To determine the S&P adjusted leverage trend, we calculate the Net Debt to EBITDA ratio for 2021 (for the period ending 2022-01-01) and 2022 (for the period ending 2023-01-01).

**1. Calculate Net Debt:**
*   **Net Debt 2021 (as of 2022-01-01):**
    *   Total Borrowings: Short-term borrowings (2,299M) + Current portion of long-term borrowings (1,781M) + Long-term borrowings (23,714M) = 27,794M EUR.
    *   Less Cash and Cash Equivalents: 8,254M EUR.
    *   Net Debt = 27,794 - 8,254 = 19,540M EUR.
*   **Net Debt 2022 (as of 2023-01-01):**
    *   Total Borrowings: Short-term borrowings (4,446M) + Current portion of long-term borrowings (3,097M) + Long-term borrowings (19,374M) = 26,917M EUR.
    *   Less Cash and Cash Equivalents: 10,155M EUR.
    *   Net Debt = 26,917 - 10,155 = 16,762M EUR.

**2. Calculate EBITDA:**
*   **EBITDA 2021 (for year 2021):**
    *   Profit from Operating Activities: 12,341M EUR.
    *   Add: Depreciation & Amortisation: 7,063M EUR.
    *   Add: Impairment losses/Write-offs: 167M + 387M = 554M EUR.
    *   EBITDA = 12,341 + 7,063 + 554 = 19,958M EUR.
*   **EBITDA 2022 (for year 2022):**
    *   Profit from Operating Activities: 17,510M EUR.
    *   Add: Depreciation & Amortisation: 7,205M EUR.
    *   Add: Impairment losses/Write-offs: 1,140M + 599M = 1,739M EUR.
    *   EBITDA = 17,510 + 7,205 + 1,739 = 26,454M EUR.

**3. Calculate Ratios:**
*   **Ratio 2021:** 19,540 / 19,958 ≈ 0.979x.
*   **Ratio 2022:** 16,762 / 26,454 ≈ 0.634x.

**4. Trend Analysis:**
*   Difference = 0.634 - 0.979 = -0.345.
*   The gap is -0.345x. Since the ratio decreased by more than 0.3x (meaning the leverage improved by more than 0.3x), the trend is Improving.

<answer>Improving</answer>