I need to calculate the Net Debt / EBITDA ratio for 2021 and 2022 to determine the trend.

First, let me identify the relevant data:

**EBITDA (Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense):**
- 2022: 32,057,000,000 DKK
- 2021: 24,296,000,000 DKK

**For Net Debt, I need to calculate: Gross Debt - Cash**

Let me find the debt components and cash:

**Cash:**
- 2022-01-01: 8,624,000,000 DKK (this is start of 2022, so end of 2021)
- 2023-01-01: 16,178,000,000 DKK (this is start of 2023, so end of 2022)

Wait, let me re-read the dates. The format is "2022-01-01 - 2023-01-01" for flow items (income statement, cash flow), and "2023-01-01" or "2022-01-01" for stock items (balance sheet).

So for balance sheet items:
- "2022-01-01" = beginning of 2022 = end of 2021
- "2023-01-01" = beginning of 2023 = end of 2022

**Cash and Cash Equivalents:**
- End of 2021 (2022-01-01): 8,614,000,000 DKK (from "Cash And Cash Equivalents" 2022-01-01)
- End of 2022 (2023-01-01): 16,175,000,000 DKK (from "Cash And Cash Equivalents" 2023-01-01)

Wait, let me check: there's "Cash" and "Cash And Cash Equivalents":
- "Cash" 2022-01-01: 8,624,000,000 DKK
- "Cash" 2023-01-01: 16,178,000,000 DKK
- "Cash And Cash Equivalents" 2022-01-01: 8,614,000,000 DKK
- "Cash And Cash Equivalents" 2023-01-01: 16,175,000,000 DKK

I'll use "Cash And Cash Equivalents" as it's more standard for net debt calculations.

**Debt components - I need to identify gross debt:**

Looking at borrowings:
- "Longterm Borrowings" 2022-01-01: 31,502,000,000 DKK; 2023-01-01: 60,451,000,000 DKK
- "Shortterm Borrowings" 2022-01-01: 19,493,000,000 DKK; 2023-01-01: 2,830,000,000 DKK

Also need to consider lease liabilities:
- "Noncurrent Lease Liabilities" 2022-01-01: 6,812,000,000 DKK; 2023-01-01: 7,697,000,000 DKK
- "Current Lease Liabilities" 2022-01-01: 720,000,000 DKK; 2023-01-01: 569,000,000 DKK

For S&P adjusted leverage, typically gross debt includes:
- Long-term borrowings
- Short-term borrowings
- Lease liabilities (both current and non-current)

Let me calculate Gross Debt:

**End of 2021 (2022-01-01):**
- Longterm Borrowings: 31,502,000,000
- Shortterm Borrowings: 19,493,000,000
- Noncurrent Lease Liabilities: 6,812,000,000
- Current Lease Liabilities: 720,000,000
- **Gross Debt 2021**: 58,527,000,000 DKK

**End of 2022 (2023-01-01):**
- Longterm Borrowings: 60,451,000,000
- Shortterm Borrowings: 2,830,000,000
- Noncurrent Lease Liabilities: 7,697,000,000
- Current Lease Liabilities: 569,000,000
- **Gross Debt 2022**: 71,547,000,000 DKK

**Net Debt:**
- Net Debt 2021 = 58,527,000,000 - 8,614,000,000 = 49,913,000,000 DKK
- Net Debt 2022 = 71,547,000,000 - 16,175,000,000 = 55,372,000,000 DKK

**Net Debt / EBITDA:**
- 2021: 49,913,000,000 / 24,296,000,000 = 2.054x
- 2022: 55,372,000,000 / 32,057,000,000 = 1.727x

**Change in ratio:**
2022 ratio - 2021 ratio = 1.727 - 2.054 = -0.327x

Wait, this is approximately -0.33x, which is slightly outside the ±0.3x range for Stable. But let me double-check my calculations.

Actually, let me recheck: The gap is |1.727 - 2.054| = 0.327x. For "Improving", the gap needs to be lower than -0.3x (i.e., ratio decreases by more than 0.3x). Here the decrease is 0.327x, which is slightly more than 0.3x.

But wait - let me re-read the definition: "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."

Hmm, this wording is a bit confusing. Let me parse it:
- "Stable" means the gap (absolute difference) is within ±0.3x, i.e., |change| ≤ 0.3x
- "Improving" means the gap is lower than 0.3x... but "lower" in what sense?

Actually, re-reading: "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving" - this seems to mean if the ratio itself decreases (negative change) by more than 0.3x, it's improving. If the ratio increases by more than 0.3x, it's deteriorating.

So:
- Change = 2022 ratio - 2021 ratio = 1.727 - 2.054 = -0.327x
- |change| = 0.327x

Since 0.327x > 0.3x, and the change is negative (ratio decreased), this would be "Improving" (since lower net debt/EBITDA is better).

But wait, let me re-check if I should use 2021-2022 and 2022-2023 as the comparison years. The user asks for "2022" trend, comparing years 2022 and 2023. But the data given is for periods ending 2022-01-01 and 2023-01-01, which represent end of 2021 and end of 2022.

Actually, looking more carefully at the flow items: "2022-01-01 - 2023-01-01" represents the year 2022. And "2021-01-01 - 2022-01-01" represents the year 2021.

So the balance sheet points 2022-01-01 and 2023-01-01 correspond to start of 2022 and start of 2023 (end of 2022).

For the ratio calculation, I need:
- Net Debt at end of 2021 (start of 2022) vs EBITDA for 2021
- Net Debt at end of 2022 (start of 2023) vs EBITDA for 2022

Actually, for leverage ratios, typically we use year-end debt with that year's EBITDA, or sometimes average debt. Let me assume point-in-year debt with same-year EBITDA.

So my calculation should be:
- 2021: Net Debt at end of 2021 / EBITDA for 2021
- 2022: Net Debt at end of 2022 / EBITDA for 2022

Which is what I did: 2.054x for 2021 and 1.727x for 2022.

But wait - I need to check if S&P includes other items in debt. Let me also check if there are other debt-like items:

Looking at the balance sheet, I should also consider:
- "Current Derivative Financial Liabilities" and "Noncurrent Derivative Financial Liabilities" - these are typically not included in debt for leverage calculations as they're operational hedging
- "Non Current Tax Equity Liabilities" and "Current Tax Equity Liabilities" - these are tax equity partner liabilities, which might need consideration

Actually, for S&P adjusted leverage, tax equity liabilities are often included as debt-like obligations. Let me check:

"Non Current Tax Equity Liabilities" 2022-01-01: 13,358,000,000; 2023-01-01: 14,490,000,000
"Current Tax Equity Liabilities" 2022-01-01: 1,206,000,000; 2023-01-01: 1,903,000,000

If I include these:
- Gross Debt 2021: 58,527 + 13,358 + 1,206 = 73,091,000,000
- Gross Debt 2022: 71,547 + 14,490 + 1,903 = 87,940,000,000

Net Debt 2021: 73,091 - 8,614 = 64,477,000,000; ratio = 2.654x
Net Debt 2022: 87,940 - 16,175 = 71,765,000,000; ratio = 2.239x

Change: 2.239 - 2.654 = -0.415x, which is more negative than -0.3x, so "Improving".

But actually, S&P methodology for renewable energy companies typically excludes tax equity from adjusted debt because it's non-recourse project financing. Let me stick with my original calculation or check if there's more guidance.

Actually, looking at Ørsted's business (offshore wind developer), tax equity partnerships are common in US projects. S&P Global Ratings typically includes non-recourse project debt in their adjusted debt calculations but may treat tax equity differently.

Let me also verify my EBITDA figure. The item is "Profit Loss From Operating Activities Before Interest Taxes Depreciation And Amortisation Expense" which is clearly EBITDA.

Let me recalculate more carefully:

**2021 (using 2021-01-01 to 2022-01-01 flows and 2022-01-01 balance sheet):**
- EBITDA: 24,296,000,000
- Longterm Borrowings: 31,502,000,000
- Shortterm Borrowings: 19,493,000,000
- Noncurrent Lease Liabilities: 6,812,000,000
- Current Lease Liabilities: 720,000,000
- Gross Debt: 58,527,000,000
- Cash and Cash Equivalents: 8,614,000,000
- Net Debt: 49,913,000,000
- Net Debt/EBITDA: 2.054x

**2022 (using 2022-01-01 to 2023-01-01 flows and 2023-01-01 balance sheet):**
- EBITDA: 32,057,000,000
- Longterm Borrowings: 60,451,000,000
- Shortterm Borrowings: 2,830,000,000
- Noncurrent Lease Liabilities: 7,697,000,000
- Current Lease Liabilities: 569,000,000
- Gross Debt: 71,547,000,000
- Cash and Cash Equivalents: 16,175,000,000
- Net Debt: 55,372,000,000
- Net Debt/EBITDA: 1.727x

Difference: 1.727 - 2.054 = -0.327x

The absolute difference is 0.327x, which is just barely above 0.3x. Given the definition says "among ±0.3x" for stable, and "lower than 0.3x" for improving... 

Wait, I need to re-read more carefully: "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."

This seems to say: if the gap (change) is between -0.3x and +0.3x, it's Stable. If the gap is lower than -0.3x (i.e., more negative than -0.3x, meaning ratio decreased by more than 0.3x), it's Improving. If higher than +0.3x (ratio increased by more than 0.3x), it's Deteriorating.

My calculation shows -0.327x, which is slightly more negative than -0.3x. So this would be "Improving".

But let me double-check by considering if I should use "Cash" instead of "Cash And Cash Equivalents":

Using "Cash":
- 2022-01-01: 8,624,000,000
- 2023-01-01: 16,178,000,000

Net Debt 2021: 58,527 - 8,624 = 49,903,000,000; ratio = 2.054x
Net Debt 2022: 71,547 - 16,178 = 55,369,000,000; ratio = 1.727x

Same result essentially.

Let me also check if I missed any debt items. Looking at current and non-current liabilities that might be debt-like:

- "Noncurrent Contract Liabilities" - these are deferred revenue, not debt
- "Current Contract Liabilities" - deferred revenue, not debt
- "Trade And Other Current Payables To Trade Suppliers" - trade payables, not debt
- "Other Current Payables" - operating liabilities, not debt
- "Other Noncurrent Payables" - need to check if these are debt-like

Actually, let me check "Other Noncurrent Payables":
- 2022-01-01: 4,682,000,000
- 2023-01-01: 7,363,000,000

These could include various items. Without more detail, I'll assume they're not financial debt.

Also, I should check if there are any deposits or restricted cash that should be excluded from cash. The data doesn't suggest this.

Given my calculation of -0.327x, this is very close to the -0.3x boundary. However, the instructions say "lower than 0.3x is improving" - and -0.327x is lower than -0.3x.

Actually, re-reading once more: "Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving."

I think "lower than 0.3x" means the gap is less than 0.3x in absolute value? No, that doesn't make sense with the prior sentence. Or does it mean the new ratio is lower than the old ratio by more than 0.3x?

Actually, I think the most natural reading 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)

My gap is -0.327x, which is < -0.3x, so Improving.

But wait - 0.327 is very close to 0.3. Could rounding affect this? Let me recheck with more precision:

Net Debt 2021: 49,913,000,000 / 24,296,000,000 = 2.05445...
Net Debt 2022: 55,372,000,000 / 32,057,000,000 = 1.72730...

Gap: 1.72730 - 2.05445 = -0.32715...

This is clearly more negative than -0.3. So "Improving".

However, I want to double-check if I should include hybrid capital. S&P typically treats hybrid capital as 50% equity and 50% debt, or sometimes 100% equity depending on the instrument features. Looking at the data:

"Hybrid Capital" 2022-01-01: 17,984,000,000; 2023-01-01: 19,793,000,000

If treated as 50% debt:
- Additional debt 2021: 8,992,000,000
- Additional debt 2022: 9,896,500,000

Net Debt 2021: 49,913 + 8,992 = 58,905; ratio = 2.425x
Net Debt 2022: 55,372 + 9,897 = 65,269; ratio = 2.036x

Gap: 2.036 - 2.425 = -0.389x, still Improving.

If treated as 100% debt:
Net Debt 2021: 67,905; ratio = 2.795x
Net Debt 2022: 75,165; ratio = 2.345x
Gap: -0.450x, still Improving.

In all cases, the ratio is improving. The direction is clear - EBITDA grew much faster (32% growth) than net debt (11% growth), so leverage is improving.

Let me also verify by checking if there are any other interpretations. The user mentions "S&P's adjusted leverage trend for 2022". This is looking at the trend during 2022, comparing 2022 to 2021.

One more check: should I use 2022 and 2023 as labeled in the question, or 2021 and 2022 as per the data? The data has periods "2022-01-01 - 2023-01-01" which is the 2022 fiscal year, and "2021-01-01 - 2022-01-01" which is the 2021 fiscal year. The balance sheet dates 2022-01-01 and 2023-01-01 correspond to the start of these periods (end of prior year).

So my comparison of 2021 vs 2022 fiscal years is correct.

Final verification of the numbers:
- EBITDA 2021: 24,296,000,000 ✓
- EBITDA 2022: 32,057,000,000 ✓
- Cash 2021-end: 8,614,000,000 ✓
- Cash 2022-end: 16,175,000,000 ✓
- Debt 2021-end: 31,502 + 19,493 + 6,812 + 720 = 58,527 ✓
- Debt 2022-end: 60,451 + 2,830 + 7,697 + 569 = 71,547 ✓

Net Debt/EBITDA 2021: 2.054x
Net Debt/EBITDA 2022: 1.727x
Gap: -0.327x

Since -0.327x < -0.3x, the trend is **Improving**.

<answer>Improving</answer>