I need to calculate Net Debt / EBITDA for both years (ending 2022-01-01 and 2023-01-01).

**Step 1: Calculate EBITDA**

EBITDA = Profit from Operating Activities + Depreciation/Amortization

For 2022 (period 2021-01-01 to 2022-01-01):
- Operating Profit = 611,700,000
- D&A = 612,100,000 (Amortisation Depreciation And Provisions)
- But "Amortisation Depreciation And Provisions" includes provisions. Let me use the cash flow adjustments for a cleaner number.
- From CF: Adjustments for D&A = 469,900,000 and Allocation to Provisions = 142,200,000, which sum to 612,100,000 — matching the income statement line.

For S&P adjusted EBITDA, I'll use Operating Profit + D&A (depreciation and amortization only, excluding provisions for a more standard approach). But since the income statement combines them, let me use the cash flow statement breakout:

EBITDA 2021 (period ending 2022-01-01):
= Operating Profit + D&A (from CF) = 611,700,000 + 469,900,000 = 1,081,600,000

EBITDA 2022 (period ending 2023-01-01):
= Operating Profit + D&A (from CF) = 533,800,000 + 478,600,000 = 1,012,400,000

**Step 2: Calculate Net Debt**

Net Debt = Total Financial Debt - Cash

At 2022-01-01:
- Noncurrent Financial Liabilities = 3,716,000,000
- Noncurrent Lease Liabilities = 53,200,000
- Current Financial Liabilities = 499,700,000
- Current Lease Liabilities = 43,400,000
- Total Debt = 4,312,300,000
- Cash = 885,600,000
- Net Debt = 4,312,300,000 - 885,600,000 = 3,426,700,000

At 2023-01-01:
- Noncurrent Financial Liabilities = 5,689,900,000
- Noncurrent Lease Liabilities = 55,100,000
- Current Financial Liabilities = 650,100,000
- Current Lease Liabilities = 21,300,000
- Total Debt = 6,416,400,000
- Cash = 1,942,400,000
- Net Debt = 6,416,400,000 - 1,942,400,000 = 4,474,000,000

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

For 2021 (at 2022-01-01, using FY2021 EBITDA):
= 3,426,700,000 / 1,081,600,000 = 3.17x

For 2022 (at 2023-01-01, using FY2022 EBITDA):
= 4,474,000,000 / 1,012,400,000 = 4.42x

**Step 4: Calculate the gap**

Gap = 4.42x - 3.17x = +1.25x

This is significantly higher than +0.3x, indicating deteriorating leverage.

The leverage increased substantially from ~3.2x to ~4.4x, a change of about 1.25x, well above the 0.3x threshold.

<answer>Deteriorating</answer>