To estimate the S&P adjusted leverage trend, use:

Net Debt / EBITDA

Approximate net debt:
- 2022 net debt = long-term borrowings + short-term borrowings + lease liabilities - cash  
  = 12.366bn + 1.339bn + 0.235bn + 0.169bn - 3.204bn  
  = 10.905bn

- 2023 net debt = long-term borrowings + short-term borrowings + lease liabilities - cash  
  = 19.006bn + 0.709bn + 0.574bn + 0.155bn - 6.547bn  
  = 13.897bn

Approximate EBITDA:
- 2022 EBITDA = operating profit + depreciation and amortisation  
  = -0.275bn + 1.165bn  
  = 0.890bn

- 2023 EBITDA = operating profit + depreciation and amortisation  
  = -0.976bn + 1.233bn  
  = 0.257bn

Net debt / EBITDA:
- 2022: 10.905 / 0.890 = 12.25x
- 2023: 13.897 / 0.257 = 54.07x

Year-on-year change:
- 54.07x - 12.25x = +41.82x

Because the leverage ratio increased by far more than +0.3x, the adjusted leverage trend is deteriorating.

<answer>Deteriorating</answer>