I need to calculate Net Debt / EBITDA for 2022 and 2023 to determine the leverage trend.

First, let me identify the relevant data from the annual report.

**For 2022 (year ending 2023-01-01):**
- Cash And Cash Equivalents: 15,570,000,000 EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 12,508,000,000 EUR
- Longterm Borrowings: 28,083,000,000 EUR

**For 2021 (year ending 2022-01-01):**
- Cash And Cash Equivalents: 13,890,000,000 EUR
- Current Borrowings And Current Portion Of Noncurrent Borrowings: 10,590,000,000 EUR
- Longterm Borrowings: 30,458,000,000 EUR

**Calculating Gross Debt and Net Debt:**

For 2022 (end of 2022/start of 2023):
- Gross Debt = 12,508 + 28,083 = 40,591 million EUR
- Net Debt = 40,591 - 15,570 = 25,021 million EUR

For 2021 (end of 2021/start of 2022):
- Gross Debt = 10,590 + 30,458 = 41,048 million EUR
- Net Debt = 41,048 - 13,890 = 27,158 million EUR

**Now for EBITDA:**

I need to calculate EBITDA from the income statement data. Let me use the operating income approach.

For 2022 (2022-01-01 to 2023-01-01):
- Current Operating Income Including Operating Mtm: 4,309 million EUR
- Depreciation Amortization And Provisions: 5,187 million EUR

However, I need to be careful. "Depreciation Amortization And Provisions" includes more than just D&A. Let me look at the cash flow statement for a cleaner EBITDA calculation.

From cash flow adjustments:
- Net Depreciation Amortization Impairment And Provisions: 8,057 million EUR (this includes impairment)

For a cleaner EBITDA, I should use:
- Operating profit + D&A

Let me use "Current Operating Income Including Operating Mtm" as the base for EBIT, then add back depreciation.

Actually, let me look more carefully. The standard S&P adjusted EBITDA typically starts from operating income and adds back D&A.

For 2022:
- Current Operating Income Including Operating Mtm: 4,309 million EUR
- But we need to add back depreciation. The "Depreciation Amortization And Provisions" is 5,187 million EUR, but this includes provisions.

From the cash flow statement: "Net Depreciation Amortization Impairment And Provisions" = 8,057 million EUR. This is negative in cash flow terms (add back), so the actual expense was 8,057 million.

Wait, let me re-read: "Net Depreciation Amortization Impairment And Provisions" 2022: -8,057,000,000 EUR. This is the adjustment, meaning the actual expense was 8,057 million.

But "Depreciation Amortization And Provisions" in P&L is 5,187 million EUR. This suggests the 8,057 includes impairment and other items.

For S&P purposes, EBITDA typically adds back D&A and sometimes certain provisions. Let me use a practical approach.

Actually, looking more carefully at S&P methodology, they typically use:
- EBITDA = Recurring operating income + D&A + other adjustments

Let me try a different approach using the cash flow statement's operating cash flow before working capital changes.

"Cash Flows From Used In Operations Before Changes In Working Capital" 2022: 12,415 million EUR

This typically equals: EBITDA - taxes paid + other adjustments... actually this is more complex.

Let me go back to a simpler approach. S&P adjusted EBITDA typically:
- Starts with operating profit
- Adds back D&A
- Adjusts for non-recurring items

For 2022:
- Current Operating Income Including Operating Mtm: 4,309
- Add: Depreciation Amortization And Provisions: 5,187
- Less: Provisions part (unknown)

Actually, let me look at the "Net Depreciation Amortization Impairment And Provisions" from cash flow: 8,057. This is what was added back in cash flow.

Wait - I need to be more careful. In cash flow, we add back non-cash expenses. The 8,057 is the total add-back. But EBITDA only adds back D&A, not all provisions.

Let me try using a different formula. For many companies, S&P uses:
Adjusted EBITDA = EBIT + D&A + certain adjustments

From the P&L, let me construct EBIT:
- Profit Loss From Operating Activities: 1,127 million EUR (2022)
- This includes impairments and other non-recurring items

Actually, "Current Operating Income Including Operating Mtm" is 4,309 million EUR. This is likely the recurring operating profit (EBIT before certain adjustments).

For EBITDA, I need to add back depreciation and amortization. The cleanest D&A number would be from the cash flow add-backs, but we need to separate D&A from impairments and provisions.

Looking at the data: "Depreciation Amortization And Provisions" 5,187 million EUR in 2022. This is likely the P&L line.

But "Net Depreciation Amortization Impairment And Provisions" in cash flow is 8,057 million EUR. The difference (8,057 - 5,187 = 2,870) likely represents additional impairments and changes in provisions that are in the operating result but not in that P&L line.

For S&P adjusted EBITDA, a common approach is:
- Start with "Current Operating Income Including Operating Mtm" or similar recurring EBIT
- Add back D&A (not impairments)

However, without a clean separation, let me use an alternative approach.

Actually, looking at typical S&P methodology for utilities/energy companies, they often calculate:
- Funds From Operations (FFO) / Debt
- Or use EBITDA with specific adjustments

Let me try to estimate EBITDA using:
EBITDA = Current Operating Income Including Operating Mtm + D&A

If I use "Depreciation Amortization And Provisions" as proxy for D&A:
2022 EBITDA = 4,309 + 5,187 = 9,496 million EUR
2021 EBITDA = 6,116 + 4,840 = 10,956 million EUR

But wait - this may include provisions that aren't D&A. Let me check if there's a better way.

Actually, for S&P purposes, let me consider that "Depreciation Amortization And Provisions" is the standard P&L line that includes D&A. In many European GAAP/IFRS reports, this is how it's presented.

However, I realize I should look more carefully. The cash flow shows "Net Depreciation Amortization Impairment And Provisions" of 8,057 in 2022. This suggests the actual D&A + impairment + provision expense was 8,057, not 5,187.

Hmm, but 5,187 is the P&L line "Depreciation Amortization And Provisions". The 8,057 in cash flow might include other items.

Let me re-examine: In cash flow from operating activities, we start with net income and add back non-cash items. The 8,057 is the net add-back for "Depreciation Amortization Impairment And Provisions". 

Actually, looking more carefully at signs: "Net Depreciation Amortization Impairment And Provisions" 2022: -8,057,000,000 EUR. In cash flow statement presentation, negative values for adjustments often mean "used in" or subtraction, but for add-backs... 

Wait, the label is "Net Depreciation Amortization Impairment And Provisions" with value -8,057. If this is an adjustment to get from profit to cash flow, and it's negative, that would mean we're subtracting, which doesn't make sense for D&A.

Let me re-read: The section starts with "Adjustments For Undistributed Profits..." and these are all adjustments. In standard cash flow presentation, D&A is added back (positive number if using "cash generated" format, or negative if using "cash used in" format with negative meaning outflow).

Actually, looking at "Cash Flowsooooooooooo From Used In Operations Before Changes In Working Capital" = 12,415 million EUR. This is positive, meaning cash generated.

The adjustments listed before this:
- Adjustments For Undistributed Profits: 1,059
- Adjustments For Dividend Income: -713
- Net Depreciation Amortization Impairment And Provisions: -8,057
- etc.

Wait, if Net Depreciation is -8,057, and we're calculating cash from operations, a negative adjustment would reduce cash, which is wrong. Unless the sign convention is different.

Actually, I think the negative sign indicates "used in" rather than "generated from". But then the total "Cash Flows From Used In Operations Before Changes In Working Capital" is positive 12,415... 

Let me check: "Cash Flows From Used In Operations Before Changes In Working Capital" - the "From Used In" means it could be either. The positive value 12,415 means cash generated.

For the adjustments, if "Net Depreciation Amortization Impairment And Provisions" is -8,057, this might mean it's an expense (used), but as an adjustment from profit to cash flow, we need to add it back...

I think there might be confusion in the sign convention. Let me look at the total to verify.

Actually, looking more carefully at typical IFRS cash flow statements, the line "Net Depreciation Amortization Impairment And Provisions" with a negative value in parentheses or with minus sign typically means it's being added back (the expense was negative to profit, so add back the positive amount, or in "used in" format, the adjustment is shown as negative meaning it reduces the "used in" amount, i.e., increases cash).

This is getting confusing with signs. Let me try a different approach.

Let me use the balance sheet approach to estimate D&A:
- Property Plant And Equipment 2022: 55,488; 2021: 51,079
- Intangible Assets Other Than Goodwill 2022: 7,364; 2021: 6,784
- Goodwill 2022: 12,854; 2021: 12,799

PP&E increased by 4,409; Intangibles increased by 580. Total capex in PP&E and intangibles was 6,379 per cash flow. So D&A ≈ 6,379 - 4,409 - 580 + other = roughly 1,390? That seems too low.

Actually: Ending PP&E = Beginning PP&E + Additions - D&A - Disposals ± Other
55,488 = 51,079 + additions - D&A - disposals + ...

From cash flow: Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets = 6,379
Proceeds From Disposals = 173

So roughly: 55,488 = 51,079 + 6,379 - D&A - 173 + other (reclassifications, FX, etc.)
D&A ≈ 51,079 + 6,379 - 173 - 55,488 = 1,797? This seems way too low.

Wait, I need to include intangibles and other items in the base. Let me check: "Property Plant And Equipment" is 55,488, but we also have "Intangible Assets Other Than Goodwill" of 7,364.

Actually the purchase line says "Purchase Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets" = 6,379. This includes all these items.

And "Proceeds From Disposals Of Property Plant And Equipment Intangible Assets Other Than Goodwill Investment Property And Other Noncurrent Assets" = 173.

So net additions = 6,379 - 173 = 6,206.

Total non-current operating assets (PP&E + Intangibles excl goodwill):
2022: 55,488 + 7,364 = 62,852
2021: 51,079 + 6,784 = 57,863
Increase = 4,989

So D&A + impairments + FX and other changes = 6,206 - 4,989 = 1,217? This still seems too low.

Hmm, there must be significant FX effects or reclassifications. Or perhaps I'm missing something.

Let me try yet another approach. Looking at the equity reconciliation, the "Other Comprehensive Income" includes items that might affect asset values.

Actually, I think the issue is that energy companies have significant derivative assets/liabilities that complicate the balance sheet, and there may be reclassifications to held for sale, etc.

Let me go back to using the P&L and cash flow statement more directly.

For S&P adjusted leverage, they typically use:
- Debt: total borrowings (short-term + long-term)
- Sometimes less cash and certain liquid investments
- EBITDA: recurring operating profit before D&A, with certain adjustments

Let me try using a simpler EBITDA calculation from the income statement data:

For 2022:
Revenue: 93,865
Less: Purchases And Operating Derivatives: 74,535
Less: Employee Benefits Expense: 8,078
Less: Tax Expense Other Than Income Tax Expense: 3,380
Plus: Other Income: 1,624
Equals: Current Operating Income Including Operating Mtm: 4,309 ✓ (matches!)

So: 93,865 - 74,535 - 8,078 - 3,380 + 1,624 = 9,496? Let me check: 93,865 - 74,535 = 19,330; 19,330 - 8,078 = 11,252; 11,252 - 3,380 = 7,872; 7,872 +ah, I need to check the sign of "Other Income".

Actually, looking at the structure: Revenue - Purchases - Employee Benefits - Tax Expense Other Than Income Tax + Other Income = Current Operating Income Including Operating Mtm?

93,865 - 74,535 - 8,078 - 3,380 + 1,624 = 9,496. But the stated Current Operating Income is 4,309. 

So there are other operating expenses not listed in my data, or "Other Income" is not part of this calculation, or there are other items. The difference is 9,496 - 4,309 = 5,187, which exactly equals "Depreciation Amortization And Provisions"!

So: Current Operating Income Including Operating Mtm = Revenue - Purchases - Employee Benefits - Tax Expense Other Than Income Tax - Depreciation Amortization And Provisions + Other Income?

93,865 - 74,535 - 8,078 - 3,380 - 5,187 + 1,624 = 4,309. Yes! ✓

So EBITDA = Current Operating Income Including Operating Mtm + Depreciation Amortization And Provisions = 4,309 + 5,187 = 9,496.

Wait, but this "Depreciation Amortization And Provisions" includes provisions, not just D&A. For S&P adjusted EBITDA, we typically want to add back only D&A, not provisions for things like restructuring or litigation.

However, for trending purposes and given the data available, let me use this as a proxy, or try to refine it.

Actually, looking at the cash flow adjustment "Net Depreciation Amortization Impairment And Provisions" = 8,057. This is larger than 5,187. The difference might be impairments and other provision changes that were in other P&L lines.

For S&P adjusted EBITDA, they typically add back D&A and certain non-cash items, but not all provisions. The standard approach is:

Adjusted EBITDA = Operating Income + D&A + other typical adjustments

If I use 5,187 as the D&A add-back (even though it includes some provisions), I get:
2022 EBITDA = 4,309 + 5,187 = 9,496

But wait - "Current Operating Income Including Operating Mtm" might already be after some non-cash items. Let me check if there's a better starting point.

Actually, I realize I should look at "Profit Loss From Operating Activities" which is 1,127 in 2022. This includes impairments, restructuring, etc.

The path from Current Operating Income to Profit Loss From Operating Activities:
2022: 4,309 + 1,059 (share of equity method) - 2,774 (impairment) - 230 (restructuring) + 91 (other from subs/JVs) - 1,328 (other non-recurring) = 1,127? 

4,309 + 1,059 = 5,368; 5,368 - 2,774 = 2,594; 2,594 - 230 = 2,364; 2,364 + 91 = 2,455; 2,455 - 1,328 = 1,127. ✓

For S&P adjusted EBITDA, they typically start from recurring operating income and add back D&A. "Current Operating Income Including Operating Mtm" seems to be the recurring operating profit before equity method and non-recurring items.

Actually, looking at the line "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" = 5,368. This includes the equity method income.

For leverage calculations, S&P typically uses EBITDA that includes dividends from equity method investments rather than the equity method income, or they may use proportionate consolidation.

This is getting complex. Let me try a more practical approach using what I have.

For S&P Global Ratings, adjusted EBITDA for utilities/energy typically includes:
- Operating income
- Add: D&A
- Add: other non-cash items
- Adjust for non-recurring items

Given data limitations, let me use:
EBITDA ≈ Current Operating Income Including Operating Mtm + Depreciation Amortization And Provisions

2022: 4,309 + 5,187 = 9,496 million EUR
2021: 6,116 + 4,840 = 10,956 million EUR

But wait - I need to check if 2022 is the year ending 2023-01-01 or starting 2022-01-01. The data shows "2022-01-01 - 2023-01-01" for the 2022 fiscal year.

Now for Net Debt:

2022 (end of fiscal year 2022, i.e., 2023-01-01):
- Current Borrowings: 12,508
- Long-term Borrowings: 28,083
- Total Debt: 40,591
- Cash: 15,570
- Net Debt: 25,021

2021 (end of fiscal year 2021, i.e., 2022-01-01):
- Current Borrowings: 10,590
- Long-term Borrowings: 30,458
- Total Debt: 41,048
- Cash: 13,890
- Net Debt: 27,158

Net Debt / EBITDA:
2022: 25,021 / 9,496 = 2.63x
2021: 27,158 / 10,956 = 2.48x

Difference: 2.63 - 2.48 = 0.15x

Since 0.15x < 0.3x, this would be "Stable" or potentially "Improving" if we consider the direction... wait, the ratio increased from 2.48 to 2.63, so leverage deteriorated slightly.

But the threshold for "Stable" is ±0.3x, and 0.15x is within this range, so it's "Stable".

However, I need to be more careful about S&P's specific adjustments. Let me reconsider.

S&P typically makes several adjustments:
1. They may include underfunded pension liabilities in debt
2. They may adjust EBITDA for non-recurring items, proportionate consolidation of JVs, etc.
3. They may use average debt rather than year-end debt
4. They may include certain cash-like items as negative debt

Without being able to make all these adjustments, let me see if my basic calculation is reasonable or if I need to refine it.

Actually, I realize I should check if there's a better EBITDA proxy. Looking at the cash flow:
"Cash Flows From Used In Operations Before Changes In Working Capital" = 12,415 in 2022.

This is roughly: EBITDA - taxes + other adjustments, or more precisely, it's often close to EBITDA less cash taxes paid.

 Working capital changes.

Actually, Cash Flow From Operations Before Working Capital Changes typically equals:
Net Income + D&A + other non-cash items - equity income + other adjustments

For 2022:
Profit Loss: 390
+ Net Depreciation Amortization Impairment And Provisions: 8,057 (as add-back, so +8,057 if we take absolute)
+ Adjustments For Undistributed Profits Of Investments Accounted For Using EquityPPPP Equity Method: 1,059
- Adjustments For Dividend Income: -713 (this is already negative, so subtracting means adding?)
+ Other adjustments...

Let me try: 390 + 8,057 + 1,059 - 713 - 3,661 - 157 - 83 - 3,003 = ?

390 + 8,057 = 8,447
8,447 + 1,059 = 9,506
9,506 - 713 = 8,793? But the stated value is 12,415.

Hmm, the signs are confusing. Let me just use the stated 12,415 as a check. This includes interest and taxes, so it's not EBITDA.

Actually, "Cash Flows From Used In Operations Before Changes In Working Capital" of 12,415 includes:
- Operating cash flow before working capital changes
- This typically equals: EBIT + D&A - taxes paid ± other items

If EBIT (roughly) = 4,309 (Current Operating Income) + 1,059 (equity method) - some items... 

Actually for 2022, Profit Loss From Operating Activities is 1,127. Then we have finance costs and income, tax, etc.

Let me try from net income:
Profit Loss = 390
+ Net Financial Income Loss = -3,003 (so financial expense was 3,003)
+ Income Tax Expense = -83 (so tax benefit was 83)
= 390 + 3,003 + 83 = 3,476? This should equal pre-tax income before discontinued ops or something.

Actually: Profit Loss From Continuing Operations = -1,793
+ Profit Loss From Discontinued Operations = 2,183
= 390 total Profit Loss

Profit Loss From Continuing Operations = Profit Loss From Operating Activities + Net Financial Income Loss + Income Tax Expense
= 1,127 + (-3,003) + (-83)? = 1,127 - 3,003 - 83 = -1,959? But stated is -1,793.

Hmm, let me check: 1,127 - 3,003 = -1,876; -1,876 + (-83) = -1,959. But stated is -1,793. Difference of 166.

Wait, the sign of Income Tax Expense is -83. If it's an expense, it should reduce profit, so -1,876 - 83 = -1,959. But actual is -1,793. 

Unless the -83 means tax benefit (negative expense), so -1,876 + 83 = -1,793. ✓ Yes! So Income Tax Expense of -83 million means a tax benefit.

So pre-tax income from continuing operations = -1,793 - (-83) = -1,710? Or from operating: 1,127 - 3,003 = -1,876 which is before tax. Then -1,876 + 83 = -1,793. ✓

So EBIT (roughly) = Profit Loss From Operating Activities + some adjustments = 1,127. But this includes impairments and non-recurring items.

For S&P adjusted EBITDA, we'd typically adjust for non-recurring items and add D&A.

Let me try a different EBITDA estimate:
Start with "Current Operating Income Including Operating Mtm" = 4,309
This is before: equity method, impairments, restructuring, other non-recurring.

Add back D&A. If I use the cash flow add-back of 8,057, that includes impairments. So I need to separate D&A from impairments.

From the P&L: Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss = 2,774 in 2022. This is a loss (positive number in expense).

If cash flow add-back is 8,057 and includes this 2,774 impairment, then D&A + other provisions = 8,057 - 2,774 = 5,283? Close to the P&L "Depreciation Amortization And Provisions" of 5,187.

Actually, the 5,187 might include some provisions that aren't D&A. And the 8,057 might include additional items not in that P&L line.

For a reasonable estimate, let me use:
EBITDA = Current Operating Income Including Operating Mtm + "Depreciation Amortization And Provisions" = 4,309 + 5,187 = 9,496

Or, if I want to include equity method income (as S&P sometimes does for JVs):
= 5,368 + 5,187 = 10,555? No, that double counts or misaligns.

Actually, "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" = 5,368 is after adding equity method. But EBITDA for consolidated debt should probably exclude equity method income or use proportionate consolidation.

Let me stick with: EBITDA ≈ 9,496 for 2022 and 10,956 for 2021.

But I want to verify with another approach. The cash flow "Cash Flows From Used In Operations Before Changes In Working Capital" = 12,415.

This typically equals: EBITDA - Cash Taxes - Cash Interest + Other items, or starting from Net Income with add-backs.

From Net Income (390) + D&A and other non-cash (8,057) + other adjustments = 12,415?
390 + 8,057 = 8,447. Need 12,415 - 8,447 = 3,968 more.

Adjustments For Undistributed Profits: 1,059
Adjustments For Dividend Income: -713
Other Adjustments For Noncash Items: -157
Adjustments For Income Tax Expense: -83
Adjustments For Finance Income Cost: -3,003

Sum: 1,059 - 713 - 157 - 83 - 3,003 = -2,897

8,447 - 2,897 = 5,550. Not 12,415.

Hmm, I'm clearly misunderstanding the signs. Let me try absolute values or different interpretation.

Actually, re-reading: "Adjustments For Dividend Income" = -713. If this means dividend income was subtracted in P&L but is cash received, we need to... actually dividend income is cash, so if it was in P&L, we don't adjust. But if it was equity method income (non-cash), we adjust.

I think "Adjustments For Undistributed Profits Of Investments Accounted For Using Equity Method" = 1,059 means we subtract the equity method income (non-cash) and "Adjustments For Dividend Income" = -713 might mean we add back dividends received (or subtract them if they were in investing).

This is getting too complex. Let me use a simpler validated approach.

Let me verify: "Cash Flows From Used In Operations Before Changes In Working Capital" = 12,415.

If this is cash generated, then:
EBITDA - Cash Taxes - Cash Interest ≈ this, roughly.

Cash Taxes paid = 1,504 (from "Income Taxes Paid Refund Classified As Operating Activities")
Cash Interest = ? From financing activities: Interest Paid = 822, but there's also Interest Received on Cash = -194 (negative?).

Actually, looking at cash flow financing: "Interest Paid Classified As Financing Activities" = 822. And "Interest Received On Cash And Cash Equivalents" = -194 (negative, meaning received?).

Net interest paid = 822 - 194 = 628? Or if -194 means received,1, then 822 paid and 194 received, net 628 paid.

But in operating cash flow before WC, we typically have:
EBITDA - Cash Taxes - Cash Interest = CFO before WC

12,415 = EBITDA - 1,504 - 628? = EBITDA - 2,132
So EBITDA = 14,547? That seems high.

Alternatively, if interest is classified as financing, then:
CFO before WC = EBIT + D&A - Cash Taxes = 12,415
EBIT + D&A = 12,415 + 1,504 = 13,919

But EBIT here would be after interest if interest is in financing... no, EBIT is before interest.

Actually, I think for IFRS, interest can be classified as operating or financing. Looking at the cash flow, "Finance Costs" in P&L is 3,700 and "Finance Income" is 697, net 3,003 expense.

In cash flow: "Adjustments For Finance Income Cost" = -3,003. This adjusts the net income to remove finance items, suggesting they're not in operating cash flow. So CFO before WC is after removing finance costs.

So: Net Income 390 + Finance Cost adjustment 3,003 + Tax adjustment -83 + D&A etc. = 12,415
390 + 3,003 = 3,393; 3,393 + (-83) = 3,310; need 12,415 - 3,310 = 9,105 from D&A and other adjustments.

But stated "Net Depreciation Amortization Impairment And Provisions" = -8,057. If we take absolute: 8,057. Then 3,310 + 8,057 = 11,367. Still not 12,415. Difference of 1,048.

Other adjustments: 1,059 - 713 - 157 = 189. 11,367 + 189 = 11,556. Still not 12,415.

Hmm, let me check if I have the right net income. "Profit Loss" = 390. But comprehensive income is different.

Actually, wait - "Cash Flows From Used In Operations Before Changes In Working Capital" might start from a different base or include discontinued operations.

Let me check: "Cash Flows From Used In Operating Activities Continuing Operations" = 8,488 and "Discontinued Operations" = 98. Total 8,586. But "Cash Flows From Used In Operating Activities" = 8,586? No, stated as 8,586? Let me check: 8,488 + 98 = 8,586, but stated "Cash Flows From Used In Operating Activities" = 8,586? No, it's 8,586? Let me re-read: "Cash Flows From Used In Operating Activities" 2022: 8586000000. Yes, 8,586.

But "Cash Flows From Used In Operations Before Changes In Working Capital" = 12,415. Then after working capital 2,424 and taxes 1,504: 12,415 - 2,424 - 1,504 = 8,487 ≈ 8,488 (continuing ops). ✓

So the 12,415 includes continuing and discontinued? Let me check: "Cash Flows From Used In Operations Before Changes In Working Capital" - is this total or continuing?

The line doesn't specify, but the next lines split into continuing and discontinued. So 12,415 might be total, and then it's split: continuing 8,488 + discontinued 98 = 8,586 total after WC and taxes? No wait, the 12,415 is before WC and taxes, and 8,488 is after WC and taxes for continuing.

Actually: 12,415 (before WC and taxes) - 2,424 (WC change) - 1,504 (taxes) = 8,487 ≈ 8,488 (continuing). So 12,415 is for continuing operations only, before WC and taxes.

Then where is discontinued? The 98 is separate. So total before WC and taxes would be 12,415 + something for discontinued.

Actually, looking at structure: "Cash Flows From Used In Operating Activities Continuing Operations" = 8,488. This is after WC and taxes. Before WC and taxes for continuing: 12,415. Then WC 2,424, taxes 1,504. 12,415 - 2,424 - 1,504 = 8,487 ≈ 8,488. ✓

For discontinued: "Cash Flows From Used In Operating Activities Discontinued Operations" = 98. This is after WC and taxes presumably.

So total operating cash flow before WC and taxes = 12,415 + (something for discontinued). The "something" would be 98 + WC_discontinued + taxes_discontinued. We don't have those broken out.

For S&P leverage, we typically use continuing operations.

Back to EBITDA estimation. If CFO before WC and taxes = 12,415, and this equals EBIT + D&A - Cash Taxes? No, it's before taxes.

Actually, standard formula: CFO before WC changes = Net Income + D&A + other non-cash - non-operating items.

Or: CFO before WC = EBIT + D&A - Cash Taxes paid (if interest is in financing).

Wait, let me think again. Starting from EBIT:
EBIT + D&A - Cash Taxes = CFO before WC (if interest is not in operating)

But we have: "Adjustments For Finance Income Cost" = -3,003 in the reconciliation. This suggests we start from Net Income and add back finance costs to get to operating cash flow. So:

Net Income (continuing) = -1,793
+ Finance Cost (net) = 3,003
= -1,793 + 3,003 = 1,210 (approx EBIT before tax, or rather EBT + interest = EBIT)

Then + Tax benefit = -83 (add back the tax benefit to get pre-tax)
= 1,210 + (-83)? No, if tax was a benefit of 83, then EBT = -1,793 - (-83) = -1,710. EBIT = -1,710 + 3,003 = 1,293.

Then add D&A etc. to get to 12,415.

1,293 + 8,057 + other adjustments = 12,415?
1,293 + 8,057 = 9,350. Need 3,065 more.

Other adjustments: 1,059 - 713 - 157 = 189. 9,350 + 189 = 9,539. Still not 12,415.

I'm clearly struggling with signs. Let me try a completely different approach.

Let me use the direct definition: EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization.

From P&L:
- Profit Loss From Operating Activities = 1,127 (this is after D&A, impairments, etc. but before finance and tax)
- This includes: Current Operating Income 4,309 + equity method 1,059 - impairments 2,774 - restructuring 230 + other 91 - other non-recurring 1,328 = 1,127

For EBITDA, we want before interest, taxes, D&A. So we need to go back up.

If "Current Operating Income Including Operating Mtm" = 4,309 is after D&A but before equity method and non-recurring items, then:
EBITDA = 4,309 + D&A.

What is D&A? The P&L line "Depreciation Amortization And Provisions" = 5,187. But this includes provisions.

For a cleaner number, let me see if I can estimate just D&A from balance sheet changes.

Actually, let me try using the cash flow add-back more carefully. "Net Depreciation Amortization Impairment And Provisions" = -8,057. In cash flow statements, this is typically shown as positive when adding back. The negative might be due to the "used in" format.

If I interpret -8,057 as "used in" (i.e., cash used), but it's a non-cash add-back... I'm confusing myself.

Let me just use absolute values and see: total adjustments to get from net income to CFO before WC are roughly 12,415 - (-1,793) = 14,208 for continuing ops (if net income is -1,793).

Major adjustments: |8,057| + |3,003| + various others ≈ 14,208?

8,057 + 3,003 = 11,060. Plus 1,059 + 713 + 157 + 83... = 13,072. Close to 14,208 but not exact.

I think I need to accept some uncertainty and use the best available estimates.

Let me try yet another approach for EBITDA, using revenue-based:

For 2022:
Revenue: 93,865
Less: Purchases: 74,535
Gross Margin: 19,330
Less: Employee Benefits: 8,078
Less: Other operating expenses (including D&A, taxes other than income, etc.)

From earlier: Revenue - Purchases - Employee Benefits - Tax Expense Other Than Income Tax - Depreciation Amortization And Provisions + Other Income = Current Operating Income

So: 93,865 - 74,535 - 8,078 - 3,380 - 5,187 + 1,624 = 4,309 ✓

Thus: EBITDA = 4,309 + 5,187 = 9,496 (if we add back all of "Depreciation Amortization And Provisions")

Or, if "Depreciation Amortization And Provisions" includes operating provisions that should not be added back, true D&A is less.

But for trending purposes andolah comparing year-over-year, if the composition is similar, the trend should be meaningful.

Actually, Innen I realize I should check if S&P uses "adjusted" EBITDA that includes add-backs for non-recurring items. Looking at the data:

2022 had significant impairments (2,774) and other non-recurring items (-1,328, negative means expense). S&P might add back impairments and non-recurring items to get "adjusted" EBITDA.

If we add back impairments and other non-recurring to Current Operating Income:
Adjusted EBIT = 4,309 + 1,059 (equity method, sometimes included) - ... 

Actually for EBITDA, S&P typically uses:
- Recurring operating income before D&A
- May include equity method income or use proportionate consolidation
- Adds back D&A

Let me try: S&P Adjusted EBITDA = Current Operating Income Including Operating Mtm + Depreciation Amortization And Provisions + Impairment Loss + Other Non Recurring Items (if negative/expense)

2022: 4,309 + 5,187 + 2,774 + 1,328 = 13,598? That seems too high, and "Other Non Recurring Items" is -1,328, which if negative means it's already an expense, so adding it back means +1,328.

But wait, "Other Non Recurring Items" = -1,328. In the calculation of Profit Loss From Operating Activities, it's subtracted: 2,455 - 1,328 = 1,127. So it's a negative item (expense). To add it back: +1,328.

However, this might double-count if some of these are already in the 5,187 "Depreciation Amortization And Provisions".

Let me check: if 5,187 includes all D&A and operating provisions, and 2,774 is impairment (separate line), then total add-backs would be 5,187 + 2,774 + other non-recurring.

But "Other Non Recurring Items" might include things that are not EBITDA add-backs.

For a more standard approach, let me use:
EBITDA = Profit Loss From Operating Activities + Interest + Tax + D&A + Impairments + non-recurring items

Or from the top: Revenue - Cash Operating Costs (excluding D&A)

Cash operating costs = Purchases + Employee Benefits + Tax Expense Other Than Income Tax - Other Income (if not operating) = 74,535 + 8,078 + 3,380 - 1,624 = 84,369? 

Revenue - Cash Operating Costs = 93,865 - 84,369 = 9,496. Same as before.

Hmm, but this assumes Other Income is not part of operations, which may be wrong.

Let me try yet another way. If Current Operating Income = 4,309 and it's after D&A and provisions of 5,187, then:
EBITDA = 4,309 + 5,187 = 9,496.

For 2021: 6,116 + 4,840 = 10,956.

Net Debt / EBITDA:
2022: 25,021 / 9,496 = 2.63x
2021: 27,158 / 10,956 = 2.48x

Difference: +0.15x (deteriorating, but within 0.3x threshold)

So the trend would be "Stable" per the definition.

But wait - I need to check if I should use end-of-year or average debt. S&P typically uses adjusted debt at year-end or sometimes average. For trend analysis, year-end to year-end is common.

However, I want to verify my debt numbers. Are there other debt-like items?

Looking at current liabilities: "Current Derivative Financial Liabilities" = 11,859. These are operating derivatives, not typically debt.

"Noncurrent Derivative Financial Liabilities" = 39,417. These are also operating/fair value items, not borrowings.

S&P may include some derivative liabilities or asset retirement obligations in debt, but without specific guidance, I'll use standard borrowings.

Also, S&P may deduct cash and liquid investments from debt. I have Cash And Cash Equivalents = 15,570. Are there "Other Current Financial Assets" that are liquid? 2,394 - probably not cash equivalents.

So Net Debt = 40,591 - 15,570 = 25,021 seems reasonable.

But let me double-check: is there any other debt in the balance sheet?

"Other Noncurrent Financial Liabilities" = 90. Small.
"Noncurrent Contract Liabilities" = 121. Not debt.

So total borrowings = 12,508 + 28,083 = 40,591 seems right.

Now, one more check on EBITDA. Should I use continuing operations only or total?

For 2022, discontinued operations contributed 2,183 to net income. The operating cash flow from discontinued was 98. But for EBITDA, if we're looking at total company leverage, we might want total EBITDA.

However, if assets/liabilities of discontinued operations are classified as held for sale, they might be excluded from debt.

Looking at balance sheet: "Noncurrent Assets Or Disposal Groups Classified As Held For Sale" = 428 in 2023, and 11,881 in 2022. And "Liabilities Included In Disposal Groups Classified As Held For Sale" = 371 in 2023, and 7,415 in 2022.

So in 2022 (end of 2021, start of 2022), there was significant held-for-sale. By end of 2022, most was gone.

For S&P adjusted debt, they typically exclude liabilities held for sale or include them depending on treatment. This complicates things.

If I adjust 2021 debt for held-for-sale liabilities: 41,048 - 7,415 = 33,633? Or is the 7,415 already excluded from current/noncurrent liabilities?

Looking at 2022 balance sheet: Current Liabilities = 95,019. Components include:
- Current Provisions: 2,066
- Current Borrowings: 10,590
- Current Derivative Financial Liabilities: 22,702
- Trade Payables: 32,822
- Current Contract Liabilities: 2,671
- Other Current Nonfinancial Liabilities: 16,752
- Liabilities Held For Sale: 7,415

Sum: 2,066 + 10,590 + 22,702 + 32,822 + 2,671 + 16,752 + 7,415 = 95,018 ≈ 95,019. ✓

So the 7,415 is included in total current liabilities. If these are held for sale, S&P might exclude them from adjusted debt if the sale is certain.

Similarly for 2023: 371 is in current liabilities.

If I adjust for held-for-sale liabilities:
2022 adjusted debt = 40,591 - 7,415 = 33,176? Or just 40,591 - 7,415 (liabilities held for sale that are debt-like)?

Actually, not all 7,415 is debt. Some might be trade payables, provisions, etc. held for sale.

Without more detail, let me use unadjusted numbers, or assume the held-for-sale liabilities include some debt.

Actually, looking at 2022, if we remove held-for-sale group, the remaining current liabilities = 95,019 - 7,415 = 87,604. But total debt = 10,590 + 30,458 = 41,048. The held-for-sale likely includes some debt.

If I roughly estimate that held-for-sale liabilities are proportionate: 7,415 / 95,019 = 7.8% of current liabilities. If debt is 41,048 of total liabilities 137,155 (88,336 + 7,415 + 41,048? No, total equity and liabilities = 225,333; equity = 41,980; total liabilities = 183,353. Noncurrent liabilities = 88,336; current = 95,019. Sum = 183,355. Close enough.

Actually 88,336 + 95,019 = 183,355, but stated total liabilities = 183,353? Let me check: Equity And Liabilities 225,333 - Equity 41,980 = 183,353. Yes.

So debt / total liabilities = 41,048 / 183,353 = 22.4%.

Held-for-sale liabilities = 7,415. If same proportion: 7,415 × 22.4% = 1,660 debt in held-for-sale.

Adjusted debt 2022 = 41,048 - 1,660 = 39,388. Net debt = 39,388 - 13,890 = 25,498.

For 2023: held-for-sale liabilities = 371. Debt proportion in total liabilities: 40,591 / (102,427 + 93,778 - wait, total liabilities = 235,490 - 39,285 = 196,205? Let me check: 235,490 - 39,285 = 196,205. But 102,427 + 93,778 = 196,205. ✓

Debt / total liabilities = 40,591 / 196,205 = 20.7%.

Debt in held-for-sale = 371 × 20.7% = 77. Adjusted debt = 40,591 - 77 = 40,514. Net debt = 40,514 - 15,570 = 24,944.

Net Debt / EBITDA:
2022: 25,498 / 10,956 = 2.33x (using 2021 year-end as "2022" in the question's terms... wait I need to be careful about year labeling)

Actually, I need to re-align. The question asks for "2022" trend. The data has:
- "2022-01-01 - 2023-01-01" = fiscal year 2022
- "2021-01-01 - 2022-01-01" = fiscal year 2021

Balance sheet dates:
- "2023-01-01" = end of fiscal 2022
- "2022-01-01" = end of fiscal 2021

So for "2022" ratio: use end-2022 balance sheet (2023-01-01) and 2022 income statement (2022-01-01 to 2023-01-01)
For "2021" ratio: use end-2021 balance sheet (2022-01-01) and 2021 income statement (2021-01-01 to 2022-01-01)

Using unadjusted numbers:
2022 (end of 2022, i.e., 2023-01-01): Net Debt = 25,021, EBITDA = 9,496, Ratio = 2.63x
2021 (end of 2021, i.e., 2022-01-01): Net Debt = 27,158, EBITDA = 10,956, Ratio = 2.48x

Difference: 2.63 - 2.48 = 0.15x. This is within ±0.3x, so "Stable".

But wait - the ratio increased, meaning leverage got worse. The definition says "if the gap... is lower than 0.3x is improving". Hmm, "lower than 0.3x" in absolute value or just the gap?

Re-reading: "the gap of the ratio Net Debt / EBITDA calculated for the years 2022 and 2023 is among ± 0.3x and ± 0.3x year on year. Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating."

This is a bit confusing. Let me parse:
- "Stable": gap is between -0.3x and +0.3x (i.e., absolute value ≤ 0.3x)
- "Improving": gap < -0.3x? Or gap < 0.3x in absolute value?

Actually, re-reading: "if the gap... is lower than 0.3x is improving". This seems to mean if the absolute gap is less than 0.3x, it's improving? No, that contradicts "Stable" being ±0.3x.

I think the meaning is:
- If ratio decreased by more than 0.3x (gap < -0.3x, i.e., leverage improved significantly): Improving
- If ratio change is between -0.3x and +0.3x: Stable
- If ratio increased by more than 0.3x (gap > +0.3x): Deteriorating

Or perhaps: if absolute gap < 0.3x, it's Stable; if gap is negative and |gap| > 0.3x, Improving; if gap is positive and > 0.3x, Deteriorating.

But the text says "if the gap... is lower than 0.3x is improving". This could mean if the gap is less than 0.3x (i.e., ratio went down or stayed flat), it's improving. But then "Stable" wouldn't make sense.

I think the most logical interpretation is:
- Stable: |gap| ≤ 0.3x
- Improving: gap < -0.3x (ratio decreased by more than 0.3x)
- Deteriorating: gap > 0.3x (ratio increased by more than 0.3x)

With my calculation: gap = 0.15x, so |0.15| < 0.3, thus Stable.

But let me reconsider if my EBITDA estimate is reasonable. I want to check using another method.

From the cash flow, "Cash Flows From Used In Operations Before Changes In Working Capital" = 12,415 for 2022.

This can be approximated as: EBITDA - Cash Interest - Cash Taxes (if interest and taxes are not yet deducted).

Or: EBIT + D&A - Cash Taxes (if interest is already deducted in EBIT).

Actually, EBIT = Profit Before Tax + Interest. For 2022 continuing: -1,793 (net income) - (-83) (tax benefit) + (-3,003) (finance cost, negative means expense?).

Wait, "Net Financial Income Loss" = -3,003. If this is "loss", then finance cost is 3,003. "Profit Loss From Continuing Operations" = -1,793.

So EBT = -1,793 - (-83) = -1,710? No: Net Income = EBT - Tax. If tax is -83 (benefit), then -1,793 = EBT - (-83) = EBT + 83, so EBT = -1,876.

Then EBIT = EBT + Interest = -1,876 + 3,003 = 1,127. Which equals Profit Loss From Operating Activities! ✓

So EBIT = 1,127 for 2022 (continuing). Then EBITDA = EBIT + D&A + Impairments (if not in EBIT) + ...

But 1,127 is after impairments and non-recurring. To get to "adjusted" EBIT, add back:
- Impairments: 2,774
- Restructuring: 230
- Other non-recurring: 1,328
- (Other from subs/JVs: 91, but this might be non-operating)

Adjusted EBIT = 1,127 + 2,774 + 230 + 1,328 - 91? = 5,368? 

Actually 1,127 + 2,774 + 230 - 91 + 1,328 = 5,368. But "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" = 5,368. ✓

So 5,368 is the "clean" operating profit before non-recurring items, including equity method.

For EBITDA, add D&A to... what? If we use 4,309 (before equity method), add D&A. Or 5,368, add D&A.

S&P sometimes uses proportionate EBITDA or includes equity method dividends. Let me use 4,309 + 5,187 = 9,496 as conservative.

Actually, for leverage ratios, if debt includes only consolidated debt, we should use consolidated EBITDA (excluding equity method). So 4,309 + D&A.

But what is clean D&A? From cash flow, total add-back is 8,057, which includes impairments. If impairments are 2,774, then D&A + other provisions = 5,283. Close to 5,187.

I'll use 5,187 as D&A proxy, giving EBITDA = 9,496.

For 2021: 6,116 + 4,840 = 10,956.

Ratios: 2.63x and 2.48x, gap = 0.15x. Stable.

But let me also try with adjusted EBIT + full cash flow add-back:
2022: 5,368 + 8,057 = 13,425? No, that double counts if 5,368 already excludes impairments.

Actually, 5,368 is before impairments (it's Current Operating Income + equity method). So EBITDA = 5,368 + D&A. If D&A is part of 8,057 (which includes impairments), we need to separate.

If 8,057 = D&A + Impairments + Provisions, and impairments are 2,774, then D&A + provisions = 5,283.

EBITDA = 5,368 + 5,283 = 10,651? Or if we use 5,187 from P&L: 5,368 + 5,187 = 10,555.

Then 2022 ratio = 25,021 / 10,555 = 2.37x
2021: 6,116 + 1,059 = 7,175 (Current Operating Income + equity method, or just use 5,368? No, 2021 "Current Operating Income Including Operating Mtm And Share In Net Income" = 6,916.

Wait, let me check 2021: "Current Operating Income Including Operating Mtm" = 6,116. "Share Of Profit Loss Of Associates" = 800. Sum = 6,916. But stated "Current Operating Income Including Operating Mtm And Share In Net Income Of Equity Method Entities" = 6,916. ✓

For 2021 EBITDA with equity method: 6,916 + 4,840 = 11,756. Ratio = 27,158 / 11,756 = 2.31x.

Gap: 2.37 - 2.31 = 0.06x. Very stable.

Or with consolidated only (4,309 vs 6,116): 9,496 and 10,956, gap 0.15x. Also stable.

Given all these calculations, the gap is well within 0.3x in all reasonable scenarios.

However, I want to check one more thing: should I use total debt or net debt? The question says "Net Debt / EBITDA", so I need cash.

Also, should 2022 cash include discontinued operations? In 2022, there was significant disposal (cash flow from losing control: 6,728). This boosted cash. The 15,570 at year-end includes this.

If S&P uses "adjusted" cash or average debt, the numbers change. But with year-end 2022 cash being higher due to disposals, the ratio might be artificially better.

If I use average debt for 2022: (41,048 + 40,591) / 2 = 40,819.5, less cash 15,570 = 25,250. Average EBITDA or year-end? Typically year-end or last 12 months.

Actually for trending, year-end to year-end is standard for quick analysis.

Given my calculations show gap of 0.06x to 0.15x depending on exact definition, all within ±0.3x, the answer should be "Stable".

Wait - I want to re-verify one thing. The 2022 year-end cash of 15,570 seems high compared to 13,890 in 2021. The increase in cash is 1,680, which matches "Increase Decrease In Cash And Cash Equivalents" = 1,680. This came from: operating 8,586 + investing (-4,290) + financing (-2,979) + FX 363 = 1,680. ✓

The investing outflow of -4,290 includes 6,728 from disposals, so underlying investing was much worse. This is a one-time boost.

If S&P adjusts for this, they might exclude the cash from disposals or use average cash. If we use average cash: (15,570 + 13,890) / 2 = 14,730. Net debt average = 40,591 - 14,730 = 25,861. Or with average debt and average cash: more complex.

For simplicity and given the question's likely intent, I'll use year-end numbers.

Final calculation:
2022: Net Debt = 40,591 - 15,570 = 25,021; EBITDA ≈ 9,496; Ratio = 2.63x
2021: Net Debt = 41,048 - 13,890 = 27,158; EBITDA ≈ 10,956; Ratio = 2.48x

Gap: 0.15x. Within ±0.3x. Stable.

Actually, let me also check if the ratio direction matters for "Improving" vs "Deteriorating". The ratio went from 2.48 to 2.63, so it got worse. But the magnitude is small (0.15x < 0.3x), so "Stable".

If the definition means: gap < 0 (improving ratio) and |gap| > 0.3 is "Improving", gap > 0 and > 0.3 is "Deteriorating", else "Stable", then we're Stable.

Or if "lower than 0.3x" means the absolute gap is less than 0.3x and the ratio decreased, it's "Improving" - but our ratio increased.

I think the safest interpretation is absolute gap based with direction:
- |gap| ≤ 0.3x: Stable
- gap < -0.3x: Improving
- gap > 0.3x: Deteriorating

With gap = +0.15x: Stable.

<answer>Stable</answer>