To estimate the adjusted leverage trend, we calculate the Net Debt / EBITDA ratio for 2021 and 2022. **1. Calculate Net Debt:** Net Debt is typically defined as (Short-term borrowings + Current portion of long-term borrowings + Long-term borrowings) - Cash and cash equivalents. * **2021 (at the end of 2021, used for 2022 calculation):** * Debt (2022-01-01): 54,500,000,000 (LT) + 13,306,000,000 (ST) + 4,031,000,000 (Current LT) = 71,837,000,000 * Cash (2022-01-01): 8,858,000,000 * Net Debt 2021: 71,837,000,000 - 8,858,000,000 = 62,979,000,000 * **2022 (at the end of 2022):** * Debt (2023-01-01): 68,191,000,000 (LT) + 18,392,000,000 (ST) + 2,835,000,000 (Current LT) = 89,418,000,000 * Cash (2023-01-01): 11,041,000,000 * Net Debt 2022: 89,418,000,000 - 11,041,000,000 = 78,377,000,000 **2. Calculate EBITDA (Proxy: Profit from Operating Activities + Depreciation/Amortization):** * **2021:** * Profit from Operating Activities: 7,551,000,000 * Depreciation/Amortization/Impairment: 8,507,000,000 * EBITDA 2021: 7,551,000,000 + 8,507,000,000 = 16,058,000,000 * **2022:** * Profit from Operating Activities: 11,193,000,000 * Depreciation/Amortization/Impairment: 7,447,000,000 * EBITDA 2022: 11,193,000,000 + 7,447,000,000 = 18,640,000,000 **3. Calculate Ratio:** * Ratio 2021: 62,979,000,000 / 16,058,000,000 ≈ 3.92x * Ratio 2022: 78,377,000,000 / 18,640,000,000 ≈ 4.20x **4. Determine Trend:** * Gap: 4.20x - 3.92x = +0.28x. * Since the gap (+0.28x) is within the ± 0.3x range, the trend is Stable. Stable