21. Non-current debt

At December 31, 2014, non-current debt totaled €137,728 thousand, representing a €126,553 thousand increase over December 31, 2013 and included the item fi nancial guarantees that represent the fair value of liabilities assumed in relation to guarantees issued by the Company.

Following an assessment of potential risks requiring recognition of contingent liabilities and given that those liabilities essentially related to guarantees issued in favor of third parties in relation to loans to Group companies, the present value of fees receivable (see Note 13 - Other fi nancial assets) is considered the best estimate of the fair value of those guarantees.