I need to calculate Net Debt / EBITDA for 2022 and 2021 (using year-end 2023 and 2022 balance sheet dates) to determine the trend.

## Step 1: Calculate EBITDA for each year

EBITDA = Profit Loss From Operating Activities + Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss

**2022 (year ended 2023-01-01):**
- Profit Loss From Operating Activities: 1,333,500,000 EUR
- Depreciation Amortisation And Impairment: 725,700,000 EUR
- EBITDA 2022 = 1,333,500,000 + 725,700,000 = **2,059,200,000 EUR**

**2021 (year ended 2022-01-01):**
- Profit Loss From Operating Activities: 1,200,400,000 EUR
- Depreciation Amortisation And Impairment: 654,400,000 EUR
- EBITDA 2021 = 1,200,400,000 + 654,400,000 = **1,854,800,000 EUR**

## Step 2: Calculate Net Debt for each year-end

Net Debt = Total Borrowings - Cash And Cash Equivalents

Total Borrowings = Longterm Borrowings + Shortterm Borrowings + Current Portion Of Longterm Borrowings

**2022 year-end (2023-01-01):**
- Longterm Borrowings: 8,416,700,000 EUR
- Shortterm Borrowings: 444,100,000 EUR
- Current Portion Of Longterm Borrowings: 1,909,300,000 EUR
- Total Borrowings 2022 = 8,416,700,000 + 444,100,000 + 1,909,300,000 = 10,770,100,000 EUR
- Cash And Cash Equivalents: 2,155,100,000 EUR
- Net Debt 2022 = 10,770,100,000 - 2,155,100,000 = **8,615,000,000 EUR**

**2021 year-end (2022-01-01):**
- Longterm Borrowings: 8,835,000,000 EUR
- Shortterm Borrowings: 1,947,000,000 EUR
- Current Portion Of Longterm Borrowings: 1,640,000,000 EUR
- Total Borrowings 2021 = 8,835,000,000 + 1,947,000,000 + 1,640,000,000 = 12,422,000,000 EUR
- Cash And Cash Equivalents: 1,566,800,000 EUR
- Net Debt 2021 = 12,422,000,000 - 1,566,800,000 = **10,855,200,000 EUR**

## Step 3: Calculate Net Debt / EBITDA ratios

**2022 ratio:** 8,615,000,000 / 2,059,200,000 = **4.18x**

**2021 ratio:** 10,855,200,000 / 1,854,800,000 = **5.85x**

## Step 4: Calculate the gap (change in ratio)

Gap = 4.18 - 5.85 = **-1.67x** (or absolute gap of 1.67x)

The ratio decreased by 1.67x from 5.85x to 4.18x.

Since the gap is -1.67x (improvement of 1.67x), which is much larger than 0.3x in the improving direction, this is **Improving**.

<answer>Improving</answer>