To estimate the S&P adjusted leverage trend, we must calculate the Net Debt / EBITDA ratio for 2021 (reported at 2022-01-01) and 2022 (reported at 2023-01-01).

**1. Calculate Net Debt for 2022-01-01:**
*   Financial Liabilities (Noncurrent + Current): 10,462,500,000 + 8,624,300,000 = 19,086,800,000
*   Lease Liabilities (Noncurrent + Current): 1,298,100,000 + 410,600,000 = 1,708,700,000
*   Bank Overdrafts: 241,900,000
*   Gross Debt: 21,037,400,000
*   Cash & Equivalents: 10,518,700,000
*   Other Financial Assets (Noncurrent + Current, excluding derivatives):
    *   Noncurrent: 3,770,300,000 + 1,191,400,000 + 431,200,000 = 5,392,900,000
    *   Current: 129,000,000 + 1,521,000,000 = 1,650,000,000
*   Net Debt (2022-01-01) = 21,037,400,000 - 10,518,700,000 - 7,042,900,000 = 3,475,800,000

**2. Calculate Net Debt for 2023-01-01:**
*   Financial Liabilities: 19,692,100,000 + 6,521,400,000 = 26,213,500,000
*   Lease Liabilities: 1,656,200,000 + 496,500,000 = 2,152,700,000
*   Bank Overdrafts: 213,600,000
*   Gross Debt: 28,579,800,000
*   Cash & Equivalents: 9,012,200,000
*   Other Financial Assets:
    *   Noncurrent: 112,500,000 + 1,193,800,000 + 483,200,000 = 1,789,500,000
    *   Current: 182,800,000 + 2,213,500,000 = 2,396,300,000
*   Net Debt (2023-01-01) = 28,579,800,000 - 9,012,200,000 - 4,185,800,000 = 15,381,800,000

**3. EBITDA Calculation (Operating Income + Depreciation/Amortization):**
*   2022 EBITDA: 1,212,700,000 + 2,117,200,000 = 3,329,900,000
*   2023 EBITDA: 2,206,300,000 + 3,178,600,000 = 5,384,900,000

**4. Ratio Analysis:**
*   Ratio 2022: 3,475,800,000 / 3,329,900,000 ≈ 1.04x
*   Ratio 2023: 15,381,800,000 / 5,384,900,000 ≈ 2.86x
*   Difference: 2.86 - 1.04 = 1.82x

Since 1.82x > 0.3x, the trend is Deteriorating.

<answer>Deteriorating</answer>