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

**1. Calculate EBITDA**
*   **2021:** 24,296,000,000 DKK
*   **2022:** 32,057,000,000 DKK

**2. Calculate Net Debt**
Net Debt is generally calculated as: *Long-term Borrowings + Short-term Borrowings + Non-current Lease Liabilities + Current Lease Liabilities - Cash*

*   **2021 (as of Jan 1, 2022):**
    *   Long-term Borrowings: 31,502,000,000 DKK
    *   Short-term Borrowings: 19,493,000,000 DKK
    *   Non-current Lease Liabilities: 6,812,000,000 DKK
    *   Current Lease Liabilities: 720,000,000 DKK
    *   Cash: 8,624,000,000 DKK
    *   *Net Debt (2021)* = (31,502 + 19,493 + 6,812 + 720) - 8,624 = 49,903,000,000 DKK

*   **2022 (as of Jan 1, 2023):**
    *   Long-term Borrowings: 60,451,000,000 DKK
    *   Short-term Borrowings: 2,830,000,000 DKK
    *   Non-current Lease Liabilities: 7,697,000,000 DKK
    *   Current Lease Liabilities: 569,000,000 DKK
    *   Cash: 16,178,000,000 DKK
    *   *Net Debt (2022)* = (60,451 + 2,830 + 7,697 + 569) - 16,178 = 55,369,000,000 DKK

**3. Calculate Net Debt / EBITDA Ratio**
*   **2021:** 49,903,000,000 DKK / 24,296,000,000 DKK ≈ 2.05x
*   **2022:** 55,369,000,000 DKK / 32,057,000,000 DKK ≈ 1.73x

**4. Compare Year-on-Year Gap**
*   **Gap:** 1.73x - 2.05x = -0.32x
Since the Year-on-Year gap is -0.32x, which is a reduction greater than the threshold of -0.3x, the firm's adjusted leverage condition indicates an improvement over the year.

<answer>Improving</answer>