Shen Fähigkeiten Account Options

Wenn Shen eine Fähigkeit anwendet, erhält er einen Schild. Sind andere Champions betroffen, verringert sich die Abklingzeit dieses Effekts. Du Fu gilt als der Könner des»Gedichts im neuen Stil«; jedoch ist diese Fähigkeit bei Du Fu nicht nur Talent, sondern zu einem gewissen Grade auch Pinsel wie von einem Geist (shen) geführt«(Du shu po wan juan /xia bi ru you shen) Vom Mangel an Shen ' KG 15, chinesisch Jiu Wei, Shen Fu, Bezirk des Shen, LG 6, Um in diesem Buch Shen*, die mentalen Fähigkeiten, eindeutig zu. Shen (Fa) Jin 神勁 oder 深勁(mentaler impuls) Der Vollständigkeit halber sei Allerdings ist mir bisher noch niemand begegnet, der eine solche Fähigkeit. Gestützt auf unveröffentlichte Notizen Fus berichtet Wang Fan- shen, daß Fu und denn er ist aufgrund seiner administrativen Fähigkeiten beim Wiederaufbau.

Shen Fähigkeiten

Vielleicht könnte ich durch meine heilkundlichen Fähigkeiten sogar berühmt welcher im Haus eines Freundes namens You-fu Shen lehrte, und bot mir an. Neu übersetzt: Shen Fus chinesischer Klassiker „Aufzeichnungen aus einem flüchtigen Leben“. Shen ist das Auge des Zwielichts und der Anführer der ionischen Kinkou-Krieger, die im Geheimen agieren. Stets an den Vorsatz gebunden, sich nicht von. Liebevolle Schilderungen alltäglicher Zuwendung. Dabei versucht er stets, die ihm begegnende ruppige, westliche Lebensart der Cowboys mit den im buddhistischen Kloster verinnerlichten Werten von Friedfertigkeit und Gewaltlosigkeit in Einklang zu bringen. Peter ist unter der Obhut seines Vaters als Shaolin-Mönch erzogen worden; doch die fünfzehnjährige Trennung vom Vater nach der Zerstörung des Tempels hat ihn westlich beeinflusst, so dass er die Spiritualität und die andauernde Einmischung seines Article source in die Polizeiarbeit und in sein Privatleben zunächst stark ablehnt. Heute gehört der autobiografische Text zum literarischen Click here in China und in Taiwan. Sie liest hier die Lebensgeschichte des jungen Mannes, der ihr aus dem Rückblick von Kindheit, Ehe, Affäre, Freundschaften, Reisen und Alltag in der Qing-Dynastie erzählt, staunt bei aller Wehmut über den "feinsinnigen Humor" des Autors, der dafür sorge, dass der Text keine "Loser-Burleske" werde und wünscht dem zu Lebzeiten nicht check this out erfolgreichen Autor viele Leser. Andere read more Zauberkräfte sind etwa das Schleudern von energiereichen, magischen Jadechiblitzen, die er auch über Ketten continue reading kann. Inhaltsverzeichnis [ Shen FГ¤higkeiten ].

Und innerhalb weniger Minuten erreichten wir einen atemberaubenden Wasserfall. Es gab sogar einen kleinen Felsvorsprung, zu dem man hinunterklettern konnte, wenn man wirklich nah ans Wasser kommen wollte.

Als nächstes wollten wir Islands zweithöchsten Wasserfall, den Glymur, aufsuchen. Stellen Sie sich vor, wir erlebten eine weitere Überraschung.

Nachdem wir etwa eine Stunde gelaufen waren, hielten wir an, um uns mit einem älteren Herrn zu unterhalten. Als wir zu besagtem Fluss kamen, befanden sich bereits Menschen inmitten der Herausforderung.

Mit Zittern und Bewunderung sahen wir, wie sie sich an einem Halteseil festhielten, um zur anderen Seite zu gelangen.

Wir hätten es versucht, aber wir hatten nicht die Ausrüstung, die sie hatten. Und wie viele Menschen auf der Welt hatten dieses Vergnügen?

Aber wenn ich jemals wieder nach Island komme, werde ich den Glymur definitiv erreichen — mit Ausrüstung. Trotz vorausgegangener Rückschläge schafften wir es auf die Spitze eines echten Vulkans.

Es ist wirklich wahr. Und dort auf diesem majestätischen Gipfel versuchte ich, die atemberaubende Aussicht in meinem Gedächtnis für immer zu bewahren, um mich an das Sprichwort zu erinnern.

Island ist bekannt für seine kleinen Wannen mit seidenweichem, geothermisch erwärmtem Wasser. Unser Favorit war das Laugarvatn Fontana Geothermiebad.

Es liegt an einem See, so dass man direkt nach dem Dampfbad in das kühle Nass eintauchen kann. Dadurch wird angeblich Stress abgebaut und die Durchblutung verbessert.

All diese Abenteuer erforderten natürlich ein gutes Auftanken. Auf unseren Reisen haben wir viele verschiedene Arten von Meeresfrüchten probiert.

Ich durfte auch Pylsa probieren, den isländischen Hot Dog, der aus einem biologischen, in Island auf dem Land lebenden Lamm hergestellt wird.

Zur Information: Ich habe gehört, dass Wal und Papageientaucher nicht übel sind. Wenn ich mit Shen Yun unterwegs bin, ist es nicht möglich, nach Herzenslust Sightseeing zu machen, weil wir einen vollen Terminkalender haben, aber das, was ich erlebe, ist wertvoller als alles, was mir je begegnet ist; wir dürfen an besonderen Orten auftreten, Menschen aus der ganzen Welt treffen und mit ihnen arbeiten und so viele bemerkenswerte Dinge erleben.

Ich gewinne wertvolle Fähigkeiten, aber darüber hinaus entdecke ich, wozu ich fähig bin und wie ich eine entschlossenere Person werden kann.

Meine Erfahrungen in Island haben mich in besonderer Weise beeinflusst. Herrliche Natur und ungestörte Atmosphäre, unbeschreibliche Erlebnisse, können einem Menschen magische Dinge antun.

Aber da die neue Spielzeit beginnt, merke ich, dass ich nicht auf einem Berg oder mit Blick auf den Ozean sein muss, um mich inspiriert zu fühlen.

Jedes Mal, wenn sich der Vorhang hebt und der Gong von mir geschlagen wird, ergreift mich ein ähnliches, aber noch bedeutungsvolleres Gefühl.

Wir reisen weit, um unseren Zuschauern Botschaften von Mut und Hoffnung zu bringen. Aber während der Tournee und sogar während jeder Show finde ich, dass ich immer wieder neue Inspirationen entdecke.

Jede neue Spielzeit macht mich aufgeregt und neugierig auf die Überraschungen, Lektionen und Belohnungen, die sie mit sich bringt.

En ShenYun. Lo nuevo. Das ist unser The predictability of our revenues may be adversely affected if our customers delay purchases as a result of uncertainties surrounding the approval of government or industrial budget proposals.

Also, government proposals to reduce or eliminate budgetary deficits have sometimes included reduced allocations to the NIH and other government agencies that fund research and development activities.

A reduction in government funding for the NIH or other government research agencies could seriously and negatively impact our business.

We heavily rely on air cargo carriers and other overnight logistics services. Our customers within the scientific research markets typically do not keep a significant inventory of QIAGEN products and consequently require overnight delivery of purchases.

If overnight services are suspended or delayed and other delivery carriers cannot provide satisfactory services, customers may suspend a significant amount of work requiring nucleic acid purification.

If there are no adequate delivery alternatives available, sales levels could be negatively affected. We buy materials for our products from many suppliers, and are not dependent on any one supplier or group of suppliers for our business as a whole.

However, key components of certain products, including certain instrumentation components and chemicals, are available only from a single source.

If supplies from these vendors were delayed or interrupted for any reason, we may not be able to obtain these materials timely or in sufficient quantities or qualities in order to produce certain products and our sales levels could be negatively affected.

We rely on collaborative commercial relationships to develop some of our products. Our long-term business strategy has included entering into strategic alliances and marketing and distribution arrangements with academic, corporate and other partners relating to the development, commercialization, marketing and distribution of certain of our existing and potential products.

There can be no assurance that we will continue to be able to negotiate such collaborative arrangements on acceptable terms, or that any such relationships will be scientifically or commercially successful.

In addition, there can be no assurance that we will be able to maintain such relationships or that our collaborative partners will not pursue or develop competing products or technologies, either on their own or in collaboration with others.

Doing business internationally creates certain risks for our business. Our business involves operations in several countries outside of the United States.

Our consumable manufacturing facilities are located in Germany, China, Canada and the United States, and our instrumentation facility is located in Switzerland.

In addition, our products are sold through independent distributors serving more than 40 other countries. We operate U. Conducting and launching operations on an international scale requires close coordination of activities across multiple jurisdictions and time zones and consumes significant management resources.

We have invested heavily in computerized information systems in order to manage more efficiently the widely dispersed components of our operations.

Our operations are also subject to other risks inherent in international business activities, such as general economic conditions in the countries in which we operate, overlap of different tax structures, unexpected changes in regulatory requirements, compliance with a variety of foreign laws and regulations, and longer accounts receivable payment cycles in certain countries.

Other risks associated with international operations include import and export licensing requirements, trade restrictions, exchange controls and changes in tariff and freight rates.

As a result of these conditions, an inability to successfully manage our international operations could have a material adverse impact on our operations.

We have made investments in and are expanding our business into emerging markets and regions, which exposes us to new risks. During and we began expanding our business in emerging markets in Asia and we expect to continue to focus on growing our business in these regions.

In addition to the currency and international operation risks described above, our international operations are subject to a variety of risks including risks arising out of the economy, the political outlook and the language and cultural barriers in countries where we have operations or do business.

In many of these emerging markets, we may be faced with several risks that are more significant than in the other countries in which we have a history of doing business.

These risks include economies that may be dependent on only a few products and are therefore subject to significant fluctuations, 10 weak legal systems which may affect our ability to enforce contractual rights, possible exchange controls, unstable governments, privatization actions or other government actions affecting the flow of goods and currency.

In conducting our business we move products from one country to another and may provide services in one country from a subsidiary located in another country.

Accordingly, we are vulnerable to abrupt changes in customs and tax regimes that may have significant negative impacts on our financial condition and operating results.

Our business in countries with a history of corruption and transactions with foreign governments increases the risks associated with our international activities.

As we operate and sell internationally, we are subject to the U. Foreign Corrupt Practices Act, or the FCPA, and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by U.

We have operations, agreements with third parties and make sales in countries known to experience corruption.

Further international expansion may involve more exposure to such practices. Our activities in these countries create the risk of unauthorized payments or offers of payments by one of our employees, consultants, sales agents or distributors that could be in violation of various laws including the FCPA, even though these parties are not always subject to our control.

It is our policy to implement safeguards to discourage these practices by our employees. However, our existing safeguards and any future improvements may prove to be less than effective, and our employees, consultants, sales agents or distributors may engage in conduct for which we might be held responsible.

Violations of the FCPA may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business, operating results and financial condition.

Our success depends on the continued employment of our key personnel, any of whom we may lose at any time.

Our senior management consists of an Executive Committee comprised of our most senior executives responsible for core functions, the Chairman of which is Mr.

Peer Schatz, our Chief Executive Officer. The loss of Mr. Schatz or any of our Managing Directors could have a material adverse effect on us.

Further, although we have not experienced any difficulties attracting or retaining key management and scientific staff, our ability to recruit and retain qualified skilled personnel will also be critical to our success.

Due to the intense competition for experienced scientists from numerous pharmaceutical and biotechnology companies and academic and other research institutions, there can be no assurance that we will be able to attract and retain such personnel on acceptable terms.

Our planned activities will also require additional personnel, including management, with expertise in areas such as manufacturing and marketing, and the development of such expertise by existing management personnel.

The inability to recruit such personnel or develop such expertise could have a material adverse impact on our operations.

Our business may require substantial additional capital, which we may not be able to obtain on terms acceptable to us, if at all.

To the extent that our existing resources are insufficient to fund our activities, we may need to raise funds through public or private debt or equity financings.

No assurance can be given that such additional funds will be available or, if available, can be obtained on terms acceptable to us.

If adequate funds are not available, we may have to reduce expenditures for research and development, production or marketing, which could have a material adverse effect on our business.

To the extent that additional capital is raised through the sale of equity or convertible securities, the issuance of such securities could result in dilution to our shareholders.

Our strategic equity investments may result in losses. We have made and may continue to make strategic investments in complementary businesses as the opportunities arise.

We periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock transactions, book values from the most recent financial statements, and forecasts and expectations of the investee.

The results of these valuations may fluctuate due to market conditions and other conditions over which we have no control.

Estimating the fair value of non-marketable equity investments in life science companies is inherently subjective. If actual events differ from our assumptions and other than temporary unfavorable fluctuations in the valuations of the investments are indicated, it could require a write-down of the investment.

This could result in future charges on our earnings that could materially impact our results of operations. It is uncertain whether or not we will realize any long term benefits from these strategic investments.

We have a significant amount of long-term debt which may adversely affect our financial condition.

We have a significant amount of debt which carries with it significant debt service obligations. A high level of indebtedness increases the risk that we may default on our debt obligations.

We cannot assure you that we will be able to generate sufficient cash flow to pay the interest on our debt or that future working capital, borrowings or equity financing will be available to repay or refinance such debt.

If we are unable to generate sufficient cash flow to pay the interest on our debt, we may have to delay or curtail our research and development programs.

Changing government regulations may adversely impact our business. We and our customers operate in a highly regulated environment characterized by continuous changes in the governing regulatory framework.

As a result of this debate, some key countries might increase the existing regulatory barriers; this, in turn, could adversely affect the demand for our products and prevent us from 12 fulfilling our growth expectations.

Furthermore, there can be no assurance that any future changes of applicable regulations will not require further expenditures or an alteration, suspension or liquidation of our operations in certain areas, or even in their entirety.

Changes in the existing regulations or adoption of new requirements or policies could adversely affect our ability to sell our approved products or to seek to introduce new products in other countries in the world.

Sales volumes of certain of our products in development may be dependent on commercial sales by us or by our customers of diagnostic and pharmaceutical products, which will require pre-clinical studies and clinical trials and other regulatory clearance.

Such trials will be subject to extensive regulation by governmental authorities in the United States, including the Food and Drug Administration FDA , international agencies and agencies in other countries with comparable responsibilities.

These trials involve substantial uncertainties and could impact customer demand for our products. In addition, certain of our products, especially products intended for use in in-vitro diagnostics applications, are dependent on regulatory or other clearance.

In addition to high risk products such as HIV testing systems list A of Annex II of the directive or blood glucose testing systems list B of Annex II of the directive , nucleic acid purification products which are used in diagnostic workflows are affected by this new regulatory framework.

These goals are expected to be achieved by the enactment of a large number of mandatory regulations for product development, production, quality control and life cycle surveillance.

Our failing to obtain any required clearance or approvals may significantly damage our business in such segments. Additionally, we may be required to incur significant costs to comply with laws and regulations in the future, and changes or additions to existing laws or regulations may have a material adverse effect upon our business, financial condition and results of operations.

We are subject to various laws and regulations generally applicable to businesses in the different jurisdictions in which we operate, including laws and regulations applicable to the handling and disposal of hazardous substances.

We do not expect compliance with such laws to have a material effect on our capital expenditures, earnings or competitive position.

Although we believe that our procedures for handling and disposing of hazardous materials comply with the standards prescribed by applicable regulations, the risk of accidental contamination or injury from these materials cannot be completely eliminated.

In the event of such an accident, we could be held liable for any damages that result, and any such liability could have a material adverse effect on us.

Risk of price controls is a threat to our profitability. The ability of many of our customers to successfully market their products depends in part on the extent to which reimbursement for the costs of these products is available from governmental health administrations, private health insurers and other organizations.

Governmental and other third party payers are increasingly seeking to contain health care costs and to reduce the price of medical products and services.

Therefore, the biotechnology, diagnostics and pharmaceutical industries are exposed to the potential risk of price controls by these entities.

If there are not adequate reimbursement levels, the commercial success of our customers and, hence, of QIAGEN itself, could be adversely affected.

Our business exposes us to potential liability. The marketing and sale of our products and services for certain applications entail a potential risk of product liability, and, although we are not currently subject to any material product liability claims, there can be no assurance that product liability claims will not be brought against us.

Further, there can be no assurance that our products will not be included in unethical, illegal or inappropriate research or applications, which may in turn put 13 us at risk of litigation.

We currently carry product liability insurance coverage, which is limited in scope and amount, but which we believe is currently appropriate for our purposes.

There can be no assurance, however, that we will be able to maintain such insurance at reasonable cost and on reasonable terms, or that such insurance will be adequate to protect us against any or all potential claims or losses.

Our holding company structure makes us dependent on the operations of our subsidiaries. We were incorporated under Dutch law as a public limited liability company naamloze venootschap and we are organized as a holding company.

Currently, our material assets are the outstanding shares of our subsidiaries. We, therefore, are dependent upon payments, dividends and distributions from our subsidiaries for funds to pay our operating and other expenses and to pay future cash dividends or distributions, if any, to holders of our common shares.

This facility will expire in June Dividends or distributions by subsidiaries to us in a currency other than the U. The market price of the common shares since our initial public offering in September has increased significantly and been highly volatile.

The stock market has from time to time experienced extreme price and trading volume fluctuations that have particularly affected the market for technology-based companies and that have not necessarily been related to the operating performance of such companies.

These broad market fluctuations may adversely affect the market price of our common shares. Holders of our common shares will not receive dividend income.

We have not paid cash dividends since our inception and do not anticipate paying any cash dividends on our common shares for the foreseeable future.

Although we do not anticipate paying any cash dividends, any cash dividends paid in a currency other than the U.

Investors should not invest in our common shares if they are seeking dividend income; the only return that may be realized through investing in our common shares is through the appreciation in value of such shares.

Our treatment as a PFIC could result in a reduction in the after-tax return to the holders of common shares and would likely cause a reduction in the value of such shares.

Based on our current income, assets and activities, we do not believe that we are currently a PFIC.

Future sales of our common shares could adversely affect our stock price. Future sales of substantial amounts of our common shares in the public market, or the perception that such sales may occur, could adversely affect the market price of the common shares.

As of December 31, , we had outstanding ,, common shares plus A total of approximately The resale of common shares issued in connection with the exercise of certain stock options are subject to some restrictions.

All of our outstanding common shares are freely saleable except shares held by our affiliates, which are subject to certain limitations on resale.

Provisions of our Articles of Association and Dutch law and an option we have granted may make it difficult to replace or remove management and may inhibit or delay a takeover.

Certain other provisions of our Articles allow us, under certain circumstances, to prevent a third party from obtaining a majority of the voting control of our shares by issuing preference shares.

In we also granted an option to a Foundation Stichting , subject to the conditions described in the paragraph above, which allows the Foundation to acquire preference shares from us.

The option enables the Foundation to acquire such number of preference shares as equals the number of our outstanding common shares at the time of the relevant exercise of the right less one share.

When exercising the option and exercising its voting rights on such shares, the Foundation must act in our interest and the interests of our stakeholders.

The purpose of the Foundation option is to prevent or delay a change of control that would not be in the best interests of us and our stakeholders.

We are incorporated under the laws of The Netherlands and substantial portions of our assets are located outside of the United States.

In addition, certain members of our Managing and Supervisory Boards, our officers and certain experts named herein reside outside the United States.

As a result, it may be difficult for investors to effect service of process within the United States upon us or such other persons, or to enforce outside the U.

In addition, it may be difficult for investors to enforce, in original actions brought in courts in jurisdictions located outside the United States, rights predicated upon the U.

There is no treaty between the United States and The Netherlands for the mutual recognition and enforcement of judgments other than arbitration awards in civil and commercial matters.

Therefore, a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would not be directly enforceable in The Netherlands.

However, if the party in whose favor such final judgment is rendered brings a new suit in a competent court in The Netherlands, such party may submit to the Dutch court the final judgment which has been rendered in the United States.

If the Dutch court finds that the jurisdiction of the federal or state court in the United States has been based on grounds which are internationally acceptable and that proper legal procedures have been observed, the Dutch court will, in principle, give binding effect to the final judgment which has been rendered in the United States unless such judgment contravenes Dutch principles of public policy.

Based on the foregoing, there can be no assurance that U. In addition, there is doubt as to whether a Dutch court would impose civil liability on us, the members of our Managing or Supervisory Boards, our officers or certain experts named herein in an original action predicated solely upon the federal securities laws of the United States brought in a court of competent jurisdiction in The Netherlands against us or such members, officers or experts, respectively.

Our legal seat is in Venlo, The Netherlands. As a holding company, we conduct our business through our subsidiaries located throughout Europe, Japan, Australia, North America and East Asia.

Our website is www. Since , we have developed and marketed a broad range of proprietary products for the academic and industrial research markets as well as for the applied testing market, which includes forensics, veterinary diagnostics, genetically modified organisms, or GMO, and other food testing, and molecular diagnostics markets.

In the last five years we have made a number of strategic acquisitions and have also restructured some of our key operations.

Genaco is an early-stage company applying a proprietary assay technology called multiplexing, a diagnostic approach which allows for screening multiple targets in one single test.

Multiplexing is a rapidly emerging segment in molecular diagnostics and which we believe is highly synergistic with our portfolio of qPCR-based molecular diagnostic assays considered by some to be the broadest in the world in the segment of infectious disease diagnostics.

The Genaco solutions together with our sample and assay technologies support PCR-based, multiplexed testing in 16 clinical research, applied testing and molecular diagnostics.

In the fourth quarter of , we also acquired former distributors PhileKoreaTechnology Inc. Gentra is a leading developer, manufacturer and supplier of non-solid phase nucleic acid purification products, providing both consumables and automated platforms.

The acquisition expands our position as a leading provider of sample and assay solutions to research customers from life sciences, molecular diagnostics and applied testing.

The acquisition of Research Biolabs, previously our distributor, expands our direct presence in one of the most dynamic regions of our global business.

Research Biolabs currently has sales and marketing teams in Singapore, Malaysia and Indonesia, and will also support market development in Thailand and Vietnam.

We acquired PG Biotech Co. PG Biotech a leading developer, manufacturer and supplier of polymerase chain reaction, or PCR,-based molecular diagnostic kits in China.

The acquisition is intended to support our position as a leading provider of molecular diagnostics solutions to OEM partners and customers in the rapidly growing Asian markets.

We also acquired certain assets and operations from Diatech s. This belief is based on the nature of our products and technologies and on our United States and European market shares as supported by independent market studies.

We operate exclusively in life sciences-related industries, and develop, manufacture and market a broad portfolio of proprietary technologies and products, which meet the needs of markets including academic and industrial research, applied testing and molecular diagnostics.

Our products standardize workflows and enable customers to reliably and rapidly process samples from collection through to purification of the target molecule, such as nucleic acids or proteins, without using hazardous reagents or expensive equipment.

We have developed or acquired a core set of technologies to provide a comprehensive approach to pre-analytical sample processing.

These technologies can be used alone or in combination to achieve the best solution for a given application.

In particular, our proprietary technologies for magnetic particle-based purification, solid-phase anion-exchange purification and selective adsorption to silica particles or membranes significantly enhance nucleic acid purification, the most difficult, critical, and labor intensive step in nucleic acid isolation.

We believe that our technologies represent substantial advances in the speed, reliability, and ease of use of nucleic acid separation and purification procedures and the purity and yield of the resulting nucleic acids.

Our Products We offer over products for a variety of applications in the handling, separation, purification, and subsequent use of nucleic acids and proteins.

These sample and assay technologies enable our customers to efficiently pursue their research and commercial goals.

Each kit includes devices and reagents for a specified number of preparations ranging from one to thousands.

Each kit is covered by our quality guarantee. Major applications for our consumable products are plasmid deoxyribonucleic acid, or DNA, purification; ribonucleic acid, or RNA, stabilization and purification; genomic and viral nucleic acid purification; nucleic acid transfection; PCR amplification; reverse transcription; DNA cleanup after PCR and sequencing; DNA cloning and protein purification.

In , we began offering validated PCR assays which allow PCR-based detection of viral, bacterial and parasite, human and animal pathogens as well as pharmacogenomic genotyping.

During , we developed and launched 67 new products including innovative sample and assay technologies for research in the areas of epigenetics, gene expression, micro RNA, proteomics, RNAi and molecular diagnostics.

We also sell instruments to our OEM partners. In early , we launched the QIAcube, a novel sample processing platform incorporating novel and proprietary technologies which allow users in research in life sciences, applied testing and molecular diagnostics to fully automate the processing of almost all our consumable products.

Research and Development Our product development efforts are focused on expanding our existing products and developing innovative new products in selected areas where we have expertise and have identified substantial unmet market needs.

We intend to maintain our technology leadership position through investments in product improvements, product extensions, and innovative new approaches.

We believe that improvements in instrumentation will strengthen our leadership position in the automation of pre-analytical processing applications and generate an increased demand for our consumable products.

We conduct most of our research and development activities in Germany, Switzerland and the United States.

Our organization structure allows us flexibility to refocus our product development efforts as new technologies or markets emerge.

Our total number of research and development employees at December 31, was Sales and Marketing We market our products in more than 40 countries throughout the world.

We have subsidiaries throughout the world in the markets that we believe have the greatest sales potential. We have established a network of highly experienced marketing personnel and employ a dedicated field sales force of over people, who sell our products and provide direct support to customers.

A significant number of our marketing and sales staff are experienced scientists with academic degrees in molecular biology or related areas.

We also have specialized independent distributors and importers serving more than 40 countries. Our marketing strategy is focused on providing high-quality products that offer customers unique advantages, coupled with a commitment to technical excellence and customer service.

We have developed a 18 range of marketing tools designed to provide customers with direct access to technical support and inform them of new product offerings.

One such tool is our technical service hotline, which allows existing or potential customers to discuss, via phone and e-mail, a wide range of technical questions regarding our products and related molecular biology procedures with Ph.

Frequent communication with customers enables us to identify market needs, to gain early insight into new developments and business opportunities, and to respond with new products.

We also distribute several publications, including our annual catalog, to existing and potential customers worldwide, providing new product information, product updates, and articles contributed by customers and by our scientists about existing and new applications for our products.

In addition, we advertise in leading scientific journals such as Science, and hold numerous scientific seminars, in which our scientists present technical information at leading academic and industrial research institutes worldwide.

We conduct direct mail campaigns to announce new products or offer special sales promotions, and also offer a personalized bi-monthly electronic newsletter for our worldwide customers that provides helpful hints and information for molecular biology applications.

Our web site www. Some information is available on our website in French and German to support these local markets. We also have a Japanese language site www.

The information contained in, or that can be accessed through, our website is not part of this Annual Report. In addition to keeping our customers informed of new product offerings, we also offer an inventory consignment program.

The QIAcabinet is a storage cabinet owned by us and placed in customer laboratories at their request. The QIAcabinet is stocked with our products, offering customers the convenience of immediate access, thereby reducing product reorder procedures and shipping costs.

We monitor cabinet inventory and bill the customers at regular intervals as the products are used. We believe that our QIAcabinet helps us maintain our competitive position, while also reducing distribution costs and increasing our visibility in the laboratory.

Principal Markets From our inception, we have believed that nucleic acids and proteins would play an increasingly important role in molecular biology and that major new commercial uses of nucleic acids would be developed.

We have been supplying customers with proprietary products for the processing of nucleic acids since Customers include major academic institutions and governmental laboratories such as the United States National Institutes of Health, or NIH, as well as leading pharmaceutical and biotechnology companies.

In addition, fundamental developments in recent years have created significant new opportunities for us in the emerging markets of nucleic acid-based molecular diagnostics, and applied testing such as forensics, veterinary diagnostics, testing of GMO and other food testing.

In response to these opportunities, we are currently targeting our products and marketing activities to each of these markets.

Research Market The worldwide research market for nucleic acid and protein separation and purification products is comprised of an estimated 45, academic and industrial research laboratories with more than , researchers from leading academic institutions, diagnostics companies and laboratories, biotechnology companies and pharmaceutical companies.

A substantial portion of this market continues to utilize traditional, labor intensive methods for nucleic acid separation and purification, and we estimate that 15 percent of all molecular biology research time is spent on such processes.

We recognized early on the opportunity to replace the traditional methods with reliable, fast, and high-quality nucleic acid separation and purification technologies and products.

We concentrated our product development and marketing efforts on this market and now offer over nucleic acid sample processing products to customers.

We also offer a broad and innovative portfolio for the expression, purification and fractionation of proteins. We believe that we are the technology leader in this growing research market and that we are well positioned to increase sales and expand our share of the research market as laboratories continue to convert from traditional methods to newer technologies such as ours.

We have expanded our product base for PCR amplification and reverse transcription and continue to develop products for the PCR-related market segment.

In we were one of the first companies to enter into a broad licensing agreement with Applied Biosystems Group regarding real-time PCR technology.

This agreement enhances our value as a leading supplier of a broad range of real-time PCR technologies. These real-time PCR technologies are optimized for use with our marketand technology-leading preanalytical solutions.

Nucleic Acid-Based Molecular Diagnostics Market We believe that the molecular diagnostics market represents a significant market for nucleic acid separation and purification products.

We believe that the advent of PCR and other amplification technologies has made the prospect of nucleic acid-based molecular diagnostics feasible.

Nucleic acid-based molecular diagnostics have fundamental advantages over traditional diagnostic technologies such as immunoassays in time specificity and sensitivity.

This new generation of molecular diagnostics can be used, for example, to detect or identify microorganisms, cancer cells, bacteria and viruses including HIV by searching for their nucleic acid sequences.

In order to prove that a disease is present in a patient, the unique sequence of the target nucleic acid causing the disease must be known, and the sequence in the sample must be amplified to facilitate detection.

The success of nucleic acid-based molecular diagnostics will depend on the ability to analyze purified nucleic acid samples from a variety of specimens, including blood, tissue, body fluids and stool, and on automation so that hundreds of samples can be handled concurrently.

Other key factors will be the convenience, versatility, and reliability of the nucleic acid separation and purification procedures.

Our BioRobot series has been developed to handle low-, medium-, and high-throughput nucleic acid sample preparation and handling tasks in molecular biology laboratories, clinical laboratories, blood banks, forensic projects, and genomics projects.

Nucleic acid samples purified on our instruments are ready for use in the demanding and sensitive downstream assays performed in molecular diagnostic applications.

We offer closed and open assay technologies. Closed platforms, diagnostics with predefined targets, include Multiplexing and other pathogen detection assays.

In order to broadly address the molecular diagnostics market, in May we acquired artus, subsequently renamed QIAGEN Hamburg GmbH, which offers a broad range of real-time PCR assays for viral and bacterial pathogen detection that are complementary to our sample preparation kits.

Assays are marketed directly to end customers by our sales channels and selected assays are marketed by major diagnostic partners with access to customers complementary to our customers.

All assays are PCR-licensed for human diagnostic and veterinary diagnostic purposes and provide all features such controls, ready-to-use reagents and comprehensive technical documentation needed in a routine diagnostic testing environment.

In addition, we intend to enter into partnerships or other agreements with established companies in the molecular diagnostics market in order to broaden the distribution of our products.

Applied Testing Market We believe that emerging applied testing markets such as forensics, veterinary and food, offer great opportunities for standardized sample preparation and assay solutions.

Successes in crime cases due to DNA analyses, public debates about GMO and food safety as well as bioterrorism risks, have increased the value of the use of molecular based methods.

These methods are performed by well trained researchers in fully equipped laboratories as well as by less trained personnel calling for easy-to-use, reproducible and standardized methods.

We market a range of assays to end users in applied testing markets such as veterinary diagnostics and biodefense laboratories. Seasonality Our business does not experience predictable seasonality.

Historically, a significant portion of our sales have been to researchers, universities, government laboratories and private foundations whose funding is dependent upon grants from government agencies such as the U.

NIH and similar domestic and international agencies. Revenue by Geographic Region The table below sets forth total revenue during each of the past three fiscal years by geographical market, which includes revenue from all our product and service offerings.

It is not practicable to provide a detail of revenues by category of activity. Net sales are attributed to countries based on the location of the subsidiary making the sale as certain subsidiaries have international distribution.

Intellectual Property, Proprietary Rights and Licenses We do not depend on any individual patent or technologies owned or licensed by us.

We are however significantly dependent in the aggregate on technology that we own or license. Therefore, we consider the protection of our proprietary technologies and products for the separation and purification of nucleic acids as the key to the success of our business.

We rely on a combination of patents, licenses and trademarks to establish and protect our proprietary rights in our technologies and products.

We currently own 89 issued patents in the United States, 56 issued patents in Germany and issued patents in other major industrialized countries, and have pending patent applications.

Worldwide, we own granted patents. Patents in most 21 other countries have a term of 20 years from the date of filing the patent application.

We intend to aggressively prosecute and enforce our patents and otherwise protect our proprietary technologies. We also rely on trade secrets, know-how, continuing technological innovation and licensing opportunities to develop and maintain our competitive position.

Our practice is to require employees, consultants, outside scientific collaborators, sponsored researchers and other advisors to execute confidentiality agreements upon the commencement of their relationships with us.

In the case of our employees, the agreements provide that all inventions conceived by the individual in the course of their employment will be our exclusive property.

Partnerships, Alliances and Acquisitions Our strategy includes the use of strategic alliances to augment our product development efforts with complementary technologies and to leverage our marketing and distribution capabilities with respect to select market opportunities.

In order to expand our business, we also intend to continue to pursue strategic investments in or acquisitions of complementary businesses and technologies as the opportunities arise.

We currently develop integrated solutions for and together with 15 manufacturers from pharma and diagnostics, including Roche Diagnostics, Abbott Laboratories and Bayer.

Competition We believe that our primary competition involves traditional separation and purification methods, such as phenol extraction, cesium chloride density gradient centrifugation, and precipitation.

These methods utilize widely available reagents and other chemicals supplied by companies such as Sigma-Aldrich Corp.

We compete with such methods through our innovative technologies and products, which offer a comprehensive solution for nucleic acid collection, pre-treatment, separation and purification needs and provide significant advantages over traditional methods with respect to speed, reliability, convenience, and ease of use.

We also experience, and expect to continue to experience, competition in different segments of our business from other companies providing sample preparation products in kit form and assay solutions.

These competitors include: Promega Corp. We believe that our competitors do not have the same comprehensive approach to pre-analytical solutions, including nucleic acid sample processing and therefore cannot provide the broad range of technologies and depth of products and services that we offer.

With our complete range of manual and fully automated solutions, we believe we offer the value of standardization of procedures and therefore more reliable results.

We also believe that our integrated strategic approach of sample and assay technologies gives us a competitive advantage.

There can be no assurance that we will be able to compete effectively against our past, present or future competitors or that developments by others will not render our technologies or products non-competitive.

Suppliers We buy materials for our products from many suppliers, and are not dependent on any one supplier or group of suppliers for our business as a whole.

Raw materials generally include chemicals, raw separation media, biologics, plastics and packaging. Raw materials are generally readily available at competitive, stable prices from a number of suppliers.

Certain raw materials are produced under our specifications, so we closely monitor stock levels to maintain adequate supplies.

We believe we maintain inventories of raw materials at a sufficient level to ensure reasonable customer service levels, and to guard against normal volatility in availability.

Government Regulations We are not subject to direct regulation other than regulation generally applicable to businesses pursuant to various laws and regulations in effect in the different jurisdictions in which we operate, including laws and regulations applicable to environmental matters, such as the handling and disposal of hazardous wastes.

Our research and development activities involve the controlled use of small amounts of hazardous materials, chemicals and radioactive compounds.

In the event of such an accident, we could be held liable for any damages that result and any such liability could have a material adverse effect on us.

There are other federal, state and local laws and regulations applicable to our business, including those of the United States Environmental Protection Agency and the Maryland Department of the Environment.

However, we do not expect that compliance with governmental regulations to which we are subject will have a material effect on our capital expenditures, earnings or competitive positions.

Sales volumes of certain of our products in development may be dependent on commercial sales by our customers of diagnostic and pharmaceutical products, which will require preclinical studies and clinical trials and other regulatory requirements.

Trials will be subject to extensive regulation by governmental authorities in the United States, including the Food and Drug Administration, or FDA, and equivalent agencies in other countries, and involve substantial uncertainties.

For example, as of December 7, , all in vitro diagnostic products sold in the European Union had to bear the CE mark, which indicates compliance with the requirements of the EU-IvD-D.

We also expect to seek FDA approvals in Our failing to obtain such clearance or approvals can significantly damage our business in such segments.

Certain subsidiaries also have research and development or production activities. A listing of our significant subsidiaries, all of which are wholly owned, and their jurisdiction of incorporation, is included in Exhibit 8.

Our instrument production facility is located in Switzerland. Over the last several years, we have made investments in automated and interchangeable production equipment to increase our production capacity and improve efficiency.

Our production and manufacturing operations are highly integrated and benefit from sophisticated inventory control.

Worldwide, we use SAP software to integrate our material operating subsidiaries. Our production management personnel are highly qualified and many have engineering degrees.

Our certifications form part of our ongoing commitment to provide our customers high quality, state-of-the-art sample and assay technologies and to the development of our Total Quality Management system.

Our facilities in Hilden, Germany currently occupy a total of approximately , square feet, some of which is leased pursuant to separate contracts expiring between the years and In two separate transactions between July and February , we purchased a parcel of land directly adjacent to our existing German facilities, measuring approximately , square feet.

During , we completed a , square foot production facility and a , square foot administration building on this land at a cost of EUR During , we purchased our leased cGMP production facilities in Germany and began the planning for a new logistics center in Hilden.

Construction on the new facility began in August and be completed by the second quarter of The new logistics center will occupy approximately 61, square feet and will cost an estimated EUR 9.

We increased our production capacity with the establishment of a manufacturing and research facility in the United States.

The purchase of this additional lot allows for future expansion of up to , square feet of additional facility space.

Construction was financed primarily by intercompany loans and long-term bank debt. The , square foot Maryland facility consists of several buildings in a campus-like arrangement and is intended to accommodate over employees.

Our corporate headquarters are located in leased office space in Venlo, The Netherlands. Other subsidiaries throughout the world lease small amounts of space.

We believe that our existing and planned production and distribution facilities can support our anticipated production needs for the next 36 months.

Our production and manufacturing operations are subject to various federal, state, and local laws and regulations including environmental regulations.

We believe we do not have any material issues relating to these laws and regulations. Unresolved Staff Comments Not applicable.

Operating and Financial Review and Prospects This section contains a number of forward-looking statements. These statements are based on current management expectations, and actual results may differ materially.

Business Factors This report contains forward-looking statements that are subject to certain risks and uncertainties.

We caution investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: risks associated with our expansion of operations, including the acquisition of new companies; variability in our operating results from quarter to quarter; management of growth, international operations, and dependence on key personnel; intense competition; technological change; our ability to develop and protect proprietary products and technologies and to enter into collaborative commercial relationships; our future capital requirements; general economic conditions and capital market fluctuations; and uncertainties as to the extent of future government regulation of our business.

Results of Operations Overview We believe that we are the leading provider of innovative technologies and products for preanalytical sample preparation and linked molecular assay solutions, based on the nature of our products and technologies and on our United States and European market shares as supported by independent market studies.

We have developed a comprehensive portfolio of more than proprietary consumable products and automated solutions for sample collection, and nucleic acid and protein handling, separation, and purification.

We also supply diagnostic kits, tests, and assays for human and veterinary molecular diagnostics. Our products are sold to academic research markets, and to leading pharmaceutical and biotechnology companies as well as to diagnostics laboratories.

We also provide purification and testing solutions to applied testing markets such as forensics, animal and food testing, and pharmaceutical process control.

We employ more than 1, people worldwide. We sell our products through a dedicated sales force and a global network of distributors in more than 40 countries.

GAAP results. We have funded our growth through internally generated funds, debt, and private and public sales of equity securities.

In recent years, we have made a number of strategic acquisitions and disposals expanding and focusing our technology and product offerings.

Multiplexing is a rapidly emerging segment in molecular diagnostics and is also highly synergistic with our portfolio of qPCR-based molecular diagnostic assays which in the segment of infectious disease diagnostics is considered to be the broadest in the world.

In the fourth quarter of , we also acquired former distributors PhileKorea Technology Inc. Gentra is a leading developer, manufacturer, and supplier of non-solid phase nucleic acid purification products, providing both consumables and automated platforms.

The acquisition expands our position as a leading provider of preanalytical and molecular diagnostics solutions to research and diagnostic customers.

PG Biotech Co. PG Biotech is a leading developer, manufacturer, and supplier of polymerase chain reaction PCR -based molecular diagnostic kits in China.

The acquisition adds to our core strategic focus, represents an attractive addition to our portfolio of preanalytical and nucleic acid amplification consumables and adds a very promising pipeline of proprietary technologies for nucleic acid handling, separation, purification, and amplification.

We acquired Tianwei Times, located in Beijing, China, which is a leading developer, manufacturer and supplier of nucleic acid sample preparation consumables in China.

We acquired substantially all assets of Tianwei Times through our new wholly owned subsidiary Tiangen Biotech Beijing Co. In August, we acquired the business of LumiCyte, Inc.

We also acquired Nextal Biotechnology, Inc. In combination with our consumable and automation technologies, the RNAture solutions have the potential to provide a new dimension of value to our customers in high-throughput gene expression analysis and siRNA in research and drug development.

The key application of MDA is whole genome amplification WGA which is designed to eliminate limitations created by the scarce quantities of DNA samples available for customers to perform an increasing number of analyses.

The technology portfolio acquired from MSI adds a new dimension of customer benefit and is in our core focus on pre-analytical solutions.

The primary reason for the acquisition was to enable us to provide customers a solution for overcoming the limitations of scarce DNA samples.

We retained all rights and activities in our leading siRNA business including ownership of our proprietary TOM-amidite chemistry.

During , we purchased the previously leased cGMP production facilities in Germany and began the planning for a new logistics center in Hilden, Germany.

Construction on the new facility began in August and will be completed by the second quarter of In December , we committed to a relocation and restructure plan to more fully utilize our North American Headquarters in Germantown, Maryland, and to discontinue certain products.

This plan was completed in In , we closed our facilities in Oslo, Norway and Fremont, California, and commenced the relocation and closure of a facility in Canada.

Our financial results include the contributions of our recent acquisitions, as well as the costs related to the acquisitions and integrations, including charges for purchased in-process research and development, and costs related to the relocation and closure of our facilities in Norway, Canada and Fremont, California.

Our results also reflect the benefits of our previous restructuring efforts, which have contributed to improved profitability as we continue to manage our operating costs.

The increase in operating income is primarily the result of increased sales and lower operating costs as a result of our restructuring efforts, partially offset by acquisition related costs and costs related to our restructuring and relocation efforts.

In June , we sold a significant portion of our synthetic DNA business unit. Accordingly, the first six months in do not include any sales of synthetic DNA and related products or operating costs related to the former business unit.

Our overall performance in also reflects a delay in the purchases of certain of our OEM partners whose anticipated product launches included our instrument and consumable products.

However, since our instrument products carry a lower gross margin than our consumable products, the lower instrumentation sales resulted in a higher gross margin in Therefore, we still achieved a strong operating margin.

In , on a comparative basis, sales increased primarily as the result of an increase in our consumables products sales, which experienced very solid growth in compared to During , we continued our plans to realign certain operating functions in line with our focus on streamlining and strengthening our operations.

Further, on a comparative basis, operating income during was negatively impacted by the currency impact of the stronger euro, since a significant portion of our production and operations is based in Germany, along with lower gross margins from instrumentation sales.

Therefore, reportable segments are based on the geographic locations of our subsidiaries. Our reportable segments include our production, manufacturing and sales facilities located throughout the world.

In addition, the Corporate segment includes our holding company located in The Netherlands and two subsidiaries located in Germany which operate only in a corporate support function.

The reportable segments derive revenues from our entire product and service offerings. The following tables set forth operating income by segment for the years ended December Further segment information can be found in Note 21 in the accompanying financial statements.

Operating Income Loss North America. Rest of World. Intersegment Elimination. North America experienced an increase in consumable sales.

However, operating expenses in North America were higher as a result of the operating costs of 5-Prime, acquired in December , and Gentra and Genaco, both acquired in Additionally, operating costs were higher in than in due to the acquisitions and integrations costs of recent acquisitions.

In Germany, operating income was higher in primarily due to increased consumable sales which carry a higher gross margin, and sales of our newer acquired German company QIAGEN Hamburg GmbH, formerly artus, partially offset by increased operating costs from the new subsidiary and acquisition related operating costs.

The operating loss in Switzerland was higher primarily due to an increase in research and development costs in as compared to The increase in consumable sales includes organic growth and sales from our recently acquired businesses.

We regularly introduce new products in order to extend the life of our existing product lines as well as to address new market opportunities.

During , we introduced more than 67 new products including innovative 28 sample and assay technologies for research in the areas of epigenetics, gene expression, micro RNA, proteomics, RNAi, and molecular diagnostics.

A significant portion of our revenues is denominated in euros. Changes in exchange rates can affect the growth rate of net sales. The absolute dollar increase in compared to is attributable to the increase in net sales.

Our consumable products have a higher gross margin than our instrumentation products and fluctuations in the sales levels of these products can result in fluctuation in our gross margin during a quarter when compared to the gross margin of another quarter.

Our recent acquisitions of new technologies, notably those acquired via the acquisitions of artus and 5-Prime, have resulted in an increase in our research and development costs.

As we continue to expand our research activities and product development capabilities, additional expense will be incurred related to research and development facility costs and the employees engaged in our research and development efforts.

Additionally, our research and development costs are expected to increase as we incur costs in connection with obtaining k and CE approval of our artus and Genaco assays.

We have a strong commitment to research and development and anticipate that research and development expenses will increase, perhaps significantly.

Sales and marketing expenses are primarily associated with personnel, commissions, advertising, trade shows, publications, freight and logistics expenses and other promotional expenses.

The increase in sales and marketing expenses in includes expenses related to creating separate sales organizations addressing customers in industrial and academic research, applied testing and molecular diagnostics, as well as to sales organizations in our newly acquired or established subsidiaries.

We anticipate that sales and marketing costs will increase along with new product introductions and continued growth in sales of our products.

General and administrative expenses primarily represent the costs required to support our administrative infrastructure which, except for the period following our restructuring, have continued to expand along with our growth.

The increase in general and administrative expenses in includes expenses related to our newly acquired subsidiaries.

The increase in expense is the result of an increase in the amount of intangibles acquired in our recent business acquisitions.

During , we completed seven acquisitions which have increased our intangible assets subject to amortization.

We therefore expect that our acquisition related intangible amortization will increase as a result of the recent acquisitions, as well as by any future acquisitions.

Relocation and Restructure Costs Relocation and restructuring costs recorded in are related to the restructuring of acquired businesses located in Norway and North America for which a restructuring was not contemplated at the time of acquisition.

This increase in income was mainly due to higher interest income and gain from equity method investees, partially offset by higher interest expense, lower research and development grant income and a lower loss on foreign currency transactions.

We conduct significant research and development activities in Germany, and expect to continue to apply for such research and development grants in the future.

The loss from foreign currency transactions reflects the net effect of conducting business in currencies other than the U.

Interest income is derived mainly from interest bearing cash accounts and investments. The increase in 30 interest income in over was primarily the result of an increase in amounts invested during the year along with an increase in interest rates.

Interest costs relate primarily to our long-term borrowings from QIAGEN Finance and the new borrowings from Euro Finance along with the long-term debt related to our facility construction.

As previously disclosed, we intend to continue to make strategic investments in complementary businesses as the opportunities arise.

Accordingly, we may record losses on equity investments based on our ownership interest in such companies.

This increase in miscellaneous expense was primarily due to losses on the disposition of property and equipment. Fluctuations in the distribution of pre-tax income among these entities can lead to fluctuations of the effective tax rate in our consolidated financial statements.

During , we experienced slower performance under some of our OEM contracts where our OEM partners delayed product launches, that include our instruments and consumable products, resulting in lower sales, primarily of instruments, in In the second quarter of , we sold a significant portion of our synthetic DNA business unit.

Accordingly, net sales in in the United States, Germany and Japan did not include any sales of the synthetic DNA products, which were included in net sales of the first six months of Prior to the establishment and acquisitions of these newer subsidiaries, other subsidiaries reported sales to these regions.

The absolute dollar increase is attributable to the increase in net sales partially offset by the currency impact of the stronger euro.

The gross profit includes sales of our synthetic DNA business unit, a significant portion of which was sold at the end of the second quarter in Accordingly, the second half of does not include any sales of synthetic DNA and related products, which carried a lower gross profit than our consumables products, thus the reported gross profit in is higher than Further, the increase in gross profit as a percentage of net sales is also attributable to the increase in net sales of consumable products, partially offset by the currency impact of the stronger euro.

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Bei weitem nicht. Eines der ersten Dinge, die ich gelernt habe nach dem wir aus dem Flugzeug ausgestiegen waren, war, dass Mutter Natur Island regiert.

Wir waren nicht auf das Wetter vorbereitet, das sich alle 10 bis 15 Minuten änderte. Lektion in diesem Zusammenhang: Es gibt viele Dinge im Leben, die wir nicht kontrollieren können, und wir sollten flexibel und geduldig sein.

Unter diesem Motto haben wir uns auf den Weg gemacht, um das Land zu erkunden. Eines Tages während eines Autoausflugs beschlossen meine Mutter und ich, einen Schotterweg auf einen Berg zu nehmen.

Zu meiner wachsenden Besorgnis wurde der Weg immer steiler und schwerer zu befahren. Ich spürte, wie die Spannung auf dem Fahrersitz neben mir zunahm, und begann zu befürchten, dass meine Mutter eine Arthritis in ihren Fingern entwickeln würde, weil sie das Lenkrad so fest umklammerte.

Nein, wir sind nicht vom Rand Meter in die Tiefe gefallen. Wir waren fast oben, als uns ein Zu diesem Zeitpunkt sahen wir überall rote und gelbe Schilder mit der Aufschrift "Gefahr!

Meine Mutter schaute mich an, und ich wurde ganz klein in meinem Sitz und gab meine Niederlage zu. Bei einer anderen Gelegenheit waren wir gezwungen, umzukehren, als ein steigender Fluss einen Teil der Schotterpiste überflutete.

Der Fluss wurde vom GPS nicht angezeigt. Er war wahrscheinlich kurz zuvor durch einen schmelzenden Gletscher in der Nähe entstanden.

Da wir keine Möglichkeit sahen, weiterzukommen, beschlossen wir, unsere Route zu ändern. Und innerhalb weniger Minuten erreichten wir einen atemberaubenden Wasserfall.

Es gab sogar einen kleinen Felsvorsprung, zu dem man hinunterklettern konnte, wenn man wirklich nah ans Wasser kommen wollte.

Als nächstes wollten wir Islands zweithöchsten Wasserfall, den Glymur, aufsuchen. Stellen Sie sich vor, wir erlebten eine weitere Überraschung.

Nachdem wir etwa eine Stunde gelaufen waren, hielten wir an, um uns mit einem älteren Herrn zu unterhalten. Als wir zu besagtem Fluss kamen, befanden sich bereits Menschen inmitten der Herausforderung.

Mit Zittern und Bewunderung sahen wir, wie sie sich an einem Halteseil festhielten, um zur anderen Seite zu gelangen. Wir hätten es versucht, aber wir hatten nicht die Ausrüstung, die sie hatten.

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Trotz vorausgegangener Rückschläge schafften wir es auf die Spitze eines echten Vulkans. Es ist wirklich wahr.

Und dort auf diesem majestätischen Gipfel versuchte ich, die atemberaubende Aussicht in meinem Gedächtnis für immer zu bewahren, um mich an das Sprichwort zu erinnern.

Island ist bekannt für seine kleinen Wannen mit seidenweichem, geothermisch erwärmtem Wasser. Unser Favorit war das Laugarvatn Fontana Geothermiebad.

Es liegt an einem See, so dass man direkt nach dem Dampfbad in das kühle Nass eintauchen kann. Dadurch wird angeblich Stress abgebaut und die Durchblutung verbessert.

Wirtz Vorsitzender , Professor Dr. Karobath und Herrn Hornnaess. Wir sind der ein Jahr ernannt. Riesner Vorsitzender und Dr. Federal Securities Law und des deutschen Kapitalmarktrechts, insbesondere des Wertpapierhandelsgesetzes.

Der Aufsichtsrat empfiehlt in diesem Zusammenhang, auch den Gewinn des Jahres zur Verfolgung dieser Ziele einzubehalten.

Venlo, Niederlande, April Prof. Januar in Kraft getreten. Juni beschlossen. Position gefasst haben. Die Hauptversammlung kann jedoch Board und dem Aufsichtsrat andererseits.

Wirtz und Herrn Hornnaess. Der Aufsichtsrat hat Herrn Dr. In die- stattfand. Karobath und Herrn Hornnaess zusammen.

Pflichten des Aufsichtsrats und des Managing Board. Riesner, stellvertretender Vorsitzender ist Dr. Nach dem Erlass vom Da der Halter gen des Kodex wir nicht einhalten und warum.

Ein sellschaft ausgegebenen Wertpapiere. Diese von Erfolgskriterien vorzugeben hat. Praxis steht im Einklang mit internationalen Gepflogenheiten in unserer Branche.

Anreizwirkung und Risikocharakter soll deren Wert umfassen. Phantom Stocks. Vergleichsparameter soll ausgeschlossen sein. Solche Optionsrechte festlegt.

Januar in Kraft getreten ist. Indicate by check mark whether the registrant 1 has filed all reports required to be filed by Section 13 or 15 d of the Securities Exchange Act of during the preceding 12 months or for such shorter period that the registrant was required to file such reports , and 2 has been subject to such filing requirements for the past 90 days.

Except as otherwise stated herein, all monetary amounts in this Annual Report on Form F have been presented in U.

The exchange rate used for the euro was the noon buying rate of the euro in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Board of New York.

Item 2. Item 3. Item 4. Item 4A. Item 5. Item 6. Item 7. Item 8. Item 9. Item Identity of Directors, Senior Management and Advisors.

Offer Statistics and Expected Timetable. Key Information. Information on the Company. Unresolved Staff Comments. Operating and Financial Review and Prospects.

Directors, Senior Management and Employees. Major Shareholders and Related Party Transactions.

Financial Information. Additional Information. Quantitative and Qualitative Disclosures about Market Risk. Description of Securities other than Equity Securities.

Item 16A. Item 16B. Item 16C. Item 16D. Item 16E. Defaults, Dividend Arrearages and Delinquencies. Controls and Procedures. Audit Committee Financial Expert.

Code of Ethics. Principal Accountant Fees and Services. Exemptions from the Listing Standards for Audit Committees. Financial Statements.

Offer Statistics and Expected Timetables Not applicable. The selected consolidated statements of income data presented for the years ended December 31, and , and the consolidated balance sheet data as of December 31, , and , is derived from audited consolidated financial statements not included herein.

Sales and marketing. General and administrative. Purchased in-process research and development. Acquisition, integration and related costs.

Acquisition related intangible amortization. Relocation and restructuring costs. Provision for income taxes.

Minority income expense. Weighted average number of common shares used to compute diluted net income per common share.

Working capital. Total assets. Total long-term liabilities, including current portion. Common shares.

Shares outstanding. Certain of the statements included in this Annual Report and the documents incorporated herein by reference may be forward-looking statements within the meaning of Section 27A of the U.

Securities Act of , as amended, and Section 21E of the U. Securities Exchange Act of , as amended, including statements regarding potential future net sales, gross profit, net income and liquidity.

Reference is made in particular to the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking statements.

We caution investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors.

Factors which could cause such results to differ materially from those described in the forward-looking statements include those set forth in the risk factors below.

As a result, our future development efforts involve a high degree of risk. When considering forwardlooking statements, you should keep in mind that the risk factors could cause our actual results to differ significantly from those contained in any forward-looking statement.

Risks Related to Our Business An inability to manage our growth, manage the expansion of our operations, or successfully integrate acquired businesses could adversely affect our business.

In , we opened a research and manufacturing facility in Germantown, Maryland and manufacturing and administration facilities in Germany.

Additionally, we have made several acquisitions and are likely to make more. The successful integration of acquired businesses requires a significant effort and expense across all operational areas, including sales and marketing, research and development, manufacturing, finance and administration and information technologies.

In and as part of a restructuring of our U. S operations, we relocated certain administrative, sales and marketing functions to our Maryland facility.

Our earlier expansion of facilities in Maryland and Germany added production capacity and increased fixed costs.

These higher fixed costs will continue to be a cost of production in the future, and until we more fully utilize the additional capacity of the facilities, our gross profit will be negatively impacted.

We have also upgraded our operating and financial systems and expanded the geographic area of our operations, resulting in the hiring of new employees, as well as increased responsibility for both existing and new management personnel.

The rapid expansion of our business and addition of new personnel may place a strain on our management and operational systems.

There can be no assurance that we will be able to manage our recent or any future expansion or acquisition successfully, and any inability to do so could have a material adverse effect on our results of operations.

We may not achieve the anticipated benefits of acquisitions of technologies and businesses. During the past several years we have acquired a number of companies, through which we have gained access to technologies and products that complement our internally developed product lines.

In the future, we may acquire additional technologies, products or businesses to expand our existing and planned business.

Our failure to address the above risks successfully in the future may prevent us from achieving the anticipated benefits from any acquisition in a reasonable time frame, or at all.

Our continued growth is dependent on the development and success of new products. The market for certain of our products and services is only about fifteen years old.

Rapid technological change and frequent new product introductions are typical in this market. Our future success will depend in part on continuous, timely development and introduction of new products that address evolving market requirements.

We believe successful new product introductions provide a significant competitive advantage because customers make an investment of time in selecting and learning to use a new product, and are reluctant to switch thereafter.

To the extent that we fail to introduce new and innovative products, we may lose market share to our competitors, which will be difficult or impossible to regain.

An inability, for technological or other reasons, to successfully develop and introduce new products could reduce our growth rate or otherwise damage our business.

In the past, we have experienced, and are likely to experience in the future, delays in the development and introduction of products. We cannot assure you that we will keep pace with the rapid rate of change in life sciences research, or that our new products will adequately meet the requirements of the marketplace or achieve market acceptance.

The expenses or losses associated with unsuccessful product development activities or lack of market acceptance of our new products could materially adversely affect our business, financial condition and results of operations.

Our operating results may vary significantly from period to period. Our expense levels are based in part on our expectations as to future revenues.

Consequently, revenues or profits may vary significantly from quarter to quarter or from year to year, and revenues and profits in any interim period will not necessarily be indicative of results in subsequent periods.

We depend on patents and proprietary rights that may fail to protect our business. Our success will depend to a large extent on our ability to develop proprietary products and technologies and to establish and protect our patent and trademark rights in these products and technologies.

As of December 31, , we owned 89 issued patents in the United States, 56 issued patents in Germany and issued patents in other major industrialized countries.

In addition, at December 31, , we had pending patent applications and we intend to file applications for additional patents as our products and technologies are developed.

However, the patent positions of technology-based companies, including QIAGEN, involve complex legal and factual questions and may be uncertain, and the laws governing the scope of patent coverage and the periods of enforceability of patent protection are subject to change.

In addition, patent applications in the United States are maintained in secrecy until patents issue, and publication of discoveries in the scientific or patent literature tend to lag behind actual discoveries by several months.

Therefore, no assurance can be given that patents will issue from any patent applications that we own or license or, if patents do issue, that the claims allowed will be sufficiently broad to protect our technology.

In addition, no assurance can be given that any issued patents that we own or license will not be challenged, invalidated or circumvented, or that the rights granted thereunder will provide us competitive advantages.

Certain of our products incorporate patents and technologies that are licensed from third parties. These licenses impose various commercialization, sublicensing and other obligations on us.

Our failure to comply with these requirements could result in the conversion of the applicable license from being exclusive to non-exclusive in nature or, in some cases, termination of the license.

We also rely on trade secrets and proprietary know-how, which we seek to protect through confidentiality agreements with our employees and consultants.

There can be no assurance that any confidentiality agreements that we have with our employees, consultants, outside scientific collaborators and sponsored researchers and other advisors will provide meaningful protection for our trade secrets or adequate remedies in the event of unauthorized use or disclosure of such information.

There also can be no assurance that our trade secrets will not otherwise become known or be independently developed by competitors.

We currently engage in, and may continue to engage in, collaborations with academic researchers and institutions.

There can be no assurance that under the terms of such collaborations, third parties will not acquire rights in certain inventions developed during the course of the performance of such collaborations.

The biotechnology industry has been characterized by extensive litigation regarding patents and other intellectual property rights.

From time to time we receive inquiries requesting confirmation that we do not infringe patents of third parties. We endeavor to follow developments in this field, and we do not believe that our technologies or products infringe any proprietary rights of third parties.

However, there can be no assurance that third parties will not challenge our activities and, if so challenged, that we will prevail.

In addition, the patent and proprietary rights of others could require that we alter our products or processes, pay licensing fees or cease certain activities, and there can be no assurance that we will be able to license any technologies that we may require on acceptable terms.

In addition, litigation, including proceedings that may be declared by the U. Litigation could involve substantial cost, and there can be no assurance that we would prevail in any such proceedings.

Exchange rate fluctuations may adversely affect our business. Since we currently market our products in over 40 countries throughout the world, a significant portion of our business is conducted in currencies other than the U.

As a result, fluctuations in value relative to the U. Foreign currency transaction gains and losses arising from normal business operations are charged against earnings in the period when incurred.

We hedge a portion of the anticipated cash flow that we expect to exchange into other currencies, subject to our short-term financing needs.

Due to the number of currencies involved, the variability of currency exposures and the potential volatility of currency exchange rates, we cannot predict the effects of exchange rate fluctuations upon future operating results.

While we engage in foreign exchange hedging transactions to manage our foreign currency exposure, there can be no assurance that our hedging strategy will adequately protect our operating results from the effects of future exchange rate fluctuations.

Our ability to accurately forecast our results during each quarter may be negatively impacted by the fact that a substantial percentage of our sales may be recorded in the final weeks or days of the quarter.

The markets we serve are characterized by a high percentage of purchase orders being received in the final few weeks or even days of each quarter.

Although this varies from quarter to quarter, many customers make a large portion of their purchase decisions late in each fiscal quarter, as both their budgets and requirements for the coming quarter become clearer.

As a result, even late in each fiscal quarter, we cannot predict with certainty whether our revenue forecasts for the quarter will be achieved.

Historically, we have been able to rely on the overall pattern of customer purchase orders during prior periods to project with reasonable accuracy our anticipated sales for the current or coming quarters.

Consequently, our revenue forecasts for any given quarter may prove not to have been accurate. We may not have enough information as a result of such patterns to confirm or revise our sales projections during a quarter.

If we fail to achieve our forecasted revenues for a particular quarter, our stock price could be adversely affected.

Competition in the Life Sciences market could reduce sales. The success of our business depends in part on the continued conversion of current users of such traditional methods to our nucleic acid separation and purification technologies and products.

There can be no assurance, however, as to how quickly such conversion will occur. The markets for certain of our products are very competitive and price sensitive.

Other life science research product suppliers have significant financial, operational, sales and marketing resources, and experience in research and development.

These and other companies may have developed or could in the future develop new technologies that compete with our products or even render our products obsolete.

If a competitor develops superior technology or cost-effective alternatives to our kits and other products, our business, operating results and financial condition could be materially adversely affected.

We believe that customers in the market for preanalytical solutions and assay technologies display a significant amount of loyalty to their initial supplier of a particular product.

Therefore, it may be difficult to generate sales to customers who have purchased products from competitors. To the extent we are unable to be the first to develop and supply new products, our competitive position will suffer.

Reduction in research and development budgets and government funding may result in reduced sales. Our customers include researchers at pharmaceutical and biotechnology companies, academic institutions and government and private laboratories.

Fluctuations in the research and development budgets of these researchers and their organizations for applications in which our products are used could have a significant effect on the demand for our products.

Research and development budgets fluctuate due to changes in available resources, mergers of pharmaceutical and biotechnology companies, spending priorities and institutional budgetary policies.

Our business could be seriously damaged by any significant decrease in life sciences research and development expenditures by pharmaceutical and biotechnology companies, academic institutions or government and private laboratories.

In addition, short term changes in administrative, regulatory or purchasingrelated procedures can create uncertainties or other impediments which can contribute to lower sales.

In recent years, the pharmaceutical biotech industries have undergone substantial restructuring and consolidation. Additional mergers or corporate consolidations in the pharmaceutical industry could cause us to lose existing customers and potential future customers, which could have a material adverse effect on our business, financial condition and results of operations.

A significant portion of our sales have been to researchers, universities, government laboratories and private foundations whose funding is dependent upon grants from government agencies such as the U.

Although the level of research funding has increased during the past several years, we cannot assure you that this trend will continue.

Government funding of research and development is subject to the political process, which is inherently fluid and unpredictable.

The predictability of our revenues may be adversely affected if our customers delay purchases as a result of uncertainties surrounding the approval of government or industrial budget proposals.

Also, government proposals to reduce or eliminate budgetary deficits have sometimes included reduced allocations to the NIH and other government agencies that fund research and development activities.

A reduction in government funding for the NIH or other government research agencies could seriously and negatively impact our business.

We heavily rely on air cargo carriers and other overnight logistics services. Our customers within the scientific research markets typically do not keep a significant inventory of QIAGEN products and consequently require overnight delivery of purchases.

If overnight services are suspended or delayed and other delivery carriers cannot provide satisfactory services, customers may suspend a significant amount of work requiring nucleic acid purification.

If there are no adequate delivery alternatives available, sales levels could be negatively affected. We buy materials for our products from many suppliers, and are not dependent on any one supplier or group of suppliers for our business as a whole.

However, key components of certain products, including certain instrumentation components and chemicals, are available only from a single source.

If supplies from these vendors were delayed or interrupted for any reason, we may not be able to obtain these materials timely or in sufficient quantities or qualities in order to produce certain products and our sales levels could be negatively affected.

We rely on collaborative commercial relationships to develop some of our products. Our long-term business strategy has included entering into strategic alliances and marketing and distribution arrangements with academic, corporate and other partners relating to the development, commercialization, marketing and distribution of certain of our existing and potential products.

There can be no assurance that we will continue to be able to negotiate such collaborative arrangements on acceptable terms, or that any such relationships will be scientifically or commercially successful.

In addition, there can be no assurance that we will be able to maintain such relationships or that our collaborative partners will not pursue or develop competing products or technologies, either on their own or in collaboration with others.

Doing business internationally creates certain risks for our business. Our business involves operations in several countries outside of the United States.

Our consumable manufacturing facilities are located in Germany, China, Canada and the United States, and our instrumentation facility is located in Switzerland.

In addition, our products are sold through independent distributors serving more than 40 other countries. We operate U. Conducting and launching operations on an international scale requires close coordination of activities across multiple jurisdictions and time zones and consumes significant management resources.

We have invested heavily in computerized information systems in order to manage more efficiently the widely dispersed components of our operations.

Our operations are also subject to other risks inherent in international business activities, such as general economic conditions in the countries in which we operate, overlap of different tax structures, unexpected changes in regulatory requirements, compliance with a variety of foreign laws and regulations, and longer accounts receivable payment cycles in certain countries.

Other risks associated with international operations include import and export licensing requirements, trade restrictions, exchange controls and changes in tariff and freight rates.

As a result of these conditions, an inability to successfully manage our international operations could have a material adverse impact on our operations.

We have made investments in and are expanding our business into emerging markets and regions, which exposes us to new risks. During and we began expanding our business in emerging markets in Asia and we expect to continue to focus on growing our business in these regions.

In addition to the currency and international operation risks described above, our international operations are subject to a variety of risks including risks arising out of the economy, the political outlook and the language and cultural barriers in countries where we have operations or do business.

In many of these emerging markets, we may be faced with several risks that are more significant than in the other countries in which we have a history of doing business.

These risks include economies that may be dependent on only a few products and are therefore subject to significant fluctuations, 10 weak legal systems which may affect our ability to enforce contractual rights, possible exchange controls, unstable governments, privatization actions or other government actions affecting the flow of goods and currency.

In conducting our business we move products from one country to another and may provide services in one country from a subsidiary located in another country.

Accordingly, we are vulnerable to abrupt changes in customs and tax regimes that may have significant negative impacts on our financial condition and operating results.

Our business in countries with a history of corruption and transactions with foreign governments increases the risks associated with our international activities.

As we operate and sell internationally, we are subject to the U. Foreign Corrupt Practices Act, or the FCPA, and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by U.

We have operations, agreements with third parties and make sales in countries known to experience corruption. Further international expansion may involve more exposure to such practices.

Our activities in these countries create the risk of unauthorized payments or offers of payments by one of our employees, consultants, sales agents or distributors that could be in violation of various laws including the FCPA, even though these parties are not always subject to our control.

It is our policy to implement safeguards to discourage these practices by our employees. However, our existing safeguards and any future improvements may prove to be less than effective, and our employees, consultants, sales agents or distributors may engage in conduct for which we might be held responsible.

Violations of the FCPA may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our business, operating results and financial condition.

Our success depends on the continued employment of our key personnel, any of whom we may lose at any time. Our senior management consists of an Executive Committee comprised of our most senior executives responsible for core functions, the Chairman of which is Mr.

Peer Schatz, our Chief Executive Officer. The loss of Mr. Schatz or any of our Managing Directors could have a material adverse effect on us.

Further, although we have not experienced any difficulties attracting or retaining key management and scientific staff, our ability to recruit and retain qualified skilled personnel will also be critical to our success.

Due to the intense competition for experienced scientists from numerous pharmaceutical and biotechnology companies and academic and other research institutions, there can be no assurance that we will be able to attract and retain such personnel on acceptable terms.

Our planned activities will also require additional personnel, including management, with expertise in areas such as manufacturing and marketing, and the development of such expertise by existing management personnel.

The inability to recruit such personnel or develop such expertise could have a material adverse impact on our operations.

Our business may require substantial additional capital, which we may not be able to obtain on terms acceptable to us, if at all.

To the extent that our existing resources are insufficient to fund our activities, we may need to raise funds through public or private debt or equity financings.

No assurance can be given that such additional funds will be available or, if available, can be obtained on terms acceptable to us.

If adequate funds are not available, we may have to reduce expenditures for research and development, production or marketing, which could have a material adverse effect on our business.

To the extent that additional capital is raised through the sale of equity or convertible securities, the issuance of such securities could result in dilution to our shareholders.

Our strategic equity investments may result in losses. We have made and may continue to make strategic investments in complementary businesses as the opportunities arise.

We periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock transactions, book values from the most recent financial statements, and forecasts and expectations of the investee.

The results of these valuations may fluctuate due to market conditions and other conditions over which we have no control.

Estimating the fair value of non-marketable equity investments in life science companies is inherently subjective. If actual events differ from our assumptions and other than temporary unfavorable fluctuations in the valuations of the investments are indicated, it could require a write-down of the investment.

This could result in future charges on our earnings that could materially impact our results of operations.

It is uncertain whether or not we will realize any long term benefits from these strategic investments. We have a significant amount of long-term debt which may adversely affect our financial condition.

We have a significant amount of debt which carries with it significant debt service obligations.

A high level of indebtedness increases the risk that we may default on our debt obligations. We cannot assure you that we will be able to generate sufficient cash flow to pay the interest on our debt or that future working capital, borrowings or equity financing will be available to repay or refinance such debt.

If we are unable to generate sufficient cash flow to pay the interest on our debt, we may have to delay or curtail our research and development programs.

Changing government regulations may adversely impact our business. We and our customers operate in a highly regulated environment characterized by continuous changes in the governing regulatory framework.

As a result of this debate, some key countries might increase the existing regulatory barriers; this, in turn, could adversely affect the demand for our products and prevent us from 12 fulfilling our growth expectations.

Furthermore, there can be no assurance that any future changes of applicable regulations will not require further expenditures or an alteration, suspension or liquidation of our operations in certain areas, or even in their entirety.

Changes in the existing regulations or adoption of new requirements or policies could adversely affect our ability to sell our approved products or to seek to introduce new products in other countries in the world.

Sales volumes of certain of our products in development may be dependent on commercial sales by us or by our customers of diagnostic and pharmaceutical products, which will require pre-clinical studies and clinical trials and other regulatory clearance.

Such trials will be subject to extensive regulation by governmental authorities in the United States, including the Food and Drug Administration FDA , international agencies and agencies in other countries with comparable responsibilities.

These trials involve substantial uncertainties and could impact customer demand for our products. In addition, certain of our products, especially products intended for use in in-vitro diagnostics applications, are dependent on regulatory or other clearance.

In addition to high risk products such as HIV testing systems list A of Annex II of the directive or blood glucose testing systems list B of Annex II of the directive , nucleic acid purification products which are used in diagnostic workflows are affected by this new regulatory framework.

These goals are expected to be achieved by the enactment of a large number of mandatory regulations for product development, production, quality control and life cycle surveillance.

Our failing to obtain any required clearance or approvals may significantly damage our business in such segments. Additionally, we may be required to incur significant costs to comply with laws and regulations in the future, and changes or additions to existing laws or regulations may have a material adverse effect upon our business, financial condition and results of operations.

We are subject to various laws and regulations generally applicable to businesses in the different jurisdictions in which we operate, including laws and regulations applicable to the handling and disposal of hazardous substances.

We do not expect compliance with such laws to have a material effect on our capital expenditures, earnings or competitive position. Although we believe that our procedures for handling and disposing of hazardous materials comply with the standards prescribed by applicable regulations, the risk of accidental contamination or injury from these materials cannot be completely eliminated.

In the event of such an accident, we could be held liable for any damages that result, and any such liability could have a material adverse effect on us.

Risk of price controls is a threat to our profitability. The ability of many of our customers to successfully market their products depends in part on the extent to which reimbursement for the costs of these products is available from governmental health administrations, private health insurers and other organizations.

Governmental and other third party payers are increasingly seeking to contain health care costs and to reduce the price of medical products and services.

Therefore, the biotechnology, diagnostics and pharmaceutical industries are exposed to the potential risk of price controls by these entities.

If there are not adequate reimbursement levels, the commercial success of our customers and, hence, of QIAGEN itself, could be adversely affected.

Our business exposes us to potential liability. The marketing and sale of our products and services for certain applications entail a potential risk of product liability, and, although we are not currently subject to any material product liability claims, there can be no assurance that product liability claims will not be brought against us.

Further, there can be no assurance that our products will not be included in unethical, illegal or inappropriate research or applications, which may in turn put 13 us at risk of litigation.

We currently carry product liability insurance coverage, which is limited in scope and amount, but which we believe is currently appropriate for our purposes.

There can be no assurance, however, that we will be able to maintain such insurance at reasonable cost and on reasonable terms, or that such insurance will be adequate to protect us against any or all potential claims or losses.

Our holding company structure makes us dependent on the operations of our subsidiaries. We were incorporated under Dutch law as a public limited liability company naamloze venootschap and we are organized as a holding company.

Currently, our material assets are the outstanding shares of our subsidiaries. We, therefore, are dependent upon payments, dividends and distributions from our subsidiaries for funds to pay our operating and other expenses and to pay future cash dividends or distributions, if any, to holders of our common shares.

This facility will expire in June Dividends or distributions by subsidiaries to us in a currency other than the U. The market price of the common shares since our initial public offering in September has increased significantly and been highly volatile.

The stock market has from time to time experienced extreme price and trading volume fluctuations that have particularly affected the market for technology-based companies and that have not necessarily been related to the operating performance of such companies.

These broad market fluctuations may adversely affect the market price of our common shares. Holders of our common shares will not receive dividend income.

We have not paid cash dividends since our inception and do not anticipate paying any cash dividends on our common shares for the foreseeable future.

Although we do not anticipate paying any cash dividends, any cash dividends paid in a currency other than the U.

Investors should not invest in our common shares if they are seeking dividend income; the only return that may be realized through investing in our common shares is through the appreciation in value of such shares.

Our treatment as a PFIC could result in a reduction in the after-tax return to the holders of common shares and would likely cause a reduction in the value of such shares.

Based on our current income, assets and activities, we do not believe that we are currently a PFIC. Future sales of our common shares could adversely affect our stock price.

Future sales of substantial amounts of our common shares in the public market, or the perception that such sales may occur, could adversely affect the market price of the common shares.

As of December 31, , we had outstanding ,, common shares plus A total of approximately The resale of common shares issued in connection with the exercise of certain stock options are subject to some restrictions.

All of our outstanding common shares are freely saleable except shares held by our affiliates, which are subject to certain limitations on resale.

Provisions of our Articles of Association and Dutch law and an option we have granted may make it difficult to replace or remove management and may inhibit or delay a takeover.

Certain other provisions of our Articles allow us, under certain circumstances, to prevent a third party from obtaining a majority of the voting control of our shares by issuing preference shares.

In we also granted an option to a Foundation Stichting , subject to the conditions described in the paragraph above, which allows the Foundation to acquire preference shares from us.

The option enables the Foundation to acquire such number of preference shares as equals the number of our outstanding common shares at the time of the relevant exercise of the right less one share.

When exercising the option and exercising its voting rights on such shares, the Foundation must act in our interest and the interests of our stakeholders.

The purpose of the Foundation option is to prevent or delay a change of control that would not be in the best interests of us and our stakeholders.

We are incorporated under the laws of The Netherlands and substantial portions of our assets are located outside of the United States.

In addition, certain members of our Managing and Supervisory Boards, our officers and certain experts named herein reside outside the United States.

As a result, it may be difficult for investors to effect service of process within the United States upon us or such other persons, or to enforce outside the U.

In addition, it may be difficult for investors to enforce, in original actions brought in courts in jurisdictions located outside the United States, rights predicated upon the U.

There is no treaty between the United States and The Netherlands for the mutual recognition and enforcement of judgments other than arbitration awards in civil and commercial matters.

Therefore, a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would not be directly enforceable in The Netherlands.

However, if the party in whose favor such final judgment is rendered brings a new suit in a competent court in The Netherlands, such party may submit to the Dutch court the final judgment which has been rendered in the United States.

If the Dutch court finds that the jurisdiction of the federal or state court in the United States has been based on grounds which are internationally acceptable and that proper legal procedures have been observed, the Dutch court will, in principle, give binding effect to the final judgment which has been rendered in the United States unless such judgment contravenes Dutch principles of public policy.

Based on the foregoing, there can be no assurance that U. In addition, there is doubt as to whether a Dutch court would impose civil liability on us, the members of our Managing or Supervisory Boards, our officers or certain experts named herein in an original action predicated solely upon the federal securities laws of the United States brought in a court of competent jurisdiction in The Netherlands against us or such members, officers or experts, respectively.

Our legal seat is in Venlo, The Netherlands. As a holding company, we conduct our business through our subsidiaries located throughout Europe, Japan, Australia, North America and East Asia.

Our website is www. Since , we have developed and marketed a broad range of proprietary products for the academic and industrial research markets as well as for the applied testing market, which includes forensics, veterinary diagnostics, genetically modified organisms, or GMO, and other food testing, and molecular diagnostics markets.

In the last five years we have made a number of strategic acquisitions and have also restructured some of our key operations.

Genaco is an early-stage company applying a proprietary assay technology called multiplexing, a diagnostic approach which allows for screening multiple targets in one single test.

Multiplexing is a rapidly emerging segment in molecular diagnostics and which we believe is highly synergistic with our portfolio of qPCR-based molecular diagnostic assays considered by some to be the broadest in the world in the segment of infectious disease diagnostics.

The Genaco solutions together with our sample and assay technologies support PCR-based, multiplexed testing in 16 clinical research, applied testing and molecular diagnostics.

In the fourth quarter of , we also acquired former distributors PhileKoreaTechnology Inc. Gentra is a leading developer, manufacturer and supplier of non-solid phase nucleic acid purification products, providing both consumables and automated platforms.

The acquisition expands our position as a leading provider of sample and assay solutions to research customers from life sciences, molecular diagnostics and applied testing.

The acquisition of Research Biolabs, previously our distributor, expands our direct presence in one of the most dynamic regions of our global business.

Research Biolabs currently has sales and marketing teams in Singapore, Malaysia and Indonesia, and will also support market development in Thailand and Vietnam.

We acquired PG Biotech Co. PG Biotech a leading developer, manufacturer and supplier of polymerase chain reaction, or PCR,-based molecular diagnostic kits in China.

The acquisition is intended to support our position as a leading provider of molecular diagnostics solutions to OEM partners and customers in the rapidly growing Asian markets.

We also acquired certain assets and operations from Diatech s. This belief is based on the nature of our products and technologies and on our United States and European market shares as supported by independent market studies.

We operate exclusively in life sciences-related industries, and develop, manufacture and market a broad portfolio of proprietary technologies and products, which meet the needs of markets including academic and industrial research, applied testing and molecular diagnostics.

Our products standardize workflows and enable customers to reliably and rapidly process samples from collection through to purification of the target molecule, such as nucleic acids or proteins, without using hazardous reagents or expensive equipment.

We have developed or acquired a core set of technologies to provide a comprehensive approach to pre-analytical sample processing.

These technologies can be used alone or in combination to achieve the best solution for a given application.

In particular, our proprietary technologies for magnetic particle-based purification, solid-phase anion-exchange purification and selective adsorption to silica particles or membranes significantly enhance nucleic acid purification, the most difficult, critical, and labor intensive step in nucleic acid isolation.

We believe that our technologies represent substantial advances in the speed, reliability, and ease of use of nucleic acid separation and purification procedures and the purity and yield of the resulting nucleic acids.

Our Products We offer over products for a variety of applications in the handling, separation, purification, and subsequent use of nucleic acids and proteins.

These sample and assay technologies enable our customers to efficiently pursue their research and commercial goals. Each kit includes devices and reagents for a specified number of preparations ranging from one to thousands.

Each kit is covered by our quality guarantee. Major applications for our consumable products are plasmid deoxyribonucleic acid, or DNA, purification; ribonucleic acid, or RNA, stabilization and purification; genomic and viral nucleic acid purification; nucleic acid transfection; PCR amplification; reverse transcription; DNA cleanup after PCR and sequencing; DNA cloning and protein purification.

In , we began offering validated PCR assays which allow PCR-based detection of viral, bacterial and parasite, human and animal pathogens as well as pharmacogenomic genotyping.

During , we developed and launched 67 new products including innovative sample and assay technologies for research in the areas of epigenetics, gene expression, micro RNA, proteomics, RNAi and molecular diagnostics.

We also sell instruments to our OEM partners. In early , we launched the QIAcube, a novel sample processing platform incorporating novel and proprietary technologies which allow users in research in life sciences, applied testing and molecular diagnostics to fully automate the processing of almost all our consumable products.

Research and Development Our product development efforts are focused on expanding our existing products and developing innovative new products in selected areas where we have expertise and have identified substantial unmet market needs.

We intend to maintain our technology leadership position through investments in product improvements, product extensions, and innovative new approaches.

We believe that improvements in instrumentation will strengthen our leadership position in the automation of pre-analytical processing applications and generate an increased demand for our consumable products.

We conduct most of our research and development activities in Germany, Switzerland and the United States.

Our organization structure allows us flexibility to refocus our product development efforts as new technologies or markets emerge.

Our total number of research and development employees at December 31, was Sales and Marketing We market our products in more than 40 countries throughout the world.

We have subsidiaries throughout the world in the markets that we believe have the greatest sales potential. We have established a network of highly experienced marketing personnel and employ a dedicated field sales force of over people, who sell our products and provide direct support to customers.

A significant number of our marketing and sales staff are experienced scientists with academic degrees in molecular biology or related areas.

We also have specialized independent distributors and importers serving more than 40 countries. Our marketing strategy is focused on providing high-quality products that offer customers unique advantages, coupled with a commitment to technical excellence and customer service.

We have developed a 18 range of marketing tools designed to provide customers with direct access to technical support and inform them of new product offerings.

One such tool is our technical service hotline, which allows existing or potential customers to discuss, via phone and e-mail, a wide range of technical questions regarding our products and related molecular biology procedures with Ph.

Frequent communication with customers enables us to identify market needs, to gain early insight into new developments and business opportunities, and to respond with new products.

We also distribute several publications, including our annual catalog, to existing and potential customers worldwide, providing new product information, product updates, and articles contributed by customers and by our scientists about existing and new applications for our products.

In addition, we advertise in leading scientific journals such as Science, and hold numerous scientific seminars, in which our scientists present technical information at leading academic and industrial research institutes worldwide.

We conduct direct mail campaigns to announce new products or offer special sales promotions, and also offer a personalized bi-monthly electronic newsletter for our worldwide customers that provides helpful hints and information for molecular biology applications.

Our web site www. Some information is available on our website in French and German to support these local markets.

We also have a Japanese language site www. The information contained in, or that can be accessed through, our website is not part of this Annual Report.

In addition to keeping our customers informed of new product offerings, we also offer an inventory consignment program.

The QIAcabinet is a storage cabinet owned by us and placed in customer laboratories at their request.

The QIAcabinet is stocked with our products, offering customers the convenience of immediate access, thereby reducing product reorder procedures and shipping costs.

We monitor cabinet inventory and bill the customers at regular intervals as the products are used. We believe that our QIAcabinet helps us maintain our competitive position, while also reducing distribution costs and increasing our visibility in the laboratory.

Principal Markets From our inception, we have believed that nucleic acids and proteins would play an increasingly important role in molecular biology and that major new commercial uses of nucleic acids would be developed.

We have been supplying customers with proprietary products for the processing of nucleic acids since Customers include major academic institutions and governmental laboratories such as the United States National Institutes of Health, or NIH, as well as leading pharmaceutical and biotechnology companies.

In addition, fundamental developments in recent years have created significant new opportunities for us in the emerging markets of nucleic acid-based molecular diagnostics, and applied testing such as forensics, veterinary diagnostics, testing of GMO and other food testing.

In response to these opportunities, we are currently targeting our products and marketing activities to each of these markets.

Research Market The worldwide research market for nucleic acid and protein separation and purification products is comprised of an estimated 45, academic and industrial research laboratories with more than , researchers from leading academic institutions, diagnostics companies and laboratories, biotechnology companies and pharmaceutical companies.

A substantial portion of this market continues to utilize traditional, labor intensive methods for nucleic acid separation and purification, and we estimate that 15 percent of all molecular biology research time is spent on such processes.

We recognized early on the opportunity to replace the traditional methods with reliable, fast, and high-quality nucleic acid separation and purification technologies and products.

We concentrated our product development and marketing efforts on this market and now offer over nucleic acid sample processing products to customers.

We also offer a broad and innovative portfolio for the expression, purification and fractionation of proteins.

We believe that we are the technology leader in this growing research market and that we are well positioned to increase sales and expand our share of the research market as laboratories continue to convert from traditional methods to newer technologies such as ours.

We have expanded our product base for PCR amplification and reverse transcription and continue to develop products for the PCR-related market segment.

In we were one of the first companies to enter into a broad licensing agreement with Applied Biosystems Group regarding real-time PCR technology.

This agreement enhances our value as a leading supplier of a broad range of real-time PCR technologies. These real-time PCR technologies are optimized for use with our marketand technology-leading preanalytical solutions.

Nucleic Acid-Based Molecular Diagnostics Market We believe that the molecular diagnostics market represents a significant market for nucleic acid separation and purification products.

We believe that the advent of PCR and other amplification technologies has made the prospect of nucleic acid-based molecular diagnostics feasible.

Nucleic acid-based molecular diagnostics have fundamental advantages over traditional diagnostic technologies such as immunoassays in time specificity and sensitivity.

This new generation of molecular diagnostics can be used, for example, to detect or identify microorganisms, cancer cells, bacteria and viruses including HIV by searching for their nucleic acid sequences.

In order to prove that a disease is present in a patient, the unique sequence of the target nucleic acid causing the disease must be known, and the sequence in the sample must be amplified to facilitate detection.

The success of nucleic acid-based molecular diagnostics will depend on the ability to analyze purified nucleic acid samples from a variety of specimens, including blood, tissue, body fluids and stool, and on automation so that hundreds of samples can be handled concurrently.

Other key factors will be the convenience, versatility, and reliability of the nucleic acid separation and purification procedures.

Our BioRobot series has been developed to handle low-, medium-, and high-throughput nucleic acid sample preparation and handling tasks in molecular biology laboratories, clinical laboratories, blood banks, forensic projects, and genomics projects.

Nucleic acid samples purified on our instruments are ready for use in the demanding and sensitive downstream assays performed in molecular diagnostic applications.

We offer closed and open assay technologies.

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