Biosev S A : 2Q21 Financial Statements

November 12, 2020 at 06:47 pm EST

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Biosev S.A.

Individual and Consolidated Interim Financial Statements For the Six-month Period ended September 30, 2020

Interim Financial Statements
September 30, 2020
CONTENTS
INDEPENDENT AUDITOR'S REVIEW REPORT ON THE INTERIM FINANCIAL
INFORMA TION……..................................................................................	04
BALANCE SHEET.......................................................................................................................................... .....	06
STATEMENT OF OPERATIONS........................................................................................................................	07
STATEMENT OF COMPREHENSIV E INCOME (LOSS)....................................................................................	08
STATEMENT OF CHANGES IN EQUITY...........................................................................................................	09
STATEMENT OF CASH FLOWS........................................................................................................................	10
STATEMENT OF VALUE ADDED......................................................................................................................	11
	NOTES
1.	GENERAL INFORMA TION .............................................................................................................................	11
2.	SUMMA RY OF SIGNIFICA NT ACCOUNTING PRA CTICES ........................................................................	12
3.	CASH A ND CASH EQUIVALENTS .................................................................................................................	12
4.	SHORT- A ND LONG- TERM INV ESTMENTS ................................................................................................	13
5.	TRA DE RECEIVABLES ...................................................................................................................................	13
6.	INV ENTORIES .................................................................................................................................................	14
7.	BIOLOGICAL ASSETS ....................................................................................................................................	15
8.	RECOV ERA BLE TAXES .................................................................................................................................	15
9.	ESCROW DEPOSITS......................................................................................................................................	16
10.	ASSETS AND LIABILITIES HELD FOR SALE...............................................................................................	16
11.	CURRENT A ND DEFERRED INCOME TAX A ND SOCIAL CONTRIBUTION ............................................	16
12.	LEASES ............................................................................................................................................................	21
13.	INV ESTMENTS ( PROV ISION FOR INV ESTMENT LOSS) ..........................................................................	22
14.	PROPERTY, PLA NT AND EQUIPMENT ........................................................................................................	24
15.	INTA NGIBLE ASSETS.....................................................................................................................................	26
16.	BORROWINGS AND FINA NCING..................................................................................................................	27
17.	TRA DE PAYABLES .........................................................................................................................................	29
18.	TAXES PAYABLE ............................................................................................................................................	29
19.	PROV ISION FOR TAX, LABOR, CIV IL A ND ENV IRONMENTAL CONTINGENCIES ................................	30
20.	RELATED PA RTIES ........................................................................................................................................	31
21.	EQUITY .............................................................................................................................................................	35
22.	NET REV ENUE A ND COST OF SALES AND SERV ICES ...........................................................................	36
23.	EXPENSES BY NATURE ................................................................................................................................	37
24.	FINA NCE INCOME ( EXPENSES) ..................................................................................................................	38
25.	OTHER OPERA TING INCOME ( EXPENSES) ...............................................................................................	38
26.	LOSS PER SHA RE..........................................................................................................................................	38
27.	RISK MA NA GEMENT A ND FINA NCIAL INSTRUMENTS ............................................................................	39
		2

28.	COMMITMENTS ..............................................................................................................................................	47
29.	EMPLOY EES' BENEFIT ..................................................................................................................................	48
30.	SEGMENT INFORMATION .............................................................................................................................	49
31.	APPROVAL OF INTERIM FINA NCIAL STA TEMENTS .................................................................................	51

Tel.: +55 11 3848 5880	Rua Major Quedinho 90
Fax: + 55 11 3045 7363	Consolação - São Paulo, SP - Brasil
www.bdo.com.br	01050-030

(Convenience Translation into English from the Original Previously Issued in Portuguese)

INDEPENDENT AUDITOR'S REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION

To the

Board of Directors and Shareholders

Biosev S.A.

São Paulo - SP

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Biosev S.A. (the "Company"), contained in the Quarterly Information Form (ITR) for the quarter ended

September 30, 2020, which comprises the statement of financial position as of September 30, 2020, and the respective statements of profit or loss and other comprehensive income for the three and six-

month periods then ended and changes in equity and cash flows for the six-month period then ended, including the explanatory notes.

The Company´s management is responsible for the preparation of the individual and consolidated

interim financial information in accordance with Technical Pronouncement CPC 21 (R1) - Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by International Accounting

Standards Board (IASB), as well for the presentation of this information in accordance with standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of

Quarterly Information - ITR. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with the Brazilian and International standards on review

engagements of interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial

Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for the financial

and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the audit standards and,

consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the Quarterly

Information referred to above has not been prepared, in all material respects, in accordance with Technical Pronouncement CPC 21 (R1) and IAS 34, issued by IAS B, applicable to the preparation of

Quarterly Information - ITR, and presented in accordance with standards issued by the Brazilian Securities and Exchange Commission.

BDO RCS Auditores Independentes, an audit p911artnership organized according to Brazilian law, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.

Tel.: +55 11 3848 5880	Rua Major Quedinho 90
Fax: + 55 11 3045 7363	Consolação - São Paulo, SP - Brasil
www.bdo.com.br	01050-030

Emphasis of matter

Transactions with related parties

The Company and its subsidiaries have carried out significant transactions with related parties of the Louis Dreyfus Company Group. The effects on results of these transactions and the corresponding

assets and liabilities are disclosed in note 20. Our conclusion is not modified with respect to this matter.

Other matters

Statements of Value Added

The quarterly information referred to above includes the individual and consolidated statements of value added for the six-month period ended September 30, 2020. These statements are the

responsibility of the Company's management and are presented as supplementary information under

IAS 34. These statements have been subjected to review procedures performed together with the review of the interim accounting information for the purpose of concluding whether they are

reconciled with the interim accounting information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 -

"Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material

respects, in accordance with the criteria established in this accounting standard, and consistent with the individual and consolidated interim accounting information taken as a whole.

The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil.

São Paulo, November 12, 2020.

BDO RCS Auditores Independentes SS

CRC 2 SP 013846/O-1

Franc isc o de Paula dos Reis Júnior

Ac c ountant CRC 1 SP 139268/O-6

Biosev S.A.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

BALANCE SHEET

AS AT SEPTEMBER 30, 2020

(In thousands of Brazilian reais - R$)

				Company			Consolidated					Company			Consolidated
ASSETS	Note	09.30.20		03.31.20		09.30.20			03.31.20		LIABILITIES AND EQUITY	Note	09.30.20		03.31.20		09.30.20		03.31.20
CURRENT ASSETS																		CURRENT LIABILITIES
Cash and cash equivalents	3	142,098		396,124	583,647		1,174,943	Borrow ings and financing	16	1,205,008	2,935,559	2,899,005	7,225,234
Short-term investments	4	56,887		42,052	83,444		52,245	Lease liabilities	12	199,746	215,257	495,857	498,932
Derivative financial instruments	27	143,550		225,787	143,550		225,787	Advances from domestic customers		117,340	7,611	121,312	28,128
Trade receivables	5	332,282		210,771	384,475		202,050	Advances from foreign customers		374,308	968,764	1,399,838	2,585,641
Inventories	6	929,931		1,105,650	2,056,928		2,948,633	Trade payables	17	342,181	309,104	716,891	798,903
Biological assets	7	627,226		303,621	1,098,499		663,908	Accrued payroll and related taxes		63,381	47,218	125,848	90,483
Recoverable taxes	8	58,262		50,274	149,766		158,777	Taxes payable	18	17,422	21,314	63,263	75,152
Other receivables		24,645		44,364	79,997		88,170	Derivative financial instruments	27	264,013	575,188	332,766	586,843
			2,314,881		2,378,643		4,580,306		5,514,513	Other payables		52,030	80,594	76,326	118,051
Assets held for sale	10														Total current liabilities
	28,298			45,165		28,298		45,165		2,635,429	5,160,609	6,231,106	12,007,367

Total current assets			2,343,179			2,423,808	4,608,604		5,559,678
NON-CURRENT ASSETS
Long-term receivables																		NON-CURRENT LIABILITIES
Long-term investments	4	-		-		14,210	-		Borrow ings and financing	16	2,076,422	67,484	4,741,036	96,191
Advances to suppliers		36,219		34,719	58,500		56,602	Lease liabilities	12	578,584	516,857	1,275,932	1,182,337
Escrow deposits	9	185,615		192,166	372,029		385,413	Advances from foreign customers	20	749,115	802,505	-		626,116
Recoverable taxes	8	9,932		11,502	78,453		57,529	Trade payables	17	4,453	5,733	4,691	5,965
Derivative financial instruments	27	-		-		-			55,885	Deferred income tax and social contribution	11.1	-		-		35,884	36,883
Deferred income tax and social contribution	11.1	228,845		418,029	743,016		872,971	Derivative financial instruments	27	-		-		11,340	16,596
Other receivables		313,865		335,939	326,788		320,012	Provision for tax, labor, civil and enviromental contingencies	19	110,174	108,081	309,826	294,668
Lease asset use right	12	738,973		700,306	1,647,883		1,577,379	Taxes payable	18	18,324	18,501	18,324	18,501
Investments	13	1,317,403		1,240,462	156,485		160,393	Other payables		71,061	86,047	145,942	167,247
Property, plant and equipment	14	1,425,322		1,635,433	3,017,598		3,477,391	Provision for investment loss	13		1,202,784		1,251,234	-		-

Intangible assets	15		9,107			11,856	918,705		921,964	Total non-current liabilities			4,810,917		2,856,442	6,542,975	2,444,504

Total non-current assets			4,265,281			4,580,412	7,333,667		7,885,539
																		EQUITY
																		Capital	21	6,077,674	6,077,674	6,077,674	6,077,674
																		Capital reserve	21	1,353,936	1,353,937	1,353,936	1,353,937
																		Accumulated losses		(8,167,309)	(8,167,310)	(8,167,309)	(8,167,310)
																		Profit for the period		142,384	-		142,384	-
																		Other comprehensive loss			(244,571)	(277,132)	(244,571)	(277,132)

																		Total equity attributable to the Company's ow ners			(837,886)	(1,012,831)	(837,886)	(1,012,831)
																		Non-controlling interests
																				-			-			6,076	6,177


																		Total equity			(837,886)		(1,012,831)	(831,810)	(1,006,654)

TOTAL ASSETS			6,608,460			7,004,220	11,942,271		13,445,217	TOTAL LIABILITIES AND EQUITY		6,608,460	7,004,220	11,942,271	13,445,217

The accompanying notes are an integral part of these interim financial statements.

Biosev S.A.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

STATEMENT OF OPERATIONS

FOR THE THREE- AND SIX-MONTH PERIODS ENDED SEPTEMBER 30, 2020 (In thousands of Brazilian reais - R$)

					Company							Consolidated
			Three-month period			Six-month period			Three-month period			Six-month period
	Note	09.30.20		09.30.19				09.30.20		09.30.19				09.30.20		09.30.19			09.30.20	09.30.19
NET REVENUE	22		1,297,881		819,460			2,233,711	1,821,496			2,984,603	1,552,459			5,654,229	3,270,823
Cost of sales and services	22 and 23	(733,057)	(577,692)			(1,409,085)	(1,415,383)			(1,968,180)	(1,290,815)			(4,226,632)	(2,778,443)

GROSS PROFIT			564,824		241,768			824,626	406,113			1,016,423	261,644			1,427,597	492,380

OPERATING INCOME (EXPENSES)			319,543		(215,077)			96,204	(456,033)			(193,147)	(34,091)			(378,768)	(251,928)
General, administrative and selling expenses	23		(66,549)	(54,377)			(109,049)	(107,014)			(175,552)	(151,598)			(330,219)	(260,835)
Equity in subsidiaries	13		392,450		(229,637)			218,173	(383,281)			(972)	(3,167)			(3,908)	(6,642)
Other operating income	25		5,456		78,062			11,804	81,559			8,757	164,224			17,171	172,633
Other operating expenses	25		(11,814)	(9,125)			(24,724)	(47,297)			(25,380)	(43,550)			(61,812)	(157,084)

OPERATING INCOME (LOSS) BEFORE FINANCE INCOME (COSTS)			884,367		26,691			920,830	(49,920)			823,276	227,553			1,048,829	240,452
Finance income	24		4,565		6,113			9,747	13,281			7,053	8,731			15,565	21,698
Finance costs	24		(77,583)	(138,221)			(160,965)	(213,010)			(153,290)	(226,493)			(313,511)	(376,024)
Derivatives	24		(254,186)	(59,437)			(251,206)	(18,194)			43,725	(58,102)			93,101	(48,823)
Exchange rate changes	24		(107,743)	(224,432)			(279,072)	(183,566)			(209,931)	(462,731)			(593,359)	(386,447)

INCOME (LOSS) BEFORE TAXES			449,420		(389,286)			239,334	(451,409)			510,833	(511,042)			250,625	(549,144)
INCOME TAX AND SOCIAL CONTRIBUTION	11.2		(25,823)	85,033			(96,950)	(21,665)			(87,261)	206,707			(108,342)	75,915

PROFIT (LOSS) FOR THE PERIOD			423,597		(304,253)			142,384	(473,074)			423,574	(304,335)			142,283	(473,229)
Attributable to:

Company's ow ners	26		423,597		(304,253)			142,384	(473,074)			423,597	(304,253)			142,384	(473,074)
Non-controlling interests			-		-				-		-				(23)	(82)		(101)	(155)
EARNINGS (LOSS) PER SHARE - R$
Basic	26		0.88246		(0.71426)			0.28919	(1.15120)			0.88246	(0.71426)			0.28919	(1.15120)
Diluted	26		0.88246		(0.71426)			0.28919	(1.15120)			0.88246	(0.71426)			0.28919	(1.15120)

The accompanying notes are an integral part of these interim financial statements.

Biosev S.A.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE- AND SIX-MONTH PERIODS ENDED SEPTEMBER 30, 2020 (In thousands of Brazilian reais - R$)

					Company							Consolidated
			Three-month	Six-month period	Three-month	Six-month period
			period ended			ended			period ended			ended
	Note	09.30.20		09.30.19				09.30.20		09.30.19				09.30.20		09.30.19			09.30.20	09.30.19
PROFIT (LOSS) FOR THE YEAR			423,597		(304,253)			142,384	(473,074)			423,574	(304,335)			142,283	(473,229)
OTHER COMPREHENSIVE INCOME (LOSS)
Items subsequently reclassified to profit or loss:
Financial instruments - hedge accounting of futures	27		(116,019)	12,019			(164,630)	32,797			(116,019)	12,019			(164,630)	32,797
Financial instruments - hedge accounting of Libor sw ap	27		2,378		(1,441)			1,444	(7,646)			2,378	(1,441)			1,444	(7,646)
Financial instruments - hedge accounting of Non-Deliverable Forw ard (NDF)	27		143,512		(1,465)			133,348	(20,576)			143,512	(1,465)			133,348	(20,576)
Financial instruments - hedge accounting of exchange differences	27		60,692		199,569			79,173	233,437			60,692	199,569			79,173	233,437
Deferred income tax and social contribution related to components of other comprehensive income (loss)	11.3		(30,791)	(70,952)			(16,774)	(80,924)			(30,791)	(70,952)			(16,774)	(80,924)

			59,772		137,730			32,561	157,088			59,772	137,730			32,561	157,088

COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD			483,369		(166,523)			174,945	(315,986)			483,346	(166,605)			174,844	(316,141)
Attributable to:

Company's ow ners			483,369		(166,523)			174,945	(315,986)			483,369	(166,523)			174,945	(315,986)
Non-controlling interests			-		-				-		-				(23)	(82)		(101)	(155)

The accompanying notes are an integral part of these interim financial statements.

Biosev S.A.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (In thousands of Brazilian reais - R$)

					Assessable capital										Non-controlling	Total consolidated
		Capital		stock			Capital reserve		Accumulated losses	Company's equity		interests		equity
BALANCES AS AT MARCH 31, 2019		6,077,674		1,353,936	(287,906)	(6,617,139)	526,566	6,280	532,846

Loss for the period	-		-	-		(473,074)	(473,074)	(155)	(473,229)
Adjusted derivatives (hedge accounting), net of taxes		-		-			157,088	-		157,088	-		157,088

Comprehensive income (loss) for the period		-		-			157,088	(473,074)	(315,986)	(155)	(316,141)

BALANCES AS AT SEPTEMBER 30, 2019		6,077,674		1,353,936	(130,818)	(7,090,213)	210,580	6,125	216,705

BALANCES AS AT MARCH 31, 2020		6,077,674		1,353,936	(277,132)	(8,167,309)	(1,012,831)	6,177	(1,006,654)

Profit (loss) for the period	-		-	-		142,384	142,384	(101)	142,283
Other comprehensive income		-		-			32,561	-		32,561	-		32,561

Comprehensive income (loss) for the period		-		-			32,561	142,384	174,945	(101)	174,844

BALANCES AS AT SEPTEMBER 30, 2020		6,077,674		1,353,936	(244,571)	(8,024,925)	(837,886)	6,076	(831,810)

The accompanying notes are an integral part of these interim financial statements.

Biosev S.A.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (In thousands of Brazilian reais - R$)

CompanyConsolidated

CASH FLOW FROM OPERATING ACTIVITIES Profit (loss) for the period

Non-cash transactions: Depreciation and amortization

Income (loss) from sale of property, plant and equipment Investments sold

Equity in subsidiaries

Interest, exchange rate changes and inflation adjustments, net Exchange, interest rate and commodities risk management

Recognition of provision for tax, labor, civil and enviromental contingencies Recognition (reversal) of estimated losses on doubtful accounts Reversal of impairment loss

Reversal of impairment loss Impairment of assets held for sale Provision for other losses

Recognition (reversal) of allow ance for negative margin and realization of storeroom inventories

Gains (losses) on changes in fair value less estimated costs to sell biological assets

Deferred income tax and social contribution

Hedge operations

Derecognition of operating leases

Decrease (increase) in assets:

Trade receivables

Inventories

Derivative financial instruments

Escrow deposits

Recoverable taxes

Advances to suppliers

Other receivables

Increase (decrease) in liabilities:

Trade payables

Advances from foreign customers

Accrued payroll and related taxes

Taxes payable

Advances from domestic customers

Payments of labor, civil, tax and environmental contingencies

Derivative financial instruments

Other payables

Cash used in operating activities, net interest

Interest on borrow ings and financing

Cash used in operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Decrease (increase) in short- and long-term investments Decrease (increase) in investments (provision for investment loss) Additions to lease agreements

Increase in property, plant and equipment Additions to biological assets Additions to intangible assets

Cash provided by investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Shareholders' contributions

Additions to lease operations

Borrow ings and financing

Payment of borrow ings and financing

Cash provided by (used in) financing activities

DECREASE IN CASH AND CASH EQUIVALENTS

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Non-cash items

Transfer of depreciation and amortization to inventories

Transfer of assets and liabilities to held for sale - Estivas plant

Acquisition of financed property, plant and equipment

The accompanying notes are an integral part of these interim financial statements.

	Six-month period ended	Six-month period ended
Note	09.30.20		09.30.19			09.30.20		09.30.19
	142,384		(473,074)		142,283	(473,229)
23	542,026		514,471		1,089,152	991,036
25	5,358		(405)		4,015	(6,434)
	-		62,418		-		62,418
13	(218,173)	383,281		3,908	6,642
	355,312		259,644		816,538	591,380
	83,877		91,259		2,594	137,975
	6,963		4,474		40,770	33,965
5	(24)	259		(411)	457
15	264	-			374	-
14	(3,013)	(555)		(4,178)	(1,976)
10	(119)	(53,271)		(119)	(53,271)
25	17	126		3,654	61,592
6	2,941	(6,736)		(1,611)	(20,947)
22 and 23	(533,227)	(149,846)		(734,544)	(195,362)
11.2	103,491		21,665		112,182	(75,934)
	118,253		168,473		49,335	238,012
	5,873		-			11,529	-
		612,203		822,183		1,535,471	1,296,324

5		(121,006)	(128,366)		(181,335)	(284,158)
6	415,550		(245,118)		1,256,773	(1,244,236)
27	82,237		7,108		138,122	(38,559)
9	6,551		(22,734)		13,384	(61,034)
8	(6,418)	17,367		(11,913)	(15,445)
	(1,500)	(1,332)		(1,898)	(16,399)
		41,775		(146,599)		(2,259)	(57,690)

		417,189		(519,674)		1,210,875	(1,717,521)

17		31,875		(55,531)		(83,156)	(22,633)
	(647,846)	121,208		(1,811,919)	861,760
	16,163		8,812		35,365	22,922
18	(4,069)	(1,517)		(12,066)	(16,869)
	109,729		7,484		93,184	11,137
19	(4,870)	(508)		(25,612)	(7,146)
27.1	(395,052)	(175,501)		(261,927)	(214,592)
		(43,550)	(18,760)		(63,030)	16,923

		(937,620)	(114,313)		(2,129,161)	651,502

		91,772		188,196		617,185	230,305
		(71,866)	(101,398)		(158,265)	(224,565)

		19,906		86,798		458,920	5,740

4		(14,713)	16,010		(45,112)	121,402
13	92,783		(138,990)		-		-
12	(144,969)	(713,014)		(323,479)	(1,661,776)
14	(94,855)	(27,991)		(172,900)	(98,777)
7	(155,830)	(143,681)		(265,412)	(241,536)
15	(317)	(6,177)		(646)	(7,155)
		(317,901)	(1,013,843)		(807,549)	(1,887,842)

12		145,180		713,071		324,009	1,661,615
12	(127,733)	(110,319)		(297,540)	(266,854)
16	501,784		809,392		868,770	1,912,948
16		(475,262)	(911,990)		(1,137,906)	(2,198,699)

		43,969		500,154		(242,667)	1,109,010

		(254,026)	(426,891)		(591,296)	(773,092)

3		396,124		577,523		1,174,943	1,189,112

3		142,098		150,632		583,647	416,020
	246,233		95,633		372,807	260,726
	16,985		(3,369)		16,984	(6,874)
	-		23,151		-		50,115

Biosev S.A.

(Convenience Translation into English from the Original Previously Issued in Portuguese)

STATEMENT OF VALUE ADDED

FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020 (In thousands of Brazilian reais - R$)

						Company			Consolidated
					Six-month period ended Six-month period ended
			Note		09.30.20			09.30.19			09.30.20	09.30.19
1	- REVENUE		2,291,650			2,017,076			5,784,128	3,685,656

	1.1)	Sales	22	2,279,822			1,935,776			5,766,546	3,513,480
	1.2)	Reversal of estimated losses on doubtful accounts	25	24	(259)	411	(457)
	1.3)	Other operating income	25	11,804		81,559		17,171	172,633
2	- INPUTS PURCHASED FROM THIRD PARTIES			(736,950)	(778,601)	(2,896,063)	(1,659,210)

	2.1)	Cost of sales and services			(95,390)	(107,195)	(680,729)	(638,027)
	2.2)	Materials, electric pow er, external services and other		(1,174,788)	(821,252)	(2,949,878)	(1,216,545)
	2.3) Gains on changes in fair value of biological assets and other		533,228		149,846		734,544	195,362
3	- GROSS VALUE ADDEED (1-2)		1,554,700			1,238,475			2,888,065	2,026,446

4	- DEPRECIATION AND AMORTIZATION	23	(542,026)		(514,471)	(1,089,152)	(991,036)
5	- VALUE ADDED CREATED BY THE ENTITY (3-4)		1,012,674			724,004			1,798,913	1,035,410

6	- VALUE ADDED RECEIVED IN TRANSFER			227,920			(370,000)	104,758	15,056

	6.1)	Equity in subsidiaries	13		218,173			(383,281)	(3,908)	(6,642)
	6.2)	Finance income		9,747		13,281		108,666	21,698

7	- VALUE ADDED FOR DISTRIBUTION (5+6)		1,240,594			354,004			1,903,671	1,050,466

8	- DISTRIBUTION OF VALUE ADDED		1,240,594		354,004		1,903,671	1,050,466

	8.1)	Personnel and payroll taxes	23		135,117			159,222		336,197	303,051

	Direct compensation			94,732			116,608		241,895	208,209
	Benefits		29,811		29,403		70,585	66,688
	Severance pay fund (FGTS)		10,574		13,211		23,717	28,154
	8.2)	Taxes, rates and contributions			152,272			136,976		233,877	163,275

	Federal			112,183			56,252		169,366	34,549
	State		39,997		80,722		64,365	128,648
	Municipal		92	2	146	78
	8.3)	Third-party capital use			810,821			530,880		1,191,314	1,057,369

	Rentals			119,578			116,110		284,444	246,075
	Interest and exchange rate changes		691,243		414,770		906,870	811,294
	8.4)	Equity capital			142,384			(473,074)	142,283	(473,229)

	Pofit (loss) for the period			142,384			(473,074)	142,283	(473,229)

The accompanying notes are an integral part of these interim financial statements.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

1. GENERAL INFORMATION

Biosev S.A. ("Company"), a publicly-held company headquartered at Avenida Brigadeiro Faria Lima, 1355, 11º andar, Pinheiros, São Paulo, SP, and its subsidiaries (hereinafter referred to as, collectively, "Group") are mainly engaged in the production, processing and sale of agricultural products, primarily sugarcane and its by -products; the agricultural operations in Company-ow ned or third-party land; the export, import and sale of petroleum by -products, lubricants, fuel, grease and hydrated ethyl alcohol; the purchase, sale, import and export of agricultural products and its by -products; and the generation and sale of electricity and its by-products.

The Group comprises the activities of Biosev S.A. and Biosev Bioenergia S.A. ("Biosev Bioenergia"), based in Brazil, and Biosev Bioenergia International S.A. ("Biosev Bioenergia International"), based in Sw itzerland. Additionally, the Group consists of the subsidiaries of such companies, including Biosev Comercializadora S.A., a special-purpose entity established to sell ethanol by-products, sugar and electric pow er arising from the cogeneration assets of the Santa Elisa and Passa Tempo units, located in the State of São Paulo and State of Mato Grosso do Sul, respectively.

The Group is organized in industrial clusters, composed as follow s, w ith their corresponding branches:

• North Ribeirão	Preto Agri-Industrial Cluster: Continental (located in the State of São Paulo) and Lagoa da Prata (located
in the State of	Minas Gerais) plants;

South Ribeirão Preto Agri-Industrial Cluster: Santa Elisa, Leme, Vale do Rosário and MB (Morro Agudo) (located in the State of São Paulo) plants;
Mato Grosso do Sul Agri-Industrial Cluster: Passa Tempo and Rio Brilhante (located in the State of Mato Grosso do Sul) plants;

The Company is a subsidiary of the Louis Dreyfus Company Group, directly controlled by Hédera Investimentos e Participações Ltda., w hich holds 79.43% of its shares.

The Company's Management had adopted measures to adjust the debt profile. Specifically, the Company has maintained its strategy to maximize the use of its assets, aligned w ith strict financial discipline, in order to increase the opera tional efficiency and the generation of positive free cash flow .

The Company recorded net profit of R$142,384 in the six -month period ended September 30, 2020. The Company's capacity


to continue as a going	concern depends on the renew al and extension of the credit facilities or obtainment of additional
capital and generation	of profitable transactions as demonstrated in this period, reversing a history of recurring losses in
recent years.. Specifically, the Company's and its subsidiaries' debt levels	may significantly impact the business, inclusive
in relation to w orking capital financing and recurring capital disbursements,	taking into account the necessary funds to pay

the debt service. In addition, out of R$1,399,838, in Consolidated, recorded in current liabilities, in line item "Advances from foreign customers", R$775,058 refers to advances to commodities export performance operations w ith related parties. Moreover, the amount of R$743,052, in Consolidated, w as recorded in current assets, in line item "Inventories - advances to related-party suppliers". For further information, see Note 20.

Although there is no guarantee that the Company w ill be able to generate enough cash flow to finance the transactions and pay its debt, Management continues to implement actions to improve the operational activities and reduce costs and expenses, in addition to the negotiations in progress w ith the financial institutions that historically have supported the Company's activities. The Company's Management expects that the improvement actions, current cash balances, favorable liquidity developments and available credit facilities, and results from operations are enough to meet the w orking capital, capital expenses, debt service and other needs for the next year.

Should the Company	be not able to generate enough cash to conduct the transactions in progress, the Company	may need
to seek for additional	debt financing. The Company may fully or partially refinance its debt, w hich may be more	costly, in
addition to all other impacts.

Covid-19 effects

In connection w ith the financial statements as at March 31, 2020, the Company continues to comply w ith all guidelines to prevent Covid-19 disclosed by the proper health bodies and maintain the measures to mitigate the risk of transmission of Covid-19 in w ork places.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

Although the pandemic has not been fully eradicated, the Brazilian authorities began to loosen the restrictions, and the Company believes that the pandemic effects in the global economy has begun to be mitigated. As of the date, the Company has not identified significant effects on its operations; therefore, the Company has maintained the estimated production, sales and delivery of products. The agro industrial sector is deemed an essential activity by virtue of the essential supplies produced to the population, relating to the meal and transportation segments. In addition, there w as no change in the measurement of the economic and f inancial impacts from Covid-19, as disclosed in the financial statements as at March 31, 2020.

2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

2.1 Statement of compliance and basis of preparation

The individual and consolidated interim financial statements have been prepared and is presented in accordance w ith CPC 21 (R1) - Interim Financial Reporting and IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB).

These interim financial statements are presented in accordance w ith the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information (ITR).

The preparation of the individual and consolidated financial statements under CPC 21 (R1) and IAS 34 requires the use of certain critical accounting estimates by the Company's Management. The interim financial statements have been prepared based on the historical cost, except for certain financial instruments, held-for-sale assets and biological assets measured at their fair values. The historical cost is generally based on the fair value of the consideration paid in exchange for assets on the transaction date.

Management undertakes that all relevant information related to the interim financial statements, and only such information, is being highlighted and corresponds to the information used by Management in its management.

The accounting practices and the methods for calculation of estimates used in the preparation of these interim financial statements are the same accounting practices and methods used in the preparation of the Company's financial statements as at March 31, 2020, filed w ith CVM and, therefore, must be read jointly.

2.1.1 New and revised standards and interpretations

Leases - CPC 06 (R2)/IFRS 16

Such pronouncement has been changed by virtue of the benefits granted relating to COVID-10 to the lessees in connection w ith the lease agreements. The Company analyzed the contents of this pronouncements and has not identified impacts, as the clauses of the lease agreements in force remained unchanged.

3. CASH AND CASH EQUIVALENTS

		Company		Consolidated

	09.30.20			03.31.20		09.30.20	03.31.20

Cash and banks	55,608	21,625	463,577	364,024
Short-term investments	2,498	3,004	21,878	41,792
Debentures		83,992	371,495	98,192	769,127

		142,098	396,124	583,647	1,174,943

Short- and long-term investments refer to floating rate Certificates of Bank Deposit (CDBs) and/or CDBs indexed at rates ranging from 95% to 100% of the Interbank Deposit Rate (CDI) as at September 30, 2020 (95% to 96% as at March 31, 2020). The CDBs investments are subject to repurchase commitments by the financial institution's issuers and/or custodians.

Debentures not subject to Tax on Financial Transactions (IOF) are issued from local prime financial institutions indexed at rates ranging from 65% to 73% of the CDI rate as at September 30, 2020 (73% to 80% as at March 31, 2020).

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

4. SHORT- AND LONG-TERM INVESTMENTS

		Company	Consolidated

09.30.20		03.31.20		09.30.20		03.31.20

Short-term investments		56,887	42,052	97,654	52,245

Current Assets		56,887	42,052	83,444	52,245

Non-current Assets		-		-		14,210	-

Short- and long-term investments	refer to restricted deposits and are operations represented by (i) floating rate Certificates

of Bank Deposit (CDBs) and/or CDBs indexed at rates ranging from 65% to 100% of the Interbank Deposit Rate (CDI) as at September 30, 2020 (95% to 96% as at March 31, 2020); (ii) margin deposits in derivative transactions; and (iii) foreign currency-denominated deposits related to prepayments of exports indexed at average rate of 0.10% p.a. performed by subsidiary Biosev Bioenergia Internacional S.A . These deposits may be considered, together w ith future agricultural production and sugar and ethanol inventories, for purposes of calculation of the indices set forth in the prepaid export agreements.

5. TRADE RECEIVABLES

	Company		Consolidated

	09.30.20		03.31.20	09.30.20	03.31.20

Related parties (Note 20)
In Brazil	9,441	7,498	95	-
Abroad	230,718	133,503	178,854	2,505

	240,159	141,001	178,949	2,505
Third parties
In Brazil	92,157	67,955	169,854	191,167
Abroad	708	2,581	49,453	22,570

	92,865	70,536	219,307	213,737

	333,024	211,537	398,256	216,242

(-) Estimated loss for doubtful accounts	(742)		(766)	(13,781)	(14,192)

	332,282	210,771	384,475	202,050

The aging list of overdue receivables is as follow s:

	Company		Consolidated

	09.30.20		03.31.20	09.30.20	03.31.20

Overdue
Up to 30 days	14,709	24,648	12,389	3,457

31 to 60 days	23,722	2,083	944	6,462
61 to 90 days	6	20,887	19	452
91 to 180 days	17	20,455	377	325
Over 180 days	870	17,001	16,328	16,874

	39,324	85,074	30,057	27,570

The change in the estimated loss for doubtful accounts is as follow s:

	Company		Consolidated

	09.30.20		03.31.20	09.30.20	03.31.20

At the beginning of the period/year	(766)		(175)	(14,192)	(13,395)
Reversal (recognition) of estimated loss for doubtful accounts	24	(591)	411	(797)

	(742)		(766)	(13,781)	(14,192)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

6.	INVENTORIES

				Company		Consolidated

			09.30.20			03.31.20			09.30.20	03.31.20

	Finished products
	Sugar	173,485	4,218	362,650	14,838
	Ethanol	329,962	20,676	718,856	79,839
	Sugar syrup	1,066	317	9,073	1,241
	Other	134	247	431	331
	Allow ance for negative inventory margin		(3,649)		(3,298)		(11,776)		(18,985)

				500,998	22,160	1,079,234	77,264

	Raw materials and packaging materials	1,097	1,033	1,161	1,166
	Storeroom supplies	46,453	37,492	96,438	76,476
	Allow ance for realization of storeroom inventories	(6,709)		(4,119)		(12,695)		(7,097)
	Advances to suppliers (*)		388,092	1,049,084	892,790	2,800,824

				428,933	1,083,490	977,694	2,871,369

				929,931	1,105,650	2,056,928	2,948,633

Out of the total amount as at September 30, 2020, R$71,293, in Company, and R$149,738 in Consolidated (R$105,192 and R$223,699 as at March 31, 2020, respectively), refer to advances to sugarcane suppliers that are adjusted on a

monthly basis according to the specific conditions and indices set forth in the agreements, and R$316,799, in Company , and R$743,052 in Consolidated (R$943,892, in Company, and R$2,577,125, in Consolidated, as at March 31, 2020), refer to advances to export of commodities, as described in Note 20.

The changes in the allow ance for negative inventory margin and realization of storeroom inventories are broken dow n as follow s:

		Company			Consolidated
	09.30.20			03.31.20			09.30.20		03.31.20

Negative inventory margin
Opening balance	(3,298)		(7,410)		(18,985)		(25,793)

Additions	(3,649)		(3,298)		(11,776)		(18,985)
Reversals	3,298	7,410	18,985	25,793

	(3,649)		(3,298)		(11,776)		(18,985)
Realization of storeroom inventories

Opening balance	(4,119)		(3,568)		(7,097)		(5,818)
Additions	(6,709)		(4,119)		(12,695)		(7,097)
Reversals		4,119	3,568	7,097	5,818

		(6,709)		(4,119)		(12,695)		(7,097)

The allow ance for negative inventory margin is calculated by analyzing the average production cost of finished products as compared to their realizable value in the market, less costs to sell.

The allow ance for realization of storeroom inventories, considering obsolete and slow -moving items, is recognized on a quarterly basis based on inventory management procedure of storeroom inventories duly approved by the Company.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

7.	BIOLOGICAL ASSETS

					Company	Consolidated

				09.30.20			03.31.20	09.30.20		03.31.20

Opening balance		303,621		264,480	663,908		501,124
Increases arising from expenses on sugarcane crops	and crop	305,201		430,597	653,824		911,744
treatments

				608,822		695,077	1,317,732		1,412,868


Gains (losses) on changes in fair value less estimated costs to sell	533,227		120,821	734,544		222,448
Transfer to assets held for sale		904		(13,682)	903		(13,682)
Sugarcane harvest at fair value in the year/period		(515,727)		(490,374)	(953,399)		(945,620)
Write-off		-		(8,221)	(1,281)		(12,106)

				627,226		303,621	1,098,499		663,908

The follow ing assumptions w ere used to determine	the fair value:

					Company	Consolidated
				09.30.20			03.31.20	09.30.20		03.31.20

	Estimated harvest area (in hectares)		127,766	123,816	226,162	222,421
	Expected yields (in ton of sugarcane per hectare)		88.17	85.88	89.96	89.07
	Total volume of recoverable sugar (in kilogram per ton of sugarcane)	129.87	126.29	132.06	129.90
	Value of a kilogram of total recoverable sugar (in R$) - CONSECANA	0.84	0.66	0.84	0.66
	Discount rate		10.21%		10.21%	10.21%		10.21%

As at September 30, 2020, the Company provided as guarantee for the export prepayment 158,608 hectares (158,608 hectares as at March 31, 2020), equivalent to approximately 14,267,674 tons of sugarcane (14,127,348 as at March 31, 2020), at fair value of R$770,382 (R$473,432 as at March 31, 2020). Such prepayment falls due betw een March 2023 and April 2023.

8.	RECOVERABLE TAXES

				Company		Consolidated
			09.30.20		03.31.20		09.30.20	03.31.20

	State VAT (ICMS)	45,176	39,859	67,916	60,952
	Taxes on revenue (PIS and COFINS) (a)	13,208	16,166	71,971	75,050
	Witholding Income Tax (IRRF) on short-term investments and prepayments	7,032	2,978	61,505	55,466
	Tax on manufactured products (IPI) and other taxes		2,778	2,773	26,827	24,838

				68,194	61,776	228,219	216,306

	Current assets		58,262	50,274	149,766	158,777

	Non-current assets		9,932	11,502	78,453	57,529

Refers to taxes on revenues (PIS and COFINS) relating to: (i) Law 10637/02; (ii) Law 10833/03; (iii) Law 11774/200; and (iv) Law 13043/14.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

9.	ESCROW DEPOSITS

			Company	Consolidated
			09.30.20		03.31.20		09.30.20	03.31.20
	Civil	2,628	3,500	6,953	7,365
	Environmental	2,223	2,442	7,613	7,548

			4,851	5,942	14,566	14,913
	Tax
		Tax on manufactured products (IPI)	-	-	18,754	18,673
		Income tax (IRPJ) and social contribution (CSLL)	16,306	16,235	33,351	33,262
		ICMS, PIS and COFINS	9,855	9,758	40,028	46,344
		Social security contributions	21,566	21,738	27,272	27,419
		Other	-	-	2,860	3,054

			47,727	47,731	122,265	128,752
	Tax
		Labor appeals	133,037	138,493	235,198	241,748

			133,037	138,493	235,198	241,748

			185,615	192,166	372,029	385,413

The changes in the Company's escrow deposits are as follow s:

		Company		Consolidated
	09.30.20			03.31.20			09.30.20		03.31.20

Opening balance	192,166	210,108	385,413	367,388
Additions	6,401	31,563	10,845	81,534
Offsets/redemptions		(12,952)		(49,505)		(24,229)		(63,509)

		185,615	192,166	372,029	385,413

10. ASSETS AND LIABILITIES HELD FOR SALE

		Company		Consolidated
	09.30.20			03.31.20		09.30.20		03.31.20

Assets held for sale		28,298		45,165		28,298	45,165

		28,298	45,165	28,298	45,165

The breakdow n of assets and liabilities classified as held for sale is as follow s:

					Maracaju
Com pany		Note			plant	09.30.20			03.31.20

Assets
Biological assets	7	-			-			904
Fixed assets	14	103,032		103,032			119,114
Impairment losses	14	(74,735)			(74,734)		(74,853)

Total assets			28,297		28,298	45,165

11. CURRENT AND DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION

11.1 Deferred income tax and social contribution assets and liabilities disclosed in balance sheet

	Company	Consolidated

	09.30.20		03.31.20		09.30.20		03.31.20

Deferred income tax and social contribution assets	228,845	418,029	743,016	872,971
Deferred income tax and social contribution liabilities	-		-		(35,884)	(36,883)

	228,845	418,029	707,132	836,088

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

11.2 Income tax and social contribution recognized in profit or loss for the period

				Company
		Three-month period	Six-month period
		ended	ended

	09.30.20		09.30.19				09.30.20	09.30.19

Results from current income tax and social contribution	(1)	-			6,541	-
Results from deferred income tax and social contribution related to the origin		(25,822)	85,033		(103,491)	(21,665)
and reversal of temporary differences and tax loss carryforw ards

		(25,823)	85,033		(96,950)	(21,665)

				Consolidated
		Three-month period	Six-month period
		ended	ended

	09.30.20		09.30.19				09.30.20	09.30.19

Results from current income tax and social contribution	(4,849)	(2,802)			3,840	(19)

Results from deferred income tax and social contribution related to the origin		(82,412)	209,509		(112,182)	75,934
and reversal of temporary differences and tax loss carryforw ards

		(87,261)	206,707		(108,342)	75,915

11.3 Income tax and social contribution recognized in other comprehensive income (loss)

						Company
			Three-month period	Six-month period
			ended	ended

	09.30.20			09.30.19				09.30.20		09.30.19
Results from deferred income tax and social contribution recognized in other
comprehensive income (loss):
Financial instruments - hedge accounting of futures	18,010	(985)			22,156	(1,707)
Financial instruments - hedge accounting of Non-Deliverable Forw ard (NDF)	(108,719)		(700)			(107,848)		2,235
Financial instruments - hedge accounting of exchange differences		-		(11,913)			-		(11,913)

		(90,709)		(13,598)			(85,692)		(11,385)

Effects on subsidiaries		59,918	(57,354)			68,918	(69,539)

		(30,791)		(70,952)			(16,774)		(80,924)

Results from deferred income tax and social contribution recognized in other comprehensive income (loss):

Financial instruments - hedge accounting of futures

Financial instruments - hedge accounting of Sw ap Libor

Financial instruments - hedge accounting of Non-Deliverable Forw ard (NDF)

Financial instruments - hedge accounting of exchange differences

Consolidated

Three-month period	Six-month period
ended	ended
09.30.20		09.30.19				09.30.20	09.30.19
39,446	(4,087)			55,974	(11,151)
(808)	490		(491)	2,600
(48,794)	498		(45,338)	6,996
(20,635)	(67,853)			(26,919)	(79,369)

(30,791)	(70,952)			(16,774)	(80,924)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

11.4 Reconciliation of income tax and social contribution expenses at statutory and effective rates

										Company
			Three-month period	Six-month period
			ended	ended

	09.30.20							09.30.19					09.30.20		09.30.19

Results before taxation	449,420					(389,286)			239,334			(451,409)
Statutory rate	34%			34%		34%		34%

Income (loss) from income tax and social contribution at statutory rate	(152,803)				132,357		(81,374)			153,479
Equity in subsidiaries	133,433			(78,077)			74,179			(130,316)
Unrecognized deferred income tax and social contribution credits	(7,325)				26,157		(83,356)			(50,594)
Tax revenue (grants)	8,441			10,944		12,863			20,068
Subcapitalization rules	(7,603)				(6,071)			(15,353)			(11,810)
Other		34			(277)			(3,909)			(2,492)

Income (loss) from income tax and social contribution at effective rate		(25,823)				85,033		(96,950)			(21,665)

Statutory rate	-				22%		-			-


										Consolidated
			Three-month period	Six-month period
			ended	ended

	09.30.20							09.30.19					09.30.20		09.30.19

Results before taxation	510,833						(511,042)			250,625			(549,144)
Statutory rate	34%			34%		34%		34%


Income (loss) from income tax and social contribution at statutory rate	(173,684)					173,754			(85,213)			186,709
Equity in subsidiaries	(330)					(1,077)			(1,329)			(2,258)
Unrecognized deferred income tax and social contribution credits	91,701						31,693					(12,479)		(103,976)
Tax revenue (grants)	8,441				10,944			12,863		20,068
Difference rate - foreign subsidiary	3,946				5,607			10,034		5,704
Subcapitalization rules	(12,390)					(12,747)			(26,716)			(27,955)
Other		(4,945)					(1,467)			(5,502)			(2,377)

Income (loss) from income tax and social contribution at effective rate		(87,261)					206,707			(108,342)			75,915

Statutory rate	-					40%		-			14%

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

11.5 Balances of deferred income tax and social contribution assets and liabilities

						Recognized			Recognized in
		Opening		in profit or			other			Closing
		balance as at		loss for the		comprehensive		balance as at
Company	03.31.20				period			income (loss)	09.30.20
Temporary differences:
Provision for tax, labor, civil and environmental contingencies	37,028			712	-	37,740
Adjustment at fair value of biological assets	(16,585)		(154,300)	-	(170,885)
Other receivables (AVP)	14,162			(1,846)	-	12,316
Hedge accounting of Libor sw ap, NDF and exchange rate changes	63,527			96,328	(85,692)	74,163
Unrealized exchange rate changes	412,077			64,809	-	476,886
Amortization of tax goodw ill	(245,277)		-	-	(245,277)
Accelerated depreciation	(39,048)		(17,203)					(56,251)
Impairment of fixed assets	65,310			(1,065)	-	64,245
Mark-to-market of derivatives	2,363			(87,900)	-	(85,537)
Impairment of assets held for sales	10,859			2,522	-	13,381

Other		11,661				(5,548)	-	6,112

		316,077				(103,491)	(85,692)	126,893

Unutilized tax losses and credits
Tax loss carryforw ards	74,616			-	-	74,616
Social contribution tax loss carryforw ards		27,336			-		-		27,336

		418,029			(103,491)		(85,692)		228,845


						Recognized			Recognized in
		Opening		in profit or			other			Closing
		balance as at		loss for the		comprehensive		balance as at
Company	03.31.19				period			income (loss)	09.30.19
Temporary differences:
Provision for tax, labor, civil and environmental contingencies	47,227			1,348	-	48,575
Adjustment at fair value of biological assets	(15,389)		(27,750)	-	(43,139)
Other receivables (AVP)	1,795			18,472	-	20,267
Hedge accounting of Libor sw ap, NDF and exchange rate changes	7,817			(4,683)	(11,385)	(8,251)
Unrealized exchange rate changes	209,867			28,180	-	238,047
Amortization of tax goodw ill	(245,277)		-	-	(245,277)
Accelerated depreciation	(25,179)		(5,101)	-	(30,280)
Impairment	65,746			(230)	-	65,516
Mark-to-market of derivatives	(16,095)		(9,167)	-	(25,262)
Impairment of assets held for sales	18,003			(18,003)	-	-
Other		26,074				(4,731)	-	21,343

		74,589				(21,665)	(11,385)	41,539

Unutilized tax losses and credits
Tax loss carryforw ards	74,616			-	-	74,616
Social contribution tax loss carryforw ards		27,336			-		-		27,336

		176,541			(21,665)		(11,385)		143,491

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

						Recognized		Recognized in
		Opening		in profit or		other			Closing
		balance as at		loss for the	comprehensive		balance as at
Consolidated	03.31.20				period		income (loss)	09.30.20

Temporary differences:
Provision for tax, labor, civil and environmental contingencies	100,468		5,154		-	105,622
Adjustment at fair value of biological assets	(71,630)		(217,445)		-	(289,075)
Other receivables (AVP)	14,162		(1,846)		-	12,316
Hedge accounting of Libor sw ap, NDF and exchange rate changes	159,955		-		(16,774)	143,181
Unrealized exchange rate changes	827,139		134,704		-	961,843
Amortization of tax goodw ill	(245,277)		-		-	(245,277)
Accelerated depreciation	(39,048)		(17,203)		-	(56,251)
Mark-to-market of derivatives	(10,244)		(23,765)		-	(34,009)
Impairment of property, plant and equipment	76,443		(1,267)		-	75,176
Appreciation of acquired assets	(231,020)		12,645		-	(218,375)
Impairment of fixed assets	906		(906)		-	-
Fair value of financial debts	1,161		(1,161)		-	-
Leases	35,367		6,761		-	42,128
Other	60,563		(9,176)		-	51,387
	678,945		(113,505)		(16,774)	548,666
Unutilized tax losses and credits
Tax loss carryforw ards	115,532		973		-	116,505
Social contribution tax loss carryforw ards	41,611		350		-	41,961
	836,088		(112,182)		(16,774)	707,132

						Recognized		Recognizd in
		Opening		in profit or		other			Closing
		balance as at		loss for the	comprehensive		balance as at
Consolidated	03.31.19				period		income (loss)	09.30.19
Temporary differences:
Provision for tax, labor, civil and environmental contingencies	97,941	9,118	-	107,059
Adjustment at fair value of biological assets	(32,728)		(54,621)		-	(87,349)
Other receivables (AVP)	1,795	19,437	-	21,232
Hedge accounting of Libor sw ap, NDF and exchange rate changes	165,790	-		(80,924)	84,866
Unrealized exchange rate changes	439,388	51,161	-	490,549
Amortization of tax goodw ill	(245,277)		-		-	(245,277)
Accelerated depreciation	(25,179)		(5,101)		-	(30,280)
Mark-to-market of derivatives	(82,228)		42,199		-	(40,029)
Impairment of property, plant and equipment	77,177	(506)		-	76,671
Appreciation of acquired assets	(253,050)		10,692	-	(242,358)
Impairment of fixed assets	18,896	(17,990)		-	906
Fair value of financial debts	1,161	-			-	1,161
Other		50,545	21,545	-	72,090

		214,231	75,934	(80,924)	209,241

Unutilized tax losses and credits
Tax loss carryforw ards	109,760	-		-	109,760
Social contribution tax loss carryforw ards		40,819	-		-	40,819

		364,810	75,934	(80,924)	359,820

As at September 30, 2020, the Company has tax loss carryforwards in the amount of R$3,360,700, in Company, and R$6,406,516 in Consolidated (R$3,115,535 and R$6,369,813 as at March 31, 2020, respectively) for w hich no deferred income tax and social contribution assets have been recognized.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

12. LEASES

12.1 Asset use right in leases

This line item includes the amounts that correspond to the right to use the current agreements; the amount is equivalent to the present value of the obligations assumed w ith the counterparties. These agreements are payable on the respective maturity dates (betw een 1 and 13 years).

The changes for the period are broken dow n as follow s:

Company

																																			Agricultural
			Equipment			Land	Buildings	Vehicles	partnerships			Total

03.31.20				121,329									134,947						1,533									2,488				440,009		700,306
	Additions/adjustments	2,827									18,155						-									3,351				120,636			144,969
	Derecognition	(3,974)								-						-									(1,899)				-		(5,873)
	Depreciation	(27,543)								(14,216)					(511)								(813)					(57,346)	(100,429)

09.30.20				92,639								138,886					1,022								3,127				503,299		738,973

																											Company
																																				Agricultural
							Equipment			Land				Buildings	Vehicles			partnerships			Total

03.31.19				-				-			-				-			-
	Initial adoption on April 1, 2019	142,669				112,768		2,554					4,845		393,697	656,533
	Additions/adjustments	55,367				50,499		-					-		143,509	249,375
	Derecognition	(19,991)			-			-					-		-		(19,991)
	Amortization		(56,716)			(28,320)	(1,021)			(2,357)		(97,197)	(185,611)

03.31.20					121,329		134,947	1,533		2,488	440,009	700,306


																	Consolidated
																																				Agricultural
							Equipment			Land				Buildings	Vehicles		partnerships			Total

03.31.20				254,249					137,257			1,533					5,174				1,179,166			1,577,379
	Additions/adjustments		22,151					20,289			-						7,458				273,583			323,481
	Derecognition	(7,591)				-			-						(3,938)			-			(11,529)
	Amortization		(59,518)				(14,949)		(511)					(1,726)		(164,744)		(241,448)

09.30.20				209,291				142,597			1,022				6,968				1,288,005			1,647,883

																											Consolidated
																																				Agricultural
							Equipment			Land				Buildings	Vehicles		partnerships			Total

03.31.19				-					-			-						-				-
	Initial adoption on April 1, 2019	296,896					115,195			2,554					10,075				1,068,666		1,493,386
	Additions/adjustments	118,960					51,556			-						-				425,349		595,865
	Derecognition	(34,675)				-			-						-				-			(34,675)
	Amortization		(126,932)				(29,494)		(1,021)					(4,901)		(314,849)		(477,197)

03.31.20					254,249			137,257	1,533				5,174		1,179,166		1,577,379

12.2 Lease liabilities

Lease liabilities refer to future payments stated to present value at the discount rate, subject to possible effects from recoverable taxes (PIS and COFINS).

The incremental interest rate of the lease liability varies betw een 6.36% and 11.25% per year.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

The changes for the period are broken dow n as follow s:

				Company			Consolidated
		09.30.20			03.31.20			09.30.20				03.31.20

Present value of liability		778,330			732,114	1,771,789		1,681,269

			778,330			732,114	1,771,789		1,681,269

Classification:
Current	199,746		215,257	495,857		498,932

Non-current		578,584			516,857	1,275,932		1,182,337

Total		778,330			732,114	1,771,789		1,681,269


				Company			Consolidated

		09.30.20			03.31.20			09.30.20				03.31.20

Opening balance	732,114			656,533		1,681,269			1,493,386
Additions	145,179			249,605		324,009			596,011
Derecognition	-			(4,065)		-				(6,065)
Payments	(127,733)		(221,208)		(297,540)			(521,309)
Financial charges		28,770		51,249		64,051			119,246

Closing balance		778,330				732,114		1,771,789			1,681,269

The future payments are broken dow n as follow s:

	Company	Consolidated
	09.30.20	03.31.20	09.30.20	03.31.20
Up to 1 year	199,746	215,257	495,857	498,932
Up to 2 years	157,534	161,243	365,372	365,273
Up to 3 years	116,935	109,793	274,740	260,574
Up to 4 years	96,518	87,311	225,035	210,009
Up to 5 years	108,113	86,462	228,599	193,298
Above 5 years	99,484	72,048	182,186	153,183

	778,330	732,114	1,771,789	1,681,269

13. INVESTMENTS (PROVISION FOR INVESTMENT LOSS)

		Company	Consolidated
		09.30.20		03.31.20			09.30.20		03.31.20

Investments in subsidiaries and jointly-controlled subsidiaries	1,314,900		1,237,960			153,982		157,891
Other investments	2,503	2,502			2,503	2,502

Investments	1,317,403	1,240,462			156,485	160,393

Provision for investment loss	(1,202,784)	(1,251,234)			-		-

a) Interest in subsidiaries and jointly-controlled entities

				Company				Consolidated
				Biosev		Biosev
	Biosev		Bioenergia	Comercializadora
	Bioenergia S.A.	International S.A.		S.A.		TEAG

Capital	2,985,044	175		14,365		44,701
Profit (loss) for the period	182,236	44,371		(8,430)		584
Equity	(1,201,669)	370,385		39,071		39,194
Elimination of gains on the sale of property, plant and equipmen	(1,111)	-		-		-


Shareholding interest	100%	100%		100%		50%
Value of investments in subsidiaries under equity	(1,202,780)	370,385			39,071		19,597
method

Goodw ill/realization of concession value, net	494,079	-		-		134,385
Elimination of gains on the sale of property, plant and	(4)	-		-		-
Investments	(708,705)	370,385		39,071		153,982

Provision for investment loss	(1,202,784)	-		-		-

Equity pick up in subsidiaries	182,232	44,371		(8,430)		292

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

b) Changes in investments in subsidiaries, jointly-controlled entities and non-controlled entities

									Company
										Goodw ill
					Biosev	Biosev
			Biosev	Bioenergia	Comercializadora	Tavares de	Ampla
		Bioenergia S.A.	International S.A.		S.A.	Melo (*)	(*)			Other	09.30.20		03.31.20
Opening balance	(1,251,233)	326,014	6,500	-		-		2,503	(916,216)	(85,938)
Capital increase	-	-	-	-		-		-		-	4,000
Advance for future capital increase	-	-	41,000	-		-		-		41,000
Equity pick up in subsidiaries	182,232	44,371	(8,429)	-		-		-		218,174	(1,109,447)
Other comprehensive income (loss)	(133,783)	-	-	-		-		-		(133,783)	274,249
Other	-	-	-	-		-		-		-	920
Value of investments in subsidiaries under equity method	(1,202,784)	370,385	39,071	-		-		2,503	(790,825)	(916,216)

Goodw ill	494,079	-	-	407,675		3,691		-		905,445	905,445

Value of investments		494,079	370,385	39,071	407,675		3,691		2,503	1,317,404	1,240,462

Provision for investment loss		(1,202,784)	-	-	-		-		-		(1,202,784)	(1,251,233)

(*) Companies merged in prior years.

						Consolidated
		TEAG			Other		09.30.20	03.31.20
Opening balance	157,890	2,503	160,393	169,913
Equity pick up in subsidiaries	(3,908)		-	(3,908)	(8,952)
Profit (loss)	292	-	292	(553)
Realization of concession value, net	(4,200)		-	(4,200)	(8,399)
Other	-		-		-		(568)

Value of investments	153,982	2,503	156,485	160,393

c) Investments in direct and indirect subsidiaries

Biosev Comercializadora S.A. ("Biosev Comercializadora") - Direct subsidiary

On September 30, 2020, the Private Instrument of Advance for Future Capital Increase w as signed w ith the parent company Biosev S.A. in the amount of R$41,000, w hich w ill be fully convertible into the Company's registered common shares, w ithout par value of Biosev Comercializadora S.A.

d) Investments in jointly-controlled entities

The balances of the balance sheet and statement of operations of the company are broken dow n as follow s:

TEAG

	09.30.20		03.31.20

Balance sheet
Assets
Total current assets	47,019		47,820
Long-term receivables	3,346		3,032
Property, plant and equipment and intangible assets	124,640		124,014
Total non-current assets	127,986		127,046

Total assets	175,005	174,866
Liabilities
Total current liabilities	20,513		18,286
Total non-current liabilities	115,298		117,970
Equity
Total equity	39,194		38,610

Total liabilities and equity	175,005	174,866

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

TEAG

	09.30.20		03.31.20
Statement of operations
Net revenue	32,962	52,971
Operating expenses
General, administrative and selling expenses	(29,399)	(51,652)
Other operating income	207	4,541

Operating income (loss) before finance income (costs)	3,770		5,860
Finance income (costs), net	(2,918)	(7,529)

Income (loss) before taxation	852		(1,669)
Income tax and social contribution	(268)	563

Income (loss) for the period	584	(1,106)

14. PROPERTY, PLANT AND EQUIPMENT

					Company
			09.30.20							03.31.20

			Accumulated									Accumulated
		Cost	depreciation	Net		Cost				depreciation		Net
Land	15,095	-		15,095	15,095			-			15,095
Buildings	260,648	(94,636)	166,012	259,775			(92,431)		167,344
Improvements	25,618	(13,922)	11,696	25,587			(13,501)		12,086
Facilities	356,226	(214,350)	141,876	351,848			(208,192)		143,656
Furniture and fixtures	12,320	(8,459)	3,861	12,186			(8,193)		3,993
IT equipment	31,185	(29,093)	2,092	30,927			(28,672)		2,255
Machinery and equipment (*)	2,275,362	(1,525,203)	750,159	2,246,767			(1,388,282)		858,485
Vehicles	8,222	(6,453)	1,769	10,615			(8,567)		2,048
Agricultural machinery and implements (**)	919,142	(855,884)	63,258	960,728			(805,016)		155,712
Bearer plant	1,712,966	(1,453,607)	259,359	1,627,300			(1,366,804)		260,496

		5,616,784	(4,201,607)	1,415,177	5,540,828			(3,919,658)		1,621,170

Construction in progress (Note 14.1)	10,145	-		10,145	14,263					-			14,263


		5,626,929	(4,201,607)	1,425,322	5,555,091			(3,919,658)		1,635,433


					Consolidated
			09.30.20							03.31.20

			Accumulated									Accumulated
		Cost	depreciation	Net		Cost				depreciation		Net
Land		20,702	-		20,702	21,084			-			21,084
Buildings	478,590	(189,300)	289,290	475,559			(184,730)		290,829
Improvements		128,622	(61,934)	66,688	128,777			(60,118)		68,659
Facilities	558,052	(332,524)	225,528	545,312			(320,850)		224,462
Furniture and fixtures		21,212	(14,862)	6,350	20,731			(14,443)		6,288
IT equipment	61,941	(54,682)	7,259	60,607			(53,128)		7,479
Machinery and equipment (*)		5,665,076	(3,963,804)	1,701,272	5,595,046			(3,657,614)		1,937,432
Vehicles	29,648	(29,186)	462	35,459			(34,121)		1,338
Agricultural machinery and inputs (**)		1,668,872	(1,532,683)	136,189	1,734,333			(1,426,694)		307,639
Bearer plant	3,115,121	(2,576,910)	538,211	2,966,966			(2,427,778)		539,188

		11,747,836	(8,755,885)	2,991,951	11,583,874			(8,179,476)		3,404,398

Construction in progress (Note 14.1)	25,647	-		25,647	72,993				-			72,993
		11,773,483	(8,755,885)	3,017,598	11,656,867			(8,179,476)		3,477,391

Includes deferred manufacturing costs. (**) Includes deferred agricultural costs.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

The changes in the net value of property, plant and equipment	are as follow s:

			Company		Consolidated
		09.30.20		03.31.20		09.30.20		03.31.20

Opening balance		1,635,433	1,697,433		3,477,391		3,641,525
Acquisitions and additions		91,261	378,970		171,540	793,991
Residual value of w rite-offs		(5,257)		(53,726)		(10,230)		(58,913)
Transfer to assets held for sale		16,082		19,312		16,082		22,818
Reversal of allow ance for	impairment	2,872	706		3,927	522
losses (*)

Depreciation for the period/year		(315,069)		(407,262)		(641,112)		(922,552)

			1,425,322	1,635,433		3,017,598		3,477,391

(*) See Note 14.3.

14.1 Construction in progress

Construction in progress is broken dow n by plant as follow s:

	Company		Consolidated
Plant	09.30.20		03.31.20	09.30.20		03.31.20
Leme	1,172	7,959	1,172	7,959
Passatempo	2,889	2,497	2,889	2,497
Lagoa da Prata	3,638	2,294	3,638	2,294
Rio Brilhante	2,447	1,513	2,447	1,513
Santa Elisa	-	-	8,331	16,295
Vale do Rosário	-	-	4,284	18,635
MB	-	-	2,000	7,647
Continental	-		-		886	16,153

	10,146		14,263		25,647	72,993

The balance of construction in progress refers basically to the adaptation of industrial facilities, increase in sugar produc tion and refurbishment of administrative facilities.

14.2	Fixed assets given in guarantee and commitments for acquisition of fixed assets
As at September 30, 2020,	the Company had agreements w ith suppliers for acquisition of fixed assets, amounting to
R$79,048 (R$21,607 as at	March 31, 2020), and total fixed assets given in guarantee in the amount of R$1,087,594
(R$809,362 as at March 31,	2020).
14.3	Impairment

As at September 30, 2020, the reversal/impairment totaled R$2,872, in Company, and R$3,927 in Consolidated (R$706, in Company, and R$522, in Consolidated, as at March 31, 2020), due the sales and/or transfers of fixed assets betw een industrial clusters of the Group.

As at September 30, 2020, the accumulated balance of impairment is R$58,620, in Company, and R$187,034 in Consolidated (R$61,492 and R$190,961 as at March 31, 2020, respectively).

The main impaired assets comprise land, buildings, furniture and fixtures, computers, machinery and equipment, vehicles, and agricultural machinery and implements.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

15. INTANGIBLE ASSETS

	Company	Consolidated

	09.30.20		03.31.20		09.30.20		03.31.20

Goodw ill
Biosev Bioenergia	-		-		494,079	494,079
Usinas Tavares de Melo	-		-		407,675	407,675
Ampla	-		-		3,691	3,691

	-		-		905,445	905,445

Softw are

Licences	9,107		11,856	10,327	12,997

	9,107		11,856	10,327	12,997

Other	-		-		2,933	3,522

	-		-		2,933	3,522

	9,107		11,856	918,705	921,964

The changes in intangible assets are as follow s:

							Company
												Reversal
		03.31.20	Additions	Write-off		Amortization Impairment	09.30.20

Softw are
Licences	11,856	318	(264)	(2,944)		141	9,107

		11,856	318	(264)	(2,944)		141	9,107

					Company
		03.31.19	Additions	Amortization	09.30.19

Softw are
Licences	9,126	6,177	(3,235)		12,068

		9,126	6,177	(3,235)		12,068

							Consolidated
												Reversal
		03.31.20	Additions	Write-off		Amortization Impairment	09.30.20

Goodw ill

Biosev Bioenergia	494,079	-		-		-		-		494,079
Usinas Tavares de Melo	407,675	-		-		-		-		407,675
Ampla	3,691	-		-		-		-		3,691
Softw are
Licences	12,997	645		(374)	(3,194)		253		10,327
Other
Other	3,522	-		-		(589)		-		2,933

			921,964	645		(374)	(3,783)		253		918,705

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

			Consolidated
	03.31.19	Additions	Amortization	09.30.19

Goodw ill
Biosev Bioenergia	494,079	-		-		494,079
Usinas Tavares de Melo	407,675	-		-		407,675
Ampla	3,691	-		-		3,691
Softw are
Licences	9,726	7,155	(3,707)	13,174
Other
Other	4,489	-		(526)	3,963

	919,660	7,155	(4,233)	922,582

16. BORROWINGS AND FINANCING

		Weighted average
Description	Currency	financial charges		Maturity (*)

		Company
Collaterals	09.30.20 03.31.20

Advance on Foreign Exchange Contract (ACC) (a)

Export Prepayment - PPE (a)

Constitutional Fund to Finance the the Midw est - FCO

Finame

Export Credit Note and Bill - NCE

Offshore Loan (a)

Bank Credit Note - CCB

US$

Exchange rate change plus average interest rate of 5.37% p.a. Exchange rate change plus Libor plus average interest rate of 4% p.a.

Interest of 10% p.a.

Average interest rate of 9.63% p.a. and TLP + 4.92% p.a.

CDI plus average interest rate of 2% Exchange rate change plus Libor plus average interest rate of 5.75% p.a.

CDI plus average interest rate of 2%

As at 03.31.23

As at 03.25.23

As at 12.01.23

From 04.17.23 to 04.15.25

As at 04.29.22

As at 10.15.27

From 02.24.2021 to 03.30.23

Guarantee and promissory	1,844,701	1,625,953
note

Promissory note,	738,365	680,727
receivables and collateral

Guarantee, conditional sale	44,952	51,868
and receivables

Conditional sale, guarantee	34,727	38,370
and promissory note

Guarantee, promissory note	181,080	181,212
and collateral

Mortgage, credit rights and	289,603	285,479
collateral

Collection and assignment
of receivables	148,002		139,434
	3,281,430	3,003,043
Current liabilities	1,205,008	2,935,559
Non-current liabilities	2,076,422		67,484

(*) Refers to the last maturity date of the agreements.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020

(Amounts in thousands of Brazilian reais, unless otherw ise stated)

					Consolidated
		Weighted average
Description	Currency	financial charges	Maturity (*)	Collaterals	09.30.20	03.31.20

Restructured debt (ex-Debentures) - R$

Restructured debt - US$

Restructured debt (debenture) - R$ (a)

Advance on Foreign Exchange Contract - ACC (a)

Export Prepayment - PPE (a)/(b)

Constitutional Fund to Finance the Midw est - FCO

Finame

Export Credit Note and Bill - NCE

Offshore Loan (a)

Bank Credit Note - CCB

US$

CDI plus 1.72% p.a.

Exchange rate change plus Libor plus average interest rate of 2.47% p.a.

CDI plus 1.72% p.a.

Exchange rate change plus average interest rate of 5.40% p.a. Exchange rate change plus Libor plus average interest rate of 5.64% p.a.

Interest of 10% p.a.

Average interest rate of 9.55% p.a. and TLP + 4.92% p.a. CDI plus average

interest rate of 2.% p.a. Exchange rate change

plus Libor plus average interest rate of 5.75% p.a. CDI plus average interest rate of 2% p.a.

As at 07.10.24	Guarantee, receivables,	68,972	99,771
mortgage and shares

As at 07.10.23	Guarantee, receivables,	555,118	741,176
mortgage and shares

As at 07.10.24	Guarantee, receivables,	103,945	140,590
mortgage and shares

As at 03.31.23	Guarantee and promissory	4,008,405	3,642,512
note

	Guarantee, promissory
From 03.25.2023 to 04.30.23	note,receivables and	2,171,058	1,962,581
	collateral
As at 12.01.23	Guarantee, conditional sale	44,952	51,868
and receivables

From 04.15.21 to 04.15.25	Conditional sale, guarantee	68,908	76,802
and promissory note

As at 04.29.22	Guarantee, promissory note	181,080	181,212
and collateral

As at 10.15.27	Mortgage, credit rights and	289,603	285,479
collateral

From 02.24.2021 to 03.30.23	Collection and assignment
of receivables	148,001	139,434

		7,640,041	7,321,425
	Current liabilities	2,899,005	7,225,234
	Non-current liabilities	4,741,036	96,191

(*) Refers to the last maturity date of the agreements.

Net of commission costs and deferred expenses, in the amount of R$2,658, in Company, and R$8,364, in Consolidated, as at September 30, 2020 (R$2,755, in Company, and R$8,843, in Consolidated, as at March 31, 2020), monthly recorded in profit or loss through the maturity of such transaction.
Include export prepayments, contracted on January 9, 2015, by subsidiary Biosev Bioenergia International S.A. w ith the trade union of foreign financial institutions, in the amount of R$1,246,214 as at September 30, 2020 (R$1,150,301 as at March 31, 2020). These operations are collateralized by a set of assets for settlement. As at September 30, 2020, the foreign currency-denominated deposits comprise, together w ith the agricultural production (sugarcane) of specific units and sugar and ethanol inventories, the ratio of 133.07% of the obligations.

Non-current liabilities mature as follow s (crop year):

Company Consolidated

	09.30.20			09.30.20

October 2021 to March 2022	297,185		712,377
April 2022 to March 2023	1,567,201		3,474,794
April 2023 to March 2024	54,160		385,958
April 2024 to March 2025	43,088		50,040
April 2025 to October 2027		114,788		117,867

		2,076,422	4,741,036

The verification of compliance w ith the restrictive covenants occurs annually, at the close of Company's year. As at March

31, 2020, the Company has not achieved some financial covenants. How ever, the Company obtained the creditors' w aiver, that is, the Company is not obligated to comply w ith the financial covenants not performed on the balance sheet date and, therefore, the original maturity dates have been maintained.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

16.1 Changes in borrow ings and financing

Opening balance

Additions

Payment of principal

Interest, exchange rate changes and inflation adjustments and adjustment to fair value of loans, net

		Company	Consolidated
09.30.20			03.31.20			09.30.20	03.31.20
3,003,043	2,508,176			7,321,425	5,979,328
501,784	1,840,335			868,769	4,459,444
(478,754)	(1,961,531)			(1,145,481)	(4,733,209)
326,105	825,313			751,470	2,080,661

Payment of interest	(70,748)	(209,250)	(156,142)	(464,799)

Closing balance	3,281,430	3,003,043	7,640,041	7,321,425

17. TRADE PAYABLES

	Company	Consolidated

	09.30.20		03.31.20		09.30.20	03.31.20

Related parties (Note 20)
In Brazil	6,245	6,068	13,540	8,001
Abroad	98,929	89,808	4,533		4,494

	105,174	95,876	18,073	12,495

Third parties
In Brazil	238,038	215,843	681,769	662,534
Abroad	3,422	3,118	21,740	129,839

	241,460	218,961	703,509	792,373

	346,634	314,837	721,582	804,868

Current liabilities	342,181	309,104	716,891	798,903

Non-current liabilities	4,453	5,733	4,691		5,965

18. TAXES PAYABLE

	Company	Consolidated
	09.30.20		03.31.20		09.30.20		03.31.20

Payment in installments	33	125	2,057	2,137
Tax on Manufactured Products (IPI)	-		-		342	1,027
State VAT (ICMS)	767	6,916	773	8,152
Taxes on revenue (PIS and COFINS)	2,025	314	4,910	4,979
Social Security Tax (INSS)	6,981	3,867	12,977	11,083
Income tax (IRPJ) and social contribution (CSLL)	258	3,378	34,847	40,299
Withholding Income Tax (IRPF)	12,660	12,660	12,660	12,660
Other	13,022	12,555	13,021	13,316

	35,746	39,815	81,587	93,653

Current liabilities	17,422	21,314	63,263	75,152

Non-current liabilities	18,324	18,501	18,324	18,501

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

19. PROVISION FOR TAX, LABOR, CIVIL AND ENVIRONM ENTAL CONTINGENCIES

The Company is a party to various ongoing law suits involving tax, labor, civil and environmental matters arising in the normal course of business.

															Company
										Inflation						Written-offWritten-off
			03.31.20					adjustment	Additions			reversals	payments	09.30.20
Tax
Income tax (IRPJ) and social contribution (CSLL)		79			-				-			-		-			79
			79		-				-		-		-		79

Labor	84,919		2,025				11,663		(9,837)		(4,870)	83,900
Environmental	1,696		(38)			1,018		(263)		-		2,413
Civil	20,783		1,923				1,062		(301)		-		23,467
Criminal		605			(87)			-		(202)		-		316

				108,002			3,823				13,743			(10,603)		(4,870)	110,095

				108,081			3,823				13,743			(10,603)		(4,870)	110,174

															Company
										Inflation						Written-offWritten-off
			03.31.19					adjustment	Additions			reversals	payments	09.30.19

Tax
Income tax (IRPJ) and social contribution (CSLL)		76		1				-			-			-			77

				76		1				-			-			-		77

Labor	128,197		(7)				26,151		(28,557)		(508)		125,276
Environmental			1,468		237				3		(73)		-			1,635
Civil		8,338		1,399				5,850		(530)		-			15,057

				138,003		1,629				32,004		(29,160)		(508)		141,968

				138,079		1,630				32,004		(29,160)		(508)		142,045

															Consolidated
										Inflation						Written-offWritten-off
				03.31.20					adjustment	Additions			reversals	payments		09.30.20

Tax
IPI levied on sugar sales		17,785	54		-	-		-		17,839
PIS and COFINS	3,406	-			-	-		-		3,406
Income tax (IRPJ) and social contribution (CSLL)	2,852	-			-	-		-				2,852
Other		16			-			-		-		-			16

				24,059			54		-	-		-		24,113

Labor	227,868	4,703			44,092	(13,995)		(25,612)	237,056
Environmental	11,354	1,537			2,065	(304)		-		14,652
Civil	30,782	2,054			1,480	(627)		-		33,689
Criminal		605			(87)		-	(202)		-		316

				270,609			8,207			47,637		(15,128)		(25,612)	285,713

				294,668			8,261			47,637		(15,128)		(25,612)	309,826

															Consolidated
										Inflation						Written-offWritten-off
			03.31.19					adjustment	Additions			reversals	payments	09.30.19

Tax
IPI levied on sugar sales		17,584	113			-		-		-			17,697

PIS and COFINS	3,406	-				-		-		-			3,406
Income tax (IRPJ) and social contribution (CSLL)	2,850	2			-		-		-				2,852
Other		16		-				-			-		-				16
			23,856	115			-		-		-			23,971

Labor	236,368	2,058			65,395		(44,758)		(7,146)		251,917
Environmental	7,611	2,444			1,367		(474)		-			10,948
Civil		19,402		2,174			6,766		(1,122)		-			27,220

				263,381		6,676			73,528		(46,354)		(7,146)		290,085

				287,237		6,791			73,528		(46,354)		(7,146)		314,056

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

Contingencies - court or out-of-court claims classified as possible losses and not accrued

Tax

The tax claims (court and out-of-court) as at September 30, 2020, w ith an acknow ledged possible likelihood of loss and not accrued are show n in the table below :

		Company			Consolidated

	09.30.20			03.31.20		09.30.20	03.31.20

Tax	652,649	725,832	1,620,381	1,652,707

	652,649	725,832	1,620,381	1,652,707

Among the contingencies for w hich a provision has not been recognized and that have been assessed as possible loss is the collection of ICMS due to an alleged difference identified in inventories. Additionally, there is a discussion also involving ICMS on the reasonableness in levying ICMS on export of semi-finished products.

Civil, environmental and labor

The civil, environmental and labor claims (court and out-of-court) as at September 30, 2020, w ith an acknow ledged possible likelihood of loss and not accrued are show n in the table below :

		Company			Consolidated

	09.30.20			03.31.20		09.30.20	03.31.20

Civil	140,839	101,979	188,504	147,405
Environmental	33,621	12,278	96,829	74,433
Labor	73,096	76,297	126,986	126,742

		247,556	190,554	412,319	348,580

As at September	30, 2020, the Group w as a party to labor,	environmental and civil law suits w hose likelihood of loss is

considered possible based on the opinion of Group's legal counsel.

Labor claims are substantially related to (i) w orking hours; (ii) time in transit; (iii) additional premiums; (iv) refund of deductions, such as trade union fees; (v) contractual exclusivity; (vi) jointly-liability w ith service providers; (vii) occupational accidents and/or hazards/diseases; (viii) organizational climate; (ix) validity of the collective bargaining agreement, and ( x) compensation costs in relation to the items mentioned above.

Civil law suits basically refer to discussions involving contractual issues and occupational and/or traffic accidents, collection, possession issues and general indemnities.

Environmental law suits are substantially related to: (i) burn of sugarcane straw ; and (ii) alleged non-authorized intervention or damages in an area considered by environmental authorities as a permanent preservation area.

20. RELATED PARTIES

The information on related-party transactions has not significantly changed compared to the information disclosed in the financial statements as at March 31, 2020.

The related-party transactions described in the tables below refer basically to: (i) sales in the domestic and international markets at the price agreed betw een the parties, based on the market quotation; (ii) loan transactions; (iii) apportionment of costs relating to the shared facilities; (iv) provision of brokerage services involving derivative transactions; (v) commodit ies export performance operations; and (vi) lifting and sugar storage services.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

The tables below show the balances and transactions as at September 30, 2020 betw een the Company and its subsidiaries, w hich are consolidated in its balance sheet:

										Company
										Assets

Subsidiaries		Trade
	receivables			Loan		Total

Biosev Bioenergia International S.A.			216,880			-		216,880
Biosev Bioenergia S.A.			6,130			1,102				7,232
Biosev Comercializadora S.A.			3,311			4				3,315

09.30.20				226,321			1,106	227,427

Subsidiaries
Biosev Bioenergia International S.A.			132,489			-		132,489
Biosev Bioenergia S.A.			4,164			26,736	30,900
Biosev Comercializadora S.A.			3,334			-					3,334

03.31.20				139,987			26,736	166,723

																Company
																Liabilities

	Subsidiaries				Trade payables		Advances from
						(*)		customers (**)				Loan		Total

	Biosev Bioenergia International S.A.						102,252				910,861	3,323	1,016,436
	Biosev Bioenergia S.A.						2,617				-	-	2,617
	Sociedade Operadora Portuária de São Paulo S.A.				-				-		14,258	14,258

	09.30.20							104,869				910,861		17,581	1,033,311

	Subsidiaries
	Biosev Bioenergia International S.A.						95,932				814,736	-	910,668
	Biosev Bioenergia S.A.						4,134				-	-	4,134
	Sociedade Operadora Portuária de São Paulo S.A.				-				-		14,108	14,108

	03.31.20							100,066				814,736		14,108	928,910

As at September 30, 2020, the amount of R$3,222 (R$3,062 as at March 31, 2020) w as recorded in current liabilities, in line item "Other payables".

(**) As at September 30, 2020, the amounts of R$267,321 (R$12,232 as at March 31, 2020) and R$749,115 (R$802,505 as at March 31, 2020) w ere recorded in current liabilities and non-current liabilities, respectively.

											Company
											Profit (loss)
							Income									Expenses
Subsidiaries			Sales			Interest			Total	Purchases			Interest	Total

Biosev Bioenergia International S.A.	449,112		-		449,112				(1,206)	(113,845)	(115,051)
Biosev Bioenergia S.A.	31,920		-		31,920				(1,063)	(4)	(1,067)
Biosev Comercializadora S.A.	9,754		5	9,759				(2,087)	-		(2,087)
Sociedade Operadora Portuária de São Paulo S.A.	-		-		-					-		(317)	(317)

09.30.20	490,786		5	490,791				(4,356)	(114,166)	(118,522)

Subsidiaries
Biosev Bioenergia International S.A.	74,960		-		74,960				(325)	(66,219)	(66,544)
Biosev Bioenergia S.A.	7,089		1,826	8,915				(519)	-		(519)
Biosev Comercializadora S.A.	17,730		138	17,868				-		-		-
Sociedade Operadora Portuária de São Paulo S.A.		-			-			-					-	(392)	(392)

09.30.19		99,779			1,964	101,743				(844)	(66,611)	(67,455)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

The tables below show the balances and transactions as at September 30, 2020 betw een the Company and other related parties:

							Company
							Assets

							Trade			Advances to
		Derivatives (*)		receivables			suppliers				Total
Companies under common control
Louis Dreyfus Company Suisse S.A.	-		13,838	-	13,838
Louis Dreyfus Company Brasil S.A.	-		-		316,799	316,799
Term Commodities Inc.	31,868		-		-	31,868

09.30.20		31,868		13,838	316,799	362,505


Companies under common control
Louis Dreyfus Company Suisse S.A.	-		1,014	-	1,014
Louis Dreyfus Company Brasil S.A.	-		-		885,170	885,170
Term Commodities Inc.	19,112		-		-	19,112
03.31.20		19,112				1,014			885,170			905,296

							Consolidated
							Assets

							Trade			Advances to
		Derivatives (*)		receivables			suppliers				Total
Companies under common control
Louis Dreyfus Company Brasil S.A.	-				95			743,052			743,147
LDC Ethanol Interior Merchandising	-				98			-			98
Louis Dreyfus Company Suisse S.A.	-				178,408			-			178,408
Term Commodities Inc.	31,868					348				-				32,216

09.30.20		31,868					178,949				743,052		953,869

Companies under common control
Louis Dreyfus Company Brasil S.A.	-				-			2,506,685		2,506,685
LDC Ethanol Interior Merchandising	-				91			-			91
Louis Dreyfus Company Suisse S.A.	-				2,153			-			2,153
Term Commodities Inc.	19,112				261				-			19,373

03.31.20		19,112					2,505					2,506,685			2,528,302

As at September 30, 2020, the amount of R$31,868 (R$19,112 as at March 31, 2020) w as recorded in line item "Short- term investments", relating to margin deposits in derivative transactions.

					Company
					Liabilities

					Trade		Advances from
		Derivatives		payables		customers			Total
Companies under common control
Louis Dreyfus Company Brasil S.A.	-		573	-	573
Louis Dreyfus Company Suisse S.A.	-		-	351,978	351,978
Term Commodities Inc.		2,150	-	-	2,150

		2,150	573	351,978	354,701
Jointly-controlled entity
TEAG - Terminal Exp. Açúcar Guarujá Ltda.	-			3,055		-		3,055
		-			3,055		-		3,055
09.30.20	2,150		3,628	351,978	357,756
Companies under common control

Louis Dreyfus Company Brasil S.A.	-		185	-	185
Louis Dreyfus Company Suisse S.A.	-		-	878,580	878,580
Term Commodities Inc.		6,585	-	-	6,585

		6,585	185	878,580	885,350
Jointly-controlled entity
TEAG - Terminal Exp. Açúcar Guarujá Ltda.	-			1,749		-		1,749
		-			1,749		-		1,749
03.31.20		6,585			1,934		878,580		887,099

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

						Company
						Profit (loss)

				Income						Expenses
				Interest and						Interest and
				exchange rate		Total				exchange rate	Total
		Sales	changes		income		Sales		changes	expenses

Companies under common control
Louis Dreyfus Company Brasil S.A.	-		-	-	(847,689)	-		(847,689)
Louis Dreyfus Company Suisse S.A.	988,247	-	988,247	-		-		-
Macrofértil Indústria e Comércio de Fertilizantes Ltda.	-		-	-	(105)	-		(105)
Term Commodities Inc.		-		-		-		(9,084)	-	(9,084)

		988,247	-	988,247	(856,878)	-		(856,878)
Jointly-controlled entity
Teag-Terminal Exp. Açúcar Guarujá Ltda.	-		-	-	(3,534)	-		(3,534)

09.30.20	988,247	-	988,247	(860,412)	-		(860,412)


Companies under common control
Louis Dreyfus Company Brasil S.A.	-		5,144	5,144	(784,149)	-		(784,149)
Louis Dreyfus Company Suisse S.A.	778,428	-	778,428	-		(4,984)		(4,984)
Term Commodities Inc.		-		-		-		(3,756)	-	(3,756)

		778,428	5,144	783,572	(787,905)	(4,984)		(792,889)
Jointly-controlled entity

Teag-Terminal Exp. Açúcar Guarujá Ltda.	-		-	-	(1,607)	-		(1,607)

09.30.19		778,428	5,144	783,572	(789,512)	(4,984)		(794,496)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

			Consolidated
			Profit (loss)
		Income			Expenses
		Interest and			Interest and
		exchange rate	Total		exchange rate	Total
	Sales	changes	income	Sales	changes	expenses
Companies under common control
LDC Trading and Services Co.S.A.	-	-	-	(601)	(13)	(614)
Louis Dreyfus Company Brasil S.A.	731	-	731	(2,095,500)	-	(2,095,500)
Louis Dreyfus Company Suisse S.A.	3,600,685	23,010	3,623,695	(234,150)	-	(234,150)
Macrofértil Indústria e Comércio de Fertilizantes Ltda.	-	-	-	(185)	-	(185)
Term Commodities Inc.	-	32	32	(9,294)	-	(9,294)
	3,601,416	23,042	3,624,458	(2,339,730)	(13)	(2,339,743)
Jointly-controlled entity
Teag-Terminal Exp. Açúcar Guarujá Ltda.	-	-	-	(16,747)	-	(16,747)
09.30.20	3,601,416	23,042	3,624,458	(2,356,477)	(13)	(2,356,490)

Companies under common control
Louis Dreyfus Company Ethanol Merchandising LLC	-	1	1	-	-	-
LDC Trading and Services Co.S.A.	-	-	-	(829)	(2)	(831)
Louis Dreyfus Company Brasil S.A.	395	21,546	21,941	(877,885)	-	(877,885)
Louis Dreyfus Company Suisse S.A.	1,628,898	-	1,628,898	(3,983)	(24,616)	(28,599)
Macrofértil Indústria e Comércio de Fertilizantes Ltda.	-	-		(674)	-	(674)
Term Commodities Inc.	-	6	6	(4,177)	-	(4,177)
	1,629,293	21,553	1,650,846	(887,548)	(24,618)	(912,166)
Jointly-controlled entity
Teag-Terminal Exp. Açúcar Guarujá Ltda.	-	-	-	(14,783)	(150)	(14,933)
	-	-	-	(14,783)	(150)	(14,933)
09.30.19	1,629,293	21,553	1,650,846	(902,331)	(24,768)	(927,099)

a) Compensation of key management personnel

The compensation of officers and other key management personnel for the period is as follow s:

Company and Consolidated

Three-month period Six-month period

endedended

09.30.20 09.30.19 09.30.20 09.30.19

Short-term benefits	922	1,109	7,562	7,562
Long-term benefits	-		-		2,302	1,458

	922		1,109	9,864	9,020

The short-term benefits of key management personnel comprise salaries, social security contributions, pension fund contributions, social charges, profit sharing and short-term performance bonus. Long-term benefits include performance bonus and deferred benefits that expired in each financial statement.

21. EQUITY

Capital

The changes in capital are as follow s:

	Com m on	In thousands of Brazilian reais - R$

	shares		Capital	Capital reserve

03.31.20	1,020,429,426		6,077,674	1,353,937

09.30.20	1,020,429,426		6,077,674	1,353,937

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

22. NET REVENUE AND COST OF SALES AND SERVICES

						Company										Consolidated
		Three-month period		Six-month period		Three-month period		Six-month period
		ended		ended		ended		ended
	09.30.20			09.30.19			09.30.20			09.30.19			09.30.20			09.30.19	09.30.20	09.30.19
Gross revenue

Domestic market
Sugar	74,882	39,406	122,591	55,869	94,483	60,686	155,329	100,268
Ethanol	182,150	421,613	298,051	846,715	281,268	671,498	527,624	1,387,248
Energy	62,611	67,116	116,619	120,108	157,954	106,970	288,724	229,130
Other		2,630	4,703	3,023	5,641	13,879	21,334	26,381	26,950

		322,273	532,838	540,284	1,028,333	547,584	860,488	998,058	1,743,596
Foreign market
Sugar	357,507	94,723	570,561	129,212	1,180,025	413,723	1,828,263	666,529
Ethanol	35,536	1,128	49,386	1,128	321,537	147,182	554,423	233,411
Other (a)		605,912	248,669	1,121,112	778,428	999,682	248,667	2,396,850	872,207

		998,955	344,520	1,741,059	908,768	2,501,244	809,572	4,779,536	1,772,147

	1,321,228	877,358	2,281,343	1,937,101	3,048,828	1,670,060	5,777,594	3,515,743

Taxes (b)	(23,056)		(56,873)		(46,110)		(114,280)		(54,464)		(116,141)		(112,317)		(242,657)
Sales rebates		(290)		(1,025)		(1,521)		(1,325)		(9,761)		(1,460)		(11,048)		(2,263)

Net revenue		1,297,881	819,460	2,233,711	1,821,496	2,984,603	1,552,459	5,654,229	3,270,823

Cost of sales and services (c)
Domestic market
Sugar	(65,161)		(28,423)		(102,594)		(47,661)		(77,291)		(38,192)		(126,148)		(68,553)
Ethanol	(128,072)		(292,300)		(242,023)		(601,781)		(177,832)		(440,728)		(412,675)		(967,470)
Energy	(10,954)		(16,009)		(21,620)		(29,456)		(74,395)		(34,710)		(145,669)		(109,233)
Other		(5,320)		(267)		(7,111)		(1,602)		(15,433)		(10,629)		(33,693)		(18,517)

		(209,507)		(336,999)		(373,348)		(680,500)		(344,951)		(524,259)		(718,185)		(1,163,773)
Foreign market
Sugar (d)	(252,951)		(66,285)		(392,237)		(97,373)		(906,333)		(445,756)		(1,430,954)		(670,129)
Ethanol (d)	(22,500)		(3,576)		(33,975)		(3,576)		(235,500)		(173,598)		(404,198)		(262,387)
Other (a)		(604,277)		(249,170)		(1,142,752)		(783,780)		(1,002,111)		(249,167)		(2,407,841)		(877,516)

		(879,728)		(319,031)		(1,568,964)		(884,729)		(2,143,944)		(868,521)		(4,242,993)		(1,810,032)

Gains on changes in fair value less
estimated costs to sell biological assets
Sugar	241,750	18,995	345,303	28,997	351,476	33,639	475,383	53,481
Ethanol		114,428	59,343	187,924	120,849	169,239	68,326	259,161	141,881

		356,178	78,338	533,227	149,846	520,715	101,965	734,544	195,362

		(733,057)		(577,692)		(1,409,085)		(1,415,383)		(1,968,180)		(1,290,815)		(4,226,632)		(2,778,443)

Amounts relating to the export of commodities.
Include government grants, w hich reduced the taxable base on sales by R$37,833, in Company, in the period ended September 30, 2020 (R$59,024 as at September 30, 2019).
Include PIS and COFINS credits in the amount of R$5,824, in Company, and R$10,435, in Consolidated, in the period

ended September 30, 2020 (R$27,290 and R$81,267, as at September 30, 2019, respectively), as prescribed by article 3, of Law 10637/02, w hich addresses the non-cumulativeness of PIS/PASEP; and article 3, of Law 10833/03, w hich addresses the non-cumulativeness of COFINS.

Include REINTEGRA credits, in the amount of R$607, in Company, and R$2,243, in Consolidated, in the period ended September 30, 2020 (R$2,380 and R$3,016, as at September 30, 2019, respectively), as set forth in article 21, of Law 13043,

of November 13, 2014, w hich addresses the REINTEGRA reintroducing.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

23. EXPENSES BY NATURE

The information on the nature of cost of sales and services and general, administrative and selling expenses is as follow s:

			Company						Consolidated
	Three-month period		Six-month period		Three-month period		Six-month period
	ended		ended		ended		ended
	09.30.20	09.30.19	09.30.20	09.30.19	09.30.20	09.30.19	09.30.20	09.30.19
Cost of sales and services
Personnel (*)	(69,087)	(56,201)	(118,250)	(120,855)	(162,239)	(120,573)	(279,948)	(235,191)
Depreciation and amortization (**)	(318,487)	(275,331)	(536,618)	(508,694)	(630,186)	(548,869)	(1,078,429)	(979,213)
Raw materials and inputs, net of taxes:
Raw materials	(82,955)	(59,786)	(112,656)	(114,428)	(421,496)	(311,868)	(652,921)	(542,856)

Inputs and services	(8,525)	(6,447)	(22,466)	(11,240)	(26,446)	(27,071)	(72,339)	(58,730)
Products for resale	(610,181)	(258,265)	(1,152,322)	(810,012)	(1,248,526)	(384,399)	(2,877,539)	(1,157,815)

	(701,661)	(324,498)	(1,287,444)	(935,680)	(1,696,468)	(723,338)	(3,602,799)	(1,759,401)

Gains on changes in fair value less estimated costs to sell biological assets	356,178	78,338	533,227	149,846	520,715	101,965	734,544	195,362


	(733,057)	(577,692)	(1,409,085)	(1,415,383)	(1,968,180)	(1,290,815)	(4,226,632)	(2,778,443)


General, administrative and selling expenses
Personnel (*)	(14,162)	(16,796)	(20,279)	(42,497)	(31,813)	(33,093)	(63,881)	(76,092)
Depreciation	(2,574)	(3,048)	(5,408)	(5,777)	(5,217)	(6,012)	(10,723)	(11,823)
Freight	(34,404)	(12,932)	(50,177)	(18,905)	(88,723)	(57,448)	(143,531)	(84,359)
Services	(9,712)	(14,725)	(22,099)	(26,459)	(22,794)	(27,921)	(54,290)	(47,444)
Shipping expenses	(3,823)	(2,153)	(4,682)	(2,412)	(21,382)	(15,781)	(44,301)	(21,173)
Other	(1,874)	(4,723)	(6,404)	(10,964)	(5,623)	(11,343)	(13,493)	(19,944)

	(66,549)	(54,377)	(109,049)	(107,014)	(175,552)	(151,598)	(330,219)	(260,835)

(*) As at September 30, 2020, the personnel expenses, in Company and Consolidated, comprise R$135,117 and R$336,197, respectively (R$159,222 and R$303,051 as at September 30, 2019), and R$3,411 and R$7,632 (R$4,130 and R$8,232 as at September 30, 2019) relating to INSS contribution, respectively.

(**) Includes biological asset and agricultural produce.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

24. FINANCE INCOME (EXPENSES)

						Company										Consolidated
		Three-month period		Six-month period		Three-month period		Six-month period
		ended		ended		ended		ended

Finance income	09.30.20			09.30.19			09.30.20			09.30.19			09.30.20			09.30.19	09.30.20	09.30.19
Discounts obtained	243	327	685	351	244	768	1,046	937
Revenue from fixed income short-term investments	152	946	966	3,587	626	2,382	2,412	7,935
Interest	2,496	4,763	6,383	8,423	3,610	4,522	9,034	9,849
Other		1,674	77	1,713	920	2,573	1,059	3,073	2,977

		4,565	6,113	9,747	13,281	7,053	8,731	15,565	21,698

Finance costs
Interest	(75,564)		(137,607)		(157,334)		(211,392)		(147,544)		(219,859)		(304,480)		(365,784)
Discounts granted	(1)		-		(1)		(37)		(1)		-		(8)		(37)
Tax on Financial Transactions (IOF)	(1,300)		(261)		(2,133)		(767)		(4,284)		(2,114)		(5,652)		(3,595)
Tax on Financial Transactions (IOF) - loan	-		(57)		-		(64)		-		(1,143)		(173)		(2,252)
Other	(530)		(112)		(1,112)		(245)		(1,101)		(2,984)		(2,488)		(3,386)
Taxes on revenue (PIS and COFINS) on finance income		(188)		(184)		(385)		(505)		(360)		(393)		(710)		(970)

		(77,583)		(138,221)		(160,965)		(213,010)		(153,290)		(226,493)		(313,511)		(376,024)


Derivatives

Commodities derivatives - Commercial transactions	(307,753)		(29,225)		(350,933)		22,758	(6,801)		(26,914)		(1,779)		(7,199)
Commodities derivatives - Financial transactions	53,567	(30,212)		99,727	(40,952)		53,567	(30,212)		99,727	(40,952)
Interest rate derivatives - Libor sw ap	-		-		-		-			(3,041)		(976)		(4,847)		(672)

	(254,186)		(59,437)		(251,206)		(18,194)			43,725	(58,102)		93,101	(48,823)


Exchange rate changes	(107,743)		(224,432)		(279,072)		(183,566)		(209,931)		(462,731)		(593,359)		(386,447)

Finance costs	(434,947)		(415,977)		(681,496)		(401,489)		(312,443)		(738,595)		(798,204)		(789,596)

25.	OTHER OPERATING INCOME (EXPENSES)

									Company									Consolidated
				Three-month period		Six-month period			Three-month period
				ended			ended				ended			Six-month period ended
			09.30.20				09.30.19			09.30.20			09.30.19				09.30.20	09.30.19	09.30.20	09.30.19
Recognition of provision for tax, labor, civil and environmental contingencies	4,216	2,448	1,730	(2,336)		1,745	(4,658)		(6,897)		(20,028)
Contratual fines and indemnities	(7,528)		(11,122)		(11,807)		(19,213)		(20,897)		(30,015)		(36,278)		(46,651)
Tax expenses	(1,133)		(948)		(2,255)		(3,023)		1,484	(4,185)		(1,784)		(5,751)
Reversal of impairment of fixed assets	2,872	179	3,013	555	3,918	272	4,178	1,976
Gains (losses) on sale of property, plant and equipment	(5,179)		(99)		(5,094)		405	(4,505)		1,006	(3,641)		6,434
Investments sold	-		(3,767)		-		(3,767)		-		(3,767)		-		(3,767)
Impairment of assets held for sale	-		74,331	119	53,271	-		74,385	119	53,271
Reversal (recognition) of estimated losses on doubtful accounts	31	130	24	(259)		180	133	411	(457)
Law suit - Instituito do Acucar e do Alcool - IAA	-		(1,438)		-		(1,438)		-		31,660	-		31,660
Provision for other losses	10	(4)		(17)		(126)		108	(2,852)		(3,654)		(61,592)
Untimely PIS and COFINS credits	-		18,110	-		18,110	-		65,101	-		65,101
Other operating expenses, net		353	(8,883)		1,367	(7,917)		1,344	(6,406)		2,905	(4,647)

Total other operating income (expenses), net		(6,358)		68,937	(12,920)		34,262	(16,623)		120,674	(44,641)		15,549

Total other operating income		5,456		78,062		11,804		81,559		8,757		164,224		17,171		172,633

Total other operating expenses		(11,814)		(9,125)		(24,724)		(47,297)		(25,380)		(43,550)		(61,812)		(157,084)

26. LOSS PER SHARE

The basic and diluted loss per share w as calculated based on the loss attributable to the Biosev's ow ners divided by the w eighted average number of outstanding common shares in the period.

Company

Six-month period ended

09.30.20 09.30.19

Consolidated

Six-month period ended

09.30.20 09.30.19

Profit (loss) for the period attributable to the Company's ow ners	142,384	(473,074)	142,384	(473,074)
Weighted average number of shares used to calculate basic and diluted	492,353,418		410,939,847	492,353,418	410,939,847
earnings per share

Total basic and diluted earnings (loss) per share	0.28919		(1.15120)	0.28919	(1.15120)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

27. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

I - Risk management

The Company is exposed to risks arising from its operations and considers market, credit, liquidity, and capital risks as the most significant risks to w hich it is exposed.

The objective of the Company's risk management program is to hedge its results against fluctuations in sugar, ethanol and electric pow er prices, foreign exchange and interest rates. These risks are managed using hedging financial instruments

available in	the financial market, such as: sw aps and interest	rate futures; currency forw ards, futures and options; and
commodity	forw ards, swaps, futures and options. Transactions	carried out in the over-the-counter market are contracted

through low -risk domestic and foreign banks. Transactions contracted on the stock exchange market are mainly traded in futures and options markets at the New York Commodities Exchange (NYSE: ICE), Chicago Commodities Exchange (NYSE: CME) and Brasil Bolsa Balcão (B3).

The use of these instruments is guided by the Financial and Risk Management Policy approved and review ed by the Board of Directors on January 13, 2020. Additionally, the Company does not carry out transactions w ith any type of leverage, as w ell as does not have transactions w ith exotic derivatives.

The risk management policies, practices and instruments are oversight by the Executive Committee and the Strategic Committee (the body that supports the Company's Board of Directors).

The Executive Committee has the follow ing responsibilities before the Board of Directors: (i) monitor the compliance w ith the policy and report eventual non-compliances; (ii) inform about the indebtness of the Company and its subsidiaries, as w ell as the related debt instruments; (iii) inform about the burdens on the assets of the Company and its subsidiaries; and (iv) monitor the risk management instruments of the Company and its subsidiaries.

The Risk Management Department is subject to the Chief Financial Officer and is responsible for the calculation, measurement, analysis and monitoring of the exposure, by issuing daily reports based on w hich the necessary corrective measures are taken. It is also responsible for monitoring the compliance w ith the risk management policies.

27.1 Market risk

The Company is mainly exposed to	risks related to foreign exchange,	interest rate and agricultural commodit y price
fluctuations. In order to hedge	against these market risks, the Company	uses various derivative financial instruments ,
including:

	Foreign exchange			Price		Interest
1)	Futures - B3 (DDI/DI1/DOL);		1)	Sugar futures - NY11/Ethanol futures - B3;	Interest swap
2)	Forwards;		2)	Swap/Forwards - OTC (sugar);

3)	Options - B3.		3)	Options - OTC (sugar).

The parameters used to manage these risks are based on hedging strategy monitoring tools, such as sensitivity analysis, stress tests, and a hedging scale, aimed at securing the future amount of sugar and ethanol sales, including the effects from foreign exchange rate, as w ell as interest rate exposure.

As at September 30, 2020, the assets and liabilities	relating to the derivative transactions are broken dow n as follow s:

				Company				Consolidated
09.30.20		03.31.20		09.30.20		03.31.20

	Exchange risk management (Note 27.1.1)	(117,828)	(343,960)	(117,828)	(343,959)
	Interest rate risk management (Note 27.1.2)	-		-		(26,733)	(27,963)
	Agricultural commodity risk management (Note 27.1.3)		(2,635)	(5,441)	(55,995)	50,155

				(120,463)	(349,401)	(200,556)	(321,767)

	Current assets		143,550	225,787	143,550	225,787

	Non-current assets		-			-			-		55,885

	Current liabilities		(264,013)	(575,188)	(332,766)	(586,843)

	Non-current liabilities		-			-			(11,340)	(16,596)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

27.1.1 Foreign exchange risk management

Because the Company's functional currency is the Brazilian real (R$), the foreign currency -denominated operations are exposed to the foreign exchange risk. Foreign exchange positions are managed based on the Financial and Ris k Management Policy, approved by the Company's Board of Directors on January 13, 2020. The Company carries out transactions w ith currency derivatives in order to reduce variability in its profit or loss due to the exis tence of US dollar denominated net cash flow s fromexports, costs and debts.

The Company may also contract derivative financial instruments to hedge its foreign exchange exposure that may impac t assets and liabilities, as set forth in the policy.

The Company carries out transactions w ith interest rate derivatives traded on the B3 (one -day DI futures) in order to supplement foreign exchange rate hedges contracted under foreign exchange contracts traded on said exchange - future dollar financial instruments (DOL) and exchange coupon futures (DDI)). The consolidated use of such future contracts aims at having effects like those of one single DOL futures contract. This strategy is adopted by the Company w ithout leverage. This is necessary because an individually traded DOL future contract does not have significant liquidity for terms above three months and, therefore, could not meet the Company's foreign exchange hedging requirements.

This practice is regulated by the B3 and has been w idely disseminated among future market participants in Brazil for over a decade.

The table below show s the Company's NDF, DOL, DI and DDI forw ard currency sale instruments, used for purposes of hedging foreign exchange risk and respective results:

										Company and Consolidated
										Notional value
			Average exchange rate	Foreign currency	Domestic currency (*)	Fair value
			09.30.20		03.31.20			09.30.20		03.31.20		09.30.20		03.31.20		09.30.20		03.31.20
								(Sale) purchase	(Sale) purchase
Outstanding forw ard contracts - NDF US Dollar
Hedge Accounting - Cash Flow
Sale	5.3981	4.2685		(313,354)	(380,500)		(1,691,519)	(1,624,177)		(81,013)	(359,644)
Purchase	5.2216	-			44,805	-		233,952	-		19,021	-

								(268,549)	(380,500)		(1,457,567)	(1,624,177)		(61,992)	(359,644)
Non- Hedge Acccounting
Sale	4.9894	4.6227		(276,857)	(314,500)		(1,381,337)	(1,453,833)		(179,990)	(190,392)
Purchase	5.4121	4.7351		525,406	425,000		2,843,550	2,012,401		124,151	205,822

								248,549	110,500	1,462,213	558,568	(55,839)	15,430
Futures B3 - Non-hedge Accounting
DOL - dollar futures	5.6407	5.1987		38,250	54,750	215,757	284,629	6	1,443
DDI - future exchange coupon						(19,097)	(85,160)		(107,723)	(442,721)		(137)	(1,511)
DI - 1 day:						(115,521)	70,725	(651,621)	367,677	134	322

								(96,368)	40,315		(543,587)	209,585		3	254

																(117,828)	(343,960)

(*) Convenience conversion.

27.1.2 Interest rate risk management

The Company uses Libor derivatives to hedge against interest rate fluctuations. These derivatives are traded on the Brazilian over-the-counter market w ith low -risk banks as counterparties and are registered w ith CETIP S.A. - Balcão Organizado de Ativos e Derivativos (Brazilian organized OTC market), as required by prevailing legislation.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

The table below show s the Company's Libor sw ap instruments w ith receipt of Libor interest and payment of fixed rates and presents the derivatives used for purposes of hedging Libor interest risk and respective results:

										Consolidated
										Notional value
		Fixed average rate - %				Foreign currency			Domestic currency (*)			Fair value
		09.30.20	03.31.20	09.30.20		03.31.20				09.30.20		03.31.20		09.30.20	03.31.20
Hedge Accounting
Outstanding position:
Less than 1 year	3.15%	3.15%	39,967	39,967		225,440	207,775		(15,393)	(11,367)
1 to 2 years	3.15%	3.15%	39,967	39,967		225,440	207,775		(8,876)	(10,659)
2 to 5 years	3.15%	3.15%		16,035	56,002		90,448	291,136		(2,464)	(5,937)

						95,969	135,936		541,328	706,686		(26,733)	(27,963)

(*) Convenience conversion.

27.1.3 Agricultural commodity risk management

The Company carries out transactions w ith commodity derivatives (sugar and ethanol) in order to reduce the impact of the

changes in the market prices considering that these changes may significantly affect the Company's future sales value. These risks are managed according to the Company's Financial and Ris k Management Policy and the hedge strategy monitoring tool w hich determines the hedge volume and timeframe.

The Company's sw aps, forw ards, futures and options in the period used for commodity risk hedging and the related results are as follow s:

									Company
					Notional value

			Foreign currency			Domestic currency (*)				Fair value
	09.30.20		03.31.20				09.30.20		03.31.20			09.30.20		03.31.20
Sugar futures - ICE
Hedge Accounting - Cash Flow	(198,996)	(138,660)			(1,122,479)	(720,852)		(6,243)	(2,026)
Hedge Accounting - Fair Value	132,652	132,652			748,250	689,618		4,245	1,600
Non- Hedge Acccounting		(3,515)	(5,365)			(19,826)	(27,889)		(45)	(6,159)

		(69,859)	(11,373)			(394,055)	(59,123)		(2,043)	(6,585)
Sugar options - ICE
Non- Hedge Acccounting		(19)	2,359			(107)	12,264		(107)	606

		(19)	2,359			(107)	12,264		(107)	606
Sugar options - OTC
Non- Hedge Acccounting		-		(10,545)			-		(54,820)		-		(836)

		-		(10,545)			-		(54,820)		-		(836)
NDF sugar - OTC
Non- Hedge Acccounting		-		(9,822)			-		(51,062)		-		1,156

		-		(9,822)			-		(51,062)		-		1,156
Ethanol futures - B3
Non- Hedge Acccounting		22,564	(425)			127,278	(2,211)		(485)	218

		22,564	(425)			127,278	(2,211)		(485)	218

															(2,635)	(5,441)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

									Consolidated
					Notional value

			Foreign currency			Domestic currency (*)			Fair value
	09.30.20		03.31.20				09.30.20		03.31.20			09.30.20		03.31.20
Sugar futures - ICE
Hedge Accounting - Cash Flow	(198,996)	(138,660)			(1,122,479)	(720,852)		(6,243)	(2,026)
Hedge Accounting - Fair Value	132,652	132,652			748,250	689,618		4,245	1,600
Non- Hedge Acccounting		(3,515)	(5,365)			(19,826)	(27,889)		(45)	(6,159)

		(69,859)	(11,373)			(394,055)	(59,123)		(2,043)	(6,585)
Sugar Sales Agreements
Hedge Accounting - Fair Value		(132,652)	(132,652)			(748,250)	(689,618)		(53,360)	55,885

		(132,652)	(132,652)			(748,250)	(689,618)		(53,360)	55,885
Sugar options - ICE
Non- Hedge Acccounting		(19)	2,359			(107)	12,264		(107)	606

		(19)	2,359			(107)	12,264		(107)	606
Sugar options - OTC
Non- Hedge Acccounting		-		(14,035)			-		(72,964)		-		(1,125)

		-		(14,035)			-		(72,964)		-		(1,125)
NDF sugar - OTC
Non- Hedge Acccounting		-		(9,822)			-		(51,062)		-		1,156

		-		(9,822)			-		(51,062)		-		1,156
Ethanol futures - B3
Non- Hedge Acccounting		22,564	(425)			127,278	(2,211)		(485)	218

		22,564	(425)			127,278	(2,211)		(485)	218

															(55,995)	50,155

(*) Convenience conversion.

27.2 Credit risk

The credit risk is managed through the careful analysis of the customer portfolio, the definition of credit limits, and the ongoing control of outstanding positions. In conformity w ith the Company's credit policy, using a risk assessment methodology, the Company adopted balanced scorecard techniques. The Company adopts hedging instruments, such as collaterals, pledges and guarantees, to mitigate potential credit exposures. Historically, the Company does not record significant losses in trade receivables.

27.3 Liquidity risk

The Company operates w ith a liquidity level considered enough for its operations and uses a few sources of funds to finance its activities. In order to cover possible liquidity deficiencies or mismatches betw een cash and cash equivalents w ith short- term maturities, the Company has good relationship w ith first-class banks, in Brazil or abroad, as w ell as a credit line w ith its parent. Moreover, the products manufactured by the Company are highly liquid and can be easily sold to generate cash or also be provided as a guarantee for financial transactions. In addition, part of the investments, especially those related to sugarcane plantation treatments, is supported by short-term financing and w ill be realized in the follow ing harvest campaign.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

27.3.1 Liquidity and interest rate tables

The tables below show in detail the expected maturity of the Group's financial liabilities:

				Company
		Less than 1	1 to 5 years	Over 5 years	Total
As at September 30, 2020
Borrow ings and financing	1,205,008		1,961,634		114,788		3,281,430
Lease liability	199,746		479,100		99,484		778,330
Derivative financial instruments	264,013		-			-				264,013
Trade payables	342,181		4,453		-				346,634
Accrued payroll and related taxes	63,381		-			-				63,381
Taxes payable	17,422		18,324		-				35,746
Other payables	52,030		71,061		-				123,091

		2,143,781		2,534,572		214,272		4,892,625

As at March 31, 2020
Borrow ings and financing	2,935,559		67,484		-				3,003,043
Lease liability	215,257		444,809		72,048		732,114
Derivative financial instruments	575,188		-			-				575,188
Trade payables	309,104		5,733		-				314,837
Accrued payroll and related taxes	47,218		-			-				47,218
Taxes payable	21,314		18,501		-				39,815
Other payables	80,594		86,047		-				166,641

		4,184,234		622,574		72,048		4,878,856

				Consolidated
		Less than 1		1 to 5 years			Over 5 years			Total
As at September 30, 2020
Borrow ings and financing	2,899,005		4,623,169			117,867				7,640,041
Lease liability	495,857		1,093,746			182,186				1,771,789
Derivative financial instruments	332,766		11,340			-				344,106
Trade payables	716,891		4,691			-				721,582
Accrued payroll and related taxes	125,848		-			-				125,848
Taxes payable	63,263		18,324			-				81,587
Other payables	76,327		145,942			-				222,269

		4,709,957		5,897,212			300,053				10,907,222

As at March 31, 2020
Borrow ings and financing	7,225,234		96,191			-				7,321,425
Lease liability	498,932		1,029,154			153,183				1,681,269
Derivative financial instruments	586,843		16,596			-				603,439
Trade payables	798,903		5,965			-				804,868
Accrued payroll and related taxes	90,483		-			-				90,483
Taxes payable	75,152		18,501			-				93,653
Other payables	118,051		167,247			-				285,298

		9,393,598		1,333,654			153,183				10,880,435

27.4 Capital risk

The Company manages its capital structure in order to safeguard a continuous return to the Company's shareholders. Company monitors capital through financial leverage index analysis; these indexes include adjusted net debt to adjusted EBITDA ratio. In turn, the net debt corresponds to total borrow ings and financing (including short- and long-term borrow ings and financing), less cash, cash equivalents, short-term investments and highly liquid inventory (ethanol, sugar and allow ance for negative inventory margin).

The Company allocates the Libor sw ap contracts (see Note 27.1.2) to the adjusted net debt for capital risk analysis purposes.

The Company may change its capital structure, in conformity w ith economic and financial conditions, aiming at optimizing its financial leverage and/or debt management.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

27.5 Margin calls

Derivative transactions in commodity exchanges (ICE and B3) require an initial margin call in guarantee.

To trade on the ICE, the margin call required, as at September 30, 2020, is R$30,457 (R$7,376 as at March 31, 2020), fully deposited by the Company's in cash, through fiduciary agent Term Commodities Inc., a company under common control.

To trade on the B3, the margin call required, as at September 30, 2020, is R$26,139	(R$26,502 as at March	31, 2020),
deposited as Bank Deposit Certificate (CDB), in the amount of R$10,000 and R$16,139,	in current account.
As at September 30, 2020, the Company's transactions in the over -the-counter market	did not require an initial	margin call
in guarantee.

27.6 Categories of financial instruments

The financial instruments recorded in the balance sheet, such as cash and cash equivalents and borrow ings and financing, are stated at contractual values, w hich approximate their fair values due to their short terms and/or characteristics.

The fair value of financial instruments not traded in active markets (for example, over -the-counter derivatives) is determined using valuation techniques. The Company uses several methods and makes assumptions that are based on existing market conditions at the end of the interim financial statements. The fair value of foreign exchange forw ards is determined based on forw ard exchange rates quoted at the end of the interim financial statements.

The use of different market inputs and/or valuation techniques might result in amounts different from the recognized realizable value of financial instruments.

	Classification		Company		Consolidated

	CPC 48 / IFRS 9	09.30.20	03.31.20	09.30.20	03.31.20

Financial assets:
Cash and cash equivalents (Note 3)	Amortized cost	142,098	396,124	583,647	1,174,943
Short-term investments and debentures (Note 4)	Amortized cost	56,887	42,052	97,654	52,245
Trade receivables (Note 5)	Amortized cost	333,024	211,537	398,256	216,242
Other financial assets	Amortized cost	524,125	572,469	778,814	793,595
Derivatives designated as hedge accounting (Note 27)	VJR	124,505	225,676	124,505	281,560
Derivatives designated as cash flow hedge (Note 27)	VJORA	19,045	111	19,045	111

Financial liabilities:
Borrow ings and financing (Note 16)	Amortized cost	3,281,430	3,003,043	7,640,041	7,321,425
Lease liability (Note 12)	Amortized cost	778,330	732,114	1,771,789	1,681,269
Trade payables (Note 17)	Amortized cost	346,634	314,837	721,582	804,868
Other financial liabilities	Amortized cost	222,218	253,674	429,703	469,434
Derivatives designated as fair value hedge or not (Note 27)	VJR	176,733	361,781	230,092	389,743
Derivatives designated as cash flow hedge (Note 27)	VJORA	87,280	213,407	114,014	213,697

27.7 Measurement at fair value recognized in balance sheet


CPC 40 (R1) - Instrumentos Financeiros: Evidenciação/IFRS	7 - Financial Instruments: Disclosure defines fair value as the
exchange	price that w ould be received for an asset or paid	to transfer a liability (an exit price) in the primary or most
advantageous	market for the asset or liability	in an orderly transaction betw een mar ket participants on the measurement
date. CPC	40 (R1)/IFRS 7 also establishes	a three-level	fair value hierarchy, w hich prioritizes inputs for fair value
measurement	by an entity in order to maximize	the use of observable data and minimize the use of unobs ervable data. CPC
40 (R1)/IFRS	7 describes the three levels of inputs that should be used to measure fair value, w hich are the follow ing:

• Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 - Inputs other than the data included in Level 1, w here prices are quoted (unadjusted).

Fair value measurements of Level 2 are obtained based on other variables besides quoted prices included in Level 1, w hich are directly or indirectly observable for an asset or liability.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs) because market activity is insignificant or does not exist.

The Company's financial assets and liabilities measured at fair value on a recurring basis and subject to disclosure as required by CPC 40 (R1)/IFRS 7, as at September 30, 2020, are as follow s:

					Company							Consolidated
					09.30.20								09.30.20
		Level 1		Level 2		Total		Level 1		Level 2	Total
Financial assets at fair value through profit or loss
Derivative financial assets	-			143,550	143,550	-		143,550	143,550

	-				143,550				143,550		-		143,550		143,550

Financial liabilities at fair value through profit or loss
Derivative financial liabilities		(2,632)		(261,381)		(264,013)		(2,632)		(341,474)	(344,106)

		(2,632)		(261,381)		(264,013)		(2,632)		(341,474)	(344,106)

					Company							Consolidated
					03.31.20								03.31.20
		Level 1		Level 2		Total		Level 1		Level 2	Total
Financial assets at fair value through profit or loss
Derivative financial assets		15,885	209,902	225,787	15,888	265,784	281,672

		15,885				209,902				225,787		15,888		265,784		281,672

Financial liabilities at fair value through profit or loss
Derivative financial liabilities		(22,000)		(553,188)		(575,188)		(22,000)		(581,440)	(603,439)

		(22,000)		(553,188)		(575,188)		(22,000)		(581,440)	(603,439)

27.8 Derivative and non-derivative financial instruments w ith the application of hedge accounting

In accordance w ith accounting practices adopted in Brazil, derivative financial instruments are accounted for at fair value through profit or loss, unless a derivative is designated for hedge accounting. A derivative only qualifies for hedge account ing w hen all the conditions set out by CPC 48/IFRS 9 are met. The adoption of hedge accounting is optional and aims at recognizing gains or losses on derivatives and debts only w hen the hedged item is realized on an accrual basis and, therefore, reducing the volatility of gains or losses from the mark-to-market of derivatives.

The Company applies hedge accounting to account for part of its derivative and non-derivative financial instruments.

27.8.1 Cash flow hedge

The cash flow hedge is in conformity w ith CPC 48/IFRS 9, items 6.3.3/9 6.2.2, and is described below :

Recognized liability hedge - debts subject to the Libor rate:The Company entered into sw ap contracts subject to the Libor interest rate contracted to mitigate the effects from interest rate changes of the long-termdebts, in w hich case the respective exposure is subject to a fixed interest rate.

Highly probable transaction hedge - Revenue from sugar and ethanol exports in US dollar:The Company entered into i) sugar futures contracts for purposes of price risk hedge; and ii) currency forw ard contracts (NDF) and US dollar - denominated debts (Natural HACC), both contracted to protect against exchange rate changes in the revenue from exports.

Highly probable transaction hedge - Cost related to the future purchase of agricultural inputs in US dollar:Effective as from 2021, July 22, the Company w ill enter into currency forw ard contracts (NDF) to protect against exchange rate changes in the invoicing, upon issuance of the invoice and, therefore, the exposure is terminated.

27.8.2 Fair value hedge

Such hedge comprises the use of "sugar futures" derivative instruments to protect against changes in fair value in connection w ith a sugar sales agreement.

27.8.3 Discontinued hedge accounting
As at March 31, 2019, the Company discontinued the revenue hedge accounting program (Natural HACC)	w ith respect to
the debts already designated. Such discontinuity resulted from the change in the Company's foreign	exchange risk

management, w hich aimed to offset the exchange rate changes of the debts against equity, w hich w ill be directly recorded

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

in the finance income (costs) to be offset against the long positions expressed in foreign currency using derivative financia l instruments - also recognized in finance income (costs) (CPC 48, items B6.5.26 (a) and B6.5.28 (b)).

The gains and losses recorded in equity, in line item "Other comprehensive income (loss), w ill be maintained in this reserve until the expected transaction is concluded, in w hich case the amounts w ill be reclassified to oper ating income (revenues) -

aligned w ith revenues. In the event such transaction (revenue) is not concluded,		the accumulated amounts w ill be fully
reclassified to finance income	(costs) under CPC	48.
As at September 30, 2020, the annual expected realization of derivatives recorded in equity is as follow s:

													Company
	Hedge			Im pact			2020/2021		2021/2022		2022/2023		2023/2024		2024/2025	2025 to 2028	Total
Exchange rate changes on future interest flow s (*)		Finance income (costs)	(2,505)		(3,854)	(2,367)	(1,226)	(733)		(759)		(11,444)
					(2,505)		(3,854)	(2,367)	(1,226)	(733)		(759)		(11,444)

												Consolidated
	Hedge			Impact			2020/2021		2021/2022		2022/2023		2023/2024		2024/2025	2025 to 2028	Total
Exchange rate changes on future interest flow s (*)		Finance costs	(2,505)		(3,854)	(2,367)	(1,226)	(733)		(759)		(11,444)
Natural HACC		Operating losses		-		(79,173)	(79,173)	(25,544)	-		-		(183,890)

						(2,505)		(83,027)	(81,540)	(26,770)	(733)		(759)		(195,334)

(*) Program discontinued in prior years.

27.8.4 Sensitivity analysis

The table below show s the Company's sensitivity to the presented risk factor, based on changes in the risk factor considered reasonably possible by management (probable scenario).

The probable scenario is obtained based on future dollar, sugar and ethanol (as at September 30, 2020) and the Group's expectations for each one of the variables indicated, over a tw elve-month period.

The sensitivity analysis is presented to changes in the fair value of financial instruments for another tw o scenarios, in w hich market conditions are stressed by 25% and 50%.

The derivative financial instruments are provided to hedge against risks from future cash flow s. The non-derivative financial instruments must not be considered as the Company's net exchange exposure because the table below does not consider the biological asset, as it is not a financial instrument, but it is used in the production of sugar and ethanol for future exports. See Notes 7 and 27.8.

								Company
			Notional amount							Effects on fair value

			Foreign currency			Risk factor				Probable scenario	25% stress	50% stress
Exchange risk	(353.125)			Increase in US$	(1.150.852)	(1.528.444)	(3.056.888)
Price risk	151.682			Decrease in price	(252.499)	(207.224)	(414.663)
Sugar hedge accounting	129.118			Decrease in price	(240.368)	(195.711)	(391.638)
Ethanol		22.564			Decrease in price		(12.131)	(11.513)	(23.025)
Effects on equity	(201.442)				(1.403.350)	(1.735.668)	(3.471.551)

Exchange risk		(268.551)			Increase in US$		(286.203)	(380.105)	(760.210)
Price risk	(198.996)			Increase in price	(362.833)	(295.485)	(590.970)
Sugar hedge accounting	(198.996)			Increase in price	(362.833)	(295.485)	(590.970)
Effects on equity	(467.547)				(649.036)	(675.590)	(1.351.180)

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

				Consolidated
		Notional amount					Effects on fair value

		Foreign currency		Risk factor			Probable scenario	25% stress	50% stress
Exchange risk	(984.314)		Increase in US$	(2.119.668)	(2.815.128)	(5.630.257)
Price risk	284.334		Decrease in price	(337.705)	(259.616)	(611.026)
Sugar hedge accounting	261.770		Decrease in price	(325.574)	(248.103)	(588.000)
Ethanol	22.564		Decrease in price	(12.131)	(11.513)	(23.025)

Effects on equity	(699.980)				(2.457.373)	(3.074.744)	(6.241.282)

Exchange risk	(268.551)		Alta do US$	(286.203)	(380.105)	(760.210)

Price risk	(198.996)		Increase in price	(362.833)	(295.485)	(590.970)
Sugar hedge accounting	(198.996)		Increase in price	(362.833)	(295.485)	(590.970)
Interest rate risk	95.968		Decrease in Libor rate	(264)	(529)	(1.057)

Effects on equity	(371.579)				(649.300)	(676.119)	(1.352.237)

As at September 30, 2020, the probable scenario considers the CDI rate projected for 12 months - disclosed at B3's w ebsite

(DI sw ap reference rates x PRÉ)	and the Libor rate for 12 months	disclosed by Bloomberg. These rates w ere applied in the
Company's exposure volume	- composed of: borrow ings and	financing, advances from customers, cash and cash
equivalents and short-term investments.

Based on the exposure in the probable scenario, a stress of 25% and 50% w as applied considering the w orst-case scenarios in order to determine the impact on the Company's finance income (costs).

The consolidated sensitivity results are broken dow n below :

Company

	Notional amount		scenario		25% stress	50% stress
Operations indexed to CDI	(293,082)	(7,943)	(9,928)	(14,892)
Operations indexed to Libor	(2,792,021)	(7,252)	(9,065)	(13,598)

Total	(3,085,103)	(15,195)	(18,993)	(28,490)

	Consolidated
	Notional amount		scenario		25% stress	50% stress
Operations indexed to CDI	(436,538)	(11,830)	(14,788)	(22,182)
Operations indexed to Libor	(6,544,777)	(17,000)	(21,250)	(31,875)

Total	(6,981,315)	(28,830)	(36,038)	(54,057)

28. COMMITMENTS

a) Selling

The Group has several arrangements in the sugar and ethanol market under w hich it commits to sell volumes of these products in future crops. As at September 30, 2020, the volumes of these commitments total 1,791,951 tons of sugar (1,693,385 tons of sugar as at March 31, 2020), 309,171 cubic meters of ethanol (211,440 cubic meters as at March 31, 2020), and electricity supply commitments, assumed in pow er auctions and free market, w hich total 6,883 GWh to be supplied by 2035 (7,595 GWh as at March 31, 2020).

b) Purchases

The Group has several commitments for the purchase of sugarcane from third parties to ensure part of its production in future crops. The volume of sugarcane to be purchased is estimated based on the expected productivity of the areas w here the sugarcane plantations are located. The amount to be paid by the Group is determined at the end of each harvest campaign according to the price published by CONSECA NA, plus or less other applicable contractual terms.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

As at September 30, 2020, estimated purchase commitments by crop are as follow s:

								Consolidated
								Estimated quantity			Estimated
	Harvest			Area (hectares)			of cane (ton)			amount

2020/2021	20,270		1,464,457		219,115,145
2021/2022	95,433		6,992,616		586,532,058
2022/2023	70,242		5,140,253		431,158,097
2023/2024	53,572		3,759,873		315,373,527
	After 2024		61,318			3,943,482			330,774,453
		300,835	21,300,681	1,882,953,280

The Group has commitments for the purchase of energy in the amount of 797 GWh (1,048 GWh as at March 31, 2020). The price of these agreements is bilaterally negotiated by the agents selling electric energy in the Free Trade Market (ACL).

c) Terminal de Exportação de Açúcar do Guarujá Limitada - TEAG

TEAG is a party to an agreement for the lease of a port terminal w ith Companhia Docas do Estado de São Paulo ("CODESP"), w hich provides for the payment by TEAG, as lease, of a fixed monthly installment of R$3,3767/m² calculated on a minimum area of 74,206.410 m² equivalent to R$250.57 per month or R$3,007 per year, plus a guaranteed variable minimum installment equivalent to R$7,552 per year payable to CODESP, corresponding to R$3.10/ton calculated on a minimum handling of tw o million four hundred and thirty-six thousand tons of cargo. TEAG operates under the concession agreement entered w ith Companhia Docas do Estado de São Paulo (CODESP), falling due on July 6, 2038.

d) Law suits against Instituto do Açúcar e do Álcool - IAA

The Company is a plaintiff in law suits seeking a compensation from the Federal Government for losses arising from pricing differences incurred in the period in w hich sugar and ethanol prices w ere frozen. In some cases, upon effective receipt of the indemnities, a portion of the amount received w ill be transferred on behalf of third parties in connection w ith the contractual obligations.

e) Bank guarantees and collateral insurance
As at September 30, 2020, the balances of (i) bank guarantee is R$143,519	in Consolidated	(R$142,240 in Consolidated as
at March 31,	2020); and (ii) collateral insurance relating to law suits of	R$250,059, in	Company, and R$668,817 in
Consolidated	(R$277,600 and R$588,780 as at March 31, 2020, respectively).

29. EMPLOYEES' BENEFIT

The consolidated amount invested by the Company in the pension plan w as R$718 in the period ended September 30, 2020 (R$1,501 as at March 31, 2020), recognized in line item "General, administrative and selling expenses". Due to the features and design of the pension plan, the Company does not incur any future postemployment or actuarial obligations.

As at June 30, 2020, the Company booked a liability related to the deferred variable compensation that w ill be paid to some eligible employees, according to the policy, in the amount of R$26,162 (R$26,021 as at March 31, 2020). Additionally, the Company has recorded a liability related to PPR (Profit Sharing Program), as set forth in the Collective Labor Agreement, in the amount of R$19,567 (R$31,550 as at March 31, 2020).

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

30. SEGMENT INFORMATION

Information by product margin, and geographic areas, used by the key decision makers is as follow s:

										Consolidated
						Three-month period ended 09.30.20

Consolidated profit (loss) by product		Sugar		Ethanol			Energy		Other	Total
Net revenue	1,267,949	573,024		132,041		1,011,590				2,984,603

Cost of sales and services	(632,148)	(244,093)	(74,395)	(1,017,544)			(1,968,180)

Gross profit (loss)	635,801	328,931		57,646		(5,954)			1,016,423


Gross margin	50%	57%	44%	-1%			34%

Selling expenses	(102,487)	(7,595)	(2,956)	(412)			(113,450)

Operating margin	533,314	321,336		54,690		(6,366)			902,974


											Consolidated
							Three-month period ended 09.30.20

Sales by geographic area		Sugar		Ethanol			Energy		Other	Total
Asia	585,818	182,512	-		574,219			1,342,549

North America	69,127	115,713	-		65,258			250,098
South America	-	9,484	-		-				9,484

Africa	468,228	(516)	-		69,802			537,514
Europe	45,027	14,344	-		290,402			349,773

Oceania	11,825	-		-		-				11,825

Foreign market	1,180,025	321,537	-		999,681			2,501,243

Domestic market	87,924	251,487	132,041	11,909			483,359

TOTAL	1,267,949	573,024	132,041	1,011,590			2,984,603

							Consolidated

					Three-month period ended 09.30.19

Consolidated profit (loss) by	Sugar	Ethanol		Energy	Other	Total
Net revenue	467,125	723,331	93,360		268,643		1,552,459

Cost of sales and services	(450,309)	(546,000)	(34,710)		(259,796)		(1,290,815)

Gross profit	16,816	177,331	58,650		8,847		261,644


Gross margin	4%	25%	63%		3%		17%

Selling expenses	(58,795)	(14,956)	(2,776)		(130)		(76,657)

Operating margin	(41,979)	162,375	55,874		8,717		184,987

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

						Consolidated

				Three-month period ended 09.30.19

Sales by geographic area		Sugar	Ethanol	Energy	Other	Total
Asia	292,800	10,819	-			209,072		512,691

North America	-		136,363	-			-			136,363

South America	16,613	-		-			-			16,613

Africa	68,985	-		-			10,450		79,435

Europe	35,325	-		-			29,145		64,470

Foreign market	413,723	147,182	-			248,667		809,572

Domestic market	53,402	576,149	93,360		19,976		742,887

TOTAL	467,125	723,331	93,360		268,643		1,552,459

								Consolidated
					Six-month period ended 09.30.20

Consolidated profit (loss) by product	Sugar	Ethanol			Energy	Other	Total
Net revenue	1,970,058	1,014,811	248,923		2,420,437		5,654,229

Cost of sales and services	(1,081,720)	(557,712)	(145,669)		(2,441,531)		(4,226,632)

Gross profit (loss)	888,338	457,099	103,254		(21,094)		1,427,597

Gross margin	45%	45%	41%		-1%		25%

Selling expenses	(163,180)	(24,974)	(5,574)		(672)		(194,400)

Operating margin	725,158	432,125	97,680		(21,766)		1,233,197


								Consolidated
					Six-month period ended 09.30.20
Sales by geographic area	Sugar	Ethanol			Energy	Other	Total
Asia		1,110,085	340,284		-			1,843,322			3,293,691
North America	90,719	164,656		-			65,258			320,633
South America	-		35,656	-			-			35,656

Africa	568,430	(516)	-			74,600			642,514
Europe	47,205	14,343	-			413,670			475,218
Oceania	11,824	-		-			-			11,824

Foreign market		1,828,263	554,423		-			2,396,850			4,779,536

Domestic market	141,795	460,388		248,923			23,588			874,694

TOTAL		1,970,058	1,014,811		248,923			2,420,437			5,654,229


								Consolidated
					Six-month period ended 09.30.20
Consolidated profit (loss) by product	Sugar	Ethanol			Energy	Other	Total
Net revenue	752,883		1,419,484		201,367			897,089			3,270,823
Cost of sales and services	(685,201)	(1,087,976)	(109,233)		(896,033)			(2,778,443)

Gross profit	67,682		331,508			92,134			1,056			492,380

Gross margin	9%	23%	46%		0%			15%
Selling expenses	(84,362)	(22,293)	(5,119)		(130)			(111,904)

Operating margin	(16,680)	309,215		87,015			926			380,476

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

							Consolidated
					Six-month period ended 09.30.20
Sales by geographic area		Sugar	Ethanol		Energy	Other	Total
Asia	428,203	10,819	-			721,462	1,160,484
North America	114,983	222,592	-			-		337,575
South America	16,613	-		-			-		16,613
Africa	71,405	-		-			10,450	81,855
Europe	35,325	-		-			140,296	175,621
Oceania		-		-			-			-	-
Foreign market	666,529	233,411	-			872,208	1,772,148

Domestic market	86,354	1,186,073	201,367		24,881	1,498,675

TOTAL	752,883	1,419,484	201,367		897,089	3,270,823

The Company's key decision makers use the operating margin as a tool to measure the recurring operating cash generation capacity and it also allow s comparisons w ith other companies.

			Consolidated			Consolidated

			Three-month period			Six-month period
			ended			ended
		09.30.20			09.30.19			09.30.20	09.30.19
Operating margin	902,973		184,987	1,233,195	380,476
Other operating expenses	(79,697)	42,566	(184,366)	(140,024)
Finance costs	(312,443)	(738,595)	(798,204)	(789,596)
Income tax and social contribution		(87,261)	206,707	(108,342)	75,915

Profit (loss) for the period		423,572			(304,335)	142,283	(473,229)

Information on key customers

In the period ended September 30, 2020, the Group has one customer, its related party Louis Dreyfus Company Suisse S.A., under common control, w hich accounts for 64% of the Group's consolidated revenue.

31. APPROVAL OF INTERIM FINANCIAL STATEMENTS

The interim financial statements w ere approved by the Company's Management and authorized for issue on November 12, 2020.

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

NON-STATUTORY AUDIT COMMITTEE OPINION

The non-statutory Audit Committee of Biosev S.A. ("Company"), jointly	w ith representatives of the Company and of BDO
RCS Auditores Independentes, independent auditors of the Company,	examined the interim financial statements of the

Company related to the period ended on September 30th, 2020 and the corresponding management reports . Based in the analysis performed and considering the draft of the audit report, w ithout remarks, prepared by BDO RCS Auditores Independentes, the non-statutory Audit Committee of the Company recommended to the Board of Directors of the Company , unanimously and w ithout remarks, the approval of the referred interim financial statements and the corresponding management reports.

São Paulo, November 11 th, 2020

FEDERICO ADRIAN CERISOLI

PATRICK JULIEN TREUER

ADRIAN LIMA DA HORA

Biosev S.A.

Notes to the Interim Financial Statements

For the Six-month Period ended September 30, 2020 (Amounts in thousands of Brazilian reais, unless otherw ise stated)

OPINIONS AND STATEMENTS

As Executive Officers of Biosev SA, w e declare under, Article 25, Paragraph 1 st, Item V and VI, CVM Instruction 480 of December 7, 2009, as amended, that w e review ed, discussed and agreed w ith the interim financial statements and the terms of the independent auditors report on the interim financial statements related to the period ended on September 30 th, 2020.

São Paulo, November 12 th, 2020

Juan Jose Blanchard

Chief Executive Officer

Leonardo Oliveira D'Elia

Chief Financial and Investor Relations Officer

Ricardo Lopes da Silva

Chief Operating Officer

HISTORICAL RECORDS AND

NET INCOME OF R$155.5 MILLION

São Paulo, November 12, 2020 - Biosev, one of the world's largest sugarcane processors, announces

its results for the first six-month period of the 2020/21 crop.

6M21 HIGHLIGHTS

Strong operational improvements with historical records for the period:
- Crushing volume totaled 23.3 million tons in 6M21, 2.4% higher than in 6M20;
- Product TRS totaled 141.1 kg TRS/ton, an increase of 9.3% compared to 6M20;
- Total Product TRS was 3,264 thousand tons, an increase of 11.5% compared to 6M20, mainly due to the 1,683 thousand tons of sugar produced, also a record for the period;
- Industrial efficiency increased by 2.1% to 1.033 in the six-month period;
- Net Revenue ex-HACC/other products of R$3.3 billion, 27.1% higher than in 6M20;
- Adjusted EBITDA ex-resale/HACC totaled R$1.3 billion, an increase of 20.8%; EBITDA per unit was R$54.0 per ton, an increase of 18.0% and EBITDA Margin was 43.1%, stable compared to 6M20;
- EBITDA less CAPEX reached R$813.4 million, 29.9% higher than in 6M20;
Resulting on a Net Operating Income of R$989.2 million in the 6M21, compared to an income of R$196.4 million in 6M20;
Reflecting the improved overall operational performance, Net Income reached R$155.5 million versus a loss of R$451.9 million recorded in 6M20;
Consolidated agricultural yield (TCH) increased by 2.6% to 88.1 ton/ha in the six-month period;
Sugar mix was 53.9% in 6M21, due to its higher profitability in relation to ethanol, an increase of 17.4 p.p. compared to 6M20. Anhydrous mix was 33.1%, an increase of 2.7 p.p. compared to the same period of the previous crop.

B3: BSEV3

Stock price on 11/11/2020: R$ 4.35 | Number of shares: 1,020,429,426 | Market cap: R$ 4.4 billion

Conference Call in Portuguese with translation into English: November 13, 2020

12:00 p.m. (Brasília - BRT) | 10:00 a.m. (NY - EST) | 3:00 p.m. (London - GMT) Portuguese: (11) 3181-8565 | English: +1 (412) 717-9627

Code: Biosev

Investor Relations

E-mail:ri@biosev.com

Telephone: (11) 3092-5291

http://ri.biosev.com

1. OPERATING PERFORMANCE

The following table presents key indicators for operating efficiency, productivity and production volumes, which are analyzed in this section:

Efficiency and productivity	6M21	6M20	%

Crushing (thousand tons)	23,253	22,705	2.4%
TCH (ton/ha)	88.1	85.9	2.6%
Product TRS (Kg TRS/ton)	141.1	129.1	9.3%
Industrial efficiency	1,033	1,012	2.1%

Production		6M21	6M20	%

Sugar mix (%)		53.9%	36.5%	17.4 p.p.
Ethanol mix (%)		46.1%	63.5%	-17.4 p.p.
Anhydrous mix (%)		33.1%	30.4%	2.7 p.p.
Production (thousand tons of Product TRS) ¹	3,264	2,926	11.5%
Sugar (thousand tons)		1,683	1,022	64.7%
Ethanol (thousand m³)		885	1,094	-19.1%
Cogeneration (GWh)		706.5	657.1	7.5%

Considers the ratios of conversion of sugar and ethanol in the State of São Paulo, as disclosed in the Consecana Manual.

1.1. Crushing

The following table shows crushing volume on a consolidated basis and by cluster:

Efficiency	6M21	6M20	%

Crushing ('000 tons)	23,253	22,705	2.4%
Own	13,235	13,495	-1.9%
Third parties	10,018	9,211	8.8%
Ribeirão Preto Norte Cluster	4,343	3,971	9.4%
Ribeirão Preto Sul Cluster	13,178	12,564	4.9%
Mato Grosso do Sul Cluster	5,732	6,171	-7.1%

The Company reached total crushing volume of 23.3 million tons in 6M21, historical record for the period, which represented an increase of 2.4% compared to 6M20, reflecting the improved performance and operational availability, the favorable (drier) weather conditions during the harvest period (April to September) and higher yield measured by TCH (+2.6%), partially offset by the frost mitigation strategy at the Mato Grosso do Sul Cluster.

At the Ribeirão Preto Norte Cluster, crushing volume was 4.3 million tons, 9.4% higher than in 6M20, mainly supported by the improved operational performance.

At the Ribeirão Preto Sul Cluster, crushing volume was 13.2 million tons, 4.9% higher than in 6M20, mainly supported by the improved operational performance, climate conditions and 4.3% increase in TCH.

At the Mato Grosso do Sul Cluster, crushing volume was 5.7 million tons, 7.1% lower than in 6M20, reflecting the Company's strategy to mitigate the effects from the frost that affected the region in the previous and current crops (accelerating harvest and crushing operations as from the second quarter of the previous crop to mitigate impacts on sucrose quality and accumulation).

1.2. Tons of Cane per Hectare (TCH)

The following table shows the evolution in TCH on a consolidated basis and by cluster:

Productivity	6M21	6M20	%

TCH - Agricultural yield (ton/ha)	88.1	85.9	2.6%
Ribeirão Preto Norte Cluster	86.1	88.6	-2.9%
Ribeirão Preto Sul Cluster	92.3	88.5	4.3%
Mato Grosso do Sul Cluster	81.6	79.9	2.1%

Cane yield measured by consolidated TCH reached 88.1 ton/ha in the first semester of the 2020/21 crop, 2.6% higher than the same period of the previous crop, which is basically explained by the continuous application of best agronomic practices in crop regeneration to the sugar plantations, in addition to the favorable weather conditions during the field development period (January to March).

1.3. Product Total Recoverable Sugar (TRS)

The following table shows the evolution of Product TRS on consolidated terms and by cluster:

Productivity	6M21	6M20	%

Product TRS (Kg TRS/ton)	141.1	129.1	9.3%
Ribeirão Preto Norte Cluster	145.5	137.6	5.8%
Ribeirão Preto Sul Cluster	142.7	130.9	9.0%
Mato Grosso do Sul Cluster	134.2	119.9	12.0%

Product TRS content was 141.1 kg TRS/ton in 6M21, historical record for the period, an increase of 9.3% compared to 6M20, which reflects the continuous impacts of the evolution of the phytosanitary quality of the sugarcane crop, the quality of the harvesting processes, the intensive use of ripening agents and organic fertilization, among others, an improved overall operational performance and favorable (drier) weather conditions during the harvest, which favors concentration of sugar content.

Industrial efficiency reached 1.033 in 6M21, an increase of 2.1% compared to 6M20, historical record for the period. The results demonstrate the higher efficiency in converting cane into the final products of sugar and ethanol, as well as the lower losses in production processes. Industrial efficiency is calculated based on the volume of TRS produced by the mills.

Total production in tons of Product TRS was 3,264 thousand tons, historical record for the period, an increase of 11.5% compared to 6M20, mainly due to the evolution of the sugarcane crop practices and industrial efficiency gains.

Sugar mix was 53.9%, due to the higher allocation of TRS to sugar production, given the product's higher profitability in the period compared to ethanol, an increase of 17.4 p.p. compared to the same period of the previous crop, which was more focused on ethanol (mix of 63.5% in 6M20).

Anhydrous mix (as a share of total ethanol production) was 33.1% in 6M21, an increase of 2.7 p.p. compared to 6M20, reflecting the commercial strategy to focus on higher-value products, including ethanol by-products.

1.4. Cogeneration

The following table presents productivity and cogeneration volume for sale:

Production	6M21	6M20	%

Total Cogen (GWh)	706.5	657.1	7.5%
Cogen for Sale (GWh)	706.5	657.1	7.5%
Ribeirão Preto Norte Cluster	95.2	78.6	21.2%
Ribeirão Preto Sul Cluster	326.4	301.2	8.4%
Mato Grosso do Sul Cluster	284.9	277.3	2.7%
Cogen for Sale/Crushing (kWh/ton)	33.4	31.5	5.8%
Ribeirão Preto Norte Cluster	42.0	37.5	12.0%
Ribeirão Preto Sul Cluster	24.8	24.0	3.3%
Mato Grosso do Sul Cluster	49.7	44.9	10.6%

The Company has cogeneration power plants at all its eight industrial sites and is energy self-sufficient during the harvesting period. Out of these units, seven produce surplus electricity for sale.

Total cogeneration for sale in 6M21 increased by 7.5% compared to 6M20, and reached a volume of 706.5 GWh, mainly due to the higher crushing volume compared to the previous period (+2.4%)

The productivity of cogeneration units measured in kWh of power sold per ton of cane crushed stood at

33.4 kWh/ton in 6M21, an increase of 5.8% compared to 6M20. These results reflect the higher total crushing volume and the Company's strategy to optimize sales by prioritizing products and periods that generate higher added value.

2. ECONOMIC AND FINANCIAL PERFORMANCE

2.1. Net Revenue

Net revenue excluding the non-cash effects from the hedge accounting of foreign currency-denominated debt (HACC) amounted to R$5.7 billion, an increase of 63.6% compared to 6M20. The result is primarily explained by the higher industrial efficiency in sugarcane conversion, the growth in export sales volumes, export average prices and the revenues from export performance contracts associated with the rollover of foreign currency-denominated debt obligations, with these factors partially offset by the decrease in ethanol import volumes and by the fact that the previous crop included revenue from the Nordeste Cluster. Note that, excluding the revenue from the Nordeste Cluster in the previous crop to improve the comparison with the current crop, net revenue would be 63.9% higher than in 6M20.

Excluding the effects from resale operations (of finished products, such as (i) sugar, ethanol and energy; and (ii) other commodities, which are required to comply with export performance contracts associated with financial obligations denominated in foreign currency), the Company's net revenue was R$2.9 billion, an increase of 23.0% compared to 6M20, mainly due to the higher industrial efficiency in sugarcane conversion, the growth in export sales volumes as well the export average prices, partially offset by the decrease in ethanol import sales volumes and by the fact that the previous crop included revenue from the Nordeste Cluster. Note that, excluding the revenue from the Nordeste Cluster in the previous crop to improve the comparison with the current crop, net revenue would be 23.2% higher than in 6M20.

The following table presents a breakdown of net revenue ex-HACC:

Net revenue ex-HACC (R$ thousand)	6M21	6M20	%


Sugar	2,020,090	943,295	114.2%
Domestic market	141,795	86,354	64.2%
Export market	1,878,295	856,941	119.2%
Ethanol	1,043,951	1,462,510	-28.6%
Domestic market	460,388	1,186,073	-61.2%
Export market	583,563	276,437	111.1%
Energy	248,923	201,367	23.6%
Total	3,312,965	2,607,171	27.1%
Other products	2,420,438	897,089	169.8%
Bagasse, services and others	23,588	24,882	-5.2%
Export performance contracts	2,396,850	872,207	174.8%
Total	5,733,402	3,504,260	63.6%

6M20 includes amounts from the Nordeste Cluster.

Revenue from resale operations is detailed in the following table:

Resale operations (R$ thousand)	6M21	6M20	%


Sugar, ethanol and energy ¹	428,663	267,340	60.3%
Export performance contracts	2,396,850	872,207	174.8%
Total	2,825,513	1,139,547	148.0%

Revenue from resales of sugar, ethanol and energy is accounted for in the lines corresponding to the respective products in the table of Net Revenue ex-HACC.

The following charts present a breakdown of net revenue ex-HACC, excluding the effects from hedge accounting and revenue from export performance contracts, by product and by market in the respective periods:

Net revenue ex-HACC/export performance

by product (%)

Net revenue ex-HACC/export performance

by market (%)

The following table presents the sugar and ethanol inventory balance variation when compared to the beginning of each crop, showing a higher carry out when compared to the same period of the previous crop due to the Company's strategy to optimize sales by prioritizing periods that capture higher value added:

Inventories - Variation	6M21	6M20	%


Sugar ('000 tons)	370	314	18%
Ethanol ('000 m3)	415	384	8%

2.1.1. Sugar

Net revenue from sugar sales excluding the non-cash effects from the hedge accounting of foreign currency-denominated debt (HACC) amounted to R$2.0 billion, an increase of 114.2% compared to 6M20. This variation reflects the production mix, which prioritized sugar, given the product's higher profitability in the period compared to ethanol's, improved overall operational performance, which translates into higher efficiency in sugarcane conversion, an increase in sales volume, especially in the export market and higher average prices of the product compared to the previous crop.

The following chart presents a comparison of sugar volumes and average prices, excluding the non-cash effects from the HACC:

Volume (thousand tons) and Average Price (R$/ton)

The following charts present a breakdown by type of sugar, excluding the non-cash effects from the HACC:

Net Revenue ex-HACC

by Sugar Type (%)

2.1.2. Ethanol

Net revenue from ethanol sales excluding the non-cash effects from the hedge accounting of foreign currency-denominated debt (HACC) amounted to R$1.0 billion, a decrease of 28.6% compared to 6M20, while the sales volume in the period decreased 34.4% due to a shift in the sales mix and higher carry out in the period.

The captured price increased 8.8% when compared to 6M20, although the average domestic market price decreased 6%. And the Company's strategy to optimize sales by prioritizing products and periods that capture higher value added reflected the increase in ethanol exports especially due to the improved competitiveness of ethanol in the foreign markets brought about by the depreciation in the Brazilian real against the U.S. dollar. Note that, excluding the revenue from the Nordeste Cluster in the previous crop to improve the comparison with the current crop, net revenue would be 28.4% lower than in 6M20.

The following chart presents a comparison of ethanol sales volumes and average prices, excluding the non-cash effects from the HACC:

Volume (thousand m³) and Average Price (R$/m³)

The following chart presents a breakdown of revenue by type of ethanol, excluding the non-cash effects from the HACC:

Net Revenue ex-HACC

by Ethanol Type (%)

2.1.3. Energy

Net revenue from energy sales was R$248.9 million, an increase of 23.6% compared to 6M20. This variation is mainly due to the higher sales volume resulting from the higher crushing volume, although that was partially offset by 4.1% lower average sales prices in the period of, which nonetheless compared very favorably with the decrease of 52% in the average market prices.

The following chart presents a comparison of energy own sales volume and average own sales price.

Sales Volume (GWh) and Average Sales Price (R$/MWh) - Own

2.1.4. Other products

The line item "Other products" records revenue from sales of raw bagasse, services and other items, in addition to revenue from the sale of commodities in the spot market to fulfill export contracts with the aim of settling debt obligations in foreign currency.

Revenue from the sale of other products totaled R$2.4 billion, an increase of 169.8% compared to 6M20, mainly due to the growth in the above-referred export performance contracts associated with the rollover of foreign currency-denominated debt obligations.

2.2. Cost of Goods Sold (COGS)

The Company remains focused on reducing costs over time, while consolidating initiatives to adjust structures and become more resilient in an environment of still highly challenging pricing.

In nominal terms, cash COGS ex-resale totaled R$1.3 billion, an increase of 16.6% compared to 6M20, due to higher sales volumes (+12.4%) and an increase of 12% in the Consecana price index in the period, partially offset by the reductions in operating costs under the ongoing process to streamline costs and structures.

COGS per unit was R$600 per ton, an increase of 3.7% compared to 6M20, mainly impacted by the increase of 12% in the Consecana price index in the period.

The following tables present a breakdown of total COGS and cash COGS:

COGS and cash COGS (R$ thousand) ³	6M21	6M20	%


Total COGS	(4,286,090)	(2,822,402)	51.9%
Non-cash items	(102,474)	(544,704)	-81.2%
Depreciation and amortization	(837,018)	(740,066)	13.1%
Gains (losses) in biological assets ¹	734,544	195,362	276.0%
Cash COGS	(4,183,616)	(2,277,698)	83.7%
Personnel	(279,948)	(235,191)	19.0%
Raw materials ²	(952,629)	(823,180)	15.7%
Inputs	(73,500)	(61,512)	19.5%
Resale of goods	(2,877,539)	(1,157,815)	148.5%
Sugar, ethanol and energy	(471,743)	(280,190)	68.4%
Export performance contracts	(2,405,796)	(877,625)	174.1%
Cash COGS ex-resale	(1,306,077)	(1,119,883)	16.6%

Gains (losses) from the fair value adjustment less estimated cost of sales of biological assets. ² Sugarcane, lease and HLT. ³ Excluding the effect from IFRS16.

Cash COGS ex-resale (R$ thousand) ¹	6M21	6M20	%


Agricultural costs	(1,129,969)	(976,358)	15.7%
HLT (own + third-party cane)	(332,229)	(336,505)	-1.3%
Land lease	(246,740)	(202,733)	21.7%
Purchases of third-party cane	(551,000)	(437,120)	26.1%
Industrial costs	(158,292)	(120,975)	30.8%
Others	(17,816)	(22,550)	-21.0%
Cash COGS ex-resale	(1,306,077)	(1,119,883)	16.6%
Product TRS sold ex-resale (thousand	2,177	1,936	12.4%
tons)

Cash COGS ex-resale (R$/ton)	(600)	(578)	3.7%

¹ Excluding the effect from IFRS16.

2.3. Selling, General and Administrative (SG&A) Expenses

SG&A expenses totaled R$320.5 million, an increase of 28.1% compared to 6M20.

Selling expenses totaled R$194.4 million, an increase of 73.7% compared to 6M20, due to the difference in the composition of the sales mix in the period, focused on the sugar mix and the increase in export sales, generating an increase in logistical and port expenses.

General and administrative expenses totaled R$126.1 million, a decrease of 8.8% compared to 6M20, mainly due to the effects from the ongoing process to streamline operating and organizational structures, fully offset against the increase in consulting expenses in the period.

Depreciation expenses recognized under SG&A expenses totaled R$9.8 million in 6M21, compared to R$10.8 million in 6M20.

The following table presents a comparison of cash SG&A expenses between periods:

Cash SG&A (R$ thousand) ¹	6M21	6M20	%


Selling	(194,400)	(111,904)	73.7%
Freight	(143,531)	(84,359)	70.1%
Shipping charges	(44,301)	(21,173)	109.2%
Commissions, wharfage and other	(6,568)	(6,372)	3.1%
General and administrative	(126,144)	(138,284)	-8.8%
Personnel	(63,881)	(76,092)	-16.0%
Services	(54,290)	(47,444)	14.4%
Other	(7,973)	(14,748)	-45.9%
Cash SG&A	(320,544)	(250,188)	28.1%

¹ Excluding the effect from IFRS16.

2.4. EBITDA

The following table presents a breakdown of Adjusted EBITDA ex-resale/HACC:

EBITDA composition (R$ thousand) ⁴	6M21	6M20	%

Net revenue	5,654,229	3,270,823	72.9%
Cash COGS	(4,183,616)	(2,277,698)	83.7%
Gross profit (cash)	1,470,613	993,125	48.1%
Cash SG&A	(320,544)	(250,188)	28.1%
TEAG - profit or loss ¹	292	(2,442)	-111.9%
Other operating income (expenses)	(44,641)	15,549	-387.1%
Non-recurring items	17,766	30,777	-42.3%
Adjusted EBITDA	1,123,486	786,820	42.8%

Adjusted EBITDA margin	19.9%	24.1%	-4.2 p.p.
Resale effect ²	52,026	18,268	184.8%
HACC effect ³	79,173	233,437	-66.1%
EBITDA ex-resale/HACC	1,254,685	1,038,525	20.8%
EBITDA margin ex-resale/HACC	43.1%	43.9%	-0.8 p.p.
Crushing (thousand tons)	23,253	22,705	2.4%
Adjusted EBITDA per unit (R$/ton)	48.3	34.7	39.4%
EBITDA per unit ex-resale/HACC (R$/ton)	54.0	45.7	18.0%

Equivalent to the share of 50% held in the Guarujá Sugar Terminal (TEAG). ² Reverses the impacts of resale of sugar, ethanol, energy and export performance operations. ³ Reverses the non-cash effects from the hedge accounting of foreign currency-denominated debt. ⁴ Excluding the effect from IFRS16.

Adjusted EBITDA ex-resale/HACC (which excludes from the net revenue calculation the effects from resale operations, the non-cash hedge accounting of foreign currency-denominated debt, and IFRS 16) totaled R$1.3 billion, with EBITDA per unit of R$54.0 per ton, both historical records for the period. EBITDA margin was 43.1%. These variations are mainly due to the operational improvements, the increase in net revenue by virtue of the increase in exports sales and improved average prices, partially offset by the increase in COGS and SG&A expenses, reflecting the rise of 12% in the Consecana price index in the period and the changes in the sales mix composition.

The following table presents a reconciliation of Adjusted EBITDA with the Income Statement in the periods:

EBITDA Reconciliation (R$ Thousand)	6M21	6M20	%

NET INCOME (LOSS)	142,283	(473,229)	-130.1%
Income Tax and Social Contribution	108,342	(75,915)	-242.7%
Financial result	798,204	789,596	1.1%
Depreciation and Amortization	1,089,152	991,036	9.9%
EBITDA CVM 527	2,137,981	1,231,488	73.6%
Losses (gains) from selling Biological Assets ¹	(734,544)	(195,362)	276.0%
Amortization of Concession - TEAG	4,200	4,200	0.0%
Non-recurring items	17,766	30,777	-42.3%
IFRS16 impacts	(301,916)	(284,282)	6.2%
Adjusted EBITDA	1,123,486	786,820	42.8%
Adjusted EBITDA Margin	19.9%	24.1%	-4,2 p.p.

¹ Losses (gains) from the fair value adjustment less estimated cost of sales of biological assets.

2.5. Hedge

The following table shows the aggregate position of our hedged sugar volumes and prices (via commodity and foreign exchange derivative contracts) as at September 30, 2020:

Hedge on 09/30/2020	20/21 Crop	21/22 Crop

Sugar (#NY11)
Volume ('000 tons)	1,291	945
Average price (cUS$/lb)	12.93	13.18
FX (US$)
Amount (US$ million)	355	272
Average price (R$/US$)	4,637	4,957

Hedged price (cR$/lb) w/o Pol.

Hedged price (cR$/lb) w/ Pol.

Exposure hedged (%) - Net Consecana

59.9565.31

62.1467.43

98.8% 83.4%

2.6. Financial Results

Excluding the effects from FX variation, the net financial result was an expense of R$125.2 million, compared to an expense of R$326.7 million in 6M20. The variation is mainly explained by the higher gains from the settlement and mark-to-market adjustment of derivative positions, partially offset by the lower interest income from short-term investments in the period.

Including FX variation, the net financial result was an expense of R$718.6 million in 6M21. Exchange variation had a negative impact mainly due to the 8.5% depreciation of the Brazilian real against the U.S. dollar. In 6M20, the net financial result was an expense of R$713.2 million, negatively impacted by FX variation (a 6.9% depreciation of the Brazilian real against the U.S. dollar), as shown in the following table.

PTAX in the period	6M21	6M20	%

Initial - as at March 31	5.1987	3.8967	33.4%
Final - as at September 30	5.6407	4.1644	35.5%
Variation	8.5%	6.9%	1.6 p.p.

The following table shows the changes in the financial income (expenses) between the periods:

Financial income (expenses) (R$ thousand) ¹	6M21	6M20	%

Net financial expenses	(718,584)	(713,176)	0.8%
FX variation (FX)	(593,359)	(386,447)	53.5%
Financial expenses before FX	(125,225)	(326,729)	-61.7%
Interest expenses	(224,860)	(289,364)	-22.3%
Income from short-term investments	2,412	7,935	-69.6%
Derivative transactions	93,101	(48,823)	-290.7%
Other income (expenses)	4,122	3,523	17.0%

Excluding the effect from IFRS16.

2.7. Income or Loss for the Period

Net income for the period totaled R$155.5 million, compared to the net loss of R$451.9 million in 6M20. Based on the abovementioned factors, the variation resulted mainly from the increase in the operating result influenced by improved operating performance, increase in net revenue and higher gains from the settlement and mark-to-market adjustment of derivative positions, partially offset by the FX variation.

3. INVESTMENTS

The Company invested R$441.2 million, an increase of 7.0% compared to 6M20, due to the increase in non-recurring disbursements associated with the strategy of making the agro-industrial operation more productive and profitable.

The investments were focused on the agricultural sector and are mainly non-recurring investments performed on an annual basis, relating to the increase in planting outlays in the period compared to the past crop and by the FX variation on the input costs.

Investments (R$ thousand)	6M21	6M20	%

Expansion	8,993	3,910	130.0%
Operations	428,838	386,146	11.1%
Industrial	22,432	7,624	194.2%
Agriculture	1,186	20,123	-94.1%
Planting	173,556	148,431	16.9%
Treatment	227,893	201,469	13.1%
Other	3,770	8,499	-55.6%
Intercrop deferred costs	3,413	22,210	-84.6%
CAPEX	441,244	412,266	7.0%

6M20: Ex-NE cluster for comparison purposes.

4. EBITDA LESS CAPEX

EBITDA less CAPEX is presented in the table below:

(R$ thousand) ¹	6M21	6M20	%

EBITDA ex-resale/HACC	1,254,685	1,038,525	20.8%
CAPEX	441,244	412,266	7.0%
EBITDA ex-resale/HACC less CAPEX	813,441	626,260	29.9%

Excluding the effect from IFRS16.

5. DEBT

The Company's gross debt totaled R$7.6 billion as at September 30, 2020, an increase of 25.8% compared to September 30, 2019, mainly due to the effect from the 35.5% depreciation of the Brazilian real against the U.S. dollar on the dollar-denominated portion of its debt.

The balance of cash and short-term investments totaled R$681 million, out of which 71.4% was denominated in U.S. dollar. This variation reflects the Company's strategy to optimize sales by prioritizing products and periods that capture higher value added.

In view of the aforementioned factors, net debt totaled R$7.0 billion, an increase of 23.9% compared to the position as at September 30, 2019.

The following table presents a breakdown of the debt position:

Debt (R$ million)	09/30/2020	09/30/2019	Variation

Gross debt	(7,640)	(6,073)	25.8%
Short term	(2,899)	(463)	526.4%
Long term	(4,741)	(5,610)	-15.5%
Cash and short-term investments	681	458	48.8%
Net debt	(6,959)	(5,615)	23.9%
Adjusted EBITDA LTM	2,452	1,814	35.2%
Net debt/adjusted EBITDA LTM	2.84x	3.10x	-8.3%

¹ LTM: last twelve months

The following charts present a breakdown of debt by index and instrument as at September 30, 2020, as well as the cash position and short-term investments by currency:

The hedged position related to foreign currency indebtedness on September 30, 2020 was USD264.9 million.

The following chart shows the cash position and debt amortization schedule:

6. CAPITAL MARKETS

At the closing of 2Q21, the Company's market capitalization totaled R$4.4 billion. Its stock performance in the last 12 months compared to Ibovespa is shown below:

Performance BSEV3 versus IBOV

Source: Bloomberg, September 30, 2020

7. APPENDICES

7.1. IFRS16

The IFRS 16/CPC 06 (R2) Leases standard, adopted as of April 1, 2019, changed accounting for lease agreements and agricultural partnerships, which are now treated similarly to financing transactions related to the acquisition of 'right of use of assets,' and payments for which, previously recorded as operating costs and expenses, are now recognized as depreciation or amortization and financial expenses.

	Before		IFRS16	After	Before		IFRS16	After
Income Statement (R$ Thousand)	IFRS16		effects	IFRS16	IFRS16		effects	IFRS16
		6M21				6M20


Gross Revenue	5,777,594		-	5,777,594	3,515,743		-	3,515,743
Taxes and Sales Deductions	(123,365)		-	(123,365)	(244,920)		-	(244,920)
Net Revenue	5,654,229		-	5,654,229	3,270,823		-	3,270,823
COGS	(4,286,090)		59,458	(4,226,632)	(2,822,402)		43,959	(2,778,443)
Depreciation and Amortization	(837,018)		(241,411)	(1,078,429)	(740,066)		(239,147)	(979,213)
Raw Materials	(952,629)		299,708	(652,921)	(823,180)		280,324	(542,856)
Inputs	(73,500)		1,161	(72,339)	(61,512)		2,782	(58,730)
GROSS PROFIT	1,368,139		59,458	1,427,597	448,421		43,959	492,380
OPERATING INCOME (EXPENSES)	(378,914)		146	(378,768)	(252,047)		119	(251,928)
SG&A	(330,365)		146	(330,219)	(260,954)		119	(260,835)
Depreciation and Amortization	(10,723)		902	(9,821)	(10,766)		(1,057)	(11,823)
Others	(7,973)		(1,048)	(9,021)	(14,748)		1,176	(13,572)
Equity income/(loss) in subsidiaries	(3,908)		-	(3,908)	(6,642)		-	(6,642)
Other operating income (expenses)	(44,641)		-	(44,641)	15,549		-	15,549
PROFIT (LOSS) BEFORE FINANCIAL RESULT	989,225		59,604	1,048,829	196,374		44,078	240,452
Financial Result, net	(718,584)		(79,620)	(798,204)	(713,176)		(76,420)	(789,596)
Financial Revenue	15,565		-	15,565	21,698		-	21,698
Financial Expenses	(233,891)		(79,620)	(313,511)	(299,604)		(76,420)	(376,024)
Interest Expenses	(224,860)		(79,620)	(304,480)	(289,364)		(76,420)	(365,784)
Derivatives	93,101		-	93,101	(48,823)		-	(48,823)
FX Variation	(593,359)		-	(593,359)	(386,447)		-	(386,447)
PROFIT (LOSS) BEFORE TAXES ON INCOME	270,641		(20,016)	250,625	(516,802)		(32,342)	(549,144)
Income Tax and Social Contribution	(115,147)		6,805	(108,342)	64,919		10,996	75,915
NET INCOME (LOSS)	155,494		(13,211)	142,283	(451,883)		(21,346)	(473,229)

7.2. Statement of Profit and Loss for the Period

Income Statement (R$ Thousand)	6M21	6M20	%

Gross Revenue	5,777,594	3,515,743	64.3%
Taxes and Sales Deductions	(123,365)	(244,920)	-49.6%
Net Revenue	5,654,229	3,270,823	72.9%
COGS	(4,226,632)	(2,778,443)	52.1%
GROSS PROFIT	1,427,597	492,380	189.9%
OPERATING INCOME (EXPENSES)	(378,768)	(251,928)	50.3%
G&A	(135,819)	(148,931)	-8.8%
Selling	(194,400)	(111,904)	73.7%
Equity income/(loss) in subsidiaries	(3,908)	(6,642)	-41.2%

Other operating income (expenses)	(44,641)	15,549	-387.1%
PROFIT (LOSS) BEFORE FINANCIAL RESULT	1,048,829	240,452	336.2%
Financial Result, net	(798,204)	(789,596)	1.1%
Financial Revenue	15,565	21,698	-28.3%
Financial Expenses	(313,511)	(376,024)	-16.6%
Derivative	93,101	(48,823)	-290.7%
FX Variation	(593,359)	(386,447)	53.5%
PROFIT (LOSS) BEFORE TAXES ON INCOME	250,625	(549,144)	-145.6%
Income Tax and Social Contribution	(108,342)	75,915	-242.7%
NET INCOME (LOSS)	142,283	(473,229)	-130.1%

7.3. Balance Sheet - Assets

ASSETS (R$ Thousand)	09/30/2020	03/31/2020	%

CURRENT ASSETS
Cash and cash equivalents	583,647	1,174,943	-50.3%
Short-term investments	83,444	52,245	59.7%
Derivative financial instruments	143,550	225,787	-36.4%
Accounts receivables	384,475	202,050	90.3%
Inventories	2,056,928	2,948,633	-30.2%
Biological Assets	1,098,499	663,908	65.5%
Recoverable taxes	149,766	158,777	-5.7%
Other receivables	79,997	88,170	-9.3%

Assets held for sale	28,298	45,165	-37.3%
Total current assets	4,608,604	5,559,678	-17.1%
NON-CURRENT ASSETS
Long-term investments	14,210	-	100.0%
Advances to suppliers	58,500	56,602	3.4%
Escrow deposits	372,029	385,413	-3.5%
Recoverable taxes	78,453	57,529	36.4%
Deferred income tax and social contribution	743,016	872,971	-14.9%
Other receivables	326,790	320,012	2.1%
Right to use leasehold assets	1,647,882	1,577,379	4.5%
Investments	156,485	160,393	-2.4%
Property, plant and equipment	3,017,598	3,477,391	-13.2%
Intangible assets	918,705	921,964	-0.4%
Total non-current assets	7,333,668	7,885,539	-7.0%
TOTAL ASSETS	11,942,272	13,445,217	-11.2%

7.4. Balance Sheet - Liabilities and Equity

LIABILITIES AND SHAREHOLDERS' EQUITY (R$ Thousand)	09/30/2020	03/31/2020	%

CURRENT LIABILITIES
Borrowings and financing	2,899,005	7,225,234	-59.9%
Liabilities from leasing operations	495,857	498,932	-0.6%
Advance from domestic customers	121,312	28,128	331.3%
Advance from foreign customers	1,399,838	2,585,641	-45.9%
Accounts payables	716,891	798,903	-10.3%
Accrued payroll and related taxes	125,848	90,483	39.1%
Taxes payable	63,263	75,152	-15.8%
Derivative financial instruments	332,766	586,843	-43.3%

Other payables	76,326	118,051	-35.3%
Total current liabilities	6,231,106	12,007,367	-48.1%
NON CURRENT LIABILITIES
Borrowings and financing	4,741,036	96,191	4828.8%
Liabilities from leasing operations	1,275,932	1,182,337	7.9%
Advance from foreign customers	-	626,116	-100.0%
Accounts payables	4,691	5,965	-21.4%
Deferred income tax and social contribution	35,884	36,883	-2.7%
Derivative financial instruments	11,340	16,596	-31.7%
Provision for tax, labor, civil and environmental contingencies	309,826	294,668	5.1%
Taxes payable	18,324	18,501	-1.0%
Other payables	145,942	167,247	-12.7%
Total non-current liabilities	6,542,975	2,444,504	167.7%
SHAREHOLDERS' EQUITY
Paid-in Capital	6,077,674	6,077,674	0.0%
Capital reserve	1,353,937	1,353,937	0.0%
Accumulated losses	(8,167,309)	(8,167,310)	0.0%
Retained Earnings	142,384	-	100.0%
Other comprehensive income (loss)	(244,571)	(277,132)	-11.7%
Total equity attributable to shareholders	(837,885)	(1,012,831)	-17.3%
Non-controlling interest	6,076	6,177	-1.6%
Total equity	(831,809)	(1,006,654)	-17.4%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	11,942,272	13,445,217	-11.2%

7.5. Statement of Cash Flows

Cash Flow (R$ Thousand)	09/30/2020	09/30/2019	%


CASH FLOW FROM OPERATING ACTIVITIES
NET INCOME (LOSS)	142,283	(473,229)	-130.1%
Non-cash transactions	1,393,188	1,769,553	-21.3%
Depreciation and amortization	1,089,152	991,036	9.9%
Exchange, interest rate and commodities risk management	2,594	137,975	-98.1%
Losses (gains) from selling Biological Assets ¹	(1,611)	(20,947)	-92.3%
Interest, exchange rate changes and inflation adjustments, net	816,538	591,380	38.1%
Losses/(gains) on hedge operations	112,182	(75,934)	-247.7%
Deferred Income tax and social contribution	(734,544)	(195,362)	276.0%

Other non-cash transactions	108,877	341,405	-68.1%
Decrease/(Increase) in assets	1,210,875	(1,717,521)	-170.5%
Increase/(Decrease) in liabilities	(2,129,161)	651,502	-426.8%
Interest paid on borrowings and financing	(158,265)	(224,565)	-29.5%
Net cash provided by / (used in) operating activities	458,920	5,740	7895.1%
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in short- and long-term investments	(45,112)	121,402	-137.2%
Additions to right of use assets	(323,479)	(1,661,776)	-80.5%
Increase in property, plant and equipment	(172,900)	(98,777)	75.0%
Additions to biological assets	(265,412)	(241,536)	9.9%
Increase in intangible assets	(646)	(7,155)	-91.0%
Net cash provided by / (used in) investing activities	(807,549)	(1,887,842)	-57.2%
CASH FLOW FROM FINANCING ACTIVITIES
Additions to lease liabilities	324,009	1,661,615	-80.5%
Payment of lease liabilities	(297,540)	(266,854)	11.5%
Borrowings and financing	868,770	1,912,948	-54.6%
Payment of borrowings and financing	(1,137,906)	(2,198,699)	-48.2%
Net cash provided by / (used in) financing activities	(242,667)	1,109,010	-121.9%
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(591,296)	(773,092)	-23.5%
Cash and cash equivalents at the beginning of the period	1,174,943	1,189,112	-1.2%
Cash and cash equivalents at the end of the period	583,647	416,020	40.3%

Losses (gains) from the fair value adjustment less estimated cost of sales of biological assets.

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Biosev SA published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 23:46:02 UTC

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Exclusive: Shell, Cosan JV Raizen taps banks for mega-IPO in Brazil - sources	21-03-29	RE
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Transcript : Biosev S.A., Q3 2021 Earnings Call, Feb 12, 2021	21-02-12
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Raizen S.A. agreed to acquire Biosev S.A. from Louis Dreyfus Holding B.V. and others.	21-02-07	CI
Raízen Reportedly Speed Up Talks to Acquire Dreyfus’s Sugar-And-Ethanol Business	21-01-27	CI
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Transcript : Biosev S.A., Q2 2021 Earnings Call, Nov 13, 2020	20-11-13
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Transcript : Biosev S.A., Q1 2021 Earnings Call, Sep 18, 2020	20-09-18
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Transcript : Biosev S.A., Q4 2020 Earnings Call, Jul 28, 2020	20-07-28
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