Bioceres Crop Solutions Reports Fiscal Fourth Quarter and Full-Year 2022 Financial and Operational Results

About this update from Bioceres Crop Solutions Corp.

Fourth quarter 44% top line growth consolidated record full fiscal year revenues, with LTM baseline adjusted EBITDA1 at $61.9 million HB4 revenues reported for the first time, with an increase of 94% compared to HB4 wheat contributed goods YoY ROSARIO, Argentina --(BUSINESS WIRE)-- Bioceres Crop Solutions Corp. (“Bioceres”) (NASDAQ: BIOX) , a fully integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, announced financial results for the fiscal fourth quarter and fiscal year ended June 30, 2022 . Financial results are expressed in US dollars and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (“YoY”), unless otherwise noted. FINANCIAL & BUSINESS HIGHLIGHTS 4Q22 numbers continued strong growth from previous quarters, with comparable revenues up 44% to $104.1 million . Comparable revenues for FY22 increased 62% to a record $319.3 million . Metrics do not include ProFarm numbers, which will be consolidated as of 1Q23. HB4 Wheat revenues were $12.4 million , a 94% increase compared to the year-ago contributed goods number. Comparable gross profit for the quarter increased 32% compared to the year-ago quarter, reaching $41.4 million . Comparable gross profit for the full fiscal year reached a record of $136.9 million , up 45% compared to FY21. Adjusted EBITDA, excluding HB4 pre-launch costs, reached $61.9 million in FY22, a 24% increase compared to the previous fiscal year. Adjusted EBITDA number significantly underestimated as a result of the accounting impact of IAS29. HB4 Soy harvest completed in Argentina . Two varieties advanced for commercial launch with selected multipliers/distributors in the upcoming season. Seed multiplication in Brazil advancing under HB4 Program approach. Two varieties on track for Brazil launch in 2023/24 season. Key feed and food clearances obtained during FY22 including China´s Ministry of Agriculture approval for HB4 Soy and the U.S. Food and Drug Administration (FDA) favorable conclusion on HB4 Wheat safety assessment. Other feed and food approvals for HB4 Wheat include Brazil , Colombia , Australia , New Zealand and Nigeria for HB4 Wheat. Completed merger with Marrone Bio Innovations, Inc. (now ProFarm Group ) on July 12, 2022 . Integration process well under way. MANAGEMENT REVIEW Mr. Federico Trucco , Bioceres´ Chief Executive Officer, commented: “We are very proud of the performance delivered by our teams in the fourth quarter and full fiscal year 2022. This last quarter was particularly challenging since we are comparing to a record setting quarter of last year (4Q21) when we grew at close to 40% compared to 4Q20. This is an amazing closing to an amazing year, not only reflected in our record setting financials but also in terms of achieving gatekeeping regulatory clearances, namely feed & food approvals for HB4 Wheat in Brazil and for HB4 Soy in China . We are for the first time reporting revenues associated to the HB4 technology, resulting from the one crop where we faced the most skepticism: HB4 Wheat. This technology is now not only green-lighted by a growing number of regulators, including the U.S. FDA, but also increasingly accepted growers, industry participants and consumers at the end. Today we have more than 20 processors incorporating HB4 wheat in their products with a similar number being onboarded in the next few months. We have consumer brands actively addressing HB4 Wheat merits, and we have successfully executed the first export operation for HB4 Wheat flour to Brazil . A post-approval survey in Brazil showed that close to 70% of consumers had no concerns on GMO wheat, an observation that helped change the position of key groups that historically rejected transgenics in the crop. With this we are not saying that the job is done, it is far from being done. But we are obviously thrilled to see this progress and very proud of our global leadership in this front.” Trucco added, “Furthermore, as we look into FY23 and beyond, we are invigorated by the opportunities ahead. Right after the quarters’ end and less than four months since the announcement, we have successfully merged with and de-listed Marrone Bio Innovations . Like the Rizobacter integration back in 2016, we believe this merger will be transformational for us. With our new colleagues, we are focused on the integration and expansion of our business and on combining our relative strengths to create a formidable company with a unique product offering and outstanding global reach.” Mr. Enrique Lopez Lecube , Bioceres´ Chief Financial Officer, noted, “We continued our outstanding performance during the fourth quarter, closing out our tremendous fiscal year on a high note. We delivered annual top-line growth of 62% with our initial HB4 revenues of $12.4 million . We also executed a transformational merger with Marrone Bio Innovations , that significantly enriches our portfolio of biological products, diversifies our revenue sources, and broadens our sources of growth. Throughout the year, we benefited from positive tailwinds that accelerated adoption of our technologies and achieved multiple milestones on the regulatory front. We also faced some headwinds that affected our logistics and manufacturing costs, but overall, we were able to successfully weather supply chain disruptions and unfavorable macro dynamics. As we move into the new fiscal year, we are focused on solidifying and growing from this new revenue base with the financial and strategic resources to deliver greater value to our shareholders.” KEY FINANCIAL METRICS (In millions of US dollars, unless where otherwise stated) Table 1: 4Q22 Key Financial Metrics 4Q22 Comparable % Change Revenue by Segment 4Q21 4Q22 Comparable1 As Reported Crop Protection 42.9 49.7 16% 5% Seed and Integrated Products 6.8 21.5 215% 118% Crop Nutrition 22.7 32.9 45% 37% Total Revenue 72.4 104.1 44% 29% Gross Profit 31.4 41.4 32% 12% Gross Margin 43.40% 39.80% (366 bps) (526 bps) As Reported % Change Adjusted EBITDA 16.6 14.6 -12% HB4 pre-launch costs 0.8 3.2 286% Baseline Business Adjusted EBITDA 17.4 17.7 2% 1. Comparable excludes the impact of IAS29 as discussed in more detail on page 13. 4Q22 – Summary: Comparable revenues in 4Q22 rose 44% from those in 4Q21, reaching $104.1 million , a company record for any quarter. The increased comparable revenues were mainly driven by the company’s first revenues for HB4 Wheat, greater adoption of Bioceres’ micro-beaded fertilizers in Brazil and Argentina , as well as growth in third-party crop protection products. Comparable gross profit increased 32%, although gross margins were somewhat lower reflecting a product mix in the quarter weighted to crop protection products. The 4Q22 Adjusted EBITDA excluding pre-launch costs was 2% higher, at $17.7 million . In preparation for commercialization, HB4 pre-launch costs increased as expected, to $3.2 million in 4Q22, compared to $0.8 million YoY. Table 2: Full Fiscal Year 2022 Key Financial Metrics Comparable % Change Revenue by Segment FY21 FY22 Comparable1 As Reported Crop Protection 107.6 166.4 55% 53% Seed and Integrated Products 31 48.9 58% 47% Crop Nutrition 58.8 103.9 77% 80% Total Revenue 197.4 319.3 62% 60% Gross Profit 94.2 136.9 45% 39% Gross Margin 47.70% 42.90% (484 bps) (560 bps) As Reported % Change Adjusted EBITDA 48.3 51.5 7% HB4 pre-launch costs 1.6 10.3 563% Baseline Business Adjusted EBITDA 49.9 61.9 24% 1. Comparable excludes the impact of IAS29 as discussed in more detail on page 13. FY22 - Summary: Comparable revenues in FY22 of $319.3 million were also a record for the company, and for each product segment, increasing overall by 62%. Sales benefited from the strategic efforts to broaden geographic reach and deepen market penetration, with greater grower adoption of inoculants, micro-beaded fertilizers, and third-party products. First-time revenues of $12.4 million for HB4 Wheat also contributed to FY22 top line growth. Comparable gross profit grew by 45% to $136.9 million , although gross margins declined by 484 basis points as a function of product mix. Adjusted EBITDA and Baseline Business Adjusted EBITDA, increased by 7% and 24% respectively, as a result of both sales and gross profit increases. For a full version of Bioceres fourth quarter & full-year 2022 earnings release, click here . FOURTH QUARTER & FULL-FISCAL YEAR 2022 EARNINGS CONFERENCE CALL Management will host a conference call and question-and-answer session, which will be accompanied by a presentation available during the webcast or accessed via the investor relations section of the company’s website . To access the call, please use the following information: Date: Thursday, September 8, 2022 Time: 8:30 a.m. EST , 5:30 a.m. PST Toll Free dial-in number: 1-844-200-6205 Toll/International dial-in number: 1-929-526-1599 Conference ID: 112267 Webcast: Click here Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay here and via the investor relations section of the company’s website here . A replay of the call will be available through September 13, 2022 , following the conference. Toll Free Replay Number: 1-866-813-9403 International Replay Number: +44 204 525 0658 Replay ID: 676507 1 Baseline adjusted EBITDA excludes HB4 pre-launch costs About Bioceres Crop Solutions Corp. Bioceres Crop Solutions Corp. (NASDAQ: BIOX) is a fully integrated provider of crop productivity technologies designed to enable the transition of agriculture towards carbon neutrality. To do this, Bioceres’ solutions create economic incentives for farmers and other stakeholders to adopt environmentally friendlier production practices. The Company has a unique biotech platform with high-impact, patented technologies for seeds and microbial ag-inputs, as well as next generation Crop Nutrition and Protection solutions. Through its HB4® program, the Company is bringing digital solutions to support growers’ decisions and provide end-to-end traceability for production outputs. For more information, visit here . Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include estimated financial data and, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses by governments, clients and the Company, on our business, financial condition, liquidity position and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. These forward-looking statements include, but are not limited to, whether (i) the health and safety measures implemented to safeguard employees and assure business continuity will be successful, (ii) the uncertainty related to COVID-19 in the farming community will be short lived, and (iii) we will be able to coordinate efforts to ramp up inventories. Such forward-looking statements are based on management’s reasonable current assumptions, expectations, plans and forecasts regarding the Company’s current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of the Company to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management’s expectations or could affect the Company’s ability to achieve its strategic goals, including the uncertainties relating to the impact of COVID-19 on the Company’s business, operations, liquidity and financial results and the other factors that are described in the sections entitled “Risk Factors” in the Company's Securities and Exchange Commission filings updated from time to time. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. All forward-looking statements contained in this release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or were made, and the Company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law. Unaudited Consolidated Statement of Comprehensive Income (Figures in US dollars) Three-monthperiod ended 06/30/2022 Three-monthperiod ended 06/30/2021 Fiscal year ended 06/30/2022 Fiscal year ended 06/30/2021 Total revenue 105,749,320 82,211,113 334,800,936 209,526,177 Cost of sales -69,299,211 -49,553,410 -208,338,098 -118,641,803 Gross profit 36,450,109 32,657,703 126,462,838 90,884,374 % Gross profit 34% 40% 38% 43% Operating expenses -26,799,025 -18,112,187 -84,482,306 -53,219,556 Share of profit of JV 429,285 -214,499 1,144,418 997,429 Other income or expenses, net -39,356 -624,808 -3,195,056 -279,359 Operating profit 10,041,013 13,706,209 39,929,894 38,382,888 Finance result -7,768,098 -4,212,002 -25,953,635 -27,852,340 Profit before income tax 2,272,915 9,494,207 13,976,259 10,530,548 Income tax -6,952,138 -8,119,007 -18,028,709 -14,351,170 Profit / (Loss) for the period -4,679,223 1,375,200 -4,052,450 -3,820,622 Other comprehensive profit / (loss) 9,181,967 7,344,254 35,172,250 10,051,318 Total comprehensive Profit / (Loss) 4,502,744 8,719,454 31,119,800 6,230,696 Profit / (loss) for the period attributable to: Equity holders of the parent -5,146,706 633,686 -7,332,197 -6,870,163 Non-controlling interests 467,483 741,514 3,279,747 3,049,541 -4,679,223 1,375,200 -4,052,450 -3,820,622 Total comprehensive profit / (loss) attributable to: Equity holders of the parent 2,327,191 6,838,210 22,013,125 1,559,264 Non-controlling interests 2,175,553 1,881,244 9,106,675 4,671,432 4,502,744 8,719,454 31,119,800 6,230,696 Unaudited Consolidated Statement of Financial Position (Figures in US dollars) ASSETS 06/30/2022 06/30/2021 CURRENT ASSETS Cash and cash equivalents 33,404,416 36,046,113 Other financial assets 4,668,728 11,161,398 Trade receivables 111,327,322 88,784,172 Other receivables 19,557,901 11,153,705 Income and minimum presumed income taxes recoverable 1,647,398 990,881 Inventories 126,125,724 61,037,551 Biological assets 49,523 2,315,838 Total current assets 296,781,012 211,489,658 NON-CURRENT ASSETS Other financial assets 619,841 1,097,462 Trade receivables 200,412 135,739 Other receivables 2,165,718 2,543,142 Income and minimum presumed income taxes recoverable 44,412 12,589 Deferred tax assets 4,333,451 3,278,370 Investments in joint ventures and associates 38,554,092 30,657,173 Property, plant and equipment 49,823,879 47,954,596 Intangible assets 76,956,604 67,342,362 Goodwill 36,723,978 28,751,206 Right-of-use leased asset 12,144,026 1,327,660 Total non-current assets 221,566,413 183,100,299 Total assets 518,347,425 394,589,957 LIABILITIES 06/30/2022 06/30/2021 CURRENT LIABILITIES Trade and other payables 117,674,880 72,091,408 Borrowings 78,588,637 76,785,857 Employee benefits and social security 7,624,175 4,680,078 Deferred revenue and advances from customers 5,757,553 6,277,313 Income tax payable 7,538,764 7,452,891 Lease liabilities 1,412,904 750,308 Total current liabilities 218,596,913 168,037,855 NON-CURRENT LIABILITIES Borrowings 74,177,169 47,988,468 Government grants - 784 Investments in joint ventures and associates 717,948 1,278,250 Deferred tax liabilities 29,102,169 25,699,495 Provisions 603,022 449,847 Consideration for acquisitions 13,373,022 11,790,533 Convertible notes 12,559,071 48,664,012 Lease liability 10,338,380 390,409 Total non-current liabilities 140,870,781 136,261,798 Total liabilities 359,467,694 304,299,653 EQUITY Equity attributable to owners of the parent 127,225,994 67,743,242 Non-controlling interests 31,653,737 22,547,062 Total equity 158,879,731 90,290,304 Total equity and liabilities 518,347,425 394,589,957 View source version on businesswire.com : https://www.businesswire.com/news/home/20220908005445/en/ Bioceres Crop Solutions Paula Savanti Head of Investor Relations [email protected] Source: Bioceres Crop Solutions Corp.

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