Let’s work through this step-by-step. **1. Identify EBITDA for 2022 and 2021** From the data: - "Comparable EBITDA" 2022: 2,436 million EUR - "Comparable EBITDA" 2021: 2,016 million EUR S&P typically uses reported or adjusted EBITDA, and here "Comparable EBITDA" is the closest to S&P-adjusted EBITDA. **2. Identify Net Debt for both years** Net Debt = Total interest-bearing debt – Cash & equivalents. From balance sheet items: - **2022:** - Non-current financial liabilities: 3,658M - Current financial liabilities: 4,127M - Liquid funds: 3,919M Net Debt = (3,658 + 4,127) – 3,919 = **3,866M EUR** - **2021:** - Non-current financial liabilities: 8,701M - Current financial liabilities: 8,519M - Liquid funds: 7,592M Net Debt = (8,701 + 8,519) – 7,592 = **9,628M EUR** **3. Calculate Net Debt / EBITDA** - 2022: 3,866 / 2,436 ≈ **1.59x** - 2021: 9,628 / 2,016 ≈ **4.78x** **4. Compare year-on-year** The ratio decreased from 4.78x to 1.59x, a drop of ~3.19x. That is far greater than a 0.3x improvement threshold. **Conclusion:** This is a significant improvement in leverage. Improving