Bioceres : Form6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO SECTION 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dated March 6, 2020

Commission File Number: 001-38405

BIOCERES CROP SOLUTIONS CORP.

(Translation of registrant's name into English)

Ocampo 210 bis, Predio CCT, Rosario

Province of Santa Fe, Argentina (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-Fx Form 40-F¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

	EXPLANATORY NOTE
The following exhibit is filed as part of this Form 6-K:
	Exhibit List
EXHIBIT
NO.	DESCRIPTION

99.1 Bioceres Crop Solutions Corp. consolidated financial statements as of December 31, 2019, June 30, 2019 and for the six-month periods ended December 31, 2019 and 2018.

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Bioceres Crop Solutions Corp. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Bioceres Crop Solutions Corp.
		(Registrant)
Date: March 6, 2020	By :	/s/ Federico Trucco
		Name: Federico Trucco
		Title: Chief Executive Officer
	2

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)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

Other financial assets

Trade receivables

Other receivables

Income and minimum presumed income taxes recoverable Inventories

Biological assets

Total current assets

NON-CURRENT ASSETS

Other financial assets

Other receivables

Income and minimum presumed income taxes recoverable Deferred tax assets

Investments in joint ventures and associates

Property, plant and equipment

Intangible assets

Goodwill

Right-of-use leased asset

Total non-current assets

Total assets

Notes	12/31/2019	06/30/2019
5.1	10,568,858	3,450,873
5.2	5,018,453	4,683,508
5.3	77,760,561	59,236,377
5.4	3,731,810	1,981,829
	80,039	1,263,795
5.5	30,779,336	27,322,003
5.6	1,128,346	270,579
	129,067,403	98,208,964
5.2	334,615	376,413
5.4	1,752,131	1,560,310
	5,600	1,184
	1,987,574	3,743,709
11	24,270,981	25,321,028
5.7	41,586,032	43,834,548
5.8	35,298,224	39,616,426
5.9	26,468,268	29,804,715
17	807,833	-
	132,511,258	144,258,333
	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)

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

Borrowings

Employee benefits and social security Deferred revenue and advances from customers Income and minimum presumed income taxes payable Government grants

Financed payment - Acquisition of business Lease liability

Total current liabilities

NON-CURRENT LIABILITIES

Trade and other payables

Borrowings

Employee benefits and social security

Government grants

Due to joint ventures and associates

Deferred tax liabilities

Provisions

Private warrants

Lease liability

Total non-current liabilities

Total liabilities

EQUITY

Equity attributable to owners of the parent Non-controlling interests

Total equity

Total equity and liabilities

Notes	12/31/2019	06/30/2019
5.10	55,356,154	40,578,494
5.11	71,083,500	66,477,209
5.12	4,662,697	5,357,218
5.13	5,749,476	1,074,463
	2,109,114	142,028
	1,495	2,110
5.14	-	2,826,611
17	657,633	-
	139,620,069	116,458,133
5.10	452,654	452,654
5.11	40,082,075	37,079,521
5.12	200,459	-
	4,243	8,098
11	1,704,901	1,970,903
	16,328,476	21,101,871
5.15	287,325	439,740
5.16	1,302,524	2,861,511
17	528,179	-
	60,890,836	63,914,298
	200,510,905	180,372,431
	46,741,879	47,301,863
	14,325,877	14,793,003
	61,067,756	62,094,866
	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

Revenues

Government grants

Initial recognition and changes in the fair value of biological assets

Cost of sales

Research and development expenses

Selling, general and administrative expenses

Share of profit or loss of joint ventures and associates Other incomes or expenses, net

Operating profit

Finance results

Profit before income tax

Income tax

Profit for the period

Other comprehensive (loss) / income

Items that may be subsequently reclassified to profit and loss Exchange differences on translation of foreign operations from joint ventures

Exchange differences on translation of foreign operations

Items that will not be subsequently reclassified to loss and profit Revaluation of property, plant and equipment, net of tax, of JV and

associates 1

Revaluation of property, plant and equipment, net of tax 2

Total comprehensive (loss) / income

Income for the period attributable to:

Equity holders of the parent

Non-controlling interests

Total comprehensive (loss) / income attributable to:

Equity holders of the parent

Non-controlling interests

Profit per share

Basic and dilutive income attributable to ordinary equity holders of the parent (3)

Notes	12/31/2019	12/31/2018	12/31/2019	12/31/2018
6.1	98,502,367	92,058,506	62,272,547	62,452,761
	24,236	12,960	2,398	6,481
	719,343	-	719,343	-
6.2	(53,307,802)	(47,652,679)	(32,962,728)	(33,153,669)
6.3	(2,127,352)	(1,094,157)	(923,613)	(45,665)
6.4	(19,182,319)	(16,662,087)	(10,497,408)	(10,581,602)
11	1,298,505	812,593	1,240,958	732,437
	(181,566)	(298,562)	(286,534)	(400,173)
	25,745,412	27,176,574	19,564,963	19,010,570
6.5	(19,868,676)	(14,559,272)	(3,471,629)	(823,618)
	5,876,736	12,617,302	16,093,334	18,186,952
7	(1,204,655)	(5,050,749)	(3,443,508)	(7,021,142)
	4,672,081	7,566,553	12,649,826	11,165,810
	(7,566,525)	(2,511,723)	5,834,121	13,883,530
	(10,309,083)	(2,992,364)	7,397,362	16,218,984
	(2,688,252)	(1,813,351)	1,646,918	3,921,176
	(7,620,831)	(1,179,013)	5,750,444	12,297,808
	2,742,558	480,641	(1,563,241)	(2,335,454)
	355,702	301,235	(206,019)	(261,033)
	2,386,856	179,406	(1,357,222)	(2,074,421)
	(2,894,444)	5,054,830	18,483,947	25,049,340
	4,264,504	4,229,006	11,314,881	6,847,451
	407,577	3,337,547	1,334,945	4,318,359
	4,672,081	7,566,553	12,649,826	11,165,810
	(2,427,318)	2,258,578	16,286,073	16,505,763
	(467,126)	2,796,252	2,197,874	8,543,577
	(2,894,444)	5,054,830	18,483,947	25,049,340
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)

Description

06/30/2019

Share-based incentives Profit for the period

Other comprehensive (loss) / income

12/31/2019

Attributable to the equity holders of the parent

						Equity /
		Stock options		Foreign	Revaluation	(deficit)
		and share		currency	of PP&E and	attributable to	Non-
		based		translation	effect of tax	owners of the	controlling
Issued capital	Share premium	incentives	Retained deficit	reserve	rate change	parent	Interests	Total equity
3,613	96,486,865	-	(21,972,287)	(31,479,583)	4,263,255	47,301,863	14,793,003	62,094,866
-	-	1,867,334	-	-	-	1,867,334	-	1,867,334
-	-	-	4,264,504	-	-	4,264,504	407,577	4,672,081
-	-	-	-	(8,885,868)	2,194,046	(6,691,822)	(874,703)	(7,566,525)
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)

Description

06/30/2018

Adjustment of opening balance for the application of IAS 29

Parent company investment Share-based incentives Profit for the period

Other comprehensive (loss) / income

12/31/2018

Attributable to the equity holders of the parent

						Equity /
				Foreign	Revaluation of	(deficit)
				currency	PP&E and	attributable to	Non-
		Share-based		translation	effect of tax	owners of the	controlling
Issued capital	Share premium	incentives	Retained deficit	reserve	rate change	parent	Interests	Total equity
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
-	-	-	19,560,024	-	-	19,560,024	7,797,295	27,357,319
-	(10,710,438)	-	-	-	-	(10,710,438)	-	(10,710,438)
-	-	8,921	-	-	-	8,921	-	8,921
-	-	-	4,229,006	-	-	4,229,006	3,337,547	7,566,553
-	-	-	-	(2,258,813)	288,385	(1,970,428)	(541,295)	(2,511,723)
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)

OPERATING ACTIVITIES

Profit for the period

Adjustments to reconcile profit to net cash flows Income tax

Finance results

Depreciation of property, plant and equipment

Amortization of intangible assets

Depreciation of leased assets

Share-based incentive and stock options

Share of profit or loss of joint ventures and associates Loss of control of subsidiaries

Provisions for contingencies

Allowance for impairment of trade debtors

Allowance for obsolescence

Initial recognition and changes in the fair value of biological assets Gain or loss on sale of equipment and intangible assets

Working capital adjustments

Trade receivables

Other receivables

Income and minimum presumed income taxes

Inventories

Trade and other payables

Employee benefits and social security

Deferred revenue and advances from customers

Government grants

Interest collected

Inflation effects on working capital adjustments

Net cash flows generated by (used in) operating activities

Notes	12/31/2019	12/31/2018
	4,672,081	7,566,553
	1,204,655	5,050,749
	19,868,676	14,559,272
5.7	989,524	1,084,831
5.8	1,103,069	992,292
17	308,030	-
	1,867,334	8,921
11	(1,298,505)	(812,593)
	-	(10,591)
	(8,134)	(6,159)
	1,120,787	(12,223)
	524,264	183,272
	(719,343)	-
	63,837	8,953
	(21,614,137)	(28,356,963)
	(2,813,836)	2,826,327
	2,253,460	2,353,086
	(5,867,564)	(4,762,715)
	11,334,503	3,685,444
	(634,278)	807,486
	3,348,229	233,737
	(4,470)	(19,349)
	2,158,848	207,817
	(11,575,594)	(7,488,269)
	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
INVESTMENT ACTIVITIES
Proceeds from sale of property, plant and equipment
Investment in joint ventures and associates and associates		11
Purchase of property, plant and equipment		5.7
Capitalized development expenditures		5.8
Purchase of intangible assets		5.8
Net cash flows used in investing activities
FINANCING ACTIVITIES
Proceeds from borrowings
Repayment of borrowings and interest payments
(Decrease) increase in bank overdraft and other short-term borrowings
Other financial proceeds or payments, net
Leased assets payments
Net cash flows generated by financing activities
Net increase in cash and cash equivalents
Inflation effects on cash and cash equivalents
Cash and cash equivalents as of beginning of the period		5.1
Effect of exchange rate changes on cash and equivalents
Cash and cash equivalents as of the end of the period		5.1

12/31/2019	12/31/2018
17,071	16,432
-	(127,728)
(1,007,253)	(1,369,143)
(504,122)	(47,552)
(98,308)	(21,184)
(1,592,612)	(1,549,175)
55,536,625	37,766,624
(54,939,806)	(37,099,366)
(1,086,208)	5,596,390
2,018,181	(1,057,450)
(243,414)	-
1,285,378	5,206,198
5,974,202	1,756,901
(99,554)	(477,540)
3,450,873	2,215,103
1,243,337	756,690
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

1. Statement of compliance with IFRS as issued by IASB
2. Authorization for the issue of the unaudited interim condensed consolidated financial Statements
3. Basis of measurement
4. Functional currency and presentation currency
5. Changes in accounting policies
6. Changes in accounting estimates and judgements

1. New standards, amendments and interpretations issued by the IASB
2. Seasonality
3. Information about components of unaudited interim condensed consolidated statements of financial position

1. Cash and cash equivalents
2. Other financial assets
3. Trade receivables
4. Other receivables
5. Inventories

5.6 Biological assets

1. Property, plant and equipment
2. Intangible assets
3. Goodwill
4. Trade and other payables
5. Borrowings
6. Employee benefits and social security
7. Deferred revenue and advances from customers
8. Financed payment - Acquisition of business
9. Provisions
10. Private warrants

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

1. Revenues
2. Cost of sales

1. R&D classified by nature
2. Expenses classified by nature and function
3. Finance results

F-10

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

1. Taxation
2. Earnings per share
3. Information about unaudited interim condensed consolidated components of equity

1. Parent company investment
2. Share capital
3. Shares summary
4. Non-controllinginterest

1. Cash flow information
2. Joint ventures and associates
3. Segment information
4. Financial instruments- risk management
5. Shareholders and other related parties' balances and transactions
6. Key management personnel compensation
7. Share-basedpayments
8. Leases
9. Contingencies, commitments and restrictions on the distribution of profits
10. 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

1. 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 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.

1. Presentation currency

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

1. 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-settledshare-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-settledshare-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

Cash and banks

US Treasury bills

5.2. Other financial assets

12/31/2019	06/30/2019
5,080,613	3,450,873
5,488,245	-
10,568,858	3,450,873

Current

Restricted short-term deposit Other investments

Other marketable securities

Non-current

Shares of Bioceres S.A. Other marketable securities

12/31/2019 06/30/2019

4,369,254 4,327,275

643,165 347,718

6,034 8,515

5,018,453 4,683,508

12/31/2019	06/30/2019
333,390	374,685
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

Trade debtors

Allowance for impairment of trade debtors

Shareholders and other related parties (Note 14)

Allowance for impairment of shareholders and other related parties (Note 14) Allowance for return of goods

Trade debtors - Parent company (Note 14)

Trade debtors - Joint ventures and associates (Note 14)

Discounted and deferred checks

5.4. Other receivables

12/31/2019	06/30/2019
71,234,677	48,910,484
(4,194,083)	(3,360,224)
250,438	467,743
(30,236)	(75,596)
(1,182,331)	(800,606)
439,140	440,268
1,260,427	2,369
9,982,529	13,651,939
77,760,561	59,236,377

Current

Taxes

Other receivables - Other related parties (Note 14)

Other receivables - Joint ventures and associates (Note 14) Prepayments to suppliers

Reimbursements over exports

Prepaid expenses and other receivables

Loans receivable

Miscellaneous

Non-current

Taxes

Reimbursements over exports

Miscellaneous

5.5. Inventories

12/31/2019 06/30/2019

1,651,468 584,641

2,516 10,971

485,156 250,783

570,484 496,001

364,305 366,594

240,946 213,597

125,000-

291,935 59,242

3,731,810 1,981,829

12/31/2019	06/30/2019
734,638	681,168
885,364	878,470
132,129	672
1,752,131	1,560,310

Agrochemicals Seeds and grains Microbiological resale products Microbiological products produced Goods in transit

Supplies

Allowance for obsolescence

12/31/2019	06/30/2019
32,346	22,137
643,295	207,519
13,278,992	13,894,018
9,135,393	8,370,583
1,671,709	751,737
6,778,170	4,482,827
(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

Biological assets	12/31/2019	06/30/2019
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

Beginning of the period

Initial recognition and changes in the fair value of biological assets Decrease due to harvest / disposals

Cost incurred during the period

Exchange differences

End of the period

Soybean	Corn	Wheat	Barley	Total
237,723	32,856	-	-	270,579
205,730	255,674	209,801	48,138	719,343
(241,542)	(54,501)	(63,507)	(48,978)	(408,528)
293,416	187,807	161,713	46,378	689,314
(99,425)	(29,004)	(14,312)	379	(142,362)
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:

Gross carrying amount

Accumulated depreciation

Net carrying amount

12/31/2019	06/30/2019
53,779,411	57,059,972
(12,193,379)	(13,225,424)
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

Office equipment

Vehicles

Equipment and computer software

Fixtures and fittings

Machinery and equipment

Land and buildings

Buildings in progress

Total

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

Net carrying	Net carrying
amount	amount
12/31/2019	06/30/2019
195,440	213,437
1,239,458	1,785,701
71,085	123,472
4,050,264	4,737,396
5,672,741	6,336,691
29,473,512	29,969,237
883,532	668,614
41,586,032	43,834,548

Class

Office equipment

Vehicles

Equipment and computer software Fixtures and fittings Machinery and equipment

Land and buildings

Buildings in progress

Total

As of the		Gross carrying amount	Foreign		As of the
beginning of				currency		end of
period	Additions	Reclasifications	Disposals	translation	Revaluation	period
629,119	16,919	-	-	(58,750)	-	587,288
3,604,537	104,849	(384,438)	(143,395)	(305,040)	-	2,876,513
955,657	8,631	(390,125)	-	(85,968)	-	488,195
6,438,430	19,026	-	-	(709,698)	-	5,747,758
10,233,501	479,735	(413,322)	-	(1,120,114)	-	9,179,800
34,530,114	3,378	-	-	(3,836,143)	3,318,976	34,016,325
668,614	374,715	-	-	(159,797)	-	883,532
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:

Class

Office equipment

Vehicles

Equipment and computer software Fixtures and fittings Machinery and equipment

Land and buildings

Total

Accumulated		Depreciation		Accumulated
as of the			Foreign		as
beginning of	Disposals /		currency		of the end of
period	Reclasifications	Of the period	translation	Revaluation	period
415,682	-	18,197	(42,031)	-	391,848
1,818,836	(230,012)	210,091	(161,860)	-	1,637,055
832,185	(349,836)	15,632	(80,871)	-	417,110
1,701,034	-	178,229	(181,769)	-	1,697,494
3,896,810	(233,094)	258,832	(415,489)	-	3,507,059
4,560,877	-	308,543	(463,108)	136,501	4,542,813
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

Office equipment

Vehicles

Equipment and computer software Fixtures and fittings Machinery and equipment

Land and buildings

Buildings in progress

Total

	Adjustment
	of opening
	net book
As of the	amount for				Foreign		As of the
beginning of	application				currency		end of
period	of IAS 29	Additions	Reclasifications	Disposals	translation	Revaluation	period
243,948	334,496	19,188	-	(7,818)	(14,607)	-	575,207
1,660,294	1,052,861	905,231	-	-	(10,956)	-	3,607,430
419,638	417,173	14,417	-	(10,528)	(12,817)	-	827,883
3,826,665	1,913,979	612	198,756	-	(277,278)	-	5,662,734
5,404,029	3,982,367	71,506	-	(22,066)	(49,321)	-	9,386,515
33,026,981	1,475,392	227,293	15,530	-	(862,138)	58,910	33,941,968
182,839	78,750	130,896	(214,286)	-	(6,637)	-	171,562
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:

Class

Office equipment

Vehicles

Equipment and computer software Fixtures and fittings Machinery and equipment

Land and buildings

Total

	Adjustment		Depreciation
	of opening
Accumulated	net book
as of the	amount for			Foreign		Accumulated
beginning of	application	Disposals /	Of the	currency		as of the end
period	of IAS 29	Reclasifications	period	translation	Revaluation	of period
49,129	309,342	(3,688)	16,539	(6,893)	-	364,429
560,691	765,972	-	254,987	(8,119)	-	1,573,531
207,402	491,761	-	30,777	(8,668)	-	721,272
318,582	912,661	-	166,913	(26,265)	-	1,371,891
937,736	2,115,831	(11,339)	311,004	(74,247)	-	3,278,985
2,513,708	1,377,613	-	304,611	(98,093)	61,977	4,159,816
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, pla 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:

Gross carrying amount

Accumulated amortization

Net carrying amount

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

Class

Seed and integrated products

Soybean HB4

Ecoseed integrated products

Crop nutrition

Microbiological products

Other intangible assets

Trademarks and patents

Software

Customer loyalty

Total

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

Net carrying	Net carrying
amount	amount
12/31/2019	06/30/2019
6,584,944	6,120,336
2,379,559	2,627,946
1,572,112	2,208,117
6,892,144	8,063,648
789,788	994,723
17,079,677	19,601,656
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:

Class

Seed and integrated products

Soybean HB4

Ecoseed integrated products

Crop nutrition

Microbiological products

Other intangible assets

Trademarks and patents

Software

Customer loyalty

Total

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

Class

Crop nutrition

Microbiological products

Other intangible assets

Trademarks and patents

Software

Customer loyalty

Total

	Gross carrying amount
As of the		Foreign
beginning of		currency	As of the end
period	Additions	translation	of period
6,120,336	464,608	-	6,584,944
2,627,946	39,514	(287,901)	2,379,559
3,267,200	-	(498,873)	2,768,327
9,810,822	-	(1,074,808)	8,736,014
2,149,340	98,308	(219,709)	2,027,939
21,873,093	-	(2,396,269)	19,476,824
45,848,737	602,430	(4,477,560)	41,973,607
	Amortization
Accumulated as		Foreign	Accumulated as
of beginning of		currency	of the end of
period	Of the period	translation	period
1,059,083	236,898	(99,766)	1,196,215
1,747,174	288,105	(191,409)	1,843,870
1,154,617	203,512	(119,978)	1,238,151
2,271,437	374,554	(248,844)	2,397,147
6,232,311	1,103,069	(659,997)	6,675,383

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

Class

Seed and integrated productsSoybean HB4

Crop nutrition

Microbiology products

Other intangible assetsTrademarks and patents Software

Customer loyalty

Total

Gross carrying amount

	Adjustment
	of opening
	net book
As of the	amount for		Foreign
beginning of	application		currency	As of the
period	of IAS 29	Additions	translation	end of period
4,927,853	-	509,953	-	5,437,806
2,505,864	841,714	47,552	(84,926)	3,310,204
6,278,706	2,986,739	21,184	(256,245)	9,030,384
1,444,603	438,726	-	(16,471)	1,866,858
13,998,289	6,658,894	-	(524,066)	20,133,117
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
		Adjustment
		of opening
		net book
	Accumulated as	amount for		Foreign	Accumulated
	of beginning of	application		currency	as of the end
Class	period	of IAS 29	Of the period	translation	of period

Crop nutrition

Microbiology products

Other intangible assetsTrademarks and patents Software

Customer loyalty

Total

383,380	202,791	157,484
704,024	334,919	297,813
495,293	227,264	149,820
915,273	435,389	387,175
2,497,970	1,200,363	992,292

(14,868)	728,787
(26,380)	1,310,376
(18,344)	854,033
(34,266)	1,703,571
(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:

Rizobacter

Semya

5.10. Trade and other payables

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

Current

Trade creditors

Shareholders and other related parties (Note 14) Trade creditors - Parent company (Note 14)

Trade creditors - Joint ventures and associates (Note 14) Taxes

Consideration payment Semya acquisition (Note 14) Miscellaneous

Non-current

Consideration payment Semya acquisition (Note 14)

12/31/2019	06/30/2019
37,322,043	30,489,072
1,657,580	1,796,932
99,037	1,568,036
13,949,951	4,805,149
2,035,657	1,475,410
122,950	122,950
168,936	320,945
55,356,154	40,578,494
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

Current

Bank overdrafts

Bank borrowings

Corporate bonds

Discount checks

Net loans payables-Parents companies and related parties to Parents (Note 14) Finance lease

Non-current

Subordinated loan

Bank borrowings

Corporate bonds

Net loans payables-Parents companies and related parties to Parents (Note 14) Finance lease

12/31/2019	06/30/2019
619,986	-
52,192,021	46,467,308
8,319,842	8,416,768
4,101,109	5,807,303
5,850,542	5,399,883
-	385,947
71,083,500	66,477,209
15,427,778	-
8,647,607	16,239,743
4,006,690	8,018,884
12,000,000	12,358,024
-	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 Discount checks Corporate Bonds

Non-currentBank borrowings Corporate Bonds

52,192,021 51,373,640

4,101,109 3,794,642

8,319,842 7,532,344

8,647,607 7,675,881

4,006,690 3,447,098

46,467,308	46,857,879
5,807,303	5,230,123
8,416,768	7,632,806
16,239,743	14,274.547
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:

			Gross amounts
			set	Net amounts
			off in the	presented in the
			Statement	Statement of
			of Financial	Financial
Parents companies and related parties to Parents	Gross amounts	Position	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
Current			12/31/2019	06/30/2019
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
Advances from customers		12/31/2019	06/30/2019
	5,749,476	1,074,463
			5,749,476	1,074,463
5.14.	Financed payment- Acquisition of business
Financed payment to sellers		12/31/2019	06/30/2019
	-	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

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

There are not expected reimbursements related to the provisions.

5.16. Private warrants

Private warrants	12/31/2019	06/30/2019
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

Sale of goods and services Royalties

12/31/2019	12/31/2018
97,286,206	91,539,573
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

Inventories as of the beginning of the period

Adjustment of opening net book amount for the application of IAS 29 Purchases of the period

Production costs

Foreign currency translation

Subtotal

Inventories as of the end of the period

Cost of sales

6.3. R&D classified by nature

Item

Amortization intangible assets

Import and export expenses

Depreciation property, plant and equipment

Freight and haulage

Employee benefits and social securities

Taxes

Maintenance

Energy and fuel

Supplies and materials

Mobility and travel

Share-based incentives

Professional fees and outsourced services

Professional fees related parties

Office supplies

Insurance

Depreciation of leased assets

Miscellaneous

Total

R&D Capitalized (Note 5.8)

R&D profit and loss

Total

% of total revenue

12/31/2019	12/31/2018
27,322,003	19,366,001
-	4,273,416
51,638,178	45,121,088
6,310,757	5,119,487
(1,183,800)	(2,129,829)
84,087,138	71,750,163
(30,779,336)	(24,097,484)
53,307,802	47,652,679

Research and	Research and
development	development
expenses	expenses
12/31/2019	12/31/2018
525,003	269,721
9,527	7,947
20,149	64,988
-	1,674
602,410	268,830
418	1,564
14,322	22,305
37,099	42,733
383,226	352,130
24,894	18,920
-	8,921
5,452	24,640
488,516	-
4,081	-
2,524	4,369
5,564	-
4,167	5,415
2,127,352	1,094,157
12/31/2019	12/31/2018
504,122	557,505
2,127,352	1,094,157
2,631,474	1,651,662
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

Amortization intangible assets Analysis and storage Commissions and royalties Import and export expenses Depreciation property, plant and equipment Depreciation of leased assets Impairment of receivables

Freight and haulage

Employee benefits and social securities Maintenance

Energy and fuel

Supplies and materials

Mobility and travel

Publicity and advertising

Contingencies

Share-based incentives

Professional fees and outsourced services Professional fees related parties

Office supplies

Insurance

Information technology expenses Obsolescence

Taxes

Miscellaneous

Total

	Selling, general
	and
Production	administrative	Total
costs	expenses	12/31/2019
-	578,066	578,066
21,129	3,017	24,146
771,883	245,341	1,017,224
82,036	577,023	659,059
625,286	344,089	969,375
177,095	125,371	302,466
-	1,120,787	1,120,787
451,648	1,664,525	2,116,173
2,555,203	6,273,892	8,829,095
227,532	275,117	502,649
237,510	73,047	310,557
174,031	137,727	311,758
8,964	974,167	983,131
-	1,078,928	1,078,928
-	(8,134)	(8,134)
-	1,867,334	1,867,334
337,896	406,488	744,384
-	32,672	32,672
38,433	192,830	231,263
51,019	249,522	300,541
282	382,249	382,531
524,264	-	524,264
16,513	2,495,732	2,512,245
10,033	92,529	102,562
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)

		Selling,
		general and
	Production	administrative	Total
Item	costs	expenses	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
Finance income		12/31/2019	12/31/2018
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.

Current tax expense

Deferred tax

Total

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

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

Beginning of the period deferred tax Income tax provision

Charge to OCI

Conversion difference

Rate change

Total net deferred tax

12/31/2019	12/31/2018
(17,358,162)	(7,990,121)
1,926,752	(2,892,309)
(795,619)	(71,762)
1,886,127	(3,778,326)
-	382,761
(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:

Earning/(Loss) before income tax-rate 0%

Loss/(Earnings) before income tax-rate 21%

Earnings before income tax-rate 30%

Income tax charge by applying tax rate to loss before tax: Share of profit or loss of subsidies, joint ventures and associates Stock options charge

Rate change adjustment

Non-deductible expenses and untaxed gains

Representation expenses

Foreign investment coverage

Result for inflation effect on monetary items and other finance results

Income tax

12/31/2019	12/31/2018
3,265,949	(1,226,319)
(318,391)	-
2,929,178	13,843,621
(811,891)	(4,153,086)
719,033	(287,223)
(239,312)	(2,498)
(77,592)	370,802
(33,642)	(373,736)
(56,841)	(55,178)
381,154	80,637
(1,085,564)	(630,467)
(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:

Capital contributions

Intangible contributed

Incorporation of financial debt (*)

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

12/31/2019	12/31/2018
-	294,041
-	623,022
-	(11,627,501)
-	(10,710,438)

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-controllinginterests

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:

Investment activities

Investment in kind in other related parties (Note 14) Non-monetary contributions in joint ventures (Note 11)

Financing activities

Parent company investment

11. JOINT VENTURES AND ASSOCIATES

Liabilities

Trigall Genetics S.A.

Assets

Synertech Industrias S.A.

Indrasa Biotecnología S.A.

Changes in joint ventures and associates' investments:

12/31/2019	12/31/2018
588,857	-
250,000	97,096
838,857	97,096

12/31/2019	12/31/2018
-	(10,710,438)
-	(10,710,438)

12/31/2019	06/30/2019
1,704,901	1,970,903
1,704,901	1,970,903

12/31/2019	06/30/2019
24,232,713	25,297,376
38,268	23,652
24,270,981	25,321,028

As of the beginning of the period

Adjustment of opening net book amount for the application of IAS 29 Monetary contributions

Non-monetary contributions

Parent company investment

Loss of control of Indrasa Biotecnología S.A.

Revaluation of property, plant and equipment

Foreign currency translation

Share of profit or loss

As of the end of the period

12/31/2019	12/31/2018
23,350,125	17,059,757
-	8,206,634
-	127,728
250,000	97,096
-	294,041
-	10,591
355,702	301,235
(2,688,252)	(1,813,351)
1,298,505	812,593
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:

Trigall Genetics S.A.

Semya S.A.

Synertech Industrias S.A.

Indrasa Biotecnología S.A.

12. SEGMENT INFORMATION

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

12/31/2019	12/31/2018
15,430	(79,998)
-	(21,961)
1,267,200	906,547
15,875	8,005
1,298,505	812,593

Period ended December 31, 2019

Revenues

Sale of goods and services

Royalties

Others

Government grants

Initial recognition and changes in the fair value of biological assets

Total

Cost of sales

Gross margin per segment % of Segment Revenue

Period ended December 31, 2018

Revenues

Sale of goods and services

Royalties

Others

Government grants

Total

Cost of sales

Gross margin per segment % of Segment Revenue

Seed and
integrated
products	Crop protection	Crop nutrition	Consolidated
18,191,663	50,376,063	28,718,480	97,286,206
1,216,161	-	-	1,216,161
24,236	-	-	24,236
-	719,343	-	719,343
19,432,060	51,095,406	28,718,480	99,245,946
(7,257,723)	(28,626,084)	(17,423,995)	(53,307,802)
12,174,337	22,469,322	11,294,485	45,938,144
63%	44%	39%	46%
Seed and
integrated
products	Crop protection	Crop nutrition	Consolidated
18,962,636	46,435,705	26,141,232	91,539,573
518,933	-	-	518,933
12,960	-	-	12,960
19,494,529	46,435,705	26,141,232	92,071,466
(6,285,219)	(26,078,960)	(15,288,500)	(47,652,679)
13,209,310	20,356,745	10,852,732	44,418,787
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.

Financial asset

Cash and cash equivalents Other financial assets Trade receivables Other receivables (*)

Total

		Mandatorily measured at fair
Amortized cost	value through profit or loss
12/31/2019	06/30/2019	12/31/2019	06/30/2019
5,080,613	3,450,873	5,488,245	-
4,703,869	4,703,688	649,199	356,233
77,760,561	59,236,377	-	-
2,286,405	1,566,732	-	-
89,831,448	68,957,670	6,137,444	356,233

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

Financial liability

Trade Payables and other payables

Borrowings

Employee benefits and social security Financed payment - Acquisition of business Warrants

Total

Financial instruments measured at fair value

Measurement at fair value at 12/31/2019

Financial assets at fair value

Other financial assets

US Treasury bills

Financial liabilities valued at fair value Private warrants

Measurement at fair value at 06/30/2019

Financial assets at fair value

Other financial assets

Financial liabilities valued at fair value Private warrants

Estimation of fair value

		Mandatorily measured at fair
Amortized cost	value through profit or loss
12/31/2019	06/30/2019	12/31/2019	06/30/2019
55,808,808	41,031,148	-	-
111,165,575	103,556,730	-	-
4,863,156	5,357,218	-	-
-	2,826,611	-	-
-	-	1,302,524	2,861,511
171,837,539	152,771,707	1,302,524	2,861,511
	Level 1	Level 2	Level 3
	649,199	-	-
	5,488,245	-	-
	-	-	1,302,524
	Level 1	Level 2	Level 3
	356,233	-	-
	-	-	2,861,511

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.

F-36

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
		Salaries, social security benefits and other
Key management personnel		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	)
		F-37

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)
		Salaries, social security benefits and other
Key management personnel		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.

Salaries, social security and other benefits Share-based incentives

Total

12/31/2019	12/31/2018
1,973,491	1,670,232
1,867,334	-
3,840,825	1,670,232

F-38

BIOCERES CROP SOLUTIONS CORP.

NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in US Dollars, except otherwise indicated)

16. SHARE-BASEDPAYMENTSIncentive 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.

F-39

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.

At the beginning Granted during the period Annulled during the period Exercised during the period Expired during the period Effective at period

12/31/2019		31/12/2018
Number of	Exercise	Number of	Exercise
options	price	options	price
-	-	-	-
1,200,000	4,55	-	-
-	-	-	-
-	-	-	-
-	-	-	-
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

Discounted using the lessee's incremental borrowing rate of at the date of initial application Add: finance lease liabilities recognized as at June 30,2019

Lease liability recognized as at 1 July 2019

Lease Liabilities

Non-current

Current

Total

782,791

674,360

848,817

1,523,177

664,980

858,197

1,523,177

F-40

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

Cost

Book value at the beginning of the period

Additions for initial application of IFRS 16

Additions of the period

Book value at the end of the period

Depreciation

Accumulated depreciation at the beginning of the period Depreciation of the period

Accumulated depreciation at the end of the period

Total

Lease liability

Book value at the beginning of the period

Additions for initial application of IFRS 16

Additions of the period

Interest expenses, exchange differences and inflation effects Payments of the period

Total

Lease Liabilities

Non-current

Current

Total

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

12/31/2019
-
1,523,177
351,731
1,874,908
759,045
308,030
1,067,075
807,833
12/31/2019

-
1,523,177
279,862
(373,813)
(243,414)
1,185,812
12/31/2019
528,179
657,633
1,185,812

Machinery and equipment

Vehicles

Equipment and computer software

Land and buildings

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

12/31/2019	7/1/2019
413,321	413,321
384,438	384,438
390,125	390,125
687,024	335,293
1,874,908	1,523,177

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.

F-41

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