31582091 2025-07-01 2026-06-30 31582091 2025-07-01 2026-06-30 1 31582091 2024-07-01 2025-06-30 31582091 2026-06-30 31582091 2025-06-30 31582091 2025-07-01 31582091 2024-07-01 31582091 2025-07-01 d:FixturesFittingsToolsAndEquipmentMember 31582091 2026-06-30 d:FixturesFittingsToolsAndEquipmentMember 31582091 2025-07-01 2026-06-30 d:FixturesFittingsToolsAndEquipmentMember 31582091 2025-07-01 d:ContributedCapitalMember 31582091 2024-07-01 d:ContributedCapitalMember 31582091 2026-06-30 d:ContributedCapitalMember 31582091 2025-06-30 d:ContributedCapitalMember 31582091 2025-07-01 d:RetainedEarningsMember 31582091 2024-07-01 d:RetainedEarningsMember 31582091 2025-07-01 2026-06-30 d:RetainedEarningsMember 31582091 2024-07-01 2025-06-30 d:RetainedEarningsMember 31582091 2025-07-01 2026-06-30 d:ProposedExtraordinaryDividendRecognisedInEquityMember 31582091 2024-07-01 2025-06-30 d:ProposedExtraordinaryDividendRecognisedInEquityMember 31582091 2026-06-30 d:RetainedEarningsMember 31582091 2025-06-30 d:RetainedEarningsMember 31582091 2025-07-01 2026-06-30 1 31582091 2025-07-01 2026-06-30 2 31582091 2025-07-01 2026-06-30 3 31582091 2023-07-01 2024-06-30 31582091 2022-07-01 2023-06-30 31582091 2021-07-01 2022-06-30 31582091 2024-06-30 31582091 2023-06-30 31582091 2022-06-30 31582091 2025-07-01 2026-06-30 0 31582091 2024-07-01 2025-06-30 0 31582091 2023-07-01 2024-06-30 0 31582091 2022-07-01 2023-06-30 0 31582091 2021-07-01 2022-06-30 0 31582091 2025-07-01 2026-06-30 1 31582091 2024-07-01 2025-06-30 1 31582091 2023-07-01 2024-06-30 1 31582091 2022-07-01 2023-06-30 1 31582091 2021-07-01 2022-06-30 1 iso4217:EUR xbrli:pure Årsrapport 32285201 Martinsen Statsautoriseret Revisionspartnerselskab Dandyvej 3B 7100 Vejle 2024-07-01 2025-06-30 2025-07-01 2026-06-30 31582091 Aviagen ApS Klostergade 13 6622 Baekke 2008-05-23 Vejen, Danmark Martinsen, Statsautoriseret Revisionspartnerselskab 32285201 Jakob Bjerrum Olsen statsautoriseret revisor mne46636 Dandyvej 3 B 7100 Vejle Danmark 75 82 10 55 2026-07-10 Patrick Germain Emiel Claeys Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren Vejle 2026-07-10 Baekke 2026-07-10 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 11475320 7504024 1612989 1537752 10470 10470 9851861 5955802 43542 0 11521 0 2931 24676 9903993 5931126 2180358 1309119 7723635 4622007 5500000 4000000 2223635 622007 13547 24017 13547 24017 13547 24017 2568052 2579656 136975 117401 1397758 1451926 4102785 4148983 3045796 1929061 108364 213580 298299 447432 30934 28915 3483393 2618988 1133729 1795000 8719907 8562971 8733454 8586988 0 16715 16715 5204665 2981030 5221380 2997745 124055 150000 124055 150000 565161 655260 1000588 3501913 1737404 1162318 84866 119752 3388019 5439243 3388019 5439243 8733454 8586988 7723635 4622007 2138696 1344265 -3575678 436141 6286653 6402413 43542 0 2931 13832 6327264 6388581 1500056 1575396 4827208 4813185 0 3060 0 -3060 5500000 4000000 -5500000 -4000000 -672792 810125 1795000 995719 11521 -10844 1133729 1795000 1133729 1795000 1591512 1516878 21477 20874 1612989 1537752 29 28 0 8479 2931 16197 2931 24676 97999 97999 73982 10470 84452 13547 16715 16715 16715 16715 2981030 2359023 2223635 622007 5500000 4000000 5500000 4000000 5204665 2981030 10470 10470 -55063 0 2931 24676 2180358 1309119 46198 619466 -969620 243078 -2652256 -426403 Today, the Executive Board has approved the annual report of Aviagen ApS for the financial year 2025/26. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2026 and of the results of the Company's operations and cash flows for the financial year 1 July 2025 – 30 June 2026. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Christopher Paul Hill Patrick Germain Emiel Claeys Frederiek Denis Pol Claeys We have audited the financial statements of Aviagen ApS for the financial year 1 July 2025 - 30 June 2026, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, statement of cash flows and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2026, and of the results of the Company's operations and cash flows for the financial year 1 July 2025 - 30 June 2026 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 8494000 7677000 5946000 7033000 6289000 4722000 52000 -25000 -58000 -57000 -35000 5440000 4858000 3655000 8479000 9564000 7010000 0 3000 6000 0 44000 2376000 2936000 3078000 3423000 8295000 2447000 -6000 0 -44000 -6000000 -5000000 -3500000 -673000 810000 -2584000 3295000 -1097000 29 27 24 257.4 157.4 141.9 147.1 189.3 59.8 34.9 28.0 30.7 43.9 188.0 172.0 204.8 161.6 121.8 Description of key activities of the companyLike previous years, the activities is operation of a hatchery. The total sales of the company and the majority of its purchaes takes place with group companies. Development in activities and financial mattersThe gross profit for the year totals EUR 11.475.320 against EUR 7.504.024 last year. Profit or loss from ordinary activities after tax totals EUR 7.723.635 against EUR 4.622.007 last year. Management considers the net profit or loss for the year satisfactory. Development for the year relative to the expectationsIt the annual report 2024/25, a projected gross profit for 2025/26 at a level of approximately EUR 7.504.024 and a profit or loss from ordinary activities after tax of EUR 4.622.077 were announced. The actual gross profit for 2025/26 amounts to EUR EUR 11.475.320 and the actual profit or loss from ordinary activities after tax amounts to EUR EUR 7.723.635.  The primary reason for the deviation between the projected and actual gross profit is higher acitivity level and expected togehter with better margins. Expected developmentsWithout unforeseen circumstances, the company expect the result of 2026/27 to be on the same level which means a net profit before tax in the range EUR 9.000.000 - 10.000.000. Events occurring after the end of the financial yearNo events have occurred subsequent to the balance sheet date, that have material impact on the annual report of the company. The annual report for Aviagen ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from the previous year, and the annual report is presented in euro (EUR). Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales.   Cost of sales Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external costs Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial expensesFinancial expenses are recognised in the income statement with the amounts concerning the financial year. Financial expenses comprise interest expenses, financial expenses from realised and unrealised capital gains, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesThe enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment. The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract. All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Impairment loss relating to non-current assetsThe carrying amount of tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. Costs of manufactured goods and work in progress comprise the cost of raw materials, consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect materials and wages, maintenance and depreciation of machinery, factory buildings, and equipment used in the production process, and costs for factory administration and factory management. Borrowing expenses are not recognised in cost. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxAs administration company, Aviagen ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. ProvisionsProvisions comprise expected costs of warranty commitments, loss on work in progress, restructuring, etc. Provisions are recognised when the company has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the company. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and cash and cash equivalents at the beginning and the end of the year, respectively. Cash flows from operating activitiesCash flows from operating activities are calculated as the company's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the company's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits and short-term financial instruments with a term of less than 3 months, which can easily be converted into cash and cash equivalents and are associated with an insignificant risk of value change. 5.Deferred tax assetsDeferred tax assets opening balance213.58035.213Deferred tax of the results for the year-105.216178.367 108.364213.580 The following items are subject to deferred tax: Property, plant, and equipment3.4072.605 Investory77.665177.975 Provisions27.29233.000 108.364213.580 8.Contractual obligations and contingencies, etc.Lease liabilities:The company has assumed a rent liability thas is 100 % variable in relation to the production, and consequently, this liability can not be determined. in 2025/26, the rent was EUR 220 thousand. In the financial year 2026/27 the rent is expected to remain at the same level. Operationel leasing:The company has entered into operationel leasing contract with remaining terms of up till 25 months and with a total leasing payment of EUR 924 thousand. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The liability relating to obligations in connection with withholding tax on dividends, interest, and royalties represents an estimated maximum of EUR 0,-. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. 9.Related partiesControlling interest Aviagen EPI NV, Nazarethsesteenweg 83, Deinze, BelgiumMajority shareholder TransactionsDisclosure of related party transactions: 2025/262024/25 Sale of goods to an associate51.47148.075 Purchase of goods from an associate32.38432.284 Rent to an associate220227 Consultancy fees to an associate7576 Other income from an associate505454 Interest to group enterprises08 Interest from group enterprises440 Recieveables from group enterprises3.0461.929 Payables to group enterprises1.0013.502 Consolidated financial statementsAviagen International Finance Ltd. Stratford Hatchery Alscott Industri Estate Atherstone On Stour CV37 8BH Stratford-Upon-Avon Warwickshire United Kingdom Consolidated financial statements, in which the accounts of Aviagen ApS are recognized. Aviagen International Finance Ltd. which is the smallest group in which the company is included as a subsidiary. The consolidated financial statements of Aviagen International Finance Ltd. can be obtained by contacting the Company. EW Group GmbH Hogenbögen 1 49429 Visbek Germany Consolidated financial statements, in which the accounts of Aviagen ApS are recognized. EW Group GmbH which is the biggest group in which the company is included as a subsidiary. The consolidated financial statements of EW Group GmbH can be obtained at https://www.unternehmensregister.de