# Estimation of S&P's Adjusted Leverage Trend for 2022

## Step 1: Calculate EBITDA for both years

**EBITDA** = Operating Income + Depreciation + Amortization

**2023 (2022-01-01 - 2023-01-01):**
- Profit/Loss from Operating Activities: 687,000,000 EUR
- Depreciation Expense: 491,000,000 EUR
- Amortisation Expense: 233,000,000 EUR
- EBITDA 2023 = 687 + 491 + 233 = **1,411,000,000 EUR**

**2022 (2021-01-01 - 2022-01-01):**
- Profit/Loss from Operating Activities: 660,000,000 EUR
- Depreciation Expense: 465,000,000 EUR
- Amortisation Expense: 201,000,000 EUR
- EBITDA 2022 = 660 + 465 + 201 = **1,326,000,000 EUR**

## Step 2: Calculate Net Debt for both years

**Net Debt** = Total Financial Liabilities - Cash and Cash Equivalents

First, I need to identify total financial liabilities:
- Other Noncurrent Financial Liabilities (debt)
- Other Current Financial Liabilities (debt)

**2023 (as of 2023-01-01):**
- Noncurrent Financial Liabilities: 5,867,000,000 EUR
- Current Financial Liabilities: 1,022,000,000 EUR
- Total Debt: 6,889,000,000 EUR
- Less: Cash and Cash Equivalents: 2,584,000,000 EUR
- Net Debt 2023 = 6,889 - 2,584 = **4,305,000,000 EUR**

**2022 (as of 2022-01-01):**
- Noncurrent Financial Liabilities: 4,322,000,000 EUR
- Current Financial Liabilities: 746,000,000 EUR
- Total Debt: 5,068,000,000 EUR
- Less: Cash and Cash Equivalents: 964,000,000 EUR
- Net Debt 2022 = 5,068 - 964 = **4,104,000,000 EUR**

## Step 3: Calculate Net Debt / EBITDA ratio

**2023:** 4,305 / 1,411 = **3.05x**

**2022:** 4,104 / 1,326 = **3.09x**

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

Gap = 3.05x - 3.09x = **-0.04x**

The change is -0.04x (negative, meaning improvement)

## Step 5: Assess the trend

According to the definition:
- **Stable**: Gap is between ±0.3x
- **Improving**: Gap is lower than -0.3x (i.e., ratio decreased by more than 0.3x)
- **Deteriorating**: Gap is higher than +0.3x (i.e., ratio increased by more than 0.3x)

Since the gap is -0.04x, which is within the ±0.3x range, the leverage trend is **Stable**.

The ratio improved slightly from 3.09x to 3.05x, but the improvement of 0.04x is well below the 0.3x threshold for being classified as "Improving."

<answer>Stable</answer>