Exhibit 99.1

BIOCERES CROP SOLUTIONS CORP.

Unaudited interim condensed consolidated financial

statements as of December 31, 2019, June 30, 2019

and for the six-month periods ended December 31,

2019 and 2018.

BIOCERES CROP SOLUTIONS CORP.

INDEX
Unaudited interim condensed consolidated financial statements as of December 31, 2019, June 30, 2019 and for the six-month periods ended December 31, 2019 and 2018.
Unaudited interim condensed consolidated statements of financial position as of December 31, 2019 and June 30, 2019	F-3
Unaudited interim condensed consolidated statements of comprehensive income for the six-month and three-month periods ended December 31, 2019 and 2018	F-5
Unaudited interim condensed consolidated statements of changes in equity for the six-month periods ended December 31, 2019 and 2018	F-6
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended December 31, 2019 and 2018	F-8
Notes to the unaudited interim condensed consolidated financial statements	F-10

F-2

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION

As of December 31, 2019, and June 30, 2019

(Amounts in US Dollars)

	Notes		12/31/2019		06/30/2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents		5.1		10,568,858		3,450,873
Other financial assets		5.2		5,018,453		4,683,508
Trade receivables		5.3		77,760,561		59,236,377
Other receivables		5.4		3,731,810		1,981,829
Income and minimum presumed income taxes recoverable				80,039		1,263,795
Inventories		5.5		30,779,336		27,322,003
Biological assets		5.6		1,128,346		270,579
Total current assets				129,067,403		98,208,964
NON-CURRENT ASSETS
Other financial assets		5.2		334,615		376,413
Other receivables		5.4		1,752,131		1,560,310
Income and minimum presumed income taxes recoverable				5,600		1,184
Deferred tax assets				1,987,574		3,743,709
Investments in joint ventures and associates		11		24,270,981		25,321,028
Property, plant and equipment		5.7		41,586,032		43,834,548
Intangible assets		5.8		35,298,224		39,616,426
Goodwill		5.9		26,468,268		29,804,715
Right-of-use leased asset		17		807,833		-
Total non-current assets				132,511,258		144,258,333
Total assets				261,578,661		242,467,297

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties’ balances and transactions are disclosed in Note 14.

F-3

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF

FINANCIAL POSITION

As of December 31, 2019, and June 30, 2019

(Amounts in US Dollars)

	Notes		12/31/2019		06/30/2019
LIABILITIES
CURRENT LIABILITIES
Trade and other payables		5.10		55,356,154		40,578,494
Borrowings		5.11		71,083,500		66,477,209
Employee benefits and social security		5.12		4,662,697		5,357,218
Deferred revenue and advances from customers		5.13		5,749,476		1,074,463
Income and minimum presumed income taxes payable				2,109,114		142,028
Government grants				1,495		2,110
Financed payment - Acquisition of business		5.14		-		2,826,611
Lease liability		17		657,633		-
Total current liabilities				139,620,069		116,458,133
NON-CURRENT LIABILITIES
Trade and other payables		5.10		452,654		452,654
Borrowings		5.11		40,082,075		37,079,521
Employee benefits and social security		5.12		200,459		-
Government grants				4,243		8,098
Due to joint ventures and associates		11		1,704,901		1,970,903
Deferred tax liabilities				16,328,476		21,101,871
Provisions		5.15		287,325		439,740
Private warrants		5.16		1,302,524		2,861,511
Lease liability		17		528,179		-
Total non-current liabilities				60,890,836		63,914,298
Total liabilities				200,510,905		180,372,431
EQUITY
Equity attributable to owners of the parent				46,741,879		47,301,863
Non-controlling interests				14,325,877		14,793,003
Total equity				61,067,756		62,094,866
Total equity and liabilities				261,578,661		242,467,297

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties’ balances and transactions are disclosed in Note 14.

F-4

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME

For the six-month and three-month periods ended December 31, 2019 and 2018

(Amounts in US Dollars)

			Six-month period ended						Three-month period ended
	Notes		12/31/2019			12/31/2018			12/31/2019			12/31/2018
Revenues		6.1		98,502,367			92,058,506			62,272,547			62,452,761
Government grants				24,236			12,960			2,398			6,481
Initial recognition and changes in the fair value of biological assets				719,343			-			719,343			-
Cost of sales		6.2		(53,307,802	)		(47,652,679	)		(32,962,728	)		(33,153,669	)
Research and development expenses		6.3		(2,127,352	)		(1,094,157	)		(923,613	)		(45,665	)
Selling, general and administrative expenses		6.4		(19,182,319	)		(16,662,087	)		(10,497,408	)		(10,581,602	)
Share of profit or loss of joint ventures and associates		11		1,298,505			812,593			1,240,958			732,437
Other incomes or expenses, net				(181,566	)		(298,562	)		(286,534	)		(400,173	)
Operating profit				25,745,412			27,176,574			19,564,963			19,010,570
Finance results		6.5		(19,868,676	)		(14,559,272	)		(3,471,629	)		(823,618	)
Profit before income tax				5,876,736			12,617,302			16,093,334			18,186,952
Income tax		7		(1,204,655	)		(5,050,749	)		(3,443,508	)		(7,021,142	)
Profit for the period				4,672,081			7,566,553			12,649,826			11,165,810
Other comprehensive (loss) / income				(7,566,525	)		(2,511,723	)		5,834,121			13,883,530
Items that may be subsequently reclassified to profit and loss				(10,309,083	)		(2,992,364	)		7,397,362			16,218,984
Exchange differences on translation of foreign operations from joint ventures				(2,688,252	)		(1,813,351	)		1,646,918			3,921,176
Exchange differences on translation of foreign operations				(7,620,831	)		(1,179,013	)		5,750,444			12,297,808
Items that will not be subsequently reclassified to loss and profit				2,742,558			480,641			(1,563,241	)		(2,335,454	)
Revaluation of property, plant and equipment, net of tax, of JV and associates 1				355,702			301,235			(206,019	)		(261,033	)
Revaluation of property, plant and equipment, net of tax 2				2,386,856			179,406			(1,357,222	)		(2,074,421	)
Total comprehensive (loss) / income				(2,894,444	)		5,054,830			18,483,947			25,049,340
Income for the period attributable to:
Equity holders of the parent				4,264,504			4,229,006			11,314,881			6,847,451
Non-controlling interests				407,577			3,337,547			1,334,945			4,318,359
				4,672,081			7,566,553			12,649,826			11,165,810
Total comprehensive (loss) / income attributable to:
Equity holders of the parent				(2,427,318	)		2,258,578			16,286,073			16,505,763
Non-controlling interests				(467,126	)		2,796,252			2,197,874			8,543,577
				(2,894,444	)		5,054,830			18,483,947			25,049,340
Profit per share
Basic and dilutive income attributable to ordinary equity holders of the parent (3)		8		0.118			0.117			0.313			0.190

(1) The tax effect of the revaluation of property, plant and equipment of JV and associates was $118,567 and $90,371 for the six-month periods ended December 31, 2019 and 2018, respectively.

(2) The tax effect of the revaluation of property, plant and equipment was $795,619 and $ 53,824 for the six-month periods ended December 31, 2019 and 2018, respectively.

(3) For the six-month periods ended December 31,2019 and 2018, diluted EPS was the same as basic EPS. See Note 8.

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related party balances and transactions are disclosed in Note 14.

F-5

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month periods ended December 31, 2019 and 2018

(Amounts in US Dollars)

	Attributable to the equity holders of the parent
Description	Issued capital		Share premium		Stock options and share based incentives		Retained deficit			Foreign currency translation reserve			Revaluation of PP&E and effect of tax rate change		Equity / (deficit) attributable to owners of the parent			Non- controlling Interests			Total equity
06/30/2019		3,613		96,486,865		-		(21,972,287	)		(31,479,583	)		4,263,255		47,301,863			14,793,003			62,094,866
Share-based incentives		-		-		1,867,334		-			-			-		1,867,334			-			1,867,334
Profit for the period		-		-		-		4,264,504			-			-		4,264,504			407,577			4,672,081
Other comprehensive (loss) / income		-		-		-		-			(8,885,868	)		2,194,046		(6,691,822	)		(874,703	)		(7,566,525	)
12/31/2019		3,613		96,486,865		1,867,334		(17,707,783	)		(40,365,451	)		6,457,301		46,741,879			14,325,877			61,067,756

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties’ balances and transactions are disclosed in Note 14.

F-6 

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six-month periods ended December 31, 2019 and 2018

(Amounts in US Dollars)

	Attributable to the equity holders of the parent
Description	Issued capital		Share premium			Share-based incentives		Retained deficit			Foreign currency translation reserve			Revaluation of PP&E and effect of tax rate change		Equity / (deficit) attributable to owners of the parent			Non- controlling Interests			Total equity
06/30/2018		2,810		68,023,449			102,827		(26,149,583	)		(36,612,070	)		8,346,051		13,713,484			19,420,172			33,133,656
Adjustment of opening balance for the application of IAS 29		-		-			-		19,560,024			-			-		19,560,024			7,797,295			27,357,319
Parent company investment		-		(10,710,438	)		-		-			-			-		(10,710,438	)		-			(10,710,438	)
Share-based incentives		-		-			8,921		-			-			-		8,921			-			8,921
Profit for the period		-		-			-		4,229,006			-			-		4,229,006			3,337,547			7,566,553
Other comprehensive (loss) / income		-		-			-		-			(2,258,813	)		288,385		(1,970,428	)		(541,295	)		(2,511,723	)
12/31/2018		2,810		57,313,011			111,748		(2,360,553	)		(38,870,883	)		8,634,436		24,830,569			30,013,719			54,844,288

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties’ balances and transactions are disclosed in Note 14.

F-7 

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six-month periods ended December 31, 2019 and 2018

(Amounts in US Dollars)

	Notes		12/31/2019			12/31/2018
OPERATING ACTIVITIES
Profit for the period				4,672,081			7,566,553
Adjustments to reconcile profit to net cash flows
Income tax				1,204,655			5,050,749
Finance results				19,868,676			14,559,272
Depreciation of property, plant and equipment		5.7		989,524			1,084,831
Amortization of intangible assets		5.8		1,103,069			992,292
Depreciation of leased assets		17		308,030			-
Share-based incentive and stock options				1,867,334			8,921
Share of profit or loss of joint ventures and associates		11		(1,298,505	)		(812,593	)
Loss of control of subsidiaries				-			(10,591	)
Provisions for contingencies				(8,134	)		(6,159	)
Allowance for impairment of trade debtors				1,120,787			(12,223	)
Allowance for obsolescence				524,264			183,272
Initial recognition and changes in the fair value of biological assets				(719,343	)		-
Gain or loss on sale of equipment and intangible assets				63,837			8,953
Working capital adjustments
Trade receivables				(21,614,137	)		(28,356,963	)
Other receivables				(2,813,836	)		2,826,327
Income and minimum presumed income taxes				2,253,460			2,353,086
Inventories				(5,867,564	)		(4,762,715	)
Trade and other payables				11,334,503			3,685,444
Employee benefits and social security				(634,278	)		807,486
Deferred revenue and advances from customers				3,348,229			233,737
Government grants				(4,470	)		(19,349	)
Interest collected				2,158,848			207,817
Inflation effects on working capital adjustments				(11,575,594	)		(7,488,269	)
Net cash flows generated by (used in) operating activities				6,281,436			(1,900,122	)

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties’ balances and transactions are disclosed in Note 14.

F-8

BIOCERES CROP SOLUTIONS CORP.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six-month periods ended December 31, 2019 and 2018

(Amounts in US Dollars)

	Notes		12/31/2019			12/31/2018
INVESTMENT ACTIVITIES
Proceeds from sale of property, plant and equipment				17,071			16,432
Investment in joint ventures and associates and associates		11		-			(127,728	)
Purchase of property, plant and equipment		5.7		(1,007,253	)		(1,369,143	)
Capitalized development expenditures		5.8		(504,122	)		(47,552	)
Purchase of intangible assets		5.8		(98,308	)		(21,184	)
Net cash flows used in investing activities				(1,592,612	)		(1,549,175	)
FINANCING ACTIVITIES
Proceeds from borrowings				55,536,625			37,766,624
Repayment of borrowings and interest payments				(54,939,806	)		(37,099,366	)
(Decrease) increase in bank overdraft and other short-term borrowings				(1,086,208	)		5,596,390
Other financial proceeds or payments, net				2,018,181			(1,057,450	)
Leased assets payments				(243,414	)		-
Net cash flows generated by financing activities				1,285,378			5,206,198
Net increase in cash and cash equivalents				5,974,202			1,756,901
Inflation effects on cash and cash equivalents				(99,554	)		(477,540	)
Cash and cash equivalents as of beginning of the period		5.1		3,450,873			2,215,103
Effect of exchange rate changes on cash and equivalents				1,243,337			756,690
Cash and cash equivalents as of the end of the period		5.1		10,568,858			4,251,154

The accompanying Notes are an integral part of these unaudited interim condensed consolidated financial statements. Related parties’ balances and transactions are disclosed in Note 14.

F-9

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Index
1.	General information
2.	Accounting standards and basis of preparation
2.1.	Statement of compliance with IFRS as issued by IASB
2.2.	Authorization for the issue of the unaudited interim condensed consolidated financial Statements
2.3.	Basis of measurement
2.4.	Functional currency and presentation currency
2.5.	Changes in accounting policies
2.6.	Changes in accounting estimates and judgements
3.	New standards, amendments and interpretations issued by the IASB
4.	Seasonality
5.	Information about components of unaudited interim condensed consolidated statements of financial position
5.1.	Cash and cash equivalents
5.2.	Other financial assets
5.3.	Trade receivables
5.4.	Other receivables
5.5.	Inventories
5.6	Biological assets
5.7.	Property, plant and equipment
5.8.	Intangible assets
5.9.	Goodwill
5.10.	Trade and other payables
5.11.	Borrowings
5.12.	Employee benefits and social security
5.13.	Deferred revenue and advances from customers
5.14.	Financed payment - Acquisition of business
5.15.	Provisions
5.16.	Private warrants
6.	Information about components of unaudited interim condensed consolidated statement of comprehensive income
6.1.	Revenues
6.2.	Cost of sales
6.3.	R&D classified by nature
6.4.	Expenses classified by nature and function
6.5.	Finance results

F-10

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

7.	Taxation
8.	Earnings per share
9.	Information about unaudited interim condensed consolidated components of equity
9.1.	Parent company investment
9.2.	Share capital
9.3.	Shares summary
9.4.	Non-controlling interest
10.	Cash flow information
11.	Joint ventures and associates
12.	Segment information
13.	Financial instruments- risk management
14.	Shareholders and other related parties’ balances and transactions
15.	Key management personnel compensation
16.	Share-based payments
17.	Leases
18.	Contingencies, commitments and restrictions on the distribution of profits
19.	Events occurring after the reporting period

F-11

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

1. GENERAL INFORMATION

Bioceres Crop Solutions Corp (“the Company”), together with its subsidiaries (“the Group”) is a fully integrated provider of crop productivity technologies designed to enable the transition of agriculture towards carbon neutrality. The Group has a unique biotech platform with high-impact, patented technologies for seeds and microbial agricultural inputs, as well as next generation crop nutrition and protection solutions.

The Group’s headquarters and primary operations are based in Argentina, which is its key end-market, but its footprint exceeds country edges, with agricultural inputs across more than 25 countries, including Brazil, Paraguay, India, United States, Uruguay, Germany, South Africa among others.

Short-term financial situation

The Group has revolving credit facilities up to an amount of approx. $30 million with financial institutions that jointly with the generation of resources from the business operations, allows the Group to meet its current financial obligations. In addition, to meet short-term debts, the Group could, if necessary, issue new corporate bonds up to $32 million. This program was already authorized by the regulatory authorities of Argentina and could be allocated to the Group's needs.

On January 23, 2020, the Company signed a preliminary term sheet for an issuance of convertible secured promissory notes (the “Notes”) due 2023 for an amount up to $45 million. At maturity or upon a change of control, the holders of the Notes will have the option to convert the outstanding amount into ordinary shares of the Company at a price of $8 per share or pursuant to the terms set forth in the Note, respectively. The Company also will have the option to convert the notes into ordinary shares, which conversion will become mandatory for the holders, upon meeting of certain conditions set forth in the Notes.

2. ACCOUNTING STANDARDS AND BASIS OF PREPARATION

2.1.Statement of compliance with IFRS as issued by IASB

These unaudited interim condensed consolidated financial statements for the six-month period ended December 31, 2019 have been prepared in accordance with Accounting Standard IAS 34 Interim Financial Reporting.

These unaudited interim condensed consolidated financial statements do not include all the notes of the type normally included in an annual financial statement. Accordingly, these unaudited interim condensed consolidated financial statements are to be read in conjunction with the Consolidated financial statements as of June 30, 2019.

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

These unaudited interim condensed consolidated financial statements of the Group as of December 31, 2019, June 30, 2019 and for the six-month period ended December 31, 2019 and 2018 have been authorized by the Board of Directors of Bioceres Crop Solution Corp on March 5, 2020.

2.3.Basis of measurement

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

·Going Concern Basis of Accounting, considering the conclusion of the assessment made by the 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.

F-12

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

2.4.Functional currency and presentation currency

a)Functional currency

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

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

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

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

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

The index as of December 31, and June 30, 2018 were 184.2552 and 144.8053, respectively.

The index as of December 31, and June 30, 2019 were 283.4442 and 225.5370, respectively.

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

b)Presentation currency

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

c)Foreign currency

Transactions entered into by Group entities in a currency other than their functional currency are recorded at the relevant exchange rates as of the date upon which such transactions occur. Foreign currency monetary assets and liabilities are translated at the prevailing exchanges rates as of the final day of each reporting period. Exchange differences arising 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 taking place upon such disposal.

F-13

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

2.5.Changes in accounting policies

The accounting policies adopted in the preparation of this unaudited interim condensed consolidated financial statements are consistent with those adopted for the preparation of the Consolidated financial statements as of June 30, 2019.

2.6.Changes in accounting estimates and judgments

-Fair value of Bioceres S.A. shares granted to Rizobacter’s management.

For equity-settled share-based payment transactions, the Group measures the goods or services received, and the corresponding increase in equity, directly, at their fair value unless it cannot be estimated reliably. If the Group cannot estimate reliably the fair value of the goods or services received, it measures their value, and the corresponding increase in equity, indirectly, by reference to the fair value of the equity instruments granted. See Note 16.

-Fair value of stock options granted to directors and certain executives of the Group

Certain executives and directors of the Group were granted incentives in the form of options to purchase shares of the Company as consideration for services.

The estimate of the fair value of equity-settled share-based payment transactions requires a determination to be made of the most adequate option pricing model to apply depending on the terms and conditions of the arrangement. This estimate also requires a determination of those factors most appropriate to the pricing model, including the expected life of the option and the expected volatility of the share price upon the basis of which hypotheses are made. The Group measures the fair value of these transactions at the grant date applying the Black-Scholes formula adjusted to consider the possible dilutive effect of the future exercise of the share options granted on their estimated fair value at grant date. The hypotheses used for the estimate of the fair value of these transactions are disclosed in Note 16 and may not necessarily take place in the future.

There were no other significant changes in accounting estimates and judgments with respect to the Consolidated financial statements as of June 30, 2019.

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

The following new standards became applicable for the current reporting period and the Group had to change its accounting policies as a result of adopting the following standards:

IFRS 16 - Leases

IFRS 16 was issued in January 2016. It results in almost all leases being recognized on the balance sheet, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases.

The new standard is effective for financial years commencing on or after January 1, 2019. See Note 17.

IFRIC 23 - Uncertainty over income tax treatments

In October 2017, the IASB issued IFRC 23. When there is uncertainty about income tax treatments, this interpretation addresses: (i) whether uncertain tax treatments should be considered separately or not; (ii) the assumptions made about the analysis of tax treatments by the tax authorities (it should be considered whether the tax authority is likely to accept an uncertain tax treatment assuming that said tax authority will examine such uncertain tax treatment); (iii) how an entity determines fiscal gain (tax loss), tax bases, unused taxes, unused tax credits and tax rates (probability of occurrence analysis); and (iv) how changes in the relevant facts and circumstances are considered.

The new standard is effective for years beginning on January 1, 2019. This standard does not have a material impact in the Group.

F-14

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Amendments to IFRS 9 - Pre-payment features with negative compensation

The narrow-scope amendments made to IFRS 9 Financial Instruments in October 2017 enable entities to measure certain pre-payable financial assets with negative compensation at amortized cost. These assets, which include some loan and debt securities, would otherwise have to be measured at fair value through profit or loss. To qualify for amortized cost measurement, the negative compensation must be “reasonable compensation for early termination of the contract” and the asset must be held within a “held to collect” business model.

The new standard is effective for years beginning on January 1, 2019 and early adoption was allowed. These amendments do not have a material impact in the Group.

Amendments to IAS 28 - Long-term interests in associates and joint ventures

The amendments clarify the accounting for long-term interests in an associate or joint venture, which in substance form a part of the net investment in the associate or joint venture, but to which equity accounting is not applied. Entities must account for such interests under IFRS 9 Financial Instruments before applying the loss allocation and impairment requirements in IAS 28 Investments in Associates and Joint Ventures.

The new standard is effective for years beginning on January 1, 2019 and early adoption was allowed. These amendments do not have a material impact in the Group.

Annual improvements to IFRS standards 2015-2017 cycle

The following improvements were finalized in December 2017:

IFRS 3 Business Combinations clarified that obtaining control of a business that is a joint operation is a business combination achieved in stages. IFRS 11 Joint Arrangements clarified that the party obtaining joint control of a business that is a joint operation should not remeasure its previously held interest in the joint operation. IAS 12 Disclosure of Interests in Other Entities clarified that the income tax consequences of dividends on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits were recognized. IAS 23 Borrowing Costs clarified that, if a specific borrowing remains outstanding after the related qualifying asset is ready for its intended use or sale, it becomes part of general borrowings.

The new standard is effective for years beginning on January 1, 2019 and early adoption was allowed. This standard does not have material impact in the Group.

Amendments to IAS 19 - Plan amendment, curtailment or settlement

The amendments to IAS 19 Employee Benefits clarify the accounting for defined benefit plan amendments, curtailments and settlements. They confirm that entities must (i) calculate the current service cost and net interest for the remainder of the reporting period after a plan amendment, curtailment or settlement by using the updated assumptions from the date of the change; (ii) recognize any reduction in a surplus immediately in profit or loss, either as part of past service cost or as a gain or loss on settlement. In other words, a reduction in a surplus must be recognized in profit or loss even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any changes in the asset ceiling through other comprehensive income.

The new standard is effective for years beginning on January 1, 2019 and early adoption was allowed. These amendments do not have a material impact in the Group.

F-15

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Amendments to IAS 1 and IAS 8 - Definition of material

The IASB has made amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors which use a consistent definition of materiality throughout International Financial Reporting Standards and the Conceptual Framework for Financial Reporting, clarify when information is material and incorporate some of the guidance in IAS 1 about immaterial information. In particular, the amendments clarify (i) that the reference to obscuring information addresses situations in which the effect is similar to omitting or misstating that information, and that an entity assesses materiality in the context of the financial statements as a whole, and (ii) the meaning of “primary users of general-purpose financial statements” to whom those financial statements are directed, by defining them as “existing and potential investors, lenders and other creditors” that must rely on general purpose financial statements for much of the financial information they need.

The new standard is effective for years beginning on January 1, 2019 and early adoption was allowed. These amendments do not have a material impact in the Group.

Amendments to IFRS 3 - Definition of business

The amended definition of a business requires an acquisition to include an input and a substantive process that together significantly contribute to the ability to create outputs. The definition of the term “outputs” is amended to focus on goods and services provided to customers, generating investment income and other income, and it excludes return in the form of lower costs and other economic benefits. The amendments will likely result in more acquisitions being accounted for as asset acquisitions.

The new standard is effective for years beginning on January 1, 2019 and early adoption was allowed. These amendments do not have a material impact in the Group.

Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture.

The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements and IAS 28 Investments in associates and joint ventures. The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a business (as defined in IFRS 3 Business Combinations).

Where the non-monetary assets constitute a business, the investor will recognize the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognized by the investor only to the extent of the other investor´s is interests in the associate or joint venture. The amendments apply prospectively.

Amendments to IAS 1 - Classification of liabilities as current or non-current

The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity.

The amendments include (a) specifying that an entity’s right to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.

The amendments clarify, not change, existing requirements, and so are not expected to affect the Group significantly. However, they could result in reclassifying some liabilities from current to non-current, and vice versa.

The amendments are effective for years beginning on January 1, 2022 and early adoption is allowed.

F-16

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

4. SEASONALITY

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

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

5.1. Cash and cash equivalents

	12/31/2019		06/30/2019
Cash and banks		5,080,613		3,450,873
US Treasury bills		5,488,245		-
		10,568,858		3,450,873

5.2. Other financial assets

	12/31/2019		06/30/2019
Current
Restricted short-term deposit		4,369,254		4,327,275
Other investments		643,165		347,718
Other marketable securities		6,034		8,515
		5,018,453		4,683,508

	12/31/2019	06/30/2019
Non-current
Shares of Bioceres S.A.	333,390	374,685
Other marketable securities	1,225	1,728
	334,615	376,413

F-17

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5.3. Trade receivables

	12/31/2019		06/30/2019
Trade debtors	71,234,677		48,910,484
Allowance for impairment of trade debtors	(4,194,083	)	(3,360,224	)
Shareholders and other related parties (Note 14)	250,438		467,743
Allowance for impairment of shareholders and other related parties (Note 14)	(30,236	)	(75,596	)
Allowance for return of goods	(1,182,331	)	(800,606	)
Trade debtors - Parent company (Note 14)	439,140		440,268
Trade debtors - Joint ventures and associates (Note 14)	1,260,427		2,369
Discounted and deferred checks	9,982,529		13,651,939
	77,760,561		59,236,377

5.4. Other receivables

	12/31/2019		06/30/2019
Current
Taxes		1,651,468		584,641
Other receivables - Other related parties (Note 14)		2,516		10,971
Other receivables - Joint ventures and associates (Note 14)		485,156		250,783
Prepayments to suppliers		570,484		496,001
Reimbursements over exports		364,305		366,594
Prepaid expenses and other receivables		240,946		213,597
Loans receivable		125,000		-
Miscellaneous		291,935		59,242
		3,731,810		1,981,829

	12/31/2019	06/30/2019
Non-current
Taxes	734,638	681,168
Reimbursements over exports	885,364	878,470
Miscellaneous	132,129	672
	1,752,131	1,560,310

5.5. Inventories

	12/31/2019			06/30/2019
Agrochemicals		32,346			22,137
Seeds and grains		643,295			207,519
Microbiological resale products		13,278,992			13,894,018
Microbiological products produced		9,135,393			8,370,583
Goods in transit		1,671,709			751,737
Supplies		6,778,170			4,482,827
Allowance for obsolescence		(760,569	)		(406,818	)
		30,779,336			27,322,003

F-18

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5.6. Biological assets

	12/31/2019		06/30/2019
Biological assets		1,128,346		270,579
		1,128,346		270,579

On September 16, 2019, Rizobacter Argentina S.A., a subsidiary of the Company, entered into an agreement with Espartina S.A. (“Espartina”) to share its business of producing grain crops. The joint operation is classified as a joint agreement as established in IFRS 11, while the parties are entitled to the assets and obligations over the related liabilities. Rizobacter Argentina S.A. recognizes as a joint operator, in relation to its participation, assets, liabilities, income and expenses. The production obtained is distributed according to the contributions made by each party. Rizobacter corresponds to 5% and Espartina to 95%. The in-kind contributions made during the period amount to $588,857 (Note 14). Each party decides the way of commercialization and the destination of the grains produced.

In the agreement, Rizobacter undertakes to provide inputs and money necessary for producing the grains according to the established participation percentages. Espartina contributes with all the cultural practices on fields, inputs not provided by Rizobacter and all the administration expenses needed for the production.

Changes in Biological assets

	Soybean			Corn			Wheat			Barley			Total
Beginning of the period		237,723			32,856			-			-			270,579
Initial recognition and changes in the fair value of biological assets		205,730			255,674			209,801			48,138			719,343
Decrease due to harvest / disposals		(241,542	)		(54,501	)		(63,507	)		(48,978	)		(408,528	)
Cost incurred during the period		293,416			187,807			161,713			46,378			689,314
Exchange differences		(99,425	)		(29,004	)		(14,312	)		379			(142,362	)
End of the period		395,902			392,832			293,695			45,917			1,128,346

5.7. Property, plant and equipment

Property, plant and equipment as of December 31, 2019 and June 30, 2019 included the following:

	12/31/2019			06/30/2019
Gross carrying amount		53,779,411			57,059,972
Accumulated depreciation		(12,193,379	)		(13,225,424	)
Net carrying amount		41,586,032			43,834,548

F-19

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

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

Class	Net carrying amount 12/31/2019		Net carrying amount 06/30/2019
Office equipment		195,440		213,437
Vehicles		1,239,458		1,785,701
Equipment and computer software		71,085		123,472
Fixtures and fittings		4,050,264		4,737,396
Machinery and equipment		5,672,741		6,336,691
Land and buildings		29,473,512		29,969,237
Buildings in progress		883,532		668,614
Total		41,586,032		43,834,548

2.Gross carrying amount as of December 31, 2019 is as follows:

	Gross carrying amount
Class	As of the beginning of period		Additions		Reclasifications			Disposals			Foreign currency translation			Revaluation		As of the end of period
Office equipment		629,119		16,919		-			-			(58,750	)		-		587,288
Vehicles		3,604,537		104,849		(384,438	)		(143,395	)		(305,040	)		-		2,876,513
Equipment and computer software		955,657		8,631		(390,125	)		-			(85,968	)		-		488,195
Fixtures and fittings		6,438,430		19,026		-			-			(709,698	)		-		5,747,758
Machinery and equipment		10,233,501		479,735		(413,322	)		-			(1,120,114	)		-		9,179,800
Land and buildings		34,530,114		3,378		-			-			(3,836,143	)		3,318,976		34,016,325
Buildings in progress		668,614		374,715		-			-			(159,797	)		-		883,532
Total		57,059,972		1,007,253		(1,187,885	)		(143,395	)		(6,275,510	)		3,318,976		53,779,411

3.Accumulated depreciation as of December 31, 2019 is as follows:

	Depreciation
Class	Accumulated as of the beginning of period		Disposals / Reclasifications			Of the period		Foreign currency translation			Revaluation		Accumulated as of the end of period
Office equipment		415,682		-			18,197		(42,031	)		-		391,848
Vehicles		1,818,836		(230,012	)		210,091		(161,860	)		-		1,637,055
Equipment and computer software		832,185		(349,836	)		15,632		(80,871	)		-		417,110
Fixtures and fittings		1,701,034		-			178,229		(181,769	)		-		1,697,494
Machinery and equipment		3,896,810		(233,094	)		258,832		(415,489	)		-		3,507,059
Land and buildings		4,560,877		-			308,543		(463,108	)		136,501		4,542,813
Total		13,225,424		(812,942	)		989,524		(1,345,128	)		136,501		12,193,379

F-20

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

4.Gross carrying amount as of December 31, 2018 is as follows:

	Gross carrying amount
Class	As of the beginning of period		Adjustment of opening net book amount for application of IAS 29		Additions		Reclasifications			Disposals			Foreign currency translation			Revaluation		As of the end of period
Office equipment		243,948		334,496		19,188		-			(7,818	)		(14,607	)		-		575,207
Vehicles		1,660,294		1,052,861		905,231		-			-			(10,956	)		-		3,607,430
Equipment and computer software		419,638		417,173		14,417		-			(10,528	)		(12,817	)		-		827,883
Fixtures and fittings		3,826,665		1,913,979		612		198,756			-			(277,278	)		-		5,662,734
Machinery and equipment		5,404,029		3,982,367		71,506		-			(22,066	)		(49,321	)		-		9,386,515
Land and buildings		33,026,981		1,475,392		227,293		15,530			-			(862,138	)		58,910		33,941,968
Buildings in progress		182,839		78,750		130,896		(214,286	)		-			(6,637	)		-		171,562
Total		44,764,394		9,255,018		1,369,143		-			(40,412	)		(1,233,754	)		58,910		54,173,299

5.Accumulated depreciation as of December 31, 2018 is as follows:

	Depreciation
Class	Accumulated as of the beginning of period		Adjustment of opening net book amount for application of IAS 29		Disposals / Reclasifications			Of the period		Foreign currency translation			Revaluation		Accumulated as of the end of period
Office equipment		49,129		309,342		(3,688	)		16,539		(6,893	)		-		364,429
Vehicles		560,691		765,972		-			254,987		(8,119	)		-		1,573,531
Equipment and computer software		207,402		491,761		-			30,777		(8,668	)		-		721,272
Fixtures and fittings		318,582		912,661		-			166,913		(26,265	)		-		1,371,891
Machinery and equipment		937,736		2,115,831		(11,339	)		311,004		(74,247	)		-		3,278,985
Land and buildings		2,513,708		1,377,613		-			304,611		(98,093	)		61,977		4,159,816
Total		4,587,248		5,973,180		(15,027	)		1,084,831		(222,285	)		61,977		11,469,924

The depreciation charge is included in Notes 6.3 and 6.4.

Revaluation of property, plant and equipment

At a minimum, the Group updates their assessment of the fair value of its land and buildings at the end of each reporting year (after the revaluation policy was adopted), considering the most recent independent valuations and market data. As of December 31, 2019, the Group reviewed the valuations in order to determine the variations between the fair values ​​and their book value taking into consideration the valuations made in June 2019. Management determined the property, plant and equipment’s value within a range of reasonable fair value estimates. All resulting fair value estimates for land and buildings are classified as level 3 and are consistent with the methodology disclosed in the annual financial statements.

F-21

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5.8. Intangible assets

Intangible assets as of December 31, 2019 and June 30, 2019 included the following:

	12/31/2019			06/30/2019
Gross carrying amount		41,973,607			45,848,737
Accumulated amortization		(6,675,383	)		(6,232,311	)
Net carrying amount		35,298,224			39,616,426

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

Class	Net carrying amount 12/31/2019		Net carrying amount 06/30/2019
Seed and integrated products
Soybean HB4		6,584,944		6,120,336
Ecoseed integrated products		2,379,559		2,627,946
Crop nutrition
Microbiological products		1,572,112		2,208,117
Other intangible assets
Trademarks and patents		6,892,144		8,063,648
Software		789,788		994,723
Customer loyalty		17,079,677		19,601,656
Total		35,298,224		39,616,426

F-22

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

2. Gross carrying amount as of December 31, 2019 is as follows:

	Gross carrying amount
Class	As of the beginning of period		Additions		Foreign currency translation			As of the end of period
Seed and integrated products
Soybean HB4		6,120,336		464,608		-			6,584,944
Ecoseed integrated products		2,627,946		39,514		(287,901	)		2,379,559
Crop nutrition
Microbiological products		3,267,200		-		(498,873	)		2,768,327
Other intangible assets
Trademarks and patents		9,810,822		-		(1,074,808	)		8,736,014
Software		2,149,340		98,308		(219,709	)		2,027,939
Customer loyalty		21,873,093		-		(2,396,269	)		19,476,824
Total		45,848,737		602,430		(4,477,560	)		41,973,607

3. Accumulated amortization as of December 31, 2019 is as follows:

	Amortization
Class	Accumulated as of beginning of period		Of the period		Foreign currency translation			Accumulated as of the end of period
Crop nutrition
Microbiological products		1,059,083		236,898		(99,766	)		1,196,215
Other intangible assets
Trademarks and patents		1,747,174		288,105		(191,409	)		1,843,870
Software		1,154,617		203,512		(119,978	)		1,238,151
Customer loyalty		2,271,437		374,554		(248,844	)		2,397,147
Total		6,232,311		1,103,069		(659,997	)		6,675,383

4. Gross carrying amount as of December 31, 2018 is as follows:

	Gross carrying amount
Class	As of the beginning of period		Adjustment of opening net book amount for application of IAS 29		Additions		Foreign currency translation			As of the end of period
Seed and integrated products
Soybean HB4		4,927,853		-		509,953		-			5,437,806
Crop nutrition
Microbiology products		2,505,864		841,714		47,552		(84,926	)		3,310,204
Other intangible assets
Trademarks and patents		6,278,706		2,986,739		21,184		(256,245	)		9,030,384
Software		1,444,603		438,726		-		(16,471	)		1,866,858
Customer loyalty		13,998,289		6,658,894		-		(524,066	)		20,133,117
Total		29,155,315		10,926,073		578,689		(881,708	)		39,778,369

F-23

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5. Accumulated amortization as of December 31, 2018 is as follows:

	Amortization
Class	Accumulated as of beginning of period		Adjustment of opening net book amount for application of IAS 29		Of the period		Foreign currency translation			Accumulated as of the end of period
Crop nutrition
Microbiology products		383,380		202,791		157,484		(14,868	)		728,787
Other intangible assets
Trademarks and patents		704,024		334,919		297,813		(26,380	)		1,310,376
Software		495,293		227,264		149,820		(18,344	)		854,033
Customer loyalty		915,273		435,389		387,175		(34,266	)		1,703,571
Total		2,497,970		1,200,363		992,292		(93,858	)		4,596,767

The amortization charge is included in Notes 6.3 and 6.4.

5.9.  Goodwill

The variations in goodwill occurred during the period corresponds to the result of inflation adjustment and conversion to presentation currency. There have not been goodwill impairment indicators.

Carrying amount of goodwill as of December 31, 2019 and June 30, 2019 is as follows:

	12/31/2019		06/30/2019
Rizobacter		20,840,686		23,484,761
Semya		5,627,582		6,319,954
		26,468,268		29,804,715

5.10.  Trade and other payables

	12/31/2019		06/30/2019
Current
Trade creditors		37,322,043		30,489,072
Shareholders and other related parties (Note 14)		1,657,580		1,796,932
Trade creditors - Parent company (Note 14)		99,037		1,568,036
Trade creditors - Joint ventures and associates (Note 14)		13,949,951		4,805,149
Taxes		2,035,657		1,475,410
Consideration payment Semya acquisition (Note 14)		122,950		122,950
Miscellaneous		168,936		320,945
		55,356,154		40,578,494
Non-current
Consideration payment Semya acquisition (Note 14)		452,654		452,654
		452,654		452,654

F-24

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5.11. Borrowings

	12/31/2019		06/30/2019
Current
Bank overdrafts		619,986		-
Bank borrowings		52,192,021		46,467,308
Corporate bonds		8,319,842		8,416,768
Discount checks		4,101,109		5,807,303
Net loans payables-Parents companies and related parties to Parents (Note 14)		5,850,542		5,399,883
Finance lease		-		385,947
		71,083,500		66,477,209
Non-current
Subordinated loan		15,427,778		-
Bank borrowings		8,647,607		16,239,743
Corporate bonds		4,006,690		8,018,884
Net loans payables-Parents companies and related parties to Parents (Note 14)		12,000,000		12,358,024
Finance lease		-		462,870
		40,082,075		37,079,521

The carrying value of some borrowings as of December 31, 2019 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.

	12/31/2019				06/30/2019
	Amortized cost		Fair value		Amortized cost		Fair value
Current
Bank borrowings		52,192,021		51,373,640		46,467,308		46,857,879
Discount checks		4,101,109		3,794,642		5,807,303		5,230,123
Corporate Bonds		8,319,842		7,532,344		8,416,768		7,632,806
Non-current
Bank borrowings		8,647,607		7,675,881		16,239,743		14,274.547
Corporate Bonds		4,006,690		3,447,098		8,018,884		6,972,332

The Group has met the capital and interest installments whose maturity was effective in the six-month period ended December 31, 2019. Covenant compliance is required to be measured annually.

Subordinated loan

On October 15, 2019, the Group entered into a loan agreement with Arvesa Corp. and Bioceres LLC, its controlling shareholder, as lenders. The facility is for an amount of up to US$20 million, of which US$15 million has been drawdown as of the date of this report. Drawdown capital and capitalized interest are due after 24 months of the date of the loan agreement. Cash interest will be paid quarterly at a 15% rate. The portion of the loan funded by Arvesa is guaranteed by Bioceres S.A. and Bioceres LLC.

F-25

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Net loans payables-Parents companies and related parties to Parents

Financial assets (other receivables from the controlling entities (“Parents”) and related parties to Parents) and liabilities (loans payable to Parents companies) are offset and the net amount is reported in the Statement of Financial Position where the Company currently has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

The following table presents the recognized financial instruments that are offset:

Parents companies and related parties to Parents	Gross amounts			Gross amounts set off in the Statement of Financial Position			Net amounts presented in the Statement of Financial Position
Current other receivables		10,537,438			(10,537,438	)		-
Total current assets		10,537,438			(10,537,438	)		-
Current borrowings		(16,387,980	)		10,537,438			(5,850,542	)
Total current liabilities		(16,387,980	)		10,537,438			(5,850,542	)
Non-current borrowings		(12,000,000	)		-			(12,000,000	)
Total non-current liabilities		(12,000,000	)		-			(12,000,000	)

5.12. Employee benefits and social security

	12/31/2019		06/30/2019
Current
Salaries and social security		1,729,504		1,563,581
Staff incentives and vacations		1,094,484		1,481,384
Key management personnel (Note 14)		1,838,709		2,312,253
		4,662,697		5,357,218
Non-current
Key management personnel (Note 14)		200,459		-
		200,459		-

5.13. Deferred revenue and advances from customers

	12/31/2019		06/30/2019
Advances from customers		5,749,476		1,074,463
		5,749,476		1,074,463

5.14. Financed payment- Acquisition of business

	12/31/2019		06/30/2019
Financed payment to sellers		-		2,826,611
		-		2,826,611

In October 2019, the last installment of Finance payment to sellers was paid.

F-26

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

5.15. Provisions

	12/31/2019		06/30/2019
Provisions for contingencies		287,325		439,740
		287,325		439,740

There are not expected reimbursements related to the provisions.

5.16. Private warrants

	12/31/2019		06/30/2019
Private warrants		1,302,524		2,861,511
		1,302,524		2,861,511

As of June 30, 2019, the fair value of the private warrants using a share price of $5.30 and risk-free rate of 1.7631%, decreased to $2.8 million and the Group recognized a finance gain of $0.6 million.

As of December 31, 2019, the fair value of the private warrants using a share price of $5.05 and risk-free rate of 1.693%, decreased to $1.3 million and the Group recognized a finance gain of $1.6 million.

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

6.1. Revenues

	12/31/2019		12/31/2018
Sale of goods and services		97,286,206		91,539,573
Royalties		1,216,161		518,933
		98,502,367		92,058,506

Transactions of sales of goods and services with joint ventures, shareholders and other related parties are reported in Note 14.

F-27

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

6.2. Cost of sales

Item	12/31/2019			12/31/2018
Inventories as of the beginning of the period		27,322,003			19,366,001
Adjustment of opening net book amount for the application of IAS 29		-			4,273,416
Purchases of the period		51,638,178			45,121,088
Production costs		6,310,757			5,119,487
Foreign currency translation		(1,183,800	)		(2,129,829	)
Subtotal		84,087,138			71,750,163
Inventories as of the end of the period		(30,779,336	)		(24,097,484	)
Cost of sales		53,307,802			47,652,679

6.3. R&D classified by nature

Item	Research and development expenses 12/31/2019		Research and development expenses 12/31/2018
Amortization intangible assets		525,003		269,721
Import and export expenses		9,527		7,947
Depreciation property, plant and equipment		20,149		64,988
Freight and haulage		-		1,674
Employee benefits and social securities		602,410		268,830
Taxes		418		1,564
Maintenance		14,322		22,305
Energy and fuel		37,099		42,733
Supplies and materials		383,226		352,130
Mobility and travel		24,894		18,920
Share-based incentives		-		8,921
Professional fees and outsourced services		5,452		24,640
Professional fees related parties		488,516		-
Office supplies		4,081		-
Insurance		2,524		4,369
Depreciation of leased assets		5,564		-
Miscellaneous		4,167		5,415
Total		2,127,352		1,094,157

	12/31/2019			12/31/2018
R&D Capitalized (Note 5.8)		504,122			557,505
R&D profit and loss		2,127,352			1,094,157
Total		2,631,474			1,651,662
% of total revenue		2.67	%		1.79	%

F-28

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

6.4. Expenses classified by nature and function

Item	Production costs		Selling, general and administrative expenses			Total 12/31/2019
Amortization intangible assets		-		578,066			578,066
Analysis and storage		21,129		3,017			24,146
Commissions and royalties		771,883		245,341			1,017,224
Import and export expenses		82,036		577,023			659,059
Depreciation property, plant and equipment		625,286		344,089			969,375
Depreciation of leased assets		177,095		125,371			302,466
Impairment of receivables		-		1,120,787			1,120,787
Freight and haulage		451,648		1,664,525			2,116,173
Employee benefits and social securities		2,555,203		6,273,892			8,829,095
Maintenance		227,532		275,117			502,649
Energy and fuel		237,510		73,047			310,557
Supplies and materials		174,031		137,727			311,758
Mobility and travel		8,964		974,167			983,131
Publicity and advertising		-		1,078,928			1,078,928
Contingencies		-		(8,134	)		(8,134	)
Share-based incentives		-		1,867,334			1,867,334
Professional fees and outsourced services		337,896		406,488			744,384
Professional fees related parties		-		32,672			32,672
Office supplies		38,433		192,830			231,263
Insurance		51,019		249,522			300,541
Information technology expenses		282		382,249			382,531
Obsolescence		524,264		-			524,264
Taxes		16,513		2,495,732			2,512,245
Miscellaneous		10,033		92,529			102,562
Total		6,310,757		19,182,319			25,493,076

F-29

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Item	Production costs		Selling, general and administrative expenses			Total 12/31/2018
Amortization intangible assets		-		722,571			722,571
Analysis and storage		535,388		125,556			660,944
Commissions and royalties		396,325		186,406			582,731
Import and export expenses		34,977		542,692			577,669
Depreciation property, plant and equipment		727,133		292,710			1,019,843
Impairment of receivables		-		(12,223	)		(12,223	)
Freight and haulage		100,005		1,161,936			1,261,941
Employee benefits and social securities		2,421,592		6,809,782			9,231,374
Maintenance		186,019		115,158			301,177
Energy and fuel		210,971		281,614			492,585
Supplies and materials		131,569		231,682			363,251
Mobility and travel		55,899		678,997			734,896
Publicity and advertising		-		700,370			700,370
Contingencies		-		(6,159	)		(6,159	)
Information technology expenses		-		304,568			304,568
Professional fees and outsourced services		28,188		1,006,110			1,034,298
Professional fees related parties		-		411,352			411,352
Office supplies		19,882		211,263			231,145
Insurance		38,213		238,714			276,927
Obsolescence		111,595		71,677			183,272
Taxes		11,358		2,407,613			2,418,971
Miscellaneous		110,373		179,698			290,071
Total		5,119,487		16,662,087			21,781,574

6.5.  Finance results

	12/31/2019			12/31/2018
Finance income
Interest generated by assets		2,158,848			207,817
Other finance income		35,360			-
		2,194,208			207,817
Finance costs
Interest generated by liabilities with the parent		(1,341,181	)		(22,125	)
Interest generated by liabilities		(13,717,389	)		(11,363,229	)
Financial commissions		(757,751	)		(1,058,499	)
Other financial loss		(18,102	)		(167,822	)
		(15,834,423	)		(12,611,675	)
Other finance results
Exchange differences generated by assets		21,922,850			25,492,428
Exchange differences generated by liabilities		(36,862,783	)		(37,603,766	)
Changes in fair value of financial assets or liabilities and other financial results		2,747,580			90,122
Net gain of inflation effect on monetary items		5,963,892			9,865,802
		(6,228,461	)		(2,155,414	)
Total net finance results		(19,868,676	)		(14,559,272	)

F-30

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

7. TAXATION

Tax reform in Argentina

On December 29, 2017, the Government promulgated Law 27,430 - Income Tax. This law changed the tax rates for Argentine companies and gradually reduced them from 35% to 30% for fiscal periods beginning from January 1, 2018 until December 31, 2019, and 25% for fiscal periods beginning on or after January 1, 2020 (inclusive).

Additionally, Law No. 27,430, as amended by Law No. 27,468, provided that, for fiscal years beginning on or after January 1, 2018, an inflation adjustment shall be applied in any fiscal year in which the rate of inflation, accumulated in the thirty-six months prior to the end of the fiscal year being settled, exceeds 100%. With respect to the first, second and third fiscal years from its effective date, this procedure shall be applicable in the event that the accumulated variation of inflation, calculated from the beginning of the first fiscal year until the closing of each fiscal year, exceeds 55%, 30% and 15%, respectively. The positive or negative inflation adjustment, corresponding to the first, second and third fiscal year, should be imputed one-third in the fiscal period for which the adjustment is calculated and the remaining two-thirds, in equal parts, in the next two fiscal periods.

In December 2019, the Government promulgated Law 27,541. It provided that the tax rate reduction established by Law 27,430 was suspended until the fiscal years beginning on or after January 1, 2021. Thus, the tax rate of 30% was maintained. Law 27,541 also provided that, for the first and second financial years starting on or after 1 January 2019, one-sixth of the inflation adjustment will be computed in the fiscal year of the adjustment calculation and the remaining five-sixths in equal parts in the five immediately following tax periods.

Given that the inflation is expected to exceed 30% in 2020, the Group has determined the income tax considering the application of the inflation adjustment.

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

	12/31/2019			12/31/2018
Current tax expense		(3,131,407	)		(2,586,902	)
Deferred tax		1,926,752			(2,463,847	)
Total		(1,204,655	)		(5,050,749	)

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

	12/31/2019			12/31/2018
Beginning of the period deferred tax		(17,358,162	)		(7,990,121	)
Income tax provision		1,926,752			(2,892,309	)
Charge to OCI		(795,619	)		(71,762	)
Conversion difference		1,886,127			(3,778,326	)
Rate change		-			382,761
Total net deferred tax		(14,340,902	)		(14,349,757	)

F-31

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, 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:

	12/31/2019			12/31/2018
Earning/(Loss) before income tax-rate 0%		3,265,949			(1,226,319	)
Loss/(Earnings) before income tax-rate 21%		(318,391	)		-
Earnings before income tax-rate 30%		2,929,178			13,843,621
Income tax charge by applying tax rate to loss before tax:		(811,891	)		(4,153,086	)
Share of profit or loss of subsidies, joint ventures and associates		719,033			(287,223	)
Stock options charge		(239,312	)		(2,498	)
Rate change adjustment		(77,592	)		370,802
Non-deductible expenses and untaxed gains		(33,642	)		(373,736	)
Representation expenses		(56,841	)		(55,178	)
Foreign investment coverage		381,154			80,637
Result for inflation effect on monetary items and other finance results		(1,085,564	)		(630,467	)
Income tax		(1,204,655	)		(5,050,749	)

8. EARNINGS PER SHARE (EPS)

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

	12/31/2019		12/31/2018
Numerator
Profit for the period (basic EPS)		4,264,504		4,229,006
Profit for the period (diluted EPS)		4,264,504		4,229,006
Denominator
Weighted average number of shares (basic EPS)		36,120,517		36,120,517
Weighted average number of shares (diluted EPS)		36,120,517		36,120,517
Basic and diluted income attributable to ordinary equity holders of the parent		0.118		0.117

The 27,116,174 shares issued to Bioceres LLC in exchange of its Bioceres Inc Crop Business and its equity interest in Bioceres Semillas, together with the 119,443 shared issued to exercise the Bioceres Semillas’ tag along and the 862,500 shares received by Bioceres LLC from the original founders of Union, were considered retrospectively in the EPS calculations. The denominators used in the EPS calculation assume those events have occurred at the beginning of the earliest period presented.

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

Warrants outstanding were not included in the diluted EPS calculations for the six-month period ended December 31, 2019 and 2018 because the average market price of ordinary shares during the period did not exceed the exercise price of the warrants.

F-32

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

In December 2019, stock options were granted with respect to 1,200,000 ordinary shares for certain executives and directors of the Group. See Note 16. These share options are treated as contingently issuable shares because their issue is contingent upon satisfying specified conditions in addition to the passage of time. The stock options were not included in the diluted EPS calculation for the six-month periods ended December 31,2019 and 2018 because the average market price of ordinary shares during the period is lower than the assumed proceeds per option.

There are neither ordinary shares transactions nor potential ordinary shares transactions that have occurred after December 31, 2019 that would have changed significantly the number of ordinary shares or potential ordinary shares outstanding at the end of the reporting period.

9. INFORMATION ABOUT UNAUDITED INTERIM CONDENSED CONSOLIDATED COMPONENTS OF EQUITY

9.1. Parent company investment

The Group has recognized the contribution of assets and (liabilities) made by the shareholders into the Company, until the merger was consummated, as share premium decrease as follows:

	12/31/2019		12/31/2018
Capital contributions		-		294,041
Intangible contributed		-		623,022
Incorporation of financial debt (*)		-		(11,627,501	)
		-		(10,710,438	)

(*) Financial debt taken by the Group in connect with Rizobacter acquisition

9.2.Share capital

The 27,116,174 shares issued to Bioceres LLC in exchange of its Bioceres Inc Crop Business and its equity interest in Bioceres Semillas, together with the 119,443 shares issued to exercise the Bioceres Semillas’ tag-along and the 862,500 shares received by Bioceres LLC from the original founders of Union, were considered retrospectively in issued capital based on the assumption of those events have occurred at the beginning of the earliest period presented.

9.3.Shares summary

As of the date of this financial statement, we had (i) 100,000,000 ordinary shares ($0.0001 par value) authorized, (ii) 36,120,517 ordinary shares issued and outstanding, (iii) 1,000,000 preference shares ($0.0001 par value) authorized, (iv) no preference shares issued and outstanding, (v) 12,700,000 private placement warrants outstanding (5,200,000 of which were issued in connection with Union’s IPO and 7,500,000 of which were issued in connection with the merger) classified as liability (Note 5.16) and (vi) 11,500,000 public warrants outstanding. Public warrants were classified as equity and its consideration was included in the “Share Premium” column.

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

F-33

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

9.4.Non-controlling interests

There were no dividends paid to non-controlling interest in the periods ended December 31, 2019, and 2018.

10.  CASH FLOW INFORMATION

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

	12/31/2019		12/31/2018
Investment activities
Investment in kind in other related parties (Note 14)		588,857		-
Non-monetary contributions in joint ventures (Note 11)		250,000		97,096
		838,857		97,096

	12/31/2019	12/31/2018
Financing activities
Parent company investment	-	(10,710,438	)
	-	(10,710,438	)

11.  JOINT VENTURES AND ASSOCIATES

	12/31/2019		06/30/2019
Liabilities
Trigall Genetics S.A.		1,704,901		1,970,903
		1,704,901		1,970,903

	12/31/2019		06/30/2019
Assets
Synertech Industrias S.A.		24,232,713		25,297,376
Indrasa Biotecnología S.A.		38,268		23,652
		24,270,981		25,321,028

Changes in joint ventures and associates’ investments:

	12/31/2019			12/31/2018
As of the beginning of the period		23,350,125			17,059,757
Adjustment of opening net book amount for the application of IAS 29		-			8,206,634
Monetary contributions		-			127,728
Non-monetary contributions		250,000			97,096
Parent company investment		-			294,041
Loss of control of Indrasa Biotecnología S.A.		-			10,591
Revaluation of property, plant and equipment		355,702			301,235
Foreign currency translation		(2,688,252	)		(1,813,351	)
Share of profit or loss		1,298,505			812,593
As of the end of the period		22,566,080			25,096,324

F-34

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Share of profit or loss of joint ventures and associates:

	12/31/2019		12/31/2018
Trigall Genetics S.A.		15,430		(79,998	)
Semya S.A.		-		(21,961	)
Synertech Industrias S.A.		1,267,200		906,547
Indrasa Biotecnología S.A.		15,875		8,005
		1,298,505		812,593

12. SEGMENT INFORMATION

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

Period ended December 31, 2019	Seed and integrated products			Crop protection			Crop nutrition			Consolidated
Revenues
Sale of goods and services		18,191,663			50,376,063			28,718,480			97,286,206
Royalties		1,216,161			-			-			1,216,161
Others
Government grants		24,236			-			-			24,236
Initial recognition and changes in the fair value of biological assets		-			719,343			-			719,343
Total		19,432,060			51,095,406			28,718,480			99,245,946
Cost of sales		(7,257,723	)		(28,626,084	)		(17,423,995	)		(53,307,802	)
Gross margin per segment		12,174,337			22,469,322			11,294,485			45,938,144
% of Segment Revenue		63	%		44	%		39	%		46	%

Period ended December 31, 2018	Seed and integrated products			Crop protection			Crop nutrition			Consolidated
Revenues
Sale of goods and services		18,962,636			46,435,705			26,141,232			91,539,573
Royalties		518,933			-			-			518,933
Others
Government grants		12,960			-			-			12,960
Total		19,494,529			46,435,705			26,141,232			92,071,466
Cost of sales		(6,285,219	)		(26,078,960	)		(15,288,500	)		(47,652,679	)
Gross margin per segment		13,209,310			20,356,745			10,852,732			44,418,787
% of Segment Revenue		68	%		44	%		42	%		48	%

F-35

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, 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, 2019 and June 30, 2019.

	Amortized cost			Mandatorily measured at fair value through profit or loss
Financial asset		12/31/2019	06/30/2019		12/31/2019	06/30/2019
Cash and cash equivalents		5,080,613	3,450,873		5,488,245	-
Other financial assets		4,703,869	4,703,688		649,199	356,233
Trade receivables		77,760,561	59,236,377		-	-
Other receivables (*)		2,286,405	1,566,732		-	-
Total		89,831,448	68,957,670		6,137,444	356,233

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

	Amortized cost			Mandatorily measured at fair value through profit or loss
Financial liability		12/31/2019	06/30/2019		12/31/2019	06/30/2019
Trade Payables and other payables		55,808,808	41,031,148		-	-
Borrowings		111,165,575	103,556,730		-	-
Employee benefits and social security		4,863,156	5,357,218		-	-
Financed payment - Acquisition of business		-	2,826,611		-	-
Warrants		-	-		1,302,524	2,861,511
Total		171,837,539	152,771,707		1,302,524	2,861,511

Financial instruments measured at fair value

Measurement at fair value at 12/31/2019	Level 1		Level 2		Level 3
Financial assets at fair value
Other financial assets		649,199		-		-
US Treasury bills		5,488,245		-		-
Financial liabilities valued at fair value
Private warrants		-		-		1,302,524

Measurement at fair value at 06/30/2019	Level 1		Level 2		Level 3
Financial assets at fair value
Other financial assets		356,233		-		-
Financial liabilities valued at fair value
Private warrants		-		-		2,861,511

Estimation of fair value

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

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BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

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 model and inputs used to value the Private warrants at its fair value is mentioned in Note 5.16. The sensitivity analysis was based on a 5% change in the volatility of instrument. These change in isolation would have increased / decreased the amount of the financial liability by $2.3 million and $0.6 million if the volatility was 34.14% or 24.14%, respectively.

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, certain other financial assets, trade payables and other payables, borrowings, employee benefits and social security and financed payments.

The carrying value of financial instruments not measured at fair value does not differ significantly from their fair value, except for borrowings (Note 5.11).

14.SHAREHOLDERS AND OTHER RELATED PARTIES BALANCES AND TRANSACTIONS

During the periods ended December 31, 2019 and December 31, 2018 the transactions between the Group and related parties, and the related balances owed by and to them, are as follows:

		Amount of the transactions of the period ended
Party	Transaction type	12/31/2019			12/31/2018
Joint ventures and associates	Sales and services		3,614,799			2,221,306
Joint ventures and associates	Purchases of goods and services		(13,910,670	)		(10,939,567	)
Joint ventures and associates	Equity contributions		250,000			518,865
Joint ventures and associates	Net loans granted / (cancelled)		-			(6,410,011	)
Joint ventures	Interest gain		-			42,202
Key management personnel	Salaries, social security benefits and other benefits		(3,840,825	)		(1,670,232	)
Key management personnel	Loans granted		-			499,867
Key management personnel	Interest gain		23,537			1,459
Shareholders and other related parties	Sales of goods and services		323,159			1,366,014
Shareholders and other related parties	Purchases of goods and services		(213,874	)		(253,639	)
Shareholders and other related parties	Net loans granted/(cancelled)		-			404,459
Shareholders and other related parties	Interest gain		-			18,238
Shareholders and other related parties	In-kind contributions (Note 5.6)		588,857			-
Parent company	Interest gain/(lost)		391,537			-
Parent company	Purchases of goods and services		(95	)		(56,514	)
Total			(12,773,575	)		(14,257,553	)

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BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

		Amounts receivable from related parties
Party	Transaction type	12/31/2019			06/30/2019
Parent company	Trade debtors		439,140			440,268
Shareholders and other related parties	Trade receivables		250,438			467,743
Shareholders and other related parties	Allowance for impairment		(30,236	)		(75,596	)
Other receivables - Other related parties	Other receivables		2,516			10,971
Joint ventures and associates	Trade debtors		1,260,427			2,369
Joint ventures and associates	Other receivables		485,156			250,783
Total			2,407,441			1,096,538

		Amounts payable to related parties
Party	Transaction type	12/31/2019			06/30/2019
Parent company	Trade creditors		(99,037	)		(1,568,036	)
Parents companies and related parties to Parents	Net loans payables		(17,850,542	)		(17,757,907	)
Parent company	Consideration payment Semya acquisition		(575,604	)		(575,604	)
Key management personnel	Salaries, social security benefits and other benefits		(2,039,168	)		(2,312,253	)
Shareholders and other related parties	Trade and other payables		(1,657,580	)		(1,796,932	)
Joint ventures and associates	Trade and other payables		(13,949,951	)		(4,805,149	)
Total			(36,171,882	)		(28,815,881	)

15.KEY MANAGEMENT PERSONNEL COMPENSATION

The compensation of directors and other members of key management personnel, including social contributions and other benefits, was as follows for the period ended December 31, 2019, and 2018.

	12/31/2019		12/31/2018
Salaries, social security and other benefits		1,973,491		1,670,232
Share-based incentives		1,867,334		-
Total		3,840,825		1,670,232

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BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

16.SHARE-BASED PAYMENTS

Incentive payments based on Parent shares

On August 7, 2019, pursuant to the listing of Bioceres Crop Solutions Corp. on the New York Stock Exchange, the Board of Directors of Bioceres S.A., approved the cancellation of the stock grant incentive plan of Bioceres S.A. for Rizobacter Senior Management. At the same date, the Board of Directors of Bioceres S.A. approved the issuance of 36,000 ordinary shares to each of the members of the Rizobacter Senior Management team.

The shares issued by Bioceres S.A. were valued at measurement date at $5.53 per share as described in Note 2.6.

Incentive payments based on options

In December 2019, purchase options were granted with respect to 1,200,000 ordinary shares for certain executives and directors of the Group.

The exercise price of the stock options is USD 4.55, and they are vested when the beneficiaries have served a period of service since the grant date until each vesting period described below. The beneficiaries must remain in the Company or subsidiary as of the date of exercising the option to exercise it. The stock options expire on October 31, 2029.

Options can be exercised for a period of up to three years, with 1/3 vesting every 12 months, and on a cashless basis at their volume weighted average price (“VWAP”) of the ordinary shares during twenty-day period to the date of exercise.

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

Factor	Incentive option plan
Weighted average fair value of shares	USD 5.42
Exercise price	USD 4.55
Weighted average expected volatility (*)	29.69%
Dividend rate	0%
Weighted average risk-free interest rate	1.66%
Weighted average expected life	9.89 years
Weighted average fair value of stock options at measurement date	USD 2.47

(*) Implied volatility of Public warrants

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

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

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BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

The following table shows the weighted average amount and exercise price and the movements of the stock options of executives and directors of the Group during the six-month period ended December 31, 2019 and 2018.

	12/31/2019			31/12/2018
		Number of options	Exercise price		Number of options	Exercise price
At the beginning		-	-		-	-
Granted during the period		1,200,000	4,55		-	-
Annulled during the period		-	-		-	-
Exercised during the period		-	-		-	-
Expired during the period		-	-		-	-
Effective at period		1,200,000	4,55		-	-

The charge of the plan recognized during the period amount to $ 1,069,629.

17.LEASES

As mentioned in Note 3, the Group began applying IFRS 16 and recognized the cumulative initial effect as an adjustment to the opening equity at the date of initial application. The comparative information was not restated.

The Group recognized a right-of-use asset and a lease liability.

The right-of-use asset was initially measured at the amount of the lease liability plus initial direct costs incurred adjusted from pre-payments made related 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 that can be readily determined. If that rate could not be readily determined, the Group use its incremental borrowing rate.

In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard: (i) the use of a single discount rate to a portfolio of leases with reasonably similar characteristics, (ii) reliance on previous assessments on whether leases are onerous, (iii) the accounting for operating leases with a remaining lease term of less than 12 months as at 1 July 2019 as short-term leases, (iv) the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application, and (v) the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

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

Lease liability
Operating lease commitments as at June 30,2019	782,791
Discounted using the lessee’s incremental borrowing rate of at the date of initial application	674,360
Add: finance lease liabilities recognized as at June 30,2019	848,817
Lease liability recognized as at 1 July 2019	1,523,177
Lease Liabilities
Non-current	664,980
Current	858,197
Total	1,523,177

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BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

Right-of-use leased asset	12/31/2019
Cost
Book value at the beginning of the period		-
Additions for initial application of IFRS 16		1,523,177
Additions of the period		351,731
Book value at the end of the period		1,874,908
Depreciation
Accumulated depreciation at the beginning of the period		759,045
Depreciation of the period		308,030
Accumulated depreciation at the end of the period		1,067,075
Total		807,833

Lease liability	12/31/2019
Book value at the beginning of the period	-
Additions for initial application of IFRS 16	1,523,177
Additions of the period	279,862
Interest expenses, exchange differences and inflation effects	(373,813	)
Payments of the period	(243,414	)
Total	1,185,812
Lease Liabilities	12/31/2019
Non-current	528,179
Current	657,633
Total	1,185,812

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

	12/31/2019		7/1/2019
Machinery and equipment		413,321		413,321
Vehicles		384,438		384,438
Equipment and computer software		390,125		390,125
Land and buildings		687,024		335,293
		1,874,908		1,523,177

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

In order to guarantee the obligations assumed on the Syndicated loan (incorporated in Bank borrowings in Note 5.11), Rizobacter signed and granted a pledge of a fixed term certificate constituted on September 11, 2017, and extended on December 9, 2019 for $4.4 million disclosed as “Restricted short-term deposit” in “Other financials assets” (Note 5.2).

As of December 31, 2019, Rizobacter had $1 million of debt secured by checks from customers.

There were no other significant changes to the contingencies, commitments and restrictions on the distribution of profits from the disclosed made in the Consolidated financial statement as of June 30, 2019.

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BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

19.EVENTS OCCURRING AFTER THE REPORTING PERIOD

On February 14, 2020, the Group completed the offering of US$7.6 million under Series II of its corporate bonds due 2021. The Group intends to use the proceeds to improve its debt profile as well as for general corporate purposes, including working capital to further support international growth.

Subsequent to December 31, 2019, there have been no other situations or circumstances that may require significant adjustments or further disclosure in these Unaudited interim condensed consolidated financial statements that were not mentioned above.

F-42