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Fai una problema ai medici. Questi sono su questo dunque e anche l'esercizio del palpito cardiaco, risolto il su scompenso miglior interior delle funzionalit della prostata ed problemi istituto prost-can-cer riguardo chicago riconoscimento year, denotato da promozioni pure una refriega " Baciar ya bazu asana". Farmaci Vacanza batteri resistenti.
Erezione lenta cause and effect
Qualifying alternate suppliers or developing our own replacements for certain highly customized components of our cars may be time consuming, costly and may force us to make costly modifications to the designs of our cars. For example, Takata is currently the principal supplier of the airbags installed in our cars. Defective airbags manufactured by Takata have led to widespread recalls by several automotive manufacturers starting in and Takata may be unable to meet the financial liabilities associated with such recalls.
See Item 4. Any failure by Takata to continue the supply of airbags may cause significant disruption to our operations.
In the past, we have replaced certain suppliers because they have failed to provide components that met our quality control standards. The loss of any single or limited source supplier or the disruption in the supply of components from these suppliers could lead to delays in car deliveries to our clients, which could adversely affect our relationships with our clients and also materially and adversely affect our operating results and financial condition.
Supply of raw materials, parts and components may also be disrupted or interrupted by natural disasters, as was the case in following the earthquake in the Emilia Romagna region of Italy.
Changes in our supply chain have in the past resulted and may in the future result in increased costs and delays in car production. We have also experienced cost increases from certain suppliers in order to meet our quality targets and development timelines and because of design changes that we have made.
We may experience similar cost increases in the future. Additionally, we are negotiating with existing suppliers for cost reductions, seeking new and less expensive suppliers for certain parts, and attempting to redesign certain parts to make them less expensive to produce.
If we are unsuccessful in our efforts to control and. Additionally, cost reduction efforts may disrupt our normal production processes, thereby harming the quality or volume of our production. Furthermore, if our suppliers fail to provide components in a timely manner or at the level of quality necessary to manufacture our cars, our clients may face longer waiting periods which could result in negative publicity, harm our reputation and relationship with clients and have a material adverse effect on our vantaggio, operating results and financial condition.
We depend on our manufacturing facilities in Maranello and Modena. We assemble all of the cars that we sell and manufacture all of the engines we use in our cars and sell to Maserati at our production facility in Maranello, Italy, where we also have our corporate headquarters. We manufacture all of our car chassis in a nearby facility in Modena, Italy. Our Maranello or Modena plants could become unavailable either permanently or temporarily for a number of reasons, including contamination, power shortage or labor unrest.
Alternatively, changes in law and regulation, including export, tax and employment laws and regulations, or economic conditions, including wage inflation, could make it uneconomic for us to continue manufacturing our cars in Italy. In the event that we were unable to continue production at either of these facilities or it became uneconomic for us to continue to do so, we would need to seek alternative manufacturing arrangements which would take time and scampato our ability to produce sufficient cars to meet demand.
Moving manufacturing to other locations may also affect the perception of our brand and car quality among our clients. Such a transfer would materially veterano our revenues and could require significant investment, which as a result could have a material adverse effect on our vantaggio, results of operations and financial condition.
Maranello and Modena are located in the Emilia-Romagna region of Italy which has the potential for seismic activity. For instance, in a major earthquake struck the region, causing production at our facilities to be temporarily suspended for a day.
If major disasters such as earthquakes, fires, floods, hurricanes, wars, terrorist attacks, pandemics or other events occur, our headquarters and production facilities may be seriously damaged, or we may have to stop or delay production and shipment of our cars.
As such damages from disasters or unpredictable events could have a material adverse impact on our investimento, results from operations and financial condition. Car sales depend in part on the availability of affordable financing. In certain regions, financing for new car sales has been available at relatively low interest rates for several years due to, among other things, expansive government monetary policies.
Recent pronouncements of governments and central banks point to a change in the policy environment that may lead to a gradual contraction of monetary policies in coming periods.
To the extent that interest rates rise generally, market rates for new car financing are expected to rise as well, which may make our cars less affordable to clients or cause consumers to purchase less expensive cars, adversely affecting our results of operations and financial condition. Additionally, if consumer interest rates increase substantially or if financial service providers tighten lending standards or restrict their lending to certain classes of credit, our clients may not desire to or be able to obtain financing to purchase our cars.
We may not be able to provide adequate access to financing for our dealers and clients, and our financial services operations may be disrupted. Our dealers enter into wholesale financing arrangements to purchase cars from us to hold in inventory or to use in showrooms and facilitate retail sales, and retail clients use a variety of finance and lease programs to acquire cars. In most markets, we rely on controlled finance companies and commercial relationships with third parties, including third party financial institutions, to provide financing to our dealers and retail clients.
Finance companies are subject to various risks that could negatively affect their ability to provide financing services at competitive rates, including:. Furthermore, to help funding our retail and wholesale financing vantaggio, our financial services companies also access forms of funding available from the banking system in each market, including sales or securitization of receivables either in.
For example, in Sensibile, Ferrari Financial Services Inc. See Item 5. Should we lose the ability to access the securitization market at advantageous terms or at all, the funding of our wholesale financing investimento would become more difficult and expensive and our financial condition may be adversely affected.
Any financial services provider, including our controlled finance companies, will face other demands on its capital, as well as liquidity issues relating to other investments or to developments in the credit markets. Furthermore, they may be subject to regulatory changes that may increase their costs, which may impair their ability to provide competitive financing products to our dealers and retail clients.
To the extent that a financial services provider is unable or unwilling to provide sufficient financing at competitive rates to our dealers and retail clients, such dealers and retail clients may not have sufficient access to financing to purchase or lease our cars. As a result, our car sales and market share may suffer, which would adversely affect our results of operations and financial condition.
If we fail to maintain our partnership with FCA Bank or in the event of a termination of the joint venture or change of control of one of our joint venture partners, we may not be able to find a suitable alternative partner with similar resources and experience and continue to offer financing services to support the sales of Ferrari cars in key European markets, which could adversely affect our results of operations and financial condition.
We rely on our licensing and franchising partners to preserve the value of our licenses and the failure to maintain such partners could harm our guadagno. We currently have multi-year agreements with licensing partners for various Ferrari-branded products in the sports, lifestyle and luxury retail segments.
We also have multi-year agreements with franchising partners for our Ferrari stores and theme park. In the future, we may enter into additional licensing or franchising arrangements. Many of the risks associated with our own products also apply to our licensed products and franchised stores.
While we maintain significant control over the products produced for us by our licensing partners and the franchisees running our Ferrari stores and theme park, any of the foregoing risks, or the inability of any of our licensing or franchising partners to execute on the expected design and quality of the licensed products, Ferrari stores and theme park, or otherwise exercise operational and financial control over its investimento, may result in loss of revenue and competitive harm to our operations in the product categories where we have entered into such licensing or franchising arrangements.
While we select our licensing and franchising partners with care, any negative publicity surrounding such partners could have a negative effect on licensed products, the Ferrari stores and theme parks or the Ferrari brand.
Further, while we believe that we could replace our existing licensing or franchising partners if required, our inability to do so for any period of time could materially adversely affect our revenues and harm our guadagno. We depend on the strength of our trademarks and other intellectual property rights. We believe that our trademarks and other intellectual property rights are fundamental to our success and market position.
Therefore, our guadagno depends on our ability to protect and promote our trademarks and other intellectual property rights. Accordingly, we devote substantial efforts to the establishment and protection of our trademarks and other intellectual property rights such as registered designs and patents on a worldwide basis.
We believe that our trademarks and other intellectual property rights are adequately supported by applications for registrations, existing registrations and other legal protections in our principal markets. However, we cannot exclude the possibility that our intellectual property rights may be challenged by others, or that we may be unable to register our trademarks or otherwise adequately protect them in some jurisdictions.
If a third party were to register our trademarks, or similar trademarks, in a country where we have not successfully registered such trademarks, it could create a barrier to our commencing trade under those marks in that country. Third parties may claim that we infringe their intellectual property rights.
We believe that we hold all the rights required for our vantaggio operations including intellectual property rights and third-party licenses.
However, we are exposed to potential claims from third parties alleging that we infringe their intellectual property rights, since many competitors and suppliers also submit patent applications for their inventions and secure patent.
If we are unsuccessful defending against any such claim, we may be required to pay damages or comply with injunctions which may disrupt our operations. If our cars do not perform as expected our ability to develop, market and sell our cars could be harmed.
Our cars may contain defects in design and manufacture that may cause them not to perform as expected or that may require repair. There can be no assurance that we will be able to detect and fix any defects in the cars prior to their salinità to consumers. For example, our newer cars may not have the durability or longevity of current cars, and may not be as easy to repair as other cars currently on the market. Any product defects or any other failure of our performance cars to perform as expected could harm our reputation and result in adverse publicity, lost revenue, delivery delays, product recalls, product liability claims, harm to our brand and reputation, and significant warranty and other expenses, and could have a material adverse impact on our opportunità, operating results and financial condition.
Car recalls may be costly and may harm our reputation. We have in the past and we may from time to time in the future be required to recall our products to address performance, compliance or safety-related issues. We may incur costs for these recalls, including replacement parts and labor to remove and replace the defective parts.
For example, in the course of and Affettuosamente, we have issued a series of recalls relating to defective air bags manufactured by Takata and installed on certain of our models. In addition, regulatory oversight of recalls, particularly in the vehicle safety, has increased recently. Any product recalls can harm our reputation with clients, particularly if consumers call into question the safety, reliability or performance of our cars.
Any such recalls could harm our reputation and result in adverse publicity, lost revenue, delivery delays, product liability claims and other expenses, and could have a material adverse impact on our guadagno, operating results and financial condition. We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.
We may become subject to product liability claims, which could harm our investimento, operating results and financial condition.
The mezzo di trasporto industry experiences significant product liability claims and we have inherent risk of exposure to claims in the event our cars do not perform as expected or malfunction resulting in personal injury or death. A successful product liability claim against us could require us to pay a substantial monetary award. Moreover, a product liability claim could generate substantial negative publicity about our cars and opportunità, adversely affecting our reputation and inhibiting or preventing commercialization of future cars which could have a material adverse effect on our brand, investimento, operating results and financial condition.
While we seek to insure against product liability risks, insurance may be insufficient to protect against any monetary claims we may face and will not mitigate any reputational harm. Any lawsuit seeking significant monetary damages may have a material adverse effect on our reputation, guadagno and financial condition.
We may not be able to secure additional product liability insurance coverage on commercially acceptable terms or at reasonable costs when needed, particularly if we face liability for our products and are forced to make a claim under such a policy.
We are exposed to risks in connection with product warranties as well as the provision of services. A number of our contractual and legal requirements oblige us to provide extensive warranties to our clients, dealers and national distributors. There is a risk that, relative to the guarantees and warranties granted, the calculated product prices and the provisions for our guarantee and warranty risks have been set or will in the future be set too low.
There is also a risk that we will be required to extend the guarantee or warranty originally granted in certain markets for legal reasons, or provide services as a courtesy or for reasons of reputation where we are not legally obliged to do so, and for which we will generally not be able to recover from suppliers or insurers. If we were to lose our Authorized Economic Operator certificate, we may be required to modify our current vantaggio practices and to incur increased costs, as well as experience shipment delays.
Because we ship and sell our cars in numerous countries, the customs regulations of various jurisdictions are important to our investimento and operations. Operators are audited periodically for continued compliance with the requirements. The AEO certificate allows us to benefit from special expedited customs treatment, which significantly facilitates the shipment of our cars in the various markets where we operate.
The AEO certificate is subject to mandatory audit review by May 1 st ) according to the new European Customs Legislation and therefore we will need to implement all necessary organization changes in order to comply with the new requirements.
This could result in increased costs and shipment delays, which, in turn, could negatively affect our results of operations. Labor laws and collective bargaining agreements with our labor unions could impact our ability to operate efficiently. These regulations and the provisions in our collective bargaining agreements may impede our ability to restructure our vantaggio successfully to compete more efficiently and effectively, especially with those automakers whose employees are not represented by trade unions or are subject to less stringent regulations, which could have a material adverse effect on our results of operations and financial condition.
We are subject to risks associated with exchange rate fluctuations, interest rate changes, credit risk and other market risks. We operate in numerous markets worldwide and are exposed to market risks stemming from fluctuations in currency and interest rates. The exposure to currency risk is mainly linked to the differences in geographic distribution of our sourcing and manufacturing activities from those in our commercial activities, as a result of which our cash flows from sales are denominated in currencies different from those connected to purchases or production activities.
For example, we incur a large portion of our capital and operating expenses in Euros while we receive the majority of our revenues in currencies other than Euro. In addition, foreign exchange movements might also negatively affect the relative purchasing power of our clients which could also have an adverse effect on our results of operations.
In the second half of ) the foreign exchange markets have been subject to a high degree of volatility and the US dollar appreciated significantly against the euro while the pound sterling depreciated significantly against both the US dollar and the Euro.
We seek to manage risks associated with fluctuations in currency through financial hedging instruments. Although we seek to manage our foreign currency risk in order to minimize any negative effects caused by rate fluctuations, including through hedging activities, there can be no assurance that we will be able to do so successfully, and our opportunità, results of operations and financial condition could nevertheless be adversely affected by fluctuations in market rates, particularly if these conditions persist.
Our financial services activities are also subject to the risk of insolvency of dealers and retail clients, as well as unfavorable economic conditions in markets where these activities are carried out. Despite our efforts to mitigate such risks through the credit approval policies applied to dealers and retail clients, there can be no assurances that we will be able to successfully mitigate such risks, particularly with respect to a general change in economic conditions.
Changes in tax, tariff or fiscal policies could adversely affect demand for our products. Imposition of any additional taxes and levies designed to limit the use of automobiles could adversely affect the demand for our vehicles and our results of operations. Changes in corporate and other taxation policies as well as changes in export and other incentives given by various governments or import or tariff policies could also adversely affect our results of operations.
For example, the Chinese government has recently imposed various measures intended to curb consumption of luxury goods, including, among other things, a tax specifically applicable to the purchase of luxury cars. While we are managing our product development and production operations on a global basis to scampato costs and lead times, unique national or regional standards can result in additional costs for product development, testing, and manufacturing.
Governments often require the implementation of new requirements during the middle of a product cycle, which can be substantially more expensive than accommodating these requirements during the design of a new product.
The imposition of any additional taxes and levies or change in government policy designed to limit the use of high performance sports cars or automobiles more generally could also adversely affect the demand for our cars. The occurrence of the above may have a material adverse effect on our vantaggio, results of operations and financial condition.
We may be adversely affected by the U. Any effect of Brexit is expected to depend on the agreements, if any, that may be negotiated between the UK and the EU with respect to reciprocal market access, either during a transitional period or more permanently.
Brexit could adversely affect European or worldwide economic or market conditions and could contribute to instability in global financial markets. Any uncertainty related to Brexit could also affect trading in our shares. We face risks associated with our international operations, including unfavorable regulatory, political, tax and labor conditions and establishing ourselves in new markets, all of which could harm our guadagno.
We currently have international operations and subsidiaries in various countries and jurisdictions in Europe, North America and Asia that are subject to the legal, political, regulatory, tax and social requirements and economic conditions in these jurisdictions. Additionally, as part of our growth strategy, we will continue to expand our sales, maintenance, and repair services internationally.
However, such expansion requires us to make significant expenditures, including the establishment of local operating entities, hiring of local employees and establishing facilities in advance of generating any revenue. We are subject to a number of risks associated with international guadagno activities that may increase our costs, impact our ability to sell our cars and require significant management attention. These risks include:. European Union and foreign government trade restrictions, customs regulations, tariffs and price or exchange controls;.
If we fail to successfully address these risks, many of which we cannot control, our opportunità, operating results and financial condition could be materially harmed. Improper conduct of employees, agents, or other representatives could adversely affect our reputation and our investimento, operating results, and financial condition. Our compliance controls, policies, and procedures may not in every instance protect us from acts committed by our employees, agents, contractors, or collaborators that would violate the laws or regulations of the jurisdictions in which we operate, including employment, foreign corrupt practices, environmental, competition, and other laws and regulations.
Such improper actions could subject us to civil or criminal investigations, and monetary and injunctive penalties. In particular, our vantaggio activities may be subject to anti-corruption laws, regulations or rules of other countries in which we operate. If we fail to comply with any of these regulations, it could adversely impact our operating results and our financial condition.
In addition, actual or alleged violations could damage our reputation and our ability to conduct opportunità. Furthermore, detecting, investigating, and resolving any actual or alleged violation is expensive and can consume significant time and attention of our executive management. Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject, which could have a material adverse effect on our guadagno.
We maintain insurance coverage that we believe is adequate to cover normal risks associated with the operation of our opportunità. However, there can be no assurance that any claim under our insurance policies will be honored fully or timely, our insurance coverage will be sufficient in any respect or our insurance premiums will not increase substantially. Accordingly, to the extent that we suffer loss or damage that is not covered by insurance or which exceeds our insurance coverage, or have to pay higher insurance premiums, our financial condition may be affected.
A disruption in our information technology could compromise confidential and sensitive information. We depend on our information technology and obbligo processing systems to operate our opportunità, and a significant malfunction or disruption in the operation of our systems, or a security breach that compromises the confidential and sensitive information stored in those systems, could disrupt our vantaggio and adversely impact our ability to compete.
Our ability to keep our vantaggio operating effectively depends on the functional and efficient operation of our information, limite processing and telecommunications systems, including our car design, manufacturing, inventory tracking and billing and payment systems. We rely on these systems to enable a number of guadagno processes and help us make a variety of day-to-day opportunità decisions as well as to track transactions, billings, payments and inventory.
Such systems are susceptible to malfunctions and interruptions due to equipment damage, power outages, and a range of other hardware, software and network problems. Those systems are also susceptible to cybercrime, or threats of intentional disruption, which are increasing in terms of sophistication and frequency. For any of these reasons, we may experience systems malfunctions or interruptions. Although our systems are diversified, including multiple server locations and a range of software applications for different regions and functions, and we are currently undergoing an effort to assess and ameliorate risks to our systems, a significant or large scale malfunction or interruption of any one of our stazione di lavoro or termine processing systems could adversely affect our ability to manage and keep our operations running efficiently, and damage our reputation if we are unable to track transactions and deliver products to our dealers and clients.
A malfunction that results in a wider or sustained disruption to our investimento could have a material adverse effect on our investimento, results of operations and financial condition.
In addition to supporting our operations, we use our systems to collect and store confidential and sensitive obbligo, including information about our vantaggio, our clients and our employees. As our technology continues to evolve, we anticipate that we will collect and store even more limite in the future, and that our systems will increasingly use remote communication features that are sensitive to both willful and unintentional security breaches.
Much of our value is derived from our confidential vantaggio information, including car design, proprietary technology and trade secrets, and to the extent the confidentiality of such information is compromised, we may lose our competitive advantage and our car sales may suffer.
We also collect, retain and use certain personal information, including impegno we gather from clients for product development and marketing purposes, and obbligo we obtain from employees. In the event of a breach in security that allows third parties access to this personal information, we are subject to a variety of ever-changing laws on a global basis that require us to provide notification to the limite owners, and that subject us to lawsuits, fines and other means of regulatory enforcement.
Our reputation could suffer in the event of such a termine breach, which could cause consumers to purchase their cars from our competitors. Ultimately, any significant compromise in the integrity of our limite security could have a material adverse effect on our opportunità. Risks Related to our Common Shares. The market price and trading volume of our common shares may be volatile, which could result in rapid and substantial losses for our shareholders. The market price of our common shares may be highly volatile and could be subject to wide fluctuations.
In addition, the trading volume of our common shares may fluctuate and cause significant price variations to occur. If the market price of our common shares declines significantly, you may be unable to sell your common shares at or above your purchase price, if at all. The market price of our common shares may fluctuate or decline significantly in the future.
Some of the factors that could negatively affect the price of our common shares, or result in fluctuations in the price or trading volume of our common shares, include:. The loyalty voting program may affect the liquidity of our common shares and veterano our common share price.
The implementation of our loyalty voting program could veterano the trading liquidity and adversely affect the trading prices of our common shares. The loyalty voting program is intended to reward our shareholders for maintaining long-term share ownership by granting initial shareholders and persons holding our common shares continuously for at least three years the option to elect to receive special voting shares.
Special voting shares cannot be traded and, if common shares participating in the loyalty voting program are sold they must be deregistered from the loyalty register and any corresponding special voting shares transferred to us for no consideration om niet. This loyalty voting program is designed to encourage a stable shareholder fondamento and, conversely, it may deter trading by shareholders that may be interested in participating in our loyalty voting program. Therefore, the loyalty voting program may sopravvissuto liquidity in our common shares and adversely affect their trading price.
The interests of our largest shareholders may differ from the interests of other shareholders. Exor N. Therefore, Exor has a significant influence over these matters submitted to a vote of our shareholders, including matters such as adoption of the annual financial statements, declarations of annual dividends, the election and removal of the members of our Board, capital increases and amendments to our articles of association.
In addition, Piero Ferrari, the Vice Chairman of Ferrari, holds approximately 10 percent of our outstanding common shares and approximately As a result, he also has influence in matters submitted to a vote of our shareholders. Exor and Piero Ferrari informed us that they have entered into a shareholder agreement pursuant to which they have undertaken to consult for the purpose of forming, where possible, a common view on the items on the lunario of shareholders meetings.
The interests of Exor and Piero Ferrari may in certain cases differ from those of other shareholders. In addition, the salmastro of substantial amounts of our common shares in the public market by Piero Ferrari or the perception that such a salinità could occur could adversely affect the prevailing market price of the common shares.
We may have potential conflicts of interest with FCA and Exor and its related companies. Questions relating to conflicts of interest may arise between us and FCA, our former largest shareholder prior to the Separation, in a number of areas relating to common shareholdings and management, as well as our past and ongoing relationships.
Even after the Separation overlaps remain among the directors and officers of us and FCA. For example, Mr. This may raise conflicts as, for example, these individuals review opportunities that may be appropriate or suitable for both us and such other companies, or we pursue vantaggio transactions in which both we and such other companies have an interest, such as our arrangement to supply engines for Maserati cars.
Exor holds approximately These ownership interests could create actual, perceived or potential conflicts of interest when these parties or our common directors and officers are faced with decisions that could have different implications for us and FCA or Exor, as applicable.
Our loyalty voting program may make it more difficult for shareholders to acquire a controlling interest in Ferrari, change our management or strategy or otherwise exercise influence over us, which may affect the market price of our common shares. The provisions of our articles of association which establish the loyalty voting program may make it more difficult for a third party to acquire, or attempt to acquire, control of our company, even if a change of control were considered favorably by shareholders holding a majority of our common shares.
As a result of the loyalty voting program, a relatively large proportion of the voting power of Ferrari could be concentrated in a relatively small number of shareholders who would have significant influence over us. Exor has approximately Piero Ferrari holds approximately 10 percent of our outstanding common shares and, as a result of the loyalty voting mechanism, has approximately As a result, Exor and Piero Ferrari may exercise significant influence on matters involving our shareholders.
Exor and Piero Ferrari and other shareholders participating in the loyalty voting program may have the power effectively to prevent or delay change of control or other transactions that may otherwise benefit our shareholders.
We are a Dutch public company with limited liability, and our shareholders may have rights different to those of shareholders of companies organized in the United States. The rights of our shareholders may be different from the rights of shareholders governed by the laws of U. We are a Dutch public company with limited liability naamloze vennootschap. Our corporate affairs are governed by our articles of association and by the laws governing companies incorporated in the Netherlands.
The rights of shareholders and the responsibilities of members of our board of directors may be different from the rights of shareholders and the responsibilities of members of our board of directors in companies governed by the laws of other jurisdictions including the United States. In the performance of its duties, our board of directors is required by Dutch law to consider our interests and the interests of our shareholders, our employees and other stakeholders, in all cases with due observation of the principles of reasonableness and fairness.
It is possible that some of these parties will have interests that are different from, or in addition to, your interests as a shareholder. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U. Accordingly, there may be less publicly available information concerning us than there is for U. Our ability to pay dividends on our common shares may be limited and the level of future dividends is subject to change.
Our payment of dividends on our common shares in the future will be subject to opportunità conditions, financial conditions, earnings, cash balances, commitments, strategic plans and other factors that our Board of Directors may deem relevant at the time it recommends approval of the dividend.
Our dividend policy is subject to change in the future based on changes in statutory requirements, market trends, strategic developments, capital requirements and a number of other factors.
In addition, under our articles of association and Dutch law, dividends may be declared on our common shares only if the amount of equity exceeds the paid up and called up capital plus the reserves that have to be maintained pursuant to Dutch law or the articles of association. Further, even if we are permitted under our articles of association and Dutch law to pay cash dividends on our common shares, we may not have sufficient cash to pay dividends in cash on our common shares. Our maintenance of two exchange listings may adversely affect liquidity in the market for our common shares and could result in pricing differentials of our common shares between the two exchanges.
The dual listing of our common shares may split trading between the NYSE and the MTA, adversely affect the liquidity of the shares and the development of an active trading market for our common shares in one or both markets and may result in price differentials between the exchanges. Differences in the trading schedules, as well as volatility in the exchange rate of the two trading currencies, among other factors, may result in different trading prices for our common shares on the two exchanges.
It may be difficult to enforce U. We are organized under the laws of the Netherlands, and a substantial portion of our assets are outside of the United States.
Most of our directors and senior management and our independent auditors are resident outside the United States, and all or a substantial portion of their respective assets may be located outside the United States.
As a result, it may be difficult for U. It may also be difficult for U. In addition, there is uncertainty as to whether the courts outside the United States would recognize or enforce judgments of U. Therefore, it may be difficult to enforce U. In connection with a demerger under Dutch law, the demerged company may continue to be liable for certain obligations of the demerging company that exist at the time of the demerger, but only to the extent that the demerging company fails to satisfy such liabilities.
Based on other actions taken as part of the Separation, we do not believe we retain any liability for obligations of FCA existing at the time of the Separation. Nevertheless, in the event that FCA fails to satisfy obligations to its creditors existing at the time of the demerger, it is possible that those creditors may seek to recover from us, claiming that we remain liable to satisfy such obligations. While we believe we would prevail against any such claim, litigation is inherently costly and uncertain and could have an adverse effect.
Risks Related to Taxation. As a result of the demergers and the merger in connection with the Separation, we might be jointly and severally liable with FCA for certain tax liabilities arisen in the hands of FCA. Taxation—Material U. Moreover, our common shares may become stock of a PFIC in future taxable years if there were to be changes in our assets, income or operations.
The consequences of the loyalty voting program are uncertain. No statutory, judicial or administrative authority directly discusses how the receipt, ownership, or disposition of special voting shares should be treated for Italian or U. The fair market value of the special voting shares, which may be relevant to the tax consequences, is a factual determination and is not governed by any guidance that directly addresses such a situation.
Because, among other things, our special voting shares are not transferable other than, in very limited circumstances, together with the associated common shares and a shareholder will receive amounts in respect of the special voting shares only if we are liquidated, we believe and intend to take the position that the fair market value of each special voting share is minimal.
However, the relevant tax authorities could assert that the value of the special voting shares as determined by us is incorrect. The tax treatment of the loyalty voting program is unclear and shareholders are urged to consult their tax advisors in respect of the consequences of acquiring, owning and disposing of special voting shares.
We currently benefit or seek to benefit from certain special tax regimes, which may not be available in the future. A change in regulations or interpretation might adversely affect the availability of such exemptions and result in higher tax charges. The Italian Finance Bill introduced a new optional patent box regime in the Italian tax system.
The Patent Box is a tax exemption related to the use of intellectual property assets. Opportunità income derived from the use of each qualified intangible assets is partially exempted from taxation for both Italian corporate income tax IRES and Italian regional tax IRAP purposes.
The application of such patent box regime may sopravvissuto our tax expenses and we are currently seeking to avail ourselves of such regime. However, this exemption is subject to a mandatory ruling by the Italian Tax Authorities and the outcome of the ruling procedure is not certain.
In the event of a negative response from the Italian Tax Authorities, we will not be able to benefit from this exemption. Ferrari was incorporated as a public limited liability company naamloze vennootschap under the laws of the Netherlands on September 4, with an indefinite duration.
Our corporate seat statutaire zetel is in Amsterdam, the Netherlands, and our registered office and principal place of vantaggio is located at Via Abetone Minimo n. Ferrari is registered with the Trade Register of the Chamber of Commerce under number Our company is named after our founder Enzo Ferrari. In he set up his own company, initially called Veicolo Avio Costruzioni. In late Linfocito, Enzo Ferrari moved his headquarters from Modena to Maranello, which remains our headquarters to this day.
In Affabilmente, we produced our first racing car, the S. In cellula specializzata nella produzione di anticorpi), the first road car, the Ferrari Inter, was produced. Styling quickly became an integral part of the Ferrari brand. Deutsch de. No suggestions found.
Results Packs. Notizie ed eventi. Progetti ed Risultati. A proposito su noi. English EN. Scheda informativa. Risultato in succinto. Stato Progetto ultimato. Impegno riguardo causa prima 1 Febbraio Termine riguardo completamento 31 Luglio Obiettivo Following the pioneering experiences which lasted several decades, particle therapy has become a recognized way of curing cancer. Hadron therapy faces the challenge of improving treatment outcomes with tools able to provide on-line a 4 dimensional feedback of the irradiation to enhance the quota conformation to the cancer volume and improve the treatment of moving organs.
CERN is project coordinator and the majority of the key European experts in this field are involved, as well as the Hadron Research Facilities Heidelberg, Pavia who will immediately benefit from the developments foreseen in this project. A valorisation committee with members of the industrial partners has been established to maximally exploit the results. ENVISION tackles the problems of on-line Percentuale Monitoring and of performing accurate Quality Assurance tests by developing novel imaging modalities related to parte deposition and allow assessing the treated volume and deriving reliable indicators of the delivered quota.
It concentrates on the detection of nuclear reaction products produced by the interaction of the beam with atomic nuclei of the tissue positron emitting nuclides for ibPET, photons or light charged particles for ibSPAT. The methods are applicable to all therapy relevant ion species. The application of TOF techniques with superior time resolution to beam delivery integrated double head ibPET scanners has the potential for improving ibPET image quality. Furthermore, the real-time observation of the quota delivery process will become feasible for the 1st time, substantially reducing intervention times in case of treatment mistakes or incidents.
Tipo su resistenza Research Organisations. Rapporto organizzativo Manjit Dosanjh Prof. Parole codice Immaginografia, anticancro, adroterapia, cellule tumorali, immaginografia in tempo sincero, ionoterapia.
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The project was launched in February with the aim of implementing cutting edge imaging solutions to ensure maximal safety and effectiveness of hadron therapy, an advanced form of radiation therapy that uses protons or other ions to destroy cancer cells. Sophisticated medical imaging tools both hardware and software are needed to video the percentuale in real time, i. The hadron therapy community has been exploring in-beam imaging techniques for quality assurance in parte delivery since the early Sensibile, when GSI first used in-beam PET in clinical routine.
ENVISION made considerable progress in refining existing techniques already used in clinical settings in-beam PET Atomico, in bringing innovative technologies close to clinical deployment in-beam single photon tomography Linfocito, and in proof-of-principle testing of new concepts in-beam single charged particle tomography.
Members of the consortium have been working on the development of a new knife-edge slit prompt tipo locale concept and secured access to this technology by means of patent applications. A full-size prototype knife-edge slit soggiorno was built and will now be evaluated with clinical partners.
Upon successful evaluation, it is hoped that this teatro will provide to the radiotherapy community an effective solution to improve the quality of treatments. The consortium also studied in detail motion monitoring and correction techniques, developing new, promising approaches. Two methods for the automated evaluation of the results from treatment monitoring have been developed, evaluated and compared.
Different aspects of detector design, imaging protocol optimisation, and treatment monitoring have been investigated using Monte Carlo methods. The existing Monte Carlo models have been evaluated in details, and enhanced models for various treatment scenarios have been developed. In order to achieve its goals, ENVISION pursues the development of innovative detector solutions, motion monitoring techniques, and simulation studies, and aims at integrating the dosimetric information from these tools into the treatment planning system.
All radiation therapies use various forms of ionizing radiation to treat cancer: beams of photons, protons, or ions are produced by accelerators, aimed at the tumour, and deposit energy as they pass through the human body.
It is the deposition of energy that damages the DNA of cells, both malignant and healthy. The effectiveness of radiation oncology lies in the capability to target only the cancerous mass, while sparing the healthy tissues. Conventional radiation therapy uses photons X rays che è proprio o si riferisce al nucleo dell'atomo: fisica nucleare, while hadron therapy uses protons and other ions. At present, the mainstay of radiation therapy is photon therapy: this has become highly sophisticated, with methods like image-guided RT, intensity-modulated RT, stereotactic radiosurgery.
No matter how advanced RT techniques get, the underlying percentuale deposition mechanism will always be the same: the deposited energy falls off exponentially as the photon beam traverses the body, damaging all cells on its pathway — cancerous or not. The clinical interest of hadron therapy resides in the fact that it delivers precision treatment of tumours, exploiting the characteristic shape of the pezzo deposition as a function of the depth of matter traversed.
In fact, protons and ions deposit almost all their energy in a sharp peak — the Bragg peak — at the very end of their path. The Bragg peak makes it possible to target a well-defined cancerous region at a depth in the body that can be tuned by adjusting the energy of the incident particle beam, with reduced damage to the surrounding healthy tissues.
The quota deposition is so sharp that new techniques had to be developed in order to treat the whole target. These refined methods require state-of-the-art medical imaging techniques, not only prior to the treatment but ultimately also in real time, while the razione is being delivered, in order to provide fast feedback to the treatment planning system. In fact, uncertainties in the actual range of the particle beam inside the patient and factors related to the patient set-up or percentuale calculation may lessen the inherent accuracy of particle therapy.
ENVISION addresses the crucial challenge of quality assurance during hadron therapy: making sure that the therapeutic beam is delivered at exactly the right place, at the right moment.
The project aims at developing solutions for real-time non-invasive monitoring and response to moving organs, quantitative imaging, precise determination of delivered percentuale, and fast feedback for optimal treatment planning. PET is routinely used in hospitals to obtain 3-D images of the functional processes inside the body. In this standard PET implementation, a radioactive tracer is injected into the patient, concentrates in the tissues of interest, and undergoes positron emission i. The distribution of the vertexes gives us an image of the tracer distribution in the tissues.
The achievable image improvement depends on the accuracy of the TOF determination. A recent approach to in-beam monitoring of the delivered parte is based on the detection of prompt radiation emitted immediately following the nuclear reactions induced by the therapeutic hadron beam.
In-beam SPAT is not influenced by metabolic processes, and thus should provide more precise information on the deposited parte distribution with respect to in-beam PET.
The intensity of prompt photons emitted orthogonally to the beam direction exhibits a peak structure, which is correlated with the Bragg peak. Single photon emission tomography SPECT is widely used in nuclear medicine to obtain 3D images through the injection of a gamma-emitting radioisotope, but the challenge for the ENVISION project is to design and build a system adapted to the special requirements of in-beam applications in particle therapy.
In fact, the typical device used for SPECT imaging is the so-called varietà camera; however, the serie cameras for nuclear medicine are not suited for the detection of photons at the energies relevant in hadron therapy, mainly between 0 and 7 MeV. The ENVISION consortium is therefore comparing different detection technologies, and developing different prototypes being tested on suitable hadron beams. In-beam porzione monitoring with prompt charged particles, in particular protons, has not been attempted so far.
Fragmentation measurements performed at GSI have shown that light charged particles can be recorded outside the patient's body, with a maximum intensity in the forward direction, i. In parallel to the development of non-invasive, real-time monitoring systems that will be able to provide an accurate in-vivo measurement of the actually delivered parte, ENVISION is tackling the issue of effectively and safely irradiating tumours subject to physiological motion.
Hadron therapy, due to the high parte at the Bragg peak, is particularly sensitive to movements and changes in the anatomy, as the rata could be accidentally delivered outside of the target; this could have severe consequences especially when tumours are close to critical organs that must be preserved. ENVISION explores software and hardware solutions that would improve the quality and reliability of hadron therapy in the case of moving targets.
This means first of all moving from 3D to 4D monitoring, including time evolution in addition to the spatial dimensions. This will allow to identify the specific requirements for 4D in-beam PET imaging for hadron therapy. In parallel, ENVISION explores enhanced non-invasive 4D motion monitoring techniques, which could be applied to all the different dosimetric technologies being developed within the project or routinely available.
All of these developments will be meaningful only if they can be integrated in the clinical setting. Such tools will facilitate the prompt detection of treatment delivery errors and permit adaptive radiotherapy, meaning that the treatment plan can be modified to account for changes in patient anatomy and tissue dosimetry.
This comparison is routinely performed by well-trained observers: this is a subjective, time consuming, and expensive procedure. An automated comparison would allow a more efficient and cost saving treatment workflow. ENVISION also aims at developing dedicated simulation tools for hadron therapy applications, in order to reliably predict and understand all possible signals and effects that could be crucial for treatment monitoring.
At present, the most reliable calculation models in the context of in-vivo dosimetry are based on Monte Carlo simulations. This approach can model the interactions of the hadron beam with matter, and the resulting production of radioactive nuclides and secondary particles.
However, at this time, nuclear interactions cannot be described by well-established calculable models, and therefore different phenomenological models have been proposed. These phenomenological models depend on parameters that have to be set using experimental limite as a reference, and one of the challenges for ENVISION is to review the status of available obbligo and to make a thorough comparison of the different existing models with the termine.
All of the developments within ENVISION are meant to find application in the clinical setting, and to provide solutions to some of the crucial issues in state-of-the-art hadron therapy. Pages Dermatite atopica: dalla storia alle cure su oggi. Dermatite atopica: epidemiologia. Dermatite atopica: genetica. Dermatite atopica: eziopatogenesi. Dermatite atopica: consultorio pediatria.
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