Let’s break this down.

**1. Moody’s adjusted debt** typically includes:
- Total borrowings (both current and non-current)
- Lease liabilities
- Adjustments for off-balance-sheet items (but we’ll focus on what’s available)
- Cash is *not* netted unless specifically allowed by methodology.

From the data:

**2022 borrowings (end of period, i.e., 2023-01-01):**
- Non-current borrowings: €10,776M
- Current borrowings: €877M
- Non-current lease liabilities: €120M
- Current lease liabilities: €64M  
Total: 10,776 + 877 + 120 + 64 = **€11,837M**

**2021 borrowings (end of period, i.e., 2022-01-01):**
- Non-current borrowings: €9,513M
- Current borrowings: €1,096M
- Non-current lease liabilities: €115M
- Current lease liabilities: €58M  
Total: 9,513 + 1,096 + 115 + 58 = **€10,782M**

**2. EBITDA proxy** (Operating profit + Depreciation/Amortisation + Impairment/disposal adjustments):
- 2022 EBIT from operations: €423M  
  + Depreciation & amortisation: €299M  
  + Impairment/disposal losses: €6M  
  = **€728M**
- 2021 EBIT from operations: €1,479M  
  + Depreciation & amortisation: €270M  
  - Gains on disposals: €1,139M (this inflates 2021 EBIT beyond recurring)  
  = **€610M**

**3. Adjusted leverage**:
- 2022: €11,837M / €728M ≈ **16.3x**
- 2021: €10,782M / €610M ≈ **17.7x**

Debt rose, but EBITDA (before large one-time gains in prior year) improved enough to slightly lower leverage.

However, note that 2021 EBITDA excluded huge gains from asset disposals – in Moody’s methodology these are typically excluded, so the reduction in leverage from 17.7x to 16.3x indicates **improvement**.

<answer>Improving</answer>