I need to calculate Net Debt / EBITDA for both years to determine the leverage trend.

## Step 1: Calculate EBITDA

**EBITDA = Operating Profit (before D&A and equity method) + D&A**

But let me use a cleaner approach. From the income statement:

**For 2022 (period 2022-01-01 to 2023-01-01):**
- Revenue: 8,299M
- Operating Expense: 9,395M
- Share of profit from equity method: 120M
- Operating Profit (Profit Loss From Operating Activities): -976M

EBITDA = Operating Profit + D&A = -976M + 1,233M = 257M

But S&P typically adjusts EBITDA. Let me also consider that S&P would add back the share of equity method profits and potentially treat lease payments differently. However, let me keep it simpler first.

Actually, S&P's adjusted EBITDA typically starts from operating income and adds back D&A. The operating profit here already includes the equity method income.

EBITDA (2022) = -976 + 1,233 = 257M EUR

**For 2021 (period 2021-01-01 to 2022-01-01):**
- Operating Profit: -275M
- D&A: 1,165M

EBITDA (2021) = -275 + 1,165 = 890M EUR

## Step 2: Calculate Net Debt

**Net Debt = Total Borrowings + Lease Liabilities - Cash**

**At 2023-01-01 (end of 2022):**
- Long-term Borrowings: 19,006M
- Short-term Borrowings: 709M
- Current Bank Overdrafts: 0M
- Noncurrent Lease Liabilities: 574M
- Current Lease Liabilities: 155M
- Cash: 6,547M

Net Debt (end 2022) = 19,006 + 709 + 0 + 574 + 155 - 6,547 = 13,897M

**At 2022-01-01 (end of 2021):**
- Long-term Borrowings: 12,366M
- Short-term Borrowings: 1,339M
- Current Bank Overdrafts: 64M
- Noncurrent Lease Liabilities: 235M
- Current Lease Liabilities: 169M
- Cash: 3,204M

Net Debt (end 2021) = 12,366 + 1,339 + 64 + 235 + 169 - 3,204 = 10,969M

## Step 3: Calculate Net Debt / EBITDA

**For 2022 (using end-2022 net debt and 2022 EBITDA):**
Net Debt / EBITDA = 13,897 / 257 = 54.1x

**For 2021 (using end-2021 net debt and 2021 EBITDA):**
Net Debt / EBITDA = 10,969 / 890 = 12.3x

The ratio went from ~12.3x to ~54.1x, a massive increase of ~41.8x, which is far greater than 0.3x.

This is clearly **Deteriorating** — Net Debt increased substantially while EBITDA collapsed.

Even if I adjust the EBITDA calculation differently (e.g., excluding equity method income), the trend would still be sharply deteriorating as both debt increased and profitability declined significantly.

<answer>Deteriorating</answer>