I need to calculate the Net Debt / EBITDA ratio for 2022 and 2023 to determine the trend. First, let me identify the relevant figures: **EBITDA:** - 2022 (period 2022-01-01 to 2023-01-01): 13,228,000,000 EUR - 2021 (period 2021-01-01 to 2022-01-01): 12,006,000,000 EUR **Net Debt components:** For 2023-01-01 (end of 2022): - Cash and Cash Equivalents: 4,608,000,000 EUR - Current Financial Assets: 4,813,000,000 EUR (includes Other Current Financial Assets 2,964M + Current Derivative Financial Assets 1,849M) - Noncurrent Financial Assets: 10,508,000,000 EUR Let me calculate debt: - Noncurrent Financial Liabilities: 44,216,000,000 EUR - Current Financial Liabilities: 25,079,000,000 EUR Total Debt = 44,216,000,000 + 25,079,000,000 = 69,295,000,000 EUR Cash and liquid assets: - Cash and Cash Equivalents: 4,608,000,000 EUR - Other Current Financial Assets: 2,964,000,000 EUR (these are more liquid) Actually, let me think about what S&P typically includes. Net Debt usually = Total Debt - Cash and Cash Equivalents. For 2023-01-01: - Total Debt = Noncurrent Financial Liabilities + Current Financial Liabilities = 44,216 + 25,079 = 69,295 million EUR - Cash = 4,608 million EUR - Net Debt = 69,295 - 4,608 = 64,687 million EUR For 2022-01-01: - Total Debt = 37,175 + 21,297 = 58,472 million EUR - Cash = 4,033 million EUR - Net Debt = 58,472 - 4,033 = 54,439 million EUR Wait, let me recheck. The "Previously Stated Member" 2022-01-01 figures are for the beginning of 2022, which corresponds to end of 2021. For year-end 2022, I need 2023-01-01 figures. Actually, looking more carefully: - 2023-01-01 = end of 2022 - 2022-01-01 = end of 2021 (previously stated) So: **2022 year-end (2023-01-01):** - EBITDA for 2022: 13,228 million EUR - Total Debt: 44,216 + 25,079 = 69,295 million EUR - Cash and Cash Equivalents: 4,608 million EUR - Net Debt = 69,295 - 4,608 = 64,687 million EUR - Net Debt / EBITDA = 64,687 / 13,228 = 4.89x **2021 year-end (2022-01-01):** - EBITDA for 2021: 12,006 million EUR - Total Debt: 37,175 + 21,297 = 58,472 million EUR - Cash and Cash Equivalents: 4,033 million EUR - Net Debt = 58,472 - 4,033 = 54,439 million EUR - Net Debt / EBITDA = 54,439 / 12,006 = 4.53x Gap = 4.89 - 4.53 = 0.36x Since 0.36x > 0.3x, this is **Deteriorating**. Wait, let me double-check my debt calculation. Should I include all financial liabilities? Noncurrent Financial Liabilities 2023-01-01: 44,216 - This includes: Deudas Con Entidades De Credito YObligaciones UOtros Valores Negociables: 36,129 - Instrumentos De Capital Con Caracteristicas De Pasivo Financiero No Corriente: 576 - Noncurrent Derivative Financial Liabilities: 3,690 - Noncurrent Lease Liabilities: 2,287 - Other Noncurrent Financial Liabilities: 1,534 Current Financial Liabilities 2023-01-01: 25,079 - Deudas Con Entidades De Credito YObligaciones UOtros Valores Negociables Corrientes: 10,458 - Instrumentos De Capital Con Caracteristicas De Pasivo Financiero Corriente: 87 - Current Derivative Financial Liabilities: 3,398 - Current Lease Liabilities: 151 - Other Current Financial Liabilities: 5,058 For S&P adjusted leverage, they typically include debt-like items. But let me check if I should use a simpler approach. Actually, looking at standard practice, S&P Global Ratings typically adjusts certain items. But based on the data given, let me proceed with standard Net Debt = Total Financial Debt - Cash. Let me recalculate more carefully: 2022 (year ended 2023-01-01): - Total Financial Debt = 44,216 + 25,079 = 69,295 - Cash and Cash Equivalents = 4,608 - Net Debt = 64,687 - EBITDA = 13,228 - Ratio = 4.89x 2021 (year ended 2022-01-01): - Total Financial Debt = 37,175 + 21,297 = 58,472 - Cash and Cash Equivalents = 4,033 - Net Debt = 54,439 - EBITDA = 12,006 - Ratio = 4.53x Difference = 4.89 - 4.53 = +0.36x Since the gap is +0.36x, which is greater than +0.3x, the trend is **Deteriorating**. Deteriorating