UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rules 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of May 2021
Commission File Number: 001-38836
BIOCERES CROP
SOLUTIONS CORP.
(Translation of registrant’s name into English)
Ocampo 210 bis, Predio CCT, Rosario
Province of Santa Fe, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Bioceres
Crop Solutions Reports Fiscal Third Quarter 2021
Operational and Financial Results
9X
Increase in Contracted HB4 Wheat Hectares YoY, Ahead of Upcoming Crop
Season in Southern Hemisphere
4X
Increase in Micro-beaded Fertilizers Sales YoY
Comparable
Revenues up 35% to $35.0 Million in Fiscal Third Quarter 2021
ROSARIO,
Argentina – May 13, 2021 – 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,
has reported its financial results for the fiscal third quarter ended March 31, 2021. Financial results are expressed in U.S. dollars
and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year
(“YoY”), unless noted otherwise.
Fiscal
Third Quarter & Subsequent Financial & Operational Highlights
|
•
|
HB4
wheat on track with over 60,000 hectares already contracted for upcoming planting season,
representing over 200 different growers and +550 locations. Approximately half of total hectares
onboarded via beta version of digital platform.
|
|
•
|
HB4
soy harvest 60% completed. In late 2020, drought-tolerant HB4 soy was planted on approximately
23,000 hectares.
|
|
•
|
Agreement
with upscale consumer brand Havanna to develop and roll out
HB4 wheat-derived products with improved environmental footprint and farm-to-fork traceability.
|
|
•
|
Contribution
of non-core GLA rights into Moolec Science in exchange for 6% ownership. Investment allows
the Company to enter fast growing alternative food market and complements efforts to enable
the transition of food systems towards carbon neutrality.
|
|
•
|
Comparable
revenues up 35% to $35.0 million in third quarter of fiscal 2021. Crop
nutrition expansion was the main growth catalyst for the quarter driven by a 466% growth
of micro-beaded fertilizers sales. For the trailing twelve months total comparable revenues
increased 12% to $177.0 million compared to the year-ago period, and Adjusted EBITDA
increased 14% to $46.4 million.
|
|
•
|
Bioceres
subsidiary Rizobacter Argentina S.A. completed a $26.0 million public offering of Series
V corporate bonds in the Argentine capital market.
|
|
•
|
Completed
transfer of stock exchange listing from the NYSE American to The Nasdaq Global Select Market.
New listing enhances visibility as an Ag-Tech company focused on sustainable solutions.
|
ESG
Initiatives:
|
•
|
We
have commissioned Vigeo Eiris1 to produce
an independent opinion on the alignment of our sustainability-linked financing framework
with IMCA’s SLBP 2020. The global leader in ESG assessment is of the opinion that Bioceres’
selected KPI: “Tons of CO2 equivalent cumulative savings in soy/wheat primary production
systems”, results relevant, coherent and material from an environmental standpoint,
as well as it reflects relevant sustainability challenges for the activities of the Company
related to the Agriculture sector, mainly United Nations’ Sustainable Development
Goals (“SDGs” 2 & 13), namely Zero Hunger and Climate Action.
Moreover, the Framework sets Bioceres to achieve ambitious goal of 156,000+ tons of CO2 eq.
cumulative savings by 2025 as HB4 soy and wheat roll out projections are met.
|
MANAGEMENT
COMMENTARY
Mr.
Federico Trucco, Bioceres Chairman & Chief Executive Officer, commented: “The positive performance of HB4 wheat varieties observed
during the last crop cycle, as reported in our second quarter’s earnings call, has created excellent pre-season momentum, with
contracts already in place for over 60,000 hectares, our baseline target prior to Brazil import approval. We are also progressing with
HB4 soy harvest, which is currently at 60%. Resulting seed inventories for both crops should put us in a good place for a meaningful
launch once China and Brazil approve HB4 in soy and wheat, respectively.”
“As
we progress in developing and scaling locally adapted HB4 seeds, as well as on the regulatory front, we are also moving forward with
two additional aspects aimed at maximizing this opportunity. We have onboarded close to half of HB4 Program growers via our Generation
HB4 digital platform, fully automating the commercial interaction, credit scoring, contract execution and input logistics. On the downstream
front, we have validated HB4’s sustainability framework and entered a first agreement with a consumer brand, Havanna, for HB4 wheat-derived
products. The direct interaction with consumers leveraging on the farm-to-fork traceability of the HB4 Program and associated environmental
metrics, represents a tangible example of how technology may be used towards re-building agriculture’s social license while keeping
food affordable.”
Mr.
Enrique Lopez Lecube, Chief Financial Officer of Bioceres, said: “On the financial front, the third quarter of 2021 experienced
top-line revenue growth of 35% as our crop nutrition segment was the main growth catalyst driven by micro-beaded fertilizers sales. The
combination of this and operating leverage enabled the Company to deliver improved adjusted EBITDA and margin expansion during the third
quarter of fiscal 2021, positioning our financial profile into the LTM double digit growth trajectory.”
1
V.E is a global leader in ESG assessments, data, research, benchmarks and analytics. Leveraging on extensive proprietary database,
they equip market players with the ESG insight needed to manage risks and better understand and address social and environmental impact.
Since 2019, V.E has been an Affiliate of Moody’s Corporation. For further information please visit: vigeo-eiris.com
“In
summary, I believe Bioceres is firing on all cylinders as we now have financial flexibility to execute our HB4 Program, our cost of capital
has been reduced, and our financial performance is building while exploiting leverage in our model. We look forward to sharing more on
our developing story at upcoming investor conferences in the coming months,” concluded Lopez
Lecube.
Key
Operational Metrics (Figures in millions of US dollars,
unless otherwise noted)
HB4
Wheat and HB4 Soy Metrics
Operational
metrics to be updated in the upcoming quarter, 4Q21, at end of HB4 soy harvest and HB4 wheat planting.
Table
1: Key Financial Metrics (Figures in millions of US
dollars, unless otherwise noted)
3Q21
|
As
Reported
|
%
Change
|
Revenue
by Segment
|
3Q20
|
3Q21
|
Reported
|
Comparable¹
|
Crop
Protection
|
16.6
|
17.3
|
4%
|
(3%)
|
Seed
and Integrated Products
|
4.0
|
3.7
|
(9%)
|
(9%)
|
Crop
Nutrition
|
5.0
|
15.2
|
203%
|
191%
|
Total
Revenue
|
25.7
|
36.2
|
41%
|
35%
|
Gross
Profit
|
10.8
|
15.3
|
42%
|
45%
|
Gross
Margin
|
41.9%
|
42.3%
|
41 bps
|
362
bps
|
Adjusted
EBITDA
|
2.6
|
6.9
|
163%
|
|
Adjusted
EBITDA Margin
|
10.2%
|
19.0%
|
881 bps
|
|
-
Comparable
excludes the impact of IAS29 as discussed in more detail on page 17.
Table
2: Key Financial Metrics (Figures in millions of US
dollars, unless otherwise noted)
Fiscal
Nine-Month Period
|
As
Reported
|
%
Change
|
Revenue
by Segment
|
9M20
|
9M21
|
Reported
|
Comparable¹
|
Crop
Protection
|
67.7
|
66.0
|
(3%)
|
(3%)
|
Seed
and Integrated Products
|
23.5
|
24.8
|
6%
|
10%
|
Crop
Nutrition
|
33.7
|
36.5
|
8%
|
7%
|
Total
Revenue
|
124.9
|
127.3
|
2%
|
2%
|
Gross
Profit
|
56.7
|
58.2
|
3%
|
5%
|
Gross
Margin
|
45.4%
|
45.7%
|
35 bps
|
141
bps
|
Adjusted
EBITDA
|
31.8
|
31.7
|
(0%)
|
|
Adjusted
EBITDA Margin
|
25.5%
|
24.9%
|
(58 bps)
|
|
Cash
& Cash Equivalents
|
54.3
|
49.2
|
(9%)
|
|
Net
Debt to LTM EBITDA
|
2.30x
|
2.89x
|
|
|
LTM
EBITDA
|
40.6
|
46.4
|
14%
|
|
-
Comparable
excludes the impact of IAS29 as discussed in more detail on page 17.
For
a full version of Bioceres Fiscal Third Quarter 2021 Earnings Release, click here.
FISCAL
THIRD QUARTER 2021 EARNINGS CONFERENCE CALL
Bioceres
Chairman & Chief Executive Officer Federico Trucco, Chief Financial Officer Enrique Lopez Lecube and Head of Investor Relations Máximo
Goya will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation,
which can be viewed during the webcast or accessed via the investor relations section of the company’s website here.
To
access the call, please use the following information:
Date:
|
Thursday,
May 13, 2021
|
Time:
|
8:30
a.m. EDT, 5:30 a.m. PDT
|
Toll
Free dial-in number:
|
1-844-839-9680
|
Toll/International
dial-in number:
|
1-647-689-2346
|
Conference
ID:
|
2683788
|
Pre-Register
conference call:
|
Click here
|
Please
call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you
have difficulty connecting with the conference call, please contact MZ Group at +1 (949) 491-8235.
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 until May 18, 2021 following the conference.
Toll Free
Replay Number:
|
1-800-585-8367
|
International Replay
Number:
|
1-416-621-4642
|
Replay ID:
|
2683788
|
About
Bioceres Crop Solutions Corp.
Bioceres
Crop Solutions Corp. (NASDAQ: BIOX) is a fully integrated global provider of crop productivity technologies designed to enable the transition
of agriculture towards carbon neutrality. The Company's 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,
click here.
Contacts
Investor
Relations Contact:
Chris Tyson
Executive
Vice President
MZ Group
– MZ North America
(949) 491-8235
BIOX@mzgroup.us
www.mzgroup.us
Bioceres
Crop Solutions
Máximo
Goya, Head of Investor Relations
+54-341-4861100
maximo.goya@biocerescrops.com
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 information 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-month
period ended
03/31/2021
|
Three-month
period ended
03/31/2020
|
|
Nine-month
period
ended 03/31/2021
|
Nine-month
period
ended 03/31/2020
|
Total
revenue
Cost
of sales
|
36,221,113
(20,901,909)
|
25,672,412
(14,920,088)
|
|
127,315,064
(69,088,393)
|
124,918,358
(68,227,890)
|
Gross
profit
%
Gross profit
|
15,319,204
42%
|
10,752,324
42%
|
|
58,226,671
46%
|
56,690,468
45%
|
Operating
expenses
Share
of profit of JV
Other
income or expenses, net
|
(11,656,378)
906,241
205,127
|
(9,953,025)
(132,080)
(22,098)
|
|
(35,107,369)
1,211,928
345,449
|
(31,262,696)
1,166,425
(203,664)
|
Operating profit
|
4,774,194
|
645,121
|
|
24,676,679
|
26,390,533
|
Finance
result
|
(5,008,001)
|
(4,584,952)
|
|
(23,640,337)
|
(24,453,628)
|
Profit
/ (loss) before income tax
|
(233,807)
|
(3,939,831)
|
|
1,036,342
|
1,936,905
|
Income
tax
|
(390,710)
|
366,382
|
|
(6,232,163)
|
(838,273)
|
Profit
/ (loss) for the period
|
(624,517)
|
(3,573,449)
|
|
(5,195,821)
|
1,098,632
|
Other
comprehensive income / (loss)
|
1,911,937
|
(56,919)
|
|
2,707,064
|
(7,623,444)
|
Total comprehensive
profit / (loss)
|
1,287,420
|
(3,630,368)
|
|
(2,488,757)
|
(6,524,812)
|
Profit
/ (loss) for the period attributable to:
|
|
|
|
|
|
Equity
holders of the parent
Non-controlling
interests
|
(1,180,484)
555,967
|
(3,120,733)
(452,716)
|
|
(7,503,849)
2,308,028
|
1,143,771
(45,139)
|
|
(624,517)
|
(3,573,449)
|
|
(5,195,821)
|
1,098,632
|
Total
comprehensive profit / (loss) attributable to:
|
|
|
|
|
|
Equity
holders of the parent
Non-controlling
interests
|
510,325
777,095
|
(3,170,432)
(459,936)
|
|
(5,278,946)
2,790,189
|
(5,597,750)
(927,062)
|
|
1,287,420
|
(3,630,368)
|
|
(2,488,757)
|
(6,524,812)
|
Unaudited
Consolidated Statement of Financial Position
(Figures
in US dollars)
ASSETS
|
03/31/2021
|
06/30/2020
|
CURRENT
ASSETS
|
|
|
Cash and
cash equivalents
|
16,784,080
|
27,159,421
|
Other financial
assets
|
32,415,344
|
28,799,833
|
Trade receivables
|
80,412,576
|
73,546,633
|
Other receivables
|
7,855,945
|
4,770,672
|
Income
and minimum presumed income taxes recoverable
|
167,745
|
112,220
|
Inventories
|
39,058,808
|
29,338,548
|
Biological
assets
|
17,101,794
|
965,728
|
Total
current assets
|
193,796,292
|
164,693,055
|
NON-CURRENT ASSETS
|
|
|
Other financial
assets
|
333,969
|
322,703
|
Trade receivables
|
831,581
|
-
|
Other receivables
|
2,169,173
|
1,703,573
|
Income
and minimum presumed income taxes recoverable
|
10,288
|
6,029
|
Deferred
tax assets
|
2,776,265
|
2,693,195
|
Investments
in joint ventures and associates
|
29,287,990
|
24,652,792
|
Property,
plant and equipment
|
42,845,194
|
41,515,106
|
Intangible
assets
|
61,093,033
|
35,333,464
|
Goodwill
|
26,480,645
|
25,526,855
|
Right-of-use
leased asset
|
1,080,939
|
1,114,597
|
Total
non-current assets
|
166,909,077
|
132,868,314
|
Total
assets
|
360,705,369
|
297,561,369
|
LIABILITIES
|
03/31/2021
|
06/30/2020
|
CURRENT LIABILITIES
|
|
|
Trade and
other payables
|
60,402,061
|
57,289,862
|
Borrowings
|
85,415,020
|
63,721,735
|
Employee
benefits and social security
|
3,622,544
|
4,510,592
|
Deferred
revenue and advances from customers
|
1,388,479
|
2,865,437
|
Income
tax payable
|
5,049,721
|
1,556,715
|
Government
grants
|
1,302
|
1,270
|
Consideration
for acquisition of assets
|
200,000
|
-
|
Lease liability
|
507,434
|
665,098
|
Total
current liabilities
|
156,586,561
|
130,610,709
|
NON-CURRENT LIABILITIES
|
|
|
Trade and
other payables
|
452,654
|
452,654
|
Borrowings
|
50,740,811
|
41,226,610
|
Employee
benefits and social security
|
-
|
534,038
|
Government
grants
|
-
|
2,335
|
Investments
in joint ventures and associates
|
1,266,645
|
1,548,829
|
Deferred
tax liabilities
|
17,630,027
|
16,858,125
|
Provisions
|
377,900
|
417,396
|
Consideration
for acquisition of assets
|
7,637,972
|
-
|
Warrants
|
-
|
1,686,643
|
Convertible
notes
|
47,197,434
|
43,029,834
|
Lease liability
|
428,304
|
444,714
|
Total
non-current liabilities
|
125,731,747
|
106,201,178
|
Total
liabilities
|
282,318,308
|
236,811,887
|
EQUITY
|
|
|
Equity
attributable to owners of the parent
|
61,026,785
|
46,179,395
|
Non-controlling
interests
|
17,360,276
|
14,570,087
|
Total
equity
|
78,387,061
|
60,749,482
|
Total
equity and liabilities
|
360,705,369
|
297,561,369
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
BIOCERES CROP SOLUTIONS CORP.
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
Dated: May 13, 2021
|
By:
|
By:
|
/s/ Federico Trucco
|
|
|
Name:
|
Federico Trucco
|
|
|
Title:
|
Chief Executive Officer
|
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