Let’s reason through this step-by-step. --- **1. Calculate EBITDA for 2022** We’ll use: **EBITDA = Profit before financial income, financial expenses, income tax, and CESE + Depreciation, amortisation, and impairment** For 2022: Profit before financial income, financial expenses, income tax, and CESE = 2,529,993,000 EUR Depreciation, amortisation, and impairment = 1,979,007,000 EUR EBITDA 2022 = 2,529,993,000 + 1,979,007,000 = **4,509,000,000 EUR** --- **2. Calculate Net Debt for 2022** Long-term borrowings = 15,782,604,000 EUR Current borrowings = 4,239,869,000 EUR Less: Cash and cash equivalents = 4,900,205,000 EUR Net Debt 2022 = (15,782,604,000 + 4,239,869,000) – 4,900,205,000 = **15,122,268,000 EUR** --- **3. Net Debt / EBITDA for 2022** 15,122,268,000 / 4,509,000,000 ≈ **3.35x** --- **4. EBITDA for 2021** Profit before financial income, financial expenses, income tax, and CESE 2021 = 1,930,785,000 EUR Depreciation, amortisation, and impairment 2021 = 1,731,755,000 EUR EBITDA 2021 = 1,930,785,000 + 1,731,755,000 = **3,662,540,000 EUR** --- **5. Net Debt for 2021** Long-term borrowings 2021 = 15,299,588,000 EUR Current borrowings 2021 = 1,518,348,000 EUR Cash 2021 = 3,222,409,000 EUR Net Debt 2021 = (15,299,588,000 + 1,518,348,000) – 3,222,409,000 = **13,595,527,000 EUR** --- **6. Net Debt / EBITDA for 2021** 13,595,527,000 / 3,662,540,000 ≈ **3.71x** --- **7. Leverage trend** 2021: 3.71x 2022: 3.35x Change = –0.36x (improvement > 0.3x) Since the decrease is more than 0.3x, the trend is **Improving**. --- Improving