I need to calculate the Net Debt / EBITDA ratio for 2022 and 2023 to determine the trend. First, let me identify the relevant data points and calculate Net Debt and EBITDA for each year. **Net Debt = Financial Debt - Cash and Cash Equivalents** For 2022 (as of 2022-01-01, which represents beginning of 2022 / end of 2021): - Cash And Cash Equivalents: 1,391,763,000 EUR - Short Term Financial Liabilities: 591,188,000 EUR - Long Term Financial Liabilities: 5,785,707,000 EUR For 2023 (as of 2023-01-01, which represents beginning of 2023 / end of 2022): - Cash And Cash Equivalents: 451,946,000 EUR - Short Term Financial Liabilities: 142,437,000 EUR - Long Term Financial Liabilities: 6,402,913,000 EUR **Net Debt 2022** = 591,188,000 + 5,785,707,000 - 1,391,763,000 = 4,985,132,000 EUR **Net Debt 2023** = 142,437,000 + 6,402,913,000 - 451,946,000 = 6,093,404,000 EUR **EBITDA Calculation:** For EBITDA, I need to work from the profit figures. Let me use: - Profit Loss From Operating Activities (EBIT) + Depreciation Amortisation And Impairment For 2022 (period 2021-01-01 to 2022-01-01): - Profit Loss From Operating Activities: 583,231,000 EUR - Depreciation Amortisation And Impairment: 445,251,000 EUR **EBITDA 2022** = 583,231,000 + 445,251,000 = 1,028,482,000 EUR For 2023 (period 2022-01-01 to 2023-01-01): - Profit Loss From Operating Activities: 641,338,000 EUR - Depreciation Amortisation And Impairment: 479,186,000 EUR **EBITDA 2023** = 641,338,000 + 479,186,000 = 1,120,524,000 EUR **Net Debt / EBITDA Ratios:** **Ratio 2022** = 4,985,132,000 / 1,028,482,000 = 4.85x **Ratio 2023** = 6,093,404,000 / 1,120,524,000 = 5.44x **Change in ratio** = 5.44 - 4.85 = 0.59x Since the gap is 0.59x, which is greater than 0.3x, and the ratio increased (deteriorated), this indicates a **Deteriorating** trend. Deteriorating