To estimate the leverage trend, we must calculate the Net Debt / EBITDA ratio for 2021 (for the 2022 calculation) and 2022 (for the 2023 calculation). **1. Definitions:** * **Net Debt:** (Short Term Financial Liabilities + Long Term Financial Liabilities) - Cash And Cash Equivalents. * **EBITDA:** Profit Loss From Operating Activities + Depreciation Amortisation And Impairment Loss. **2. Data for 2021 (Year end 2022-01-01):** * Short Term Financial Liabilities (Excl. Other): 591,188,000 * Other Current Financial Liabilities: 290,000 * Long Term Financial Liabilities (Excl. Other): 5,785,707,000 * Other Noncurrent Financial Liabilities: 6,283,000 * Total Liabilities: 591,188,000 + 290,000 + 5,785,707,000 + 6,283,000 = 6,383,468,000 * Cash: 1,391,763,000 * Net Debt 2021: 6,383,468,000 - 1,391,763,000 = 4,991,705,000 * EBITDA 2021: 583,231,000 (Operating Profit) + 445,251,000 (Depreciation/Amortization) = 1,028,482,000 * Ratio 2021: 4,991,705,000 / 1,028,482,000 ≈ 4.85x **3. Data for 2022 (Year end 2023-01-01):** * Short Term Financial Liabilities (Excl. Other): 142,437,000 * Other Current Financial Liabilities: 290,000 * Long Term Financial Liabilities (Excl. Other): 6,402,913,000 * Other Noncurrent Financial Liabilities: 34,000 * Total Liabilities: 142,437,000 + 290,000 + 6,402,913,000 + 34,000 = 6,545,674,000 * Cash: 451,946,000 * Net Debt 2022: 6,545,674,000 - 451,946,000 = 6,093,728,000 * EBITDA 2022: 641,338,000 (Operating Profit) + 479,186,000 (Depreciation/Amortization) = 1,120,524,000 * Ratio 2022: 6,093,728,000 / 1,120,524,000 ≈ 5.44x **4. Trend Assessment:** * Gap: 5.44 - 4.85 = 0.59x * Since the gap is higher than 0.3x, the trend is considered deteriorating. Deteriorating