | 8,771,887
Land and buildings |  | 6,418,745 |  | — |  | 451,983 |  | 473 |  | 6,871,201
Total |  | 21,613,129 |  | (59,744) |  | 2,960,156 |  | (12,920) |  | 24,500,621

​

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

F-17

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

5.8. Intangible assets

Intangible assets as of December 31, 2023 and June 30, 2023 included the following:

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Gross carrying amount |  | 206,708,843 |  | 202,306,618
Accumulated amortization |  | (33,965,330) |  | (28,522,662)
Net carrying amount |  | 172,743,513 |  | 173,783,956

​

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

​

​ | ​ | ​ | ​ | ​
​ | ​ | Net carrying | ​ | Net carrying
​ | ​ | amount | ​ | amount
Class |  | 12/31/2023 (1) |  | 06/30/2023 (1)
Seed and integrated products |  | ​ | ​ | ​
HB4 soy and breeding program |  | 32,554,026 |  | 31,679,681
Integrated seed products |  | 2,516,125 |  | 2,841,008
Crop nutrition |  | ​ | ​ | ​
Microbiological products |  | 50,829,622 |  | 49,508,801
Other intangible assets |  | ​ | ​ | ​
Trademarks and patents |  | 57,429,133 |  | 59,760,753
Software |  | 1,923,055 |  | 1,987,690
Customer loyalty |  | 22,491,552 |  | 23,006,023
RG/RS/OX Wheat | ​ | 5,000,000 | ​ | 5,000,000
Total |  | 172,743,513 |  | 173,783,956

(1) | Includes $32.2 million as of December 31, 2023 and $27.4 million as of June 30, 2023 of intangible assets not subject to amortization.

1. Gross carrying amount as of December 31, 2023 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | Foreign | ​ | As of the
​ | ​ | beginning of | ​ | ​ | ​ | currency | ​ | end of the
Class |  | the period |  | Additions |  | translation |  | period
Seed and integrated products | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HB4 soy and breeding program | ​ | 34,958,425 | ​ | 1,729,439 | ​ | — | ​ | 36,687,864
Integrated seed products | ​ | 3,219,808 | ​ | — | ​ | (269,869) | ​ | 2,949,939
Crop nutrition | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Microbiological products |  | 55,645,028 |  | 2,725,454 | ​ | (1,661) |  | 58,368,821
Other intangible assets |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trademarks and patents |  | 67,653,234 |  | 1,288 | ​ | — |  | 67,654,522
Software |  | 5,582,411 |  | 218,541 | ​ | (967) |  | 5,799,985
Customer loyalty |  | 30,247,712 |  | — | ​ | — |  | 30,247,712
RG/RS/OX Wheat | ​ | 5,000,000 | ​ | — | ​ | — | ​ | 5,000,000
Total |  | 202,306,618 |  | 4,674,722 | ​ | (272,497) |  | 206,708,843

​

F-18

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

2. Accumulated amortization as of December 31, 2023 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortization
​ | ​ | Accumulated | ​ | ​ | ​ | Foreign | ​ | Accumulated as
​ | ​ | as of beginning | ​ | ​ | ​ | currency | ​ | of the end of the
Class |  | of the period |  | Of the period |  | translation |  | period
Seed and integrated products | ​ |  | ​ |  | ​ |  | ​ |
HB4 soy and breeding program | ​ | 3,278,744 | ​ | 855,094 | ​ | — | ​ | 4,133,838
Integrated seed products | ​ | 378,800 | ​ | 86,762 | ​ | (31,748) | ​ | 433,814
Crop nutrition | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Microbiological products | ​ | 6,136,227 | ​ | 1,402,972 | ​ | — | ​ | 7,539,199
Other intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trademarks and patents | ​ | 7,892,481 | ​ | 2,332,908 | ​ | — | ​ | 10,225,389
Software |  | 3,594,721 |  | 282,764 | ​ | (555) |  | 3,876,930
Customer loyalty |  | 7,241,689 |  | 514,471 | ​ | — |  | 7,756,160
Total |  | 28,522,662 |  | 5,474,971 | ​ | (32,303) |  | 33,965,330

​

3. Gross carrying amount as of December 31, 2022 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gross carrying amount
​ | ​ | As of the | ​ | ​ | ​ | Additions from | ​ | ​ | ​ | ​
​ | ​ | beginning | ​ | ​ | ​ | business | ​ | Foreign currency | ​ | As of the end of
Class |  | of the period |  | Additions |  | combination |  | translation |  | the period
Seed and integrated products |  | ​ |  |  | ​ | ​ | ​ |  |  |
HB4 soy and breeding program |  | 31,371,088 | ​ | 1,738,631 | ​ | — | ​ | — | ​ | 33,109,719
Integrated seed products | ​ | 3,181,155 | ​ | — | ​ | — | ​ | 8,296 | ​ | 3,189,451
Crop nutrition |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Microbiological products |  | 8,855,421 | ​ | 4,187,908 | ​ | 39,613,280 | ​ | (2,279) | ​ | 52,654,330
Other intangible assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​
Trademarks and patents |  | 12,183,045 |  | 49,783 | ​ | 55,420,441 | ​ | — |  | 67,653,269
Software |  | 5,176,373 |  | 98,292 | ​ | — | ​ | (954) |  | 5,273,711
Customer loyalty |  | 28,462,475 | ​ | — | ​ | 1,785,237 | ​ | — | ​ | 30,247,712
RG/RS/OX Wheat | ​ | 5,000,000 | ​ | — | ​ | — | ​ | — | ​ | 5,000,000
Total |  | 94,229,557 |  | 6,074,614 | ​ | 96,818,958 | ​ | 5,063 |  | 197,128,192

​

F-19

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

4. Accumulated amortization as of December 31, 2022 is as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortization
​ | ​ | Accumulated as | ​ |  | ​ | Foreign | ​ | Accumulated
​ | ​ | of beginning of | ​ | ​ | ​ | currency | ​ | as of the end
Class |  | the period |  | Of the period |  | translation |  | of the period
Seed and integrated products | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HB4 soy and breeding program |  | 1,568,554 |  | 799,644 | ​ | — |  | 2,368,198
Integrated seed products |  | 43,997 | ​ | 22,242 | ​ | 488 | ​ | 66,727
Crop nutrition |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Microbiological products |  | 3,063,073 | ​ | 313,970 | ​ | — | ​ | 3,377,043
Other intangible assets |  | ​ |  | ​ | ​ | ​ |  | ​
Trademarks and patents |  | 3,916,004 |  | 2,136,403 | ​ | — |  | 6,052,407
Software |  | 3,008,388 |  | 285,881 | ​ | (756) |  | 3,293,513
Customer loyalty | ​ | 5,924,672 | ​ | 1,633,381 | ​ | — | ​ | 7,558,053
Total | ​ | 17,524,688 | ​ | 5,191,521 | ​ | (268) | ​ | 22,715,941

​

The amortization charge is included in Notes 6.3 and 6.4.

5.9. Goodwill

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
​ | ​ | ​ | ​ | ​
Rizobacter Argentina S.A. |  | 28,080,271 |  | 28,080,271
Bioceres Crops S.A. | ​ | 7,523,322 | ​ | 7,523,322
Pro farm Group, Inc. |  | 76,089,749 |  | 76,089,749
Insumos Agroquímicos S.A. | ​ | 470,090 | ​ | 470,090
​ |  | 112,163,432 |  | 112,163,432

​

There were no indicators of goodwill impairment.

​

5.10. Investment properties

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
​ | ​ | ​ | ​ | ​
Investment properties |  | 3,792,238 |  | 3,589,749
​ |  | 3,792,238 |  | 3,589,749

​

5.11. Trade and other payables

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
​ | ​ | ​ | ​ | ​
Trade creditors |  | 103,683,392 |  | 104,211,238
Shareholders and other related parties (Note 15) |  | 75,271 |  | 35,292
Trade creditors - Parent company (Note 15) |  | 161,860 |  | 644,191
Trade creditors - Joint ventures and associates (Note 15) |  | 56,385,464 |  | 41,402,594
Taxes |  | 3,556,073 |  | 3,561,058
Miscellaneous |  | 141,142 |  | 953,301
​ |  | 164,003,202 |  | 150,807,674

​

F-20

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

5.12. Borrowings

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Current | ​ | ​ | ​ | ​
Bank borrowings |  | 52,942,957 |  | 61,303,952
Corporate bonds |  | 49,749,398 |  | 35,547,510
Trust debt securities | ​ | 7,188,607 | ​ | 7,296,506
Net loans payables- Parents companies and related parties to Parent (Note 15) |  | 3,639,816 |  | 3,491,691
​ |  | 113,520,778 |  | 107,639,659
Non-current |  | ​ |  | ​
Bank borrowings |  | 10,314,800 |  | 10,663,266
Corporate bonds |  | 21,202,548 |  | 50,007,680
​ | ​ | 31,517,348 | ​ | 60,670,946

​

The carrying value of some borrowings as of December 31, 2023 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.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2023 | ​ | 06/30/2023
​ |  | Amortized cost |  | Fair value |  | Amortized cost |  | Fair value
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank borrowings |  | 52,942,957 |  | 49,659,094 |  | 61,303,952 |  | 57,209,155
Corporate Bonds |  | 49,749,398 |  | 49,192,118 |  | 35,547,510 |  | 34,725,828
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current |  | ​ |  | ​ |  | ​ |  | ​
Bank borrowings |  | 10,314,800 |  | 8,698,322 |  | 10,663,266 |  | 10,374,646
Corporate Bonds |  | 21,202,548 |  | 20,670,511 |  | 50,007,680 |  | 47,014,542

​

5.13. Secured Notes

Secured Guaranteed Notes

The carrying value of $25.9 million of the Secured Guaranteed Notes as of December 31, 2023 are measured at amortized cost. Its fair value based on discounted cash flows, using a fair interest rate, would amount to $26.9 million.

Secured Convertible Guaranteed Notes

The carrying value of $52.1 million of the Secured Convertible Guaranteed Notes as of December 31, 2023 are measured at amortized cost. Its fair value based on discounted cash flows, using a fair interest rate, would amount to $54.8 million.

Under the terms of the Secured Convertible Guaranteed Notes, the Group is in compliance with covenants.

5.14. Employee benefits and social security

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Salaries, accrued incentives, vacations and social security |  | 8,150,518 |  | 9,388,639
Key management personnel (Note 15) | ​ | 68,139 | ​ | 218,068
​ | ​ | 8,218,657 | ​ | 9,606,707

​

F-21

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

5.15. Deferred revenue and advances from customers

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Current |  |  |  |
Advances from customers |  | 4,466,515 |  | 9,216,032
Deferred revenue |  | 17,632,863 |  | 15,659,630
​ |  | 22,099,378 |  | 24,875,662
Non-current |  | ​ |  | ​
Advances from customers | ​ | 272,334 | ​ | 620,893
Deferred revenue |  | 1,863,506 |  | 1,436,912
​ |  | 2,135,840 |  | 2,057,805

​

​

6. INFORMATION ABOUT COMPONENTS OF CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

6.1. Revenue from contracts with customers

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Sale of goods and services |  | 255,827,291 |  | 220,482,895
Royalties |  | 649,341 |  | 909,067
​ |  | 256,476,632 |  | 221,391,962

​

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

6.2. Cost of sales

​

​ | ​ | ​ | ​ | ​
Item |  | 12/31/2023 |  | 12/31/2022
Inventories as of the beginning of the period |  | 111,990,145 |  | 78,759,610
Business combination |  | — |  | 11,064,908
Purchases of the period |  | 144,999,639 |  | 138,186,645
Production costs |  | 12,981,672 |  | 14,596,888
Foreign currency translation |  | (28,273) |  | (246,484)
Subtotal |  | 269,943,183 |  | 242,361,567
Inventories as of the end of the period (*) |  | (109,616,865) |  | (107,544,430)
Cost of sales | ​ | 160,326,318 | ​ | 134,817,137

(*)Net of agricultural products.

​

F-22

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

6.3. R&D classified by nature

​

​ | ​ | ​ | ​ | ​
​ |  | Research and |  | Research and
​ | ​ | development | ​ | development
​ |  | expenses |  | expenses
Item |  | 12/31/2023 |  | 12/31/2022
Amortization of intangible assets |  | 2,453,158 |  | 2,201,938
Analysis and storage | ​ | 5,302 | ​ | 27,322
Import and export expenses |  | — |  | 850
Depreciation of property, plant and equipment |  | 312,453 |  | 287,180
Freight and haulage | ​ | 14,278 | ​ | 4,732
Employee benefits and social securities |  | 2,211,907 |  | 2,248,105
Maintenance |  | 96,056 |  | 303,524
Energy and fuel |  | 5,227 |  | 94,870
Supplies and materials |  | 1,182,066 |  | 1,078,197
Mobility and travel |  | 89,474 |  | 158,193
Share-based incentives | ​ | 143,749 | ​ | 92,477
Publicity and advertising |  | — |  | 9,568
Professional fees and outsourced services |  | 994,197 |  | 574,614
Professional fees related parties | ​ | 216,792 | ​ | 102,701
Office supplies |  | 470,376 |  | 43,546
Information technology expenses | ​ | 9,640 | ​ | 19,060
Insurance |  | 19,586 |  | 25,738
Depreciation of leased assets | ​ | — | ​ | 33,685
Miscellaneous |  | 57 |  | 3,606
Total |  | 8,224,318 |  | 7,309,906

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
R&D capitalized (Note 5.8) |  | 4,454,893 |  | 5,926,539
R&D profit and loss |  | 8,224,318 |  | 7,309,906
Total |  | 12,679,211 |  | 13,236,445

​

F-23

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

6.4. Expenses classified by nature and function

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Selling, |  | ​
​ |  | ​ | ​ | general and | ​ | ​
​ | ​ | Production | ​ | administrative | ​ | Total
Item | ​ | costs | ​ | expenses | ​ | 12/31/2023
Amortization of intangible assets |  | 60,849 | ​ | 2,960,964 | ​ | 3,021,813
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 | ​ | 935,378 | ​ | 2,243,969
Depreciation of leased assets | ​ | 699,044 | ​ | 1,012,212 | ​ | 1,711,256
Impairment of receivables |  | — | ​ | 296,051 | ​ | 296,051
Freight and haulage |  | 634,188 | ​ | 6,878,364 | ​ | 7,512,552
Employee benefits and social securities |  | 5,935,502 | ​ | 21,509,102 | ​ | 27,444,604
Maintenance |  | 1,007,395 | ​ | 1,152,332 | ​ | 2,159,727
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 | ​ | 2,148,705 | ​ | 2,243,181
Publicity and advertising |  | 1,300 | ​ | 2,305,251 | ​ | 2,306,551
Contingencies |  | 1,239 | ​ | 47,851 | ​ | 49,090
Share-based incentives | ​ | 339,904 | ​ | 8,043,561 | ​ | 8,383,465
Professional fees and outsourced services |  | 963,972 | ​ | 3,542,038 | ​ | 4,506,010
Professional fees related parties |  | — | ​ | 66,618 | ​ | 66,618
Office supplies and registrations fees |  | 80,236 | ​ | 651,991 | ​ | 732,227
Insurance |  | 81,174 | ​ | 1,102,142 | ​ | 1,183,316
Information technology expenses |  | 27,186 | ​ | 1,924,633 | ​ | 1,951,819
Obsolescence |  | 282,836 | ​ | — | ​ | 282,836
Taxes |  | 127,760 | ​ | 7,019,360 | ​ | 7,147,120
Miscellaneous |  | 1,827 | ​ | 57,638 | ​ | 59,465
Total |  | 12,981,672 | ​ | 65,097,785 | ​ | 78,079,457

​

F-24

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Selling, |  | ​
​ |  | ​ | ​ | general and | ​ | ​
​ | ​ | Production | ​ | administrative | ​ | Total
Item | ​ | costs | ​ | expenses | ​ | 12/31/2022
Amortization of intangible assets |  | 86,842 | ​ | 2,902,741 | ​ | 2,989,583
Analysis and storage |  | 4,460 | ​ | 237,341 | ​ | 241,801
Commissions and royalties |  | 109,703 | ​ | 1,020,272 | ​ | 1,129,975
Import and export expenses |  | 265,121 | ​ | 704,937 | ​ | 970,058
Depreciation of property, plant and equipment |  | 1,666,119 | ​ | 1,006,857 | ​ | 2,672,976
Depreciation of leased assets | ​ | 230,478 | ​ | 1,573,369 | ​ | 1,803,847
Impairment of receivables |  | — | ​ | 468,992 | ​ | 468,992
Freight and haulage |  | 1,201,183 | ​ | 5,002,384 | ​ | 6,203,567
Employee benefits and social securities |  | 7,177,926 | ​ | 20,156,371 | ​ | 27,334,297
Maintenance |  | 722,399 | ​ | 1,446,553 | ​ | 2,168,952
Energy and fuel |  | 753,041 | ​ | 161,850 | ​ | 914,891
Supplies and materials |  | 512,493 | ​ | 627,514 | ​ | 1,140,007
Mobility and travel |  | 39,428 | ​ | 1,837,797 | ​ | 1,877,225
Publicity and advertising |  | — | ​ | 3,235,737 | ​ | 3,235,737
Contingencies |  | — | ​ | 39,847 | ​ | 39,847
Share-based incentives | ​ | — | ​ | 1,969,868 | ​ | 1,969,868
Professional fees and outsourced services |  | 1,133,009 | ​ | 7,122,701 | ​ | 8,255,710
Professional fees related parties |  | — | ​ | 29,818 | ​ | 29,818
Office supplies and registrations fees |  | 23,309 | ​ | 624,246 | ​ | 647,555
Insurance |  | 74,350 | ​ | 1,306,282 | ​ | 1,380,632
Information technology expenses |  | 17,511 | ​ | 1,566,952 | ​ | 1,584,463
Obsolescence |  | 481,332 | ​ | — | ​ | 481,332
Taxes |  | 96,233 | ​ | 6,976,043 | ​ | 7,072,276
Miscellaneous |  | 1,951 | ​ | 300,016 | ​ | 301,967
Total |  | 14,596,888 | ​ | 60,318,488 | ​ | 74,915,376

​

6.5. Other income or expenses, net

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Net result from commercialization of agricultural products |  | (2,960,005) |  | 144,515
Expenses recovery |  | 236,106 |  | 232,977
Other income or expenses, net |  | 325,661 |  | 391,036
​ |  | (2,398,238) |  | 768,528

​

F-25

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

6.6. Finance results

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Financial costs | ​ | ​ | ​ | ​
Interest expenses with the Parents (Note 15) |  | (194,125) |  | (299,468)
Interest expenses |  | (9,994,912) |  | (10,722,135)
Financial commissions |  | (1,288,813) |  | (1,517,729)
​ |  | (11,477,850) |  | (12,539,332)
​ | ​ | ​ | ​ | ​
Other financial results |  | ​ | ​ | ​
Exchange differences generated by assets |  | (12,049,351) |  | (12,771,727)
Exchange differences generated by liabilities | ​ | 21,674,845 | ​ | 9,070,404
Changes in fair value of financial assets or liabilities and other financial results | ​ | (13,727,825) | ​ | (2,068,923)
Net gain of inflation effect on monetary items | ​ | 766,135 | ​ | 281,083
​ | ​ | (3,336,196) | ​ | (5,489,163)

​

​

7. TAXATION

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

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Current tax expense |  | (3,845,338) |  | (6,467,324)
Deferred tax |  | (4,917,089) |  | 769,775
Total | ​ | (8,762,427) | ​ | (5,697,549)

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Beginning of the period deferred tax |  | (28,472,383) |  | (24,994,569)
Additions for business combination | ​ | — | ​ | (16,704,771)
Charge for the period |  | (4,917,089) |  | 769,775
Conversion difference | ​ | (361,293) | ​ | (582,016)
Total net deferred tax |  | (33,750,765) |  | (41,511,581)

​

​

F-26

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

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:

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Earning before income tax-rate |  | 7,322,464 |  | 1,183,270
Income tax expense by applying tax rate in force in the respective countries |  | (5,434,748) |  | (5,182,386)
Share of profit or loss of subsidiaries, joint ventures and associates |  | 1,219,030 |  | 225,376
Stock options charge |  | (1,489,037) |  | (298,851)
Non-deductible expenses |  | (116,220) |  | (543,505)
Unrecognized deferred tax 1 | ​ | — | ​ | (995,754)
Tax inflation adjustment |  | 7,460,048 |  | 3,132,901
Result of inflation effect on monetary items and other finance results | ​ | (11,000,459) | ​ | (1,660,369)
Untaxed gains | ​ | 598,959 | ​ | 33,052
Others |  | — |  | (408,013)
Income tax expenses |  | (8,762,427) |  | (5,697,549)

1 Corresponds mainly to Pro Farm Group Inc.

8. EARNING PER SHARE

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

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three -month period ended | ​ | Six-month period ended
​ |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2023 |  | 12/31/2022
Numerator |  | ​ | ​ | ​ | ​ |  |  | ​
(Loss) profit for the period (basic EPS) |  | 108,449 | ​ | (8,156,746) | ​ | (4,483,185) |  | (7,658,449)
(Loss) profit for the period (diluted EPS) |  | 108,449 | ​ | (8,156,746) | ​ | (4,483,185) |  | (7,658,449)
Denominator |  | ​ | ​ | ​ | ​ | ​ |  | ​
Weighted average number of shares (basic EPS) |  | 62,839,961 | ​ | 61,657,343 | ​ | 62,839,961 |  | 61,657,343
Weighted average number of shares (diluted EPS) |  | 63,877,692 | ​ | 61,657,343 | ​ | 62,839,961 |  | 61,657,343
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic (loss) profit attributable to ordinary equity holders of the parent | ​ | 0.0017 | ​ | (0.1323) | ​ | (0.0713) | ​ | (0.1242)
Diluted (loss) profit attributable to ordinary equity holders of the parent |  | 0.0017 | ​ | (0.1323) | ​ | (0.0713) |  | (0.1242)

​

For the three and six month period ended December 31, 2022 diluted EPS was equal to basic EPS as the effect of potential ordinary shares would be antidilutive.

For the three month period ended December 31, 2022, diluted earnings per share was calculated by adjusting the weighted average number of shares outstanding to assume conversion of all dilutive potential shares. The Group had two categories of dilutive potential shares, share-based incentives and the convertible notes.

The stock options were included in the diluted EPS calculation for the three period ended December 31, 2023 only for the tranches in which the average market price of ordinary shares during the periods was higher than the assumed proceeds per option.

Convertible notes outstanding were not included in the diluted EPS calculations for the three period ended December 31, 2023 because the interest (net of tax and other changes in income or expense) per ordinary share obtainable on conversion exceeds basic earnings per share.

​

F-27

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

9. EQUITY INFORMATION

Capital issued

As of December 31, 2023, we had (i) 100,000,000 ordinary shares ($0.0001 par value) authorized, (ii) 62,828,025 ordinary shares issued and outstanding, (iii) 1,000,000 preferred shares ($0.0001 par value) authorized, (iv) no preferred shares issued and outstanding, (v) 3,947,634 ordinary shares reserved for our equity compensation plans. Of the total issued shares, we have repurchased 2,258,016 shares of our own.

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:

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Investment activities | ​ | ​ | ​ | ​
Net assets acquisition by business combination | ​ | — | ​ | 152,070,313
Investment in-kind in other related parties (Note 15) | ​ | — | ​ | 1,434,802
Capitalization of interest on buildings in progress | ​ | 47,542 | ​ | —
​ | ​ | 47,542 | ​ | 153,505,115
​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2023 |  | 12/31/2022
Financing activities |  |  |  |
Capitalization of convertible notes (Note 5.13) | ​ | — | ​ | 12,211,638
Purchase of own shares | ​ | — | ​ | (23,915,029)
​ |  | — |  | (11,703,391)

​

​

11. JOINT VENTURES AND ASSOCIATES

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Assets |  |  |  |
Synertech Industrias S.A. |  | 39,205,548 |  | 36,026,710
Alfalfa Technologies S.R.L. |  | 36,503 |  | 36,502
Moolec Science S.A. |  | 3,160,166 |  | 3,233,598
​ |  | 42,402,217 |  | 39,296,810

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Liabilities |  |  |  |
Trigall Genetics S.A. |  | 115,983 |  | 622,823
​ |  | 115,983 |  | 622,823

​

F-28

Table of Contents

​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

Changes in joint ventures investments and affiliates:

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2023
As of the beginning of the period |  | 38,673,987 |  | 37,836,144
Share-based incentives | ​ | 50,383 | ​ | —
Sale of equity investee - Indrasa Biotecnología S.A. | ​ | — | ​ | (7,853)
Foreign currency translation |  | 897 |  | (21,946)
Share of profit or loss |  | 3,560,967 |  | 882,288
As of the end of the period |  | 42,286,234 |  | 38,688,633

​

Share of profit or loss of joint ventures and affiliates:

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2023
Trigall Genetics S.A. |  | 506,840 |  | 595,889
Synertech Industrias S.A. | ​ | 3,178,839 | ​ | 349,012
Moolec Science S.A. | ​ | (124,712) | ​ | —
Indrasa Biotecnología S.A. | ​ | — | ​ | (62,613)
​ | ​ | 3,560,967 | ​ | 882,288

​

​

​

12. SEGMENT INFORMATION

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

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Seed and |  | ​ |  | ​ |  | ​ |
​ |  | integrated |  | Crop |  | Crop | ​ | ​ | ​
Period ended December 31, 2023 |  | products | ​ | protection | ​ | nutrition | ​ | Consolidated | ​
Revenues from contracts with customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sale of goods and services |  | 53,777,458 |  | 127,029,466 |  | 75,020,367 |  | 255,827,291 | ​
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 | ​
Total |  | 54,504,152 |  | 127,170,923 |  | 75,139,685 |  | 256,814,760 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales |  | (36,216,288) |  | (81,249,196) |  | (42,860,834) |  | (160,326,318) | ​
Gross profit per segment |  | 18,287,864 | ​ | 45,921,727 |  | 32,278,851 |  | 96,488,442 | ​
% Gross margin | ​ | 34 | % | 36 | % | 43 | % | 38 | %

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Seed and |  | ​ |  | ​ |  | ​ |
​ |  | integrated |  | Crop |  | Crop | ​ | ​ | ​
Period ended December 31, 2022 |  | products | ​ | protection | ​ | nutrition | ​ | Consolidated | ​
Revenues from contracts with customers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sale of goods and services |  | 29,226,197 |  | 116,263,527 |  | 74,993,171 |  | 220,482,895 | ​
Royalties |  | 909,067 |  | — |  | — |  | 909,067 | ​
Others |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Initial recognition and changes in the fair value of biological assets at the point of harvest | ​ | 56,530 |  | 140,620 |  | 154,327 |  | 351,477 | ​
Total |  | 30,191,794 |  | 116,404,147 |  | 75,147,498 |  | 221,743,439 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales |  | (13,606,348) |  | (79,703,474) |  | (41,507,315) |  | (134,817,137) | ​
Gross profit per segment |  | 16,585,446 |  | 36,700,673 |  | 33,640,183 |  | 86,926,302 | ​
% Gross margin | ​ | 55 | % | 32 | % | 45 | % | 39 | %

​

​

​

​

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

As of the current period, changes in the net realizable value of agricultural products after harvest have been excluded from segment information since those results depend on market fluctuations which are beyond the Group’s operating control. The Group has recast the comparative amounts.

​

13. FINANCIAL INSTRUMENTS – RISK MANAGEMENT

Financial instruments by category

The following tables show additional information required under IFRS 7 on the financial assets and liabilities recorded as of December 31, 2023, and June 30, 2023.

​

Financial assets by category

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Mandatorily measured at fair
​ | ​ | Amortized cost | ​ | value through profit or loss
Financial asset |  | 12/31/2023 |  | 06/30/2023 |  | 12/31/2023 |  | 06/30/2023
Cash and cash equivalents |  | 24,332,260 |  | 48,129,194 |  | 69,677 |  | —
Other financial assets |  | 444,743 |  | 657,612 |  | 17,040,207 |  | 11,922,317
Trade receivables |  | 199,666,283 |  | 158,006,474 |  | — |  | —
Other receivables (*) |  | 13,368,459 |  | 12,124,724 |  | — |  | —
Total |  | 237,811,745 |  | 218,918,004 |  | 17,109,884 |  | 11,922,317

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

Financial liabilities by category

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Mandatorily measured at fair
​ | ​ | Amortized cost | ​ | value through profit or loss
Financial liability |  | 12/31/2023 |  | 06/30/2023 |  | 12/31/2023 |  | 06/30/2023
Trade and other payables |  | 156,857,878 |  | 142,582,166 |  | 7,145,324 |  | 8,225,508
Borrowings |  | 145,038,126 | ​ | 168,310,605 |  | — |  | —
Secured notes | ​ | 77,998,071 | ​ | 75,213,146 | ​ | — | ​ | —
Lease liability | ​ | 13,600,289 | ​ | 13,889,223 | ​ | — | ​ | —
Consideration for acquisition of assets |  | 6,684,278 |  | 4,993,256 |  | — |  | —
Total |  | 400,178,642 |  | 404,988,396 |  | 7,145,324 |  | 8,225,508

​

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

Financial instruments measured at fair value

​

​ | ​ | ​ | ​ | ​ | ​ | ​
Measurement at fair value at 12/31/2023 |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets at fair value | ​ | ​ | ​ | ​ | ​ | ​
US Treasury bills | ​ | — | ​ | — | ​ | —
Mutual funds | ​ | 14,736,104 | ​ | — | ​ | —
Other investments |  | 2,304,103 |  | — |  | —
Financial liability at fair value |  | ​ |  | ​ |  | ​
Trade and other payables | ​ | — | ​ | 7,145,324 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Measurement at fair value at 06/30/2023 |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets at fair value | ​ | ​ | ​ | ​ | ​ | ​
US Treasury bills | ​ | 9,163,298 | ​ | — | ​ | —
Mutual funds | ​ | 1,596,539 | ​ | — | ​ | —
Other investments | ​ | 1,162,480 | ​ | — | ​ | —
Financial liability at fair value | ​ | ​ | ​ | ​ | ​ | ​
Trade and other payables | ​ | — | ​ | 8,225,508 | ​ | —

​

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 5.12).

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

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

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.

The table below sets forth our net exposure to currency risk as of December 31, 2023:

​

​ | ​ | ​
Net foreign currency position |  | 12/31/2023
Amount expressed in US$ |  | (6,210,949)

​

Considering only this net currency exposure as of December 31, 2023 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, 2023 would have resulted in a net pre-tax loss or gain of approximately $0.6 million.

​

14. LEASES

​

​ | ​ | ​ | ​ | ​
Right-of-use leased asset |  | 12/31/2023 |  | 06/30/2023
Book value at the beginning of the period/year |  | 21,163,192 |  | 15,828,032
Additions of the period/year |  | 1,842,539 |  | 3,154,950
Additions from business combination | ​ | — | ​ | 3,005,000
Disposals | ​ | (558,684) | ​ | (1,839,921)
Exchange differences | ​ | (129,169) | ​ | 1,015,131
Book value at the end of the period/year |  | 22,317,878 |  | 21,163,192
​ | ​ | ​ | ​ | ​
Depreciation |  | 12/31/2023 |  | 06/30/2023
Book value at the beginning of the period/year | ​ | 7,226,617 | ​ | 3,684,006
Depreciation of the period/year | ​ | 1,711,256 | ​ | 3,565,894
Disposals |  | (305,474) |  | (171,870)
Exchange differences |  | (18,738) |  | 148,587
Accumulated depreciation at the end of the period/year |  | 8,613,661 |  | 7,226,617
Total |  | 13,704,217 |  | 13,936,575

​

​ | ​ | ​ | ​ | ​
Lease liability |  | 12/31/2023 |  | 06/30/2023
Book value at the beginning of the period/year |  | 13,889,223 |  | 11,751,284
Additions of the period/year |  | 1,842,539 |  | 3,154,950
Additions from business combination | ​ | — | ​ | 3,245,000
Interest expenses, exchange differences and inflation effects |  | 362,144 |  | (406,494)
Payments of the period/year |  | (2,493,617) |  | (3,855,517)
Total |  | 13,600,289 |  | 13,889,223

​

​ | ​ | ​ | ​ | ​
Lease Liabilities |  | 12/31/2023 |  | 06/30/2023
Non-current |  | 9,583,276 |  | 10,030,524
Current |  | 4,017,013 |  | 3,858,699
Total |  | 13,600,289 |  | 13,889,223

​

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

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

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 06/30/2023
Machinery and equipment |  | 3,655,741 |  | 3,655,741
Vehicles |  | 1,940,263 |  | 1,475,581
Equipment and computer software |  | 1,025,650 |  | 903,306
Land and buildings |  | 15,696,224 |  | 15,128,564
​ |  | 22,317,878 |  | 21,163,192

​

The incremental borrowing rate used was 1.94 % in US$ and 13.05% in reais.

15. SHAREHOLDERS AND OTHER RELATED PARTIES BALANCES AND TRANSACTIONS

During the period ended December 31, 2023, and 2022, the transactions between the Group and related parties, and the related balances owed by and to them, are as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Value of transactions for the period ended
Party |  | Transaction type |  | 12/31/2023 |  | 12/31/2022
Joint ventures and associates |  | Sales and services |  | 14,270,782 |  | 23,433,292
Joint ventures and associates |  | Purchases of goods and services |  | (20,696,699) |  | (43,850,427)
Key management personnel |  | Salaries, social security benefits and other benefits |  | (9,667,629) |  | (3,263,996)
Key management personnel | ​ | Sales and services | ​ | — | ​ | 362,017
Shareholders and other related parties |  | Sales of goods and services |  | 1,643,269 |  | 343,873
Shareholders and other related parties | ​ | Purchases of goods and services | ​ | (2,178,877) | ​ | (305,061)
Shareholders and other related parties | ​ | In-kind contributions | ​ | — | ​ | 1,434,802
Parent company and related parties to Parent (Note 6.6) |  | Interest expenses |  | (194,125) |  | (299,468)
Total |  | ​ |  | (16,823,279) |  | (22,144,968)

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amounts receivable from related parties
Party |  | Transaction type |  | 12/31/2023 |  | 06/30/2023
Shareholders and other related parties |  | Trade debtors |  | 1,223,994 |  | —
Shareholders and other related parties |  | Other receivables |  | 3,105,591 |  | 3,792,429
Joint ventures and associates |  | Trade debtors |  | 781,452 |  | 865,627
Joint ventures and associates |  | Other receivables |  | 7,730,898 |  | 6,334,219
Total |  | ​ | ​ | 12,841,935 |  | 10,992,275

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amounts payable to related parties
Party |  | Transaction type |  | 12/31/2023 |  | 06/30/2022
Parent company and related parties to Parent | ​ | Trade creditors | ​ | (161,860) | ​ | (644,191)
Parent company and related parties to Parent | ​ | Net loans payables | ​ | (3,639,816) | ​ | (3,491,691)
Key management personnel |  | Salaries, social security benefits and other benefits |  | (68,139) |  | (218,068)
Shareholders and other related parties |  | Trade and other payables |  | (75,271) |  | (35,292)
Joint ventures and associates |  | Trade creditors |  | (56,385,464) |  | (41,402,594)
Total | ​ | ​ |  | (60,330,550) |  | (45,791,836)

​

​

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​

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US$, except otherwise indicated)

​

16. KEY MANAGEMENT PERSONNEL COMPENSATION

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, 2023, and 2022.

​

​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
​ | ​ | ​ | ​ | ​
Salaries, social security and other benefits |  | 1,140,415 |  | 1,201,651
Share-based incentives | ​ | 8,527,214 | ​ | 2,062,345
Total |  | 9,667,629 |  | 3,263,996

​

​

17. SHARE-BASED PAYMENT

Pursuant to the 2023 Omnibus Equity Incentive Plan approved on May 12, 2023, in August 2023 the Board has granted the following stock options plan to certain directors, executives and management of the Group.

| - | Past Share Option plan: immediately vested options with a strike price between $11.93 and $13.24.

| - | Base Share Option plan: to vest and become exercisable in equal installments on June 30, 2023, June 30, 2024, and June 30, 2025, with a strike price between $10.47 and $10.79.

| - | Performance Share Option plan: to vest and become exercisable if the Group’s fiscal year 2025 EBITDA reaches at least US$120 million, at 0% of the award, and linearly thereafter up to 100% of the awarded options when reaching at least US$150 million. These options have also a strike price of between $10.47 and $10.79.

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 stock options were granted and adjusted to consider the possible dilutive effect of the future exercise of options. As of December 31, 2023, the expenses associated with share-based incentive plans are included in results within “Share-based incentives” along with the associated increase in net worth.

​

18. 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, 2023.

​

19. EVENTS OCCURRING AFTER THE REPORTING PERIOD

Subsequent to December 31, 2023, 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.

​

​

F-34