We compute Net Debt as the sum of “Other Noncurrent Financial Liabilities” and “Other Current Financial Liabilities” minus “Cash And Cash Equivalents”. For FY 2022 (balance‑sheet date 2023‑01‑01): ‑ Other Noncurrent Financial Liabilities = 71,058 M €, ‑ Other Current Financial Liabilities = 71,844 M €, ‑ Cash = 10,948 M € → Net Debt = 71,058 + 71,844 − 10,948 = 131,954 M €. For FY 2021 (balance‑sheet date 2022‑01‑01): ‑ Other Noncurrent Financial Liabilities = 56,543 M €, ‑ Other Current Financial Liabilities = 45,014 M €, ‑ Cash = 9,919 M € → Net Debt = 56,543 + 45,014 − 9,919 = 91,638 M €. EBITDA (Operating Profit Before Depreciation and Amortisation) is –4,986 M € for FY 2022 and 18,005 M € for FY 2021. Net Debt / EBITDA: ‑ FY 2022 = 131,954 / (‑4,986) ≈ ‑26.5, ‑ FY 2021 = 91,638 / 18,005 ≈ 5.1. The change (absolute difference) is |‑26.5 − 5.1| ≈ 31.6, which far exceeds the ±0.3 x threshold, indicating a deteriorating leverage trend. Deteriorating