To estimate S&P-style adjusted leverage trend, use:

- **Net Debt = Borrowings − Cash and Cash Equivalents**
- **EBITDA ≈ Operating profit + Depreciation, amortisation and impairment**

For the year ending **2022-01-01** (2021 figures):
- Long-term borrowings = 8,835.0m
- Short-term borrowings = 1,947.0m
- Current portion of long-term borrowings = 1,640.0m
- Cash and cash equivalents = 1,566.8m
- Net Debt = 8,835.0 + 1,947.0 + 1,640.0 − 1,566.8 = **10,855.2m**
- Operating profit = 1,200.4m
- D&A = 654.4m
- EBITDA = 1,200.4 + 654.4 = **1,854.8m**
- Net Debt / EBITDA = 10,855.2 / 1,854.8 = **5.85x**

For the year ending **2023-01-01** (2022 figures):
- Long-term borrowings = 8,416.7m
- Short-term borrowings = 444.1m
- Current portion of long-term borrowings = 1,909.3m
- Cash and cash equivalents = 2,155.1m
- Net Debt = 8,416.7 + 444.1 + 1,909.3 − 2,155.1 = **8,615.0m**
- Operating profit = 1,333.5m
- D&A = 725.7m
- EBITDA = 1,333.5 + 725.7 = **2,059.2m**
- Net Debt / EBITDA = 8,615.0 / 2,059.2 = **4.18x**

Year-on-year change:
- 4.18x − 5.85x = **−1.67x**

Since leverage decreased by more than **0.3x**, the adjusted leverage trend is **Improving**.

<answer>Improving</answer>