Non-current debt

At 31 December 2013, non-current debt totaled €413,953 thousand, a decrease of €998,082 thousand over 31 December 2012, and included the following:

(€ thousand)31 December 201331 December 2012Change
Debt payable to Group companies 400,000 1,400,000 (1,000,000)
Financial guarantees 13,953 12,035 1,918
Total non-current debt 413,953 1,412,035 (998,082)

Debt payable to Group companies related to euro-denominated loans received from Fiat Finance S.p.A. with original maturity over 12 months. Amounts due within 12 months are also included under non-current debt. Changes during 2013 included repayment of a €1 billion loan received on 24 May 2006 and due 25 February 2013. At 31 December 2013, there was a €400 million loan outstanding (issued on 30 March 2012 and repayable 31 March 2014) which bears interest of 6.52% per annum. The carrying amount of the loan was considered representative of its fair value at the balance sheet date.

Financial guarantees represent the fair value of the liabilities assumed in relation to guarantees issued. Following an assessment of potential risks requiring recognition of contingent liabilities and given that those liabilities essentially related to guarantees provided on loans to Group companies, the present value of fees receivable (see other financial assets in Note 12) is considered the best estimate of the fair value of those guarantees.

The breakdown by maturity is as follows:

(€ thousand)31 December 201331 December 2012
Financial guarantees    
due within one year 4,396 3,789
due after one year but within five years 9,453 8,242
due beyond five years 104 4
Total 13,953 12,035