Investment Plan for Europe: How does it work in practice?

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1 Investment Plan for Europe: How does it work in practice? EIB Lending to the Industrial sector Laura Piovesan European Investment Bank Innovative Industries Projects Department Innovation and Competitiveness Piermario Di Pietro European Investment Bank Innovation Finance Advisory Advisory Services Department European Investment Bank Group 1

2 Table of contents Overview of the EIB Group Highlights of study on access to finance conditions for KETs companies The Investment Plan for Europe Annexes European Investment Bank Group 2

3 Table of contents Overview of the EIB Group Highlights of study on access to finance conditions for KETs companies The Investment Plan for Europe Annexes European Investment Bank Group 3

4 The EU Bank Natural financing partner for the EU institutions since 1958 Around 90% of lending is within the EU Shareholders: 28 EU Member States Investing in Europe s growth European Investment Bank Group 4

5 The EIB Group Providing finance and expertise for sound and sustainable investment projects Leading developer of risk financing for innovative SMEs European Investment Bank Group 5

6 EIB Group lending in 2014 European Investment Bank Group 6

7 Table of contents Overview of the EIB Group Highlights of study on access to finance conditions for KETs companies The Investment Plan for Europe Annexes European Investment Bank Group 7

8 Our study concentrates on mid-sized innovative KET companies for being key drivers of the sector Market segmentation and study scope Small-sized and precommercialisation KET companies Mid-sized innovative KET companies Large-sized KET companies Typical revenue < EUR 3-5 m EUR m > EUR 300 m Characteristics > Unproven/very small companies/start-ups > Typically financed through early stage equity (VC/seed capital) > Completely out-of-reach for current/potential EIB instruments > Key drivers of growth and innovation in the KET sector > Current access to finance conditions unclear with initial research suggesting need for improvements > Partial coverage by current EIB instruments > Mature companies > Access to variety of financial instruments/ markets > Little need for additional EIB financing out of scope focus of this study out of scope European Investment Bank Group 8

9 Our filtering approach resulted in a highly relevant sample of ~250 KET companies across 21 countries Process and filtering criteria for companies (borrower's perspective) Highly relevant sample of KET companies Approx. 10,000 ~ > Total revenue: ~ EUR 15 bn > Total employees: ~ 130,000 > Total no. of patents: ~1,000 > Number of countries: 21 Filtering criteria > Innovation/patents approach > Company size > Viable business model > Experience with debt financing A total of 43 interviews conducted which do well reflect the characteristics of the total sample Responsible Supported by: European Investment Bank Group 9

10 Interviews with European lending institutions provide insights on access-to-finance from a broad range of different lending specialists Overview of conducted interviews with lending institutions Geographic distribution of interviewed lenders Interview partner Director 3 Others 1) 3 Managing Director Investor type Debt & specialty finance Investment fund 1 Development 1 bank Corporate lending "Dealmaker" in line function SME Director Comments > 10 countries represented including the top 6 EU economies > Interview partners' focus areas of activity: "Classic" corporate banking specialists with experience in KET lending Managers of tailor-made programmes for innovation financing Venture debt experts Telecom, Media & Technology (TMT) lending experts 12 Commercial bank 1) Others include Head of Export Finance, Product Development SME and Relationship Management EIB/EIF European Investment Bank Group 10

11 EIB KET study Overview of key findings Access-to-finance: the market is favourable but 1 only for relatively established KET companies 2 3 With regard to KET company financing, we see no systemic shortcomings within the European banking sector. Most relatively established KET companies experience favourable access-to-finance conditions in a very low interest rate environment. However, this is not the case for all KET company segments. Conservative financing eco-system not in favour of most dynamic innovators The prevailing debt financing "eco system" is very conservative: Banks seek to lend to low-risk KET companies with conservative business models and strong track records. "Most dynamic" innovators and researchdriven newcomers find it hard to thrive in this environment.. Knowledge of KET is key for financing decisions and in short supply with many banks KET-financing is a highly knowledge-driven business. Enhanced technology and market expertise is needed but not always available to assess investment plans and business outlooks. Key findings of the study Big is beautiful smaller KET companies face more difficulties 4 In general, smaller KET companies (revenue < EUR 25 m) find access-to-finance harder than larger ones. Financing conditions in Southern Europe are moderately more difficult than in Northern Europe. Biotech/nanotech companies seem also to face slightly more difficult conditions, due to their average smaller size. Public support well suited to compensate for specific shortcomings Despite of a number of innovative approaches, commercial banks alone fail to cater to the financing needs of many KET companies. Public sector support would be required in order to significantly leverage the growth and employment potential of KET companies. Boosting growth will require smart, well targeted instruments With regard to their financing needs, KET companies can be clustered into three clearly cut categories. Each category requires a distinct financing strategy, involving targeted public sector support. 5 6 European Investment Bank Group 11

12 We see no systemic failure of the markets in providing access-to-finance to relatively established KET companies Has your company received the desired funding outcome? Related quotes Comments 72% Yes [Answers by KET companies] 28% No "Happy with what we received." "A rejection from a bank has not happened to us yet. Our transparency gave us a strong position." "For our loans, we just talk to our banks and we receive positive answers." > Almost three quarters of all interviewed KET companies were able to achieve their funding targets > KET companies with "bankable" financial figures (i.e. robust free cash flows, positive EBITDA, solid past track record) were able to secure the desired funding > We have found no indication for systemic market failure in the commercial lending markets, i.e. due to Lack of liquidity on the lending side Higher-than-usual risk-aversion of lending institutions Market failure due to disruptions in the banking system European Investment Bank Group 12

Half of the interviewed KET companies find access-to-finance hard complexity of technology-driven sector stated to be a main reason Access to debt financing Overview Perceived difficulty to access

50% of the KET companies interviewed highlight difficulties in access to debt (even though most companies eventually received the desired funding) Easy Neutral 23% 20% "It is difficult at the moment.

13 Half of the interviewed KET companies find access-to-finance hard complexity of technology-driven sector stated to be a main reason Access to debt financing Overview Perceived difficulty to access debt Related quotes Comments Very easy 8% [Answers by KETs] "With a strong balance sheet and good current results it is easy to get loans." > Approx. 50% of the KET companies interviewed highlight difficulties in access to debt (even though most companies eventually received the desired funding) Easy Neutral 23% 20% "It is difficult at the moment. We are not aware of EU programmes supporting innovative SMEs." > Reasons given by KET companies for high level of difficulty include: R&D efforts are not understood by banks R&D investments are perceived as risky Difficult Very difficult 15% 35% "The Italian banks only consider buildings as guarantees. The historical turnover, technology patents, trade names, reputation in the market, R&D have zero value." Banks requesting tangible collaterals which are typically not available in growth-stage companies European Investment Bank Group 13

14 90% of the interviewed financial institutions find lending to KETs hard again, complexity of technology stated to be main reason Banks' perceived easiness to lend to KET companies Related quotes Comments 69% Difficult 23% Very difficult "The banking system tends to be shy to lend to businesses the lenders do not understand. Therefore, it is difficult to lend to young high tech companies." "The general view is that lending to high tech companies is quite difficult and challenging in a lot of ways, especially for a cashflow-based lender as our bank." > Banks perceive lending to KET companies with more than 90% as difficult while no single interviewee mentioned it as easy > Reasons for the barriers are the complex technologies/business models which are hard to assess by the potential lenders Easy Very easy 8% Neutral "You do not have the knowledge about a technology. You need to ask someone for help. It is much more difficult than the assessment of an established company." "It is a lot harder to understand the business model and there are no tangible assets that can be valued as collaterals. R&D often has uncertain outcomes." European Investment Bank Group 14

15 Smaller KET companies find it harder to get access to finance than larger ones Access to debt financing by size Revenue EUR < 10 m Revenue EUR m Revenue EUR m Revenue EUR 100+ m Perceived difficulty 1) % 31% 45% 18% 17% 0% 0% 0% Difficult Very Difficult Difficult Very Difficult Difficult Very Difficult Difficult Very Difficult Failure rate (companies not having received the desired funding outcome) 45% 25% 0% 10% 1) Average per revenue cluster 1 = Very easy, 2 = Easy, 3 = Neutral, 4 = Difficult, 5 = Very difficult European Investment Bank Group 15

Access-to-finance appears to be slightly easier in Northern European countries than in Southern Europe Successful access to debt financing with respect to target by region1 Northern Europe Successful

instruments to KETs are exclusively located in Northern Europe Southern Europe Successful achievement of financing target [%] 69% 31% Yes No Locations of banks identified offering innovative or

16 Access-to-finance appears to be slightly easier in Northern European countries than in Southern Europe Successful access to debt financing with respect to target by region1 Northern Europe Successful achievement of financing target [%] 74% Comments > Moderate difference between Northern and Southern Europe noticeable Yes 26% No > Identified banks offering innovative or higher-risk taking instruments to KETs are exclusively located in Northern Europe Southern Europe Successful achievement of financing target [%] 69% 31% Yes No Locations of banks identified offering innovative or higher risk-taking instruments 1) Northern Europe: UK, Germany, Belgium, Netherlands, Poland, Czech Republic, Austria, Norway, Sweden, Finland and Switzerland Southern Europe: France, Spain, Portugal, Italy and Greece European Investment Bank Group 16

17 Access-to-finance is more difficult in biotech/nanotech Reason could be smaller company size Access to debt financing by sector Advanced Manufacturing Perceived difficulty: 2.8 Average company revenue [EUR m]: 86 Achievement of financing target 73% 27% Yes No Advanced Materials Perceived difficulty: 2.8 Average company revenue [EUR m]: 88 Achievement of financing target 86% 14% Yes No Comments > Data based on perceived difficulties > Biotech and nanotech companies in the sample are significantly smaller companies compared to the other two industries this could be the reason for the higher difficulties in accessing financial means Biotechnology Nanotechnology Perceived difficulty: 4.0 Perceived difficulty: 4.3 Average company revenue [EUR m]: 36 Average company revenue [EUR m]: 39 Achievement of financing target Achievement of financing target 75% 63% 25% 38% > Further analysis of the biotech and nanotech sectors might be helpful to better understand specific sectorial challenges Yes No Yes No 1) Average per industry cluster 1 = Very easy, 2 = Easy, 3 = Neutral, 4 = Difficult, 5 = Very difficult European Investment Bank Group 17

18 Regardless of technology focus or geography we see three types of KET companies with distinctive financing needs Typology of KET companies with regard to their financing needs 1 "Post start-ups" 2 "Quantum leap companies" 3 > Typically smaller companies > Managed to outgrow the start-up phase > Targeting a linear growth path > Lacking the funds to finance the next stage of business development > "Idea on paper": Widely unproven product offering > Can be found across all revenue ranges, including in start-up phases > Targeting a quantum leap in growth/financial performance > Lacking the funds to finance the massive scale-up of operations > High risk as products have never been tested in a large scale market environment > Companies lack the EBITDA or guarantees to qualify for the required commercial lending > Requiring rather large-scale funding for commercialisation (i.e. for industry-scale production lines) "Well-established innovators" > Typical bigger companies > Following a linear, moderate growth path > Companies with long-established client and financing relationships > Good access to commercial debt financing > Frequent use of public financing schemes (such as EIB's) in order to improve their position with commercial lenders > Conservative business model mainly focusing on organic growth European Investment Bank Group 18

19 The identified KET types can be characterised by a number of distinctive qualitative and quantitative features 1 "Post start-ups" 2 "Quantum leap companies" 3 "Well-established innovators" Company revenue < EUR 25 m In all revenue ranges > EUR 25 m Growth path (CAGR) 10-20% (actual) above 20% (expected) Between 10-15% (actual) Total debt in relation to EBITDA Low to moderate: 1-2 times EBITDA Targeting high-very high leverage: 2-5 times EBITDA Moderate: Average 2 times EBITDA Reason for seeking debt financing R&D; pilot lines or pilot plants; often not yet cash-generating investments Large scale commercialisation of innovative processes or products; high to very high marketization risk Broad scope: Growth and innovation financing, changes in ownership structure, opportunistic, M&A Perceived difficulty of receiving debt High to very high; often no offers attainable on the commercial banking market High to very high; often no offers attainable on the commercial banking market Normally quite easy; debt funding targets are usually achieved Perceived show-stoppers Lack of collaterals, unclear commercial prospects Weak/non-existent financial track record, risky commercial prospects None, rather focus on best available conditions EIB lending activity Relatively limited Relatively limited Relatively strong European Investment Bank Group 19

20 Table of contents Overview of the EIB Group Highlights of study on access to finance conditions for KETs companies The Investment Plan for Europe Annexes European Investment Bank Group 20

21 Investment Plan for Europe: context The Investment Plan for Europe consists of three strands: 1. Improved investment environment: regulatory and structural reforms at EU and national levels for predictability, removing obstacles, aiming at a friendlier investment environment 2. Making finance reach the real economy: stepped-up technical assistance / advisory by establishing European Investment Advisory Hub (EIAH) in EIB and by EC facilitating a project directory 3. Mobilising finance for investment: The EFSI, via EIB, to better address the current shortage of (higher) risk-financing in EU Aim: to mobilise at least 315 billion in investment across the EU European Investment Bank Group 21

22 European Fund for Strategic Investments European Investment Bank Group 22

23 What is the Advisory Hub? A joint initiative by the European Commission and the European Investment Bank A tool to strengthen Europe's investment and business environment A single access point to a 360 degree offer of advisory and technical assistance services A cooperation platform to leverage, exchange and disseminate expertise An instrument to assess and address unmet needs for advisory support European Investment Bank Group 23

EFSI Contractual Setup EFSI is NOT legally a fund or a separate legal entity It is a contractual arrangement between EC & EIB Group All operations are EIB Group operations Standard EIB appraisal

24 EFSI Contractual Setup EFSI is NOT legally a fund or a separate legal entity It is a contractual arrangement between EC & EIB Group All operations are EIB Group operations Standard EIB appraisal process followed by approval by EFSI Investment Committee Flexible, diverse products: Adapted to client s needs Risk-absorbing to trigger investments with higher risk profile (additionality), but economically and technically viable (bankability) European Investment Bank Group 24

25 To benefit from EFSI support, projects need to: Commercially sound, economically and technically viable Contributing to EU pbjectives and to sustainable growth and employment Mature enough to be bankable Priced in a manner commensurate with the risk taken European Investment Bank Group 25

26 EIB Assessment Eligibility Check conformity with the respective EU priorities and policies Viability Check project viability by reviewing the technical and economic soundness of the project Bankability Financial analysis to assess borrower s creditworthiness and/or SPV s cash-flow and asset value Build on the project viability and technical analysis especially in project finance and for lower rated borrowers Determine suitable financing instrument given financial risk profile European Investment Bank Group 26

27 Eligible sectors Wide eligibility criteria - Operations consistent with Union policies that support any of the following general objectives: development of infrastructure including in transport, telecommunications, digital and energy infrastructure; infrastructure projects in the environment, natural resources, urban development and social fields research and development and innovation investment in education and training, health, information and communications technology develop and modernise the energy sector, renewable energy, security of energy supply and energy and resource efficiency; financial support for mid-cap companies and SMEs. EIB in charge of verifying that eligibility criteria are properly applied European Investment Bank Group 27

28 EIB Assessment Eligibility Check conformity with the respective EU priorities and policies Viability Check project viability by reviewing the technical and economic soundness of the project Bankability Financial analysis to assess borrower s creditworthiness and/or SPV s cash-flow and asset value Build on the project viability and technical analysis especially in project finance and for lower rated borrowers Determine suitable financing instrument given financial risk profile European Investment Bank Group 28

29 R&D cost definition for EIB financing EIB Loan Eligible Costs Company Eligible Costs RDI Salaries 25m 27m 30m RDI Capex 35m 40m 45m RDI Opex, etc. 5m 7m 8m Total Annual 65m 74m 83m R&D Opex, such as personnel costs, contract research, consumables, overheads; Capex, such as facilities, equipment, acquisition of tangible & intangible assets, if a prerequisite. Total Project 222m Max EIB Loan 111 m (50%) Credit Limit the lowest of European Investment Bank Group 29

Innovation cost definition for EIB financing Eligible Costs

production lines Investments in Advanced Manufacturing

and processes of SMEs and Midcaps; full-scale commercial

30 Innovation cost definition for EIB financing Eligible Costs Innovation Prototypes & pilot plants; First of a kind production lines Investments in Advanced Manufacturing Investments manufacturing capacity for innovative products and processes of SMEs and Midcaps; full-scale commercial production lines for Key Enabling Technologies (KETs) European Investment Bank Group 30

Due Diligence Process Financial due diligence Technical due diligence Legal due diligence Review of historic financial information as

Financial/Audit Reports (3y) Detailed Segment Reporting (products) Client/Regional Sales Diversification Terms of existing finance

CAPEX, cost, revenue planning) Strategy outline etc Compliance check to the relevant eligibility criteria by the EIB engineers

and technical management attention is required List of Documents (example): Detailed investment budget Cost projections for each

management/quality standards Grant overview Environmental relevance of projects Outline of training policy and budget for the next 4-5

Review of any pending legal issues with any third parties or any authorities About 1 day of the relevant internal legal counsels

31 Due Diligence Process Financial due diligence Technical due diligence Legal due diligence Review of historic financial information as well as a management discussion on the company s financial projections In form and substance comparable to the market standard for bank debt. EIB might involve external support (TBD) About 1 or 2 days of finance management attention is required List of Documents (example): Financial/Audit Reports (3y) Detailed Segment Reporting (products) Client/Regional Sales Diversification Terms of existing finance agreements Group organisation chart Market research as available Financial forecasts (incl. CAPEX, cost, revenue planning) Strategy outline etc Compliance check to the relevant eligibility criteria by the EIB engineers Evaluate the R&D organization, targets and programs Define the eligible investment costs About 1 or 2 days of the relevant operational and technical management attention is required List of Documents (example): Detailed investment budget Cost projections for each project over 4-5 years (depending on project implementation phase) Cost/R&D staff break-down Description of internal R&D project management/quality standards Grant overview Environmental relevance of projects Outline of training policy and budget for the next 4-5 years within the company in Europe etc Review of the capacity, statute and organizational structure of the relevant borrowing entities Review of any pending legal issues with any third parties or any authorities About 1 day of the relevant internal legal counsels attention is required List of Documents (example): Legal structure of group (statutes etc.) Group organisation chart Management organisation chart Terms of existing finance agreements Activity licenses Pending material litigations/disputes Terms of material contracts Outstanding dispute resolutions etc European Investment Bank Group 31

32 Who can apply for funding Counterparts: Corporates of all sizes Utilities Public sector entities (non-sovereign) SMEs (up to 250 employees) or midcaps (up to employees) National Promotional Banks or other banks for intermediation Dedicated investment platforms possible Operations: Commercially sound, economically and technically viable Underpin EU objectives and support growth and jobs Mature enough to be bankable EFSI to provide risk-bearing capacity to help get new projects off the ground European Investment Bank Group 32

33 How will the EFSI operate? All operations are EIB or EIF operations EIB and EIF normal appraisal and processes apply EIB governing bodies approve every operation - If you know the EIB/EIF, get in touch with your normal contact person - If you do not, get in touch with the person responsible for your sector in Luxembourg - If in doubt, check out the EIB web page or contact the EIB InfoDesk European Investment Bank Group 33

34 Results dashboard European Investment Bank Group 34

Key benefits of EIB funding Financing for a Finnish bio-mill enhancement EUR

free SME guarantee agreement Unlocking EUR 100m of loans for 1 000 SMEs in

Backing midcap modernisation Supporting smaller businesses Equity-type

biomass and transmission projects Funding cutting-edge steel production

35 Key benefits of EIB funding Financing for a Finnish bio-mill enhancement EUR 75m introducing renewable energy generation to make the plant fossil fuel free SME guarantee agreement Unlocking EUR 100m of loans for SMEs in Bulgaria Driving clean energy investment For more sustainable industries Backing midcap modernisation Supporting smaller businesses Equity-type financing for an innovative fund EUR 75m for investment in offshore wind, biomass and transmission projects Funding cutting-edge steel production facilities EUR 100m for innovative and competitive steel products European Investment Bank Group 35

EFSI project example Loan: 100 million Promoter: Arvedi, italian innovative mid-sized company Project: modernizing and optimizing products, processes and environmental performances Expected outcome:

36 EFSI project example Loan: 100 million Promoter: Arvedi, italian innovative mid-sized company Project: modernizing and optimizing products, processes and environmental performances Expected outcome: implement innovative technology, improve competitiveness and sustainability. Expected job-creation: the investment is expected to create at least 250 new jobs, in addition it will create some 200 temporary jobs in construction EIB added value: EFSI financing will support a European innovative midcap in its efforts to foster its competitive position in the highly cyclical, competitive and mature steel industry. EIB will provide substantial financial support at a time when the company is entering into a noteworthy investment plan at a maturity significantly longer than the existing debt European Investment Bank Group 36

EIB contacts & Questions 98-100, boulevard Konrad Adenauer

org Laura Piovesan Innovative Industries Division Projects

37 EIB contacts & Questions , boulevard Konrad Adenauer L-2950 Luxembourg Laura Piovesan Innovative Industries Division Projects Directorate Phone: (+352) /12/2015 European Investment Bank Group 37

38 Table of contents Overview of the EIB Group Highlights of study on access to finance conditions for KETs companies The Investment Plan for Europe Annexes European Investment Bank Group 38

39 EIB Lending to Industrial Sectors Total Lending to Manufacturing Industry : EUR 32.8 bn DENMARK 976 m 3% POLAND FINLAND 1.5 bn 4% 955 m 3% CZECH REPUBLIC 881 m 2% BELGIUM 821 m 2% AUSTRIA 636 m 2% Mining & Metals 2 bn 5% Paper & Pulp 1.3 bn 4% Agro-Food 531m Cement and 1% Glass 682 m 2% Other EU countries 1.5 bn 4% SPAIN 2 bn 5% Non-EU countries 2.7 bn 7% UNITED KINGDOM 2.9 bn 8% FRANCE 3.1 bn 9% SWEDEN 3.4 bn 9% GERMANY 10.4 bn 28% ITALY 5 bn 14% Chemicals and Pharma 7.5 bn 20% Machining & Manuf. Equipment 8.4 bn 23% Automotive & Transport equipment 16.4 bn 45% European Investment Bank Group 39

40 InnovFin Product Overview European Investment Bank Group 40

41 Geographical Spread Iceland 0 < EUR 100m InnovFin has already reached 17 countries 16 Member States and 1 Associated country (Turkey). EUR m EUR m > EUR 1000m Faroe Islands Norway Sweden Finland Estonia Russia MGF has extended geographical outreach to countries such as Finland and the Netherlands. Ireland Denmark Latvia Lithuania United Kingdom Portugal Spain Andorra France Netherlands Belarus Poland Belgium Germany Luxembourg Czech Rep. Lichtenstein Slovakia Austria Switzerland Hungary Hungary Moldova Slovenia Romania Croatia Italy Bosniia & Herzegovina Monaco Serbia Kosovo Bulgaria Montenegro Macedonia Albania Greece Ukraine Turkey Kazakhstan Georgia Azerbaijan Armen. Iran DE 14% BE 18% ES 12% IT 23% GB 9% NL 4% Other 19% FI 3% FR 3% SE 3% DK 2% TR 1% PL 1% HU 0,9% GR AT 3% IE 0% 1% PT 1% Israel Morocco Algeria Tunisia Malta Cyprus European Investment Bank Group 41

42 MidCap Growth Finance Current Status (examples) EVS (2013) EUR 12m Senior term loan Pramac (2014) EUR 8m Senior term loan SAES (2015) EUR 10m Senior term loan Marposs (2013) EUR 25m Senior term loan 3 Maier (2014) EUR 7.5m Senior term loan KIOSKED (2015) EUR 15m Equity-type Rovio (2014) EUR 25m Senior term loan 6 e-net (2014) EUR 12m Subordinated loan Planon (2015) EUR 12m Term loan 4 Manz (2014) EUR 20m Mezzanine loan Novabase (2014) EUR 14m Senior term loan Software (2015) EUR 25m Equity-type 17 Pharmathen (2014) EUR 25m Senior term loan 6 Welltec (2014) EUR 25m Senior term loan Approved, to be signed Marangoni (2014) EUR 10m Senior term loan 12 Innocoll (2015) EUR 25m Equity-type Aerospace (2015) EUR 25m Term Loan 18 Industrial (2015) EUR 25m Term Loan European Investment Bank Group 42

Spain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia

Spain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia Germany Belgium Portugal Spain France Switzerland Italy England Netherlands Iceland Poland Croatia Slovakia Russia Austria Wales Ukraine Sweden Bosnia-Herzegovina Republic of Ireland Czech Republic Turkey