Let’s go through the calculation step-by-step.

**1. Net Debt for 2021–2022 (to calculate 2022 leverage)**  
We need net debt at 2022-01-01 (i.e., end of FY2021) and at 2023-01-01 (end of FY2022).

- **Cash & equivalents + Short-term investments:**  
  - 2022-01-01: 2,318,000,000 + 202,000,000 = 2,520,000,000  
  - 2023-01-01: 2,360,000,000 + 462,000,000 = 2,822,000,000  

- **Debt (noncurrent + current bonds & loans, excluding leases per typical S&P approach):**  
  Noncurrent bonds & loans: 3,101,000,000 + 2,624,000,000 = 5,725,000,000  
  Current bonds & loans: 1,139,000,000 + 553,000,000 = 1,692,000,000  
  - 2022-01-01 total debt = 2,364,000,000 + 2,073,000,000 + 1,666,000,000 + 280,000,000 = 6,383,000,000  
  - 2023-01-01 total debt = 3,101,000,000 + 2,624,000,000 + 1,139,000,000 + 553,000,000 = 7,417,000,000  

- **Net Debt**:  
  - 2022-01-01: 6,383,000,000 − 2,520,000,000 = 3,863,000,000  
  - 2023-01-01: 7,417,000,000 − 2,822,000,000 = 4,595,000,000  

**2. EBITDA for 2021 and 2022**  
From operating profit + depreciation/amortization/provisions:  
- 2021: 829,000,000 + 714,000,000 = 1,543,000,000  
- 2022: 1,334,000,000 + 762,000,000 = 2,096,000,000  

**3. Leverage Ratios**  
- 2021: 3,863 / 1,543 ≈ 2.50x  
- 2022: 4,595 / 2,096 ≈ 2.19x  

**4. Year-on-year change**  
2.19x − 2.50x = −0.31x  

Since the reduction is more than 0.3x, the trend is **improving**.

<answer>Improving</answer>