I need to estimate S&P's adjusted leverage (Net Debt / EBITDA) for 2021 (end of 2021/FY2021) and 2022 (end of 2022/FY2022) to determine the trend.

**Step 1: Calculate Net Debt**

Net Debt = Total Borrowings - Cash and Cash Equivalents

For end of 2022 (2023-01-01):
- Long-term Borrowings: 28,083M
- Current Borrowings: 12,508M
- Total Borrowings: 40,591M
- Cash: 15,570M
- Net Debt = 40,591 - 15,570 = 25,021M

For end of 2021 (2022-01-01):
- Long-term Borrowings: 30,458M
- Current Borrowings: 10,590M
- Total Borrowings: 41,048M
- Cash: 13,890M
- Net Debt = 41,048 - 13,890 = 27,158M

**Step 2: Calculate EBITDA**

EBITDA ≈ Profit from Operating Activities + Depreciation, Amortization & Provisions + Impairment losses + Restructuring + Other non-recurring items (adding back non-cash/non-recurring items)

A simpler approach: EBITDA = Revenue - Purchases - Employee Benefits - Taxes other than income tax + Other Income

For FY2022 (2022-01-01 to 2023-01-01):
EBITDA = 93,865 - 74,535 - 8,078 - 3,380 + 1,624 = 9,496M

For FY2021 (2021-01-01 to 2022-01-01):
EBITDA = 57,866 - 38,861 - 7,692 - 1,479 + 1,122 = 10,956M

Alternatively, EBITDA = Current Operating Income + D&A:
- FY2022: 4,309 + 5,187 = 9,496M ✓
- FY2021: 6,116 + 4,840 = 10,956M ✓

**Step 3: Calculate Net Debt / EBITDA**

For FY2022 (using end-2022 net debt and FY2022 EBITDA):
Net Debt/EBITDA = 25,021 / 9,496 = 2.63x

For FY2021 (using end-2021 net debt and FY2021 EBITDA):
Net Debt/EBITDA = 27,158 / 10,956 = 2.48x

**Step 4: Determine the trend**

Change = 2.63x - 2.48x = +0.15x

The gap is +0.15x, which is within ±0.3x, so the trend is **Stable**.

However, let me reconsider S&P adjustments. S&P typically adds operating lease obligations and pension obligations to debt, and adjusts EBITDA accordingly. But with the data available, the basic calculation shows a change of ~0.15x which is within the ±0.3x threshold.

Even if I consider S&P adjustments for pensions (noncurrent provisions include significant pension liabilities), both years would be affected similarly. The key metric change remains modest.

<answer>Stable</answer>