Other financial assets

A breakdown of other financial assets is provided in the following table:

(€ thousand)31 December 201331 December 2012Change
Fees receivable for guarantees given 13,953 12,035 1,918
Debt securities 75 74 1
Total other financial assets 14,028 12,109 1,919

Fees receivable for guarantees given represent the present value of fees to be received in future years for guarantees issued by the Company (mainly relating to loans of Group companies).

Debt securities consist of listed Italian government securities pledged to fund scholarship grants.

A breakdown of other financial assets by maturity is as follows:

(€ thousand)31 December 201331 December 2012
Other financial assets    
due within one year 4,397 3,789
due after one year but within five years 9,465 8,254
due beyond five years 166 66
Total 14,028 12,109