Bioceres Crop Solutions (BIOX) - 2024 Q3 - Quarterly Report

Financial Performance - Revenue for the three-month period ended March 31, 2024, was $84.04 million, a decrease of 9.5% compared to $92.98 million for the same period in 2023[15] - For the nine-month period ended March 31, 2024, revenue increased to $340.52 million, up 8.3% from $314.38 million in the prior year[15] - Operating profit for the three-month period ended March 31, 2024, was $13.20 million, down 55.8% from $29.87 million in the same period last year[15] - Profit for the period attributable to equity holders of the parent for the three-month period was $9.26 million, a decline of 67.1% from $28.15 million in the prior year[15] - The total comprehensive profit for the three-month period was $9.97 million, down from $27.42 million in the prior year, indicating a decrease of 63.7%[15] - For the period ending March 31, 2024, the profit for the period was $8,337,346, a decrease from $22,964,240 in the same period last year[24] - The company reported a basic profit per share of $0.1473 for the three-month period ended March 31, 2024, compared to $0.4540 in the same period last year[15] - The company reported a net gain of $1.0 million from inflation effects on monetary items for the period ending March 31, 2024, compared to a loss of $7.6 million in the previous year[138] - For the three-month period ended March 31, 2024, the company reported a profit of $9,257,226, a decrease from $28,145,878 in the same period of 2023[145] Assets and Liabilities - As of March 31, 2024, total assets increased to $836.13 million from $818.06 million as of June 30, 2023, reflecting a growth of approximately 2.6%[9] - Total current liabilities increased to $332.97 million as of March 31, 2024, compared to $298.71 million as of June 30, 2023, representing an increase of 11.4%[12] - Total equity attributable to owners of the parent rose to $313.35 million from $298.59 million, marking a growth of 4.9%[12] - The company reported total equity of $330,496,107 as of June 30, 2023, compared to $158,298,848 as of June 30, 2022, indicating significant growth[21] - The company reported a decrease in cash and cash equivalents to $16,361,199 as of March 31, 2024, down from $57,737,138 a year earlier[27] - The total financial liabilities rose to $422,166,254 from $404,988,396, indicating an increase of approximately 4.2%[163] Cash Flow and Investments - Net cash flows generated by operating activities for the nine-month period ending March 31, 2024, were $18,459,801, an increase from $11,080,015 in the previous year[24] - Investment activities resulted in net cash flows used of $28,433,197 for the nine-month period ending March 31, 2024, compared to $22,483,687 in the previous year[27] - Proceeds from borrowings amounted to $139,750,796, while repayments totaled $131,671,711 for the period ending March 31, 2024[27] - The company reported a significant seasonal fluctuation in revenues, with sales typically concentrated in the third and fourth quarters due to crop planting cycles in South America and the Northern Hemisphere[87] Research and Development - Research and development expenses for the three-month period were $3.59 million, slightly down from $3.89 million in the same period last year[15] - Total research and development expenses for the period ending March 31, 2024, amounted to $11.8 million, slightly higher than $11.2 million for the same period in 2023, reflecting a marginal increase of 5.5%[132] Accounting and Compliance - The Group's financial statements are prepared in accordance with IFRS, ensuring transparency and consistency in financial reporting[51] - New accounting standards effective from January 1, 2024, include amendments to IFRS 16 and IAS 1, which may impact future financial reporting[37] - The company has not yet adopted several new accounting standards, which are not expected to have a material impact on the Group's financial statements[84] - The company is currently analyzing the potential impact of new accounting standards on its financial statements[86] Shareholder Information - The weighted average number of shares for basic EPS was 62,837,668 for the three-month period ended March 31, 2024, compared to 62,002,011 for the same period in 2023[145] - The company had no preferred shares issued and outstanding as of March 31, 2024, with 62,845,314 ordinary shares issued and outstanding[148] Miscellaneous - The Group's operations are subject to seasonality, with sales and operating results fluctuating significantly due to unpredictable weather conditions[64] - The Group's unique biotech platform includes patented technologies for seeds and microbial agricultural inputs, aimed at enhancing crop resilience to climate change[49] - The company reported no indicators of goodwill impairment, maintaining a stable goodwill value[118] - There have been no significant changes to contingencies, commitments, and restrictions on profit distribution since the last disclosure on June 30, 2023[190] - No new situations or circumstances requiring significant adjustments or disclosures have arisen since March 31, 2024[191]