I need to estimate Moody's adjusted leverage trend for 2022 (comparing end of 2022 vs end of 2021).

Moody's adjusted leverage is typically measured as Adjusted Debt / Adjusted EBITDA.

**Step 1: Calculate Adjusted Debt**

Moody's adjusted debt typically includes:
- Total reported debt (loans, bonds, etc.)
- Lease liabilities (though under IFRS 16 these are already on balance sheet)
- Other adjustments

Let me calculate total financial debt at each period end:

**End of 2022 (2023-01-01):**
- Non-current bonds/securities: 3,101M
- Non-current loans: 2,624M
- Non-current lease liabilities: 439M
- Current bonds/securities: 1,139M
- Current loans: 553M
- Current lease liabilities: 72M
- Total: 7,928M

**End of 2021 (2022-01-01):**
- Non-current bonds/securities: 2,364M
- Non-current loans: 2,073M
- Non-current lease liabilities: 430M
- Current bonds/securities: 1,666M
- Current loans: 280M
- Current lease liabilities: 68M
- Total: 6,881M

Debt increased from ~6,881M to ~7,928M (+1,047M, ~15% increase).

**Step 2: Calculate Adjusted EBITDA**

EBITDA ≈ Operating Profit + Depreciation/Amortization + Impairment

**FY2022 (2022-01-01 to 2023-01-01):**
- Operating profit: 1,334M
- D&A and provisions: 762M
- Impairment reversal: -15M
- EBITDA ≈ 1,334 + 762 - 15 = 2,081M

**FY2021 (2021-01-01 to 2022-01-01):**
- Operating profit: 829M
- D&A and provisions: 714M
- Impairment reversal: -67M
- EBITDA ≈ 829 + 714 - 67 = 1,476M

EBITDA increased from ~1,476M to ~2,081M (+41%).

**Step 3: Calculate Leverage Ratios**

For leverage, I'll use average or end-period debt:

**FY2022 leverage:** 7,928M / 2,081M ≈ 3.81x
**FY2021 leverage:** 6,881M / 1,476M ≈ 4.66x

Alternatively, using net debt:
- End 2022 net debt: 7,928 - 2,360 = 5,568M → 5,568/2,081 = 2.68x
- End 2021 net debt: 6,881 - 2,318 = 4,563M → 4,563/1,476 = 3.09x

**Step 4: Assess Trend**

Gross leverage improved from ~4.66x to ~3.81x.
Net leverage improved from ~3.09x to ~2.68x.

The EBITDA growth significantly outpaced debt growth, leading to meaningful deleveraging. Cash flow from operations also improved dramatically (574M → 1,648M).

The leverage trend is clearly **improving**.

<answer>Improving</answer>