To determine S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2021 and 2022 and compare the year-on-year gap.

**1. Calculate Net Debt for 2021 and 2022**
Net Debt = Total Debt - Cash & Cash Equivalents
Total Debt = Long-term Borrowings + Current Borrowings and Current Portion of Noncurrent Borrowings + Deeply Subordinated Perpetual Notes (S&P treats these as debt equivalents).

For 2021 (ending 2022-01-01):
- Long-term Borrowings: 30,458,000,000 EUR
- Current Borrowings: 10,590,000,000 EUR
- Deeply Subordinated Perpetual Notes: 3,767,000,000 EUR
- Total Debt = 30,458 + 10,590 + 3,767 = 44,815,000,000 EUR
- Cash & Cash Equivalents: 13,890,000,000 EUR
- **Net Debt 2021** = 44,815 - 13,890 = 30,925,000,000 EUR

For 2022 (ending 2023-01-01):
- Long-term Borrowings: 28,083,000,000 EUR
- Current Borrowings: 12,508,000,000 EUR
- Deeply Subordinated Perpetual Notes: 3,393,000,000 EUR
- Total Debt = 28,083 + 12,508 + 3,393 = 43,984,000,000 EUR
- Cash & Cash Equivalents: 15,570,000,000 EUR
- **Net Debt 2022** = 43,984 - 15,570 = 28,414,000,000 EUR

**2. Calculate EBITDA for 2021 and 2022**
EBITDA = Profit Loss From Continuing Operations + Depreciation, Amortization, and Provisions + Net Financial Income/Loss + Income Tax Expense Continuing Operations

For 2021:
- Profit Loss From Continuing Operations: 3,678,000,000 EUR
- Depreciation Amortization And Provisions: 4,840,000,000 EUR
- Net Financial Income Loss: -1,350,000,000 EUR
- Income Tax Expense Continuing Operations: 1,695,000,000 EUR
- **EBITDA 2021** = 3,678 + 4,840 - 1,350 + 1,695 = 8,863,000,000 EUR

For 2022:
- Profit Loss From Continuing Operations: -1,793,000,000 EUR
- Depreciation Amortization And Provisions: 5,187,000,000 EUR
- Net Financial Income Loss: -3,003,000,000 EUR
- Income Tax Expense Continuing Operations: -83,000,000 EUR
- **EBITDA 2022** = -1,793 + 5,187 - 3,003 - 83 = 308,000,000 EUR

**3. Calculate Net Debt / EBITDA ratio**
- **Ratio 2021** = 30,925 / 8,863 ≈ 3.49x
- **Ratio 2022** = 28,414 / 308 ≈ 92.25x

**4. Compare the year-on-year gap**
- Gap = 92.25x - 3.49x = 87.76x

The gap between 2022 and 2021 is 87.76x, which is significantly higher than the ± 0.3x threshold. Because the ratio increased massively year-on-year (driven by the near-collapse in EBITDA), the leverage position has strictly deteriorated.

<answer>Deteriorating</answer>