To assess the adjusted leverage trend we calculate the Net Debt/EBITDA ratio for FY 2022 and FY 2021.

**Net Debt**  
Net Debt = total financial liabilities (including lease liabilities) – cash and cash equivalents.  

- FY 2022 (balance‑sheet at 2023‑01‑01):  
  Financial liabilities = 5,689.9 M + 650.1 M + 55.1 M + 21.3 M = 6,416.4 M EUR  
  Cash = 1,942.4 M EUR → Net Debt = 4,474.0 M EUR  

- FY 2021 (balance‑sheet at 2022‑01‑01):  
  Financial liabilities = 3,716.0 M + 499.7 M + 53.2 M + 43.4 M = 4,312.3 M EUR  
  Cash = 885.6 M EUR → Net Debt = 3,426.7 M EUR  

**EBITDA** (approximated as operating profit plus depreciation/amortisation/provisions)  

- FY 2022: 533.8 M + 667.1 M = 1,200.9 M EUR  
- FY 2021: 611.7 M + 612.1 M = 1,223.8 M EUR  

**Ratios**  

- FY 2022: 4,474.0 / 1,200.9 ≈ 3.73 x  
- FY 2021: 3,426.7 / 1,223.8 ≈ 2.80 x  

**Year‑on‑year change**  

Δ = 3.73 – 2.80 ≈ 0.93 x  

The increase exceeds the ±0.3 x threshold, indicating a Det 

<answer>Deteriorating</answer>