# Reasoning: S&P Adjusted Leverage Trend for 2022

## Step 1: Calculate EBITDA for both years

**2022 (2021-01-01 to 2022-01-01):**
- Operating Profit: 829,000,000 EUR
- Add back: Depreciation & Amortization: 714,000,000 EUR
- EBITDA 2022 = 829 + 714 = **1,543,000,000 EUR**

**2023 (2022-01-01 to 2023-01-01):**
- Operating Profit: 1,334,000,000 EUR
- Add back: Depreciation & Amortization: 762,000,000 EUR
- EBITDA 2023 = 1,334 + 762 = **2,096,000,000 EUR**

## Step 2: Calculate Net Debt for both years

**2022 (as of 2022-01-01):**
- Current Loans: 280,000,000 EUR
- Noncurrent Loans: 2,073,000,000 EUR
- Current Lease Liabilities: 68,000,000 EUR
- Noncurrent Lease Liabilities: 430,000,000 EUR
- Current Bonds/Preferred Shares: 1,666,000,000 EUR
- Noncurrent Bonds/Preferred Shares: 2,364,000,000 EUR
- **Total Debt = 6,881,000,000 EUR**
- Cash: 2,318,000,000 EUR
- **Net Debt 2022 = 6,881 - 2,318 = 4,563,000,000 EUR**

**2023 (as of 2023-01-01):**
- Current Loans: 553,000,000 EUR
- Noncurrent Loans: 2,624,000,000 EUR
- Current Lease Liabilities: 72,000,000 EUR
- Noncurrent Lease Liabilities: 439,000,000 EUR
- Current Bonds/Preferred Shares: 1,139,000,000 EUR
- Noncurrent Bonds/Preferred Shares: 3,101,000,000 EUR
- **Total Debt = 7,928,000,000 EUR**
- Cash: 2,360,000,000 EUR
- **Net Debt 2023 = 7,928 - 2,360 = 5,568,000,000 EUR**

## Step 3: Calculate Net Debt / EBITDA ratios

**2022:** 4,563 / 1,543 = **2.96x**

**2023:** 5,568 / 2,096 = **2.66x**

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

Gap = 2.66x - 2.96x = **-0.30x**

## Step 5: Apply the definition

- The absolute gap is exactly 0.30x
- The definition states: "Stable is the gap among ±0.3x"
- Since -0.30x falls within the ±0.3x range, this qualifies as **Stable**
- Note: The leverage improved (decreased from 2.96x to 2.66x), but the change magnitude is at the threshold of the Stable range

<answer>Stable</answer>