To determine S&P's adjusted leverage trend for 2022, we need to calculate the Net Debt / EBITDA ratio for both 2022 and 2021 (representing the years ending Jan 1, 2023, and Jan 1, 2022, respectively) and compare the year-on-year change.

**1. Calculate the ratios:**
- **Net Debt** = Total Debt - Cash & Cash Equivalents
- **Total Debt** = Long-term Borrowings + Short-term Borrowings (excluding hybrid capital, which is classified as equity under S&P standards)
- **EBITDA** = Profit Loss From Operating Activities + Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss

**For 2022 (period 2022-01-01 to 2023-01-01):**
- Long-term Borrowings: 60,451,000,000 DKK
- Short-term Borrowings: 2,830,000,000 DKK
- Total Debt: 63,281,000,000 DKK
- Cash: 16,178,000,000 DKK
- Net Debt: 63,281,000,000 - 16,178,000,000 = 47,103,000,000 DKK
- EBITDA: 19,774,000,000 (Operating Profit) + 12,283,000,000 (D&A) = 32,057,000,000 DKK
- **2022 Leverage Ratio**: 47,103,000,000 / 32,057,000,000 ≈ 1.47x

**For 2021 (period 2021-01-01 to 2022-01-01):**
- Long-term Borrowings: 31,502,000,000 DKK
- Short-term Borrowings: 19,493,000,000 DKK
- Total Debt: 50,995,000,000 DKK
- Cash: 8,624,000,000 DKK
- Net Debt: 50,995,000,000 - 8,624,000,000 = 42,371,000,000 DKK
- EBITDA: 16,195,000,000 (Operating Profit) + 8,101,000,000 (D&A) = 24,296,000,000 DKK
- **2021 Leverage Ratio**: 42,371,000,000 / 24,296,000,000 ≈ 1.74x

**2. Evaluate the trend:**
- Change in ratio = 2022 Ratio - 2021 Ratio = 1.47x - 1.74x = -0.27x
- The gap year-on-year is -0.27x, which represents a decrease in leverage. Since the absolute gap is lower than 0.3x (|-0.27x| < 0.3x) and the leverage decreased, the trend is considered Improving according to the prompt's definition.

<answer>Improving</answer>