# Reasoning: S&P's Adjusted Leverage Trend for 2022

To assess the leverage trend, I need to calculate Net Debt / EBITDA for both years and compare them.

## Step 1: Calculate EBITDA for both years

**2023 (year ending 2023-01-01):**
- Operating Profit (before impairment): €429M
- Add back: Amortization: €299M
- EBITDA 2023 = €429M + €299M = €728M

**2022 (year ending 2022-01-01):**
- Operating Profit (before impairment): €340M
- Add back: Amortization: €270M
- EBITDA 2022 = €340M + €270M = €610M

## Step 2: Calculate Net Debt for both years

**2023 (as of 2023-01-01):**
- Total Borrowings: 
  - Noncurrent borrowings: €10,776M
  - Current borrowings: €877M
  - Total: €11,653M
- Less: Cash and Cash Equivalents: €5,130M
- Net Debt 2023 = €11,653M - €5,130M = €6,523M

**2022 (as of 2022-01-01):**
- Total Borrowings:
  - Noncurrent borrowings: €9,513M
  - Current borrowings: €1,096M
  - Total: €10,609M
- Less: Cash and Cash Equivalents: €5,536M
- Net Debt 2022 = €10,609M - €5,536M = €5,073M

## Step 3: Calculate Net Debt / EBITDA ratios

**2023:** €6,523M / €728M = **8.96x**

**2022:** €5,073M / €610M = **8.31x**

## Step 4: Calculate year-on-year change

Gap = 8.96x - 8.31x = **0.65x**

## Step 5: Apply the stability criteria

- Improving: Gap < 0.3x (positive direction, ratio improves)
- Stable: Gap between ±0.3x
- Deteriorating: Gap > 0.3x (ratio worsens)

The year-on-year change is **0.65x**, which is significantly greater than the 0.3x threshold. This indicates a deterioration in leverage, as the Net Debt / EBITDA ratio increased from 8.31x to 8.96x, signaling a worsening leverage position despite higher EBITDA, due to the substantial increase in net debt.

<answer>Deteriorating</answer>