Here’s the reasoning step-by-step: 1. **Calculate EBITDA for 2022 and 2023** - EBITDA ≈ Profit from operating activities + Depreciation and amortisation expense - 2022: 991,970,000 + 522,114,000 = **1,514,084,000** - 2023: 961,554,000 + 544,992,000 = **1,506,546,000** 2. **Calculate Net Debt for each year** Net Debt = Noncurrent Financial Liabilities + Current Financial Liabilities – Cash and Cash Equivalents – Other Current Financial Assets (at amortised cost) – Noncurrent Financial Assets (at amortised cost) *For 2022 (2022-01-01 figures):* - Noncurrent Financial Liabilities = 5,953,434,000 - Current Financial Liabilities = 2,144,425,000 - Cash = 1,574,427,000 - Current Financial Assets at Amortised Cost = 25,401,000 - Noncurrent Financial Assets at Amortised Cost = 23,942,000 Net Debt = 5,953,434,000 + 2,144,425,000 – 1,574,427,000 – 25,401,000 – 23,942,000 = **6,474,089,000** *For 2023 (2023-01-01 figures):* - Noncurrent Financial Liabilities = 5,543,755,000 - Current Financial Liabilities = 1,705,277,000 - Cash = 794,824,000 - Current Financial Assets at Amortised Cost = 752,505,000 - Noncurrent Financial Assets at Amortised Cost = 175,714,000 Net Debt = 5,543,755,000 + 1,705,277,000 – 794,824,000 – 752,505,000 – 175,714,000 = **5,525,989,000** 3. **Calculate Net Debt / EBITDA** - 2022: 6,474,089,000 / 1,514,084,000 ≈ **4.28x** - 2023: 5,525,989,000 / 1,506,546,000 ≈ **3.67x** 4. **Year-on-year change** - 4.28x – 3.67x = **0.61x decrease** (improvement larger than 0.3x) 5. **Conclusion**: The ratio improved by more than 0.3x, so the trend is *Improving*. Improving