# Reasoning

To assess the leverage trend, I need to calculate Net Debt / EBITDA for both 2022 and 2023, then determine the year-over-year change.

## Calculating EBITDA

**EBITDA = EBIT + Depreciation + Amortization**

Where EBIT = Operating Profit (before D&A and impairments)

From the data:
- Profit from Operating Activities = EBIT - D&A + Impairment Reversals

So: EBIT = Operating Profit + D&A - Impairment Reversals

**For 2023 (2022-01-01 to 2023-01-01):**
- Operating Profit: 220,814,000 EUR
- Depreciation: 176,689,000 EUR
- Amortization: 58,741,000 EUR
- Impairment Reversals: 43,185,000 EUR

EBIT (2023) = 220,814,000 + 176,689,000 + 58,741,000 - 43,185,000 = 413,059,000 EUR

EBITDA (2023) = 413,059,000 + 176,689,000 + 58,741,000 = 648,489,000 EUR

**For 2022 (2021-01-01 to 2022-01-01):**
- Operating Profit: 168,370,000 EUR
- Depreciation: 156,184,000 EUR
- Amortization: 50,110,000 EUR
- Impairment Reversals: 22,016,000 EUR

EBIT (2022) = 168,370,000 + 156,184,000 + 50,110,000 - 22,016,000 = 352,648,000 EUR

EBITDA (2022) = 352,648,000 + 156,184,000 + 50,110,000 = 558,942,000 EUR

## Calculating Net Debt

**Net Debt = Total Debt - Cash and Cash Equivalents**

**For 2023 (as of 2023-01-01):**
- Noncurrent Financial Liabilities (Other): 1,751,255,000 EUR
- Current Financial Liabilities (Other): 389,716,000 EUR
- Current Financial Liabilities (Fair Value): 76,644,000 EUR
- Total Debt: 2,217,615,000 EUR
- Cash and Cash Equivalents: 392,811,000 EUR
- Net Debt (2023) = 2,217,615,000 - 392,811,000 = 1,824,804,000 EUR

**For 2022 (as of 2022-01-01):**
- Noncurrent Financial Liabilities (Other): 2,064,088,000 EUR
- Current Financial Liabilities (Other): 1,342,688,000 EUR
- Current Financial Liabilities (Fair Value): 170,857,000 EUR
- Total Debt: 3,577,633,000 EUR
- Cash and Cash Equivalents: 860,352,000 EUR
- Net Debt (2022) = 3,577,633,000 - 860,352,000 = 2,717,281,000 EUR

## Calculating Net Debt / EBITDA Ratios

- **2023**: 1,824,804,000 / 648,489,000 = **2.81x**
- **2022**: 2,717,281,000 / 558,942,000 = **4.86x**

## Year-over-Year Change

Gap = 2.81x - 4.86x = **-2.05x**

The absolute change is 2.05x, which is **greater than 0.3x**.

Since the change is negative (improvement) and exceeds 0.3x in magnitude, this represents a **significant improvement** in leverage.

<answer>Improving</answer>