To estimate the S&P adjusted leverage trend, we calculate the Net Debt to EBITDA ratio for 2021 and 2022.

**1. Calculating Net Debt:**
*   **2022 (Year-end 2022, reported as 2023-01-01):**
    *   Long-term Borrowings: 19,006,000,000
    *   Short-term Borrowings: 709,000,000
    *   Current Bank Overdrafts: 0
    *   Cash and Cash Equivalents: 6,547,000,000
    *   Net Debt 2022 = (19,006 + 709 + 0) - 6,547 = 13,168,000,000 EUR
*   **2021 (Year-end 2021, reported as 2022-01-01):**
    *   Long-term Borrowings: 12,366,000,000
    *   Short-term Borrowings: 1,339,000,000
    *   Current Bank Overdrafts: 64,000,000
    *   Cash and Cash Equivalents: 3,204,000,000
    *   Net Debt 2021 = (12,366 + 1,339 + 64) - 3,204 = 10,565,000,000 EUR

**2. Calculating EBITDA:**
*   EBITDA = Profit/Loss from Operating Activities + Depreciation and Amortisation Expense.
*   **2022:** -976,000,000 + 1,233,000,000 = 257,000,000 EUR
*   **2021:** -275,000,000 + 1,165,000,000 = 890,000,000 EUR

**3. Calculating Net Debt / EBITDA:**
*   **Ratio 2022:** 13,168,000,000 / 257,000,000 ≈ 51.24x
*   **Ratio 2021:** 10,565,000,000 / 890,000,000 ≈ 11.87x

**4. Trend Analysis:**
*   The change in the ratio is 51.24x - 11.87x = 39.37x.
*   A gap significantly higher than 0.3x indicates a deteriorating leverage position.

<answer>Deteriorating</answer>