Let’s go step by step.  

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**1. Calculate EBITDA for 2022**  
Operating profit (2022): 239,721,000 EUR  
Depreciation and amortisation (2022): 249,276,000 EUR  
Impairment (2022): 1,437,000 EUR (loss)  

EBITDA = Operating profit + Depreciation + Impairment loss  
= 239,721,000 + 249,276,000 + 1,437,000  
= 490,434,000 EUR  

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**2. Calculate Net Debt for end of 2022 and end of 2021**  

**For end of 2022:**  
Long-term borrowings: 1,695,362,000  
Current borrowings: 638,944,000  
Cash and cash equivalents: 365,292,000  

Net debt = (1,695,362,000 + 638,944,000) – 365,292,000  
= 1,969,014,000 EUR  

**For end of 2021:**  
Long-term borrowings: 2,390,852,000  
Current borrowings: 375,221,000  
Cash and cash equivalents: 398,759,000  

Net debt = (2,390,852,000 + 375,221,000) – 398,759,000  
= 2,367,314,000 EUR  

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**3. Net Debt / EBITDA ratios**  

For 2022: 1,969,014,000 / 490,434,000 = **4.01x**  

For 2021 (we need prior year EBITDA):  
Operating profit (2021): 218,863,000  
Depreciation (2021): 241,940,000  
Impairment (2021): 1,313,000  

EBITDA (2021) = 218,863,000 + 241,940,000 + 1,313,000  
= 462,116,000 EUR  

Net Debt/EBITDA (2021) = 2,367,314,000 / 462,116,000 = **5.12x**  

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**4. Trend**  
Change = 4.01 – 5.12 = –1.11x (decrease > 0.3x), so **improving**.

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<answer>Improving</answer>