I need to calculate Net Debt / EBITDA for 2022 and 2023 to determine the trend. First, let me identify the relevant figures: **EBITDA (Gross Operating Income EBITDA):** - 2022 (period 2021-01-01 to 2022-01-01): 1,428,000,000 EUR - 2023 (period 2022-01-01 to 2023-01-01): 1,505,000,000 EUR **Net Debt calculation:** Net Debt = Total Debt - Cash and Cash Equivalents I need to find total debt. From the balance sheet, debt components are: - Other Noncurrent Financial Liabilities - Other Current Financial Liabilities **Debt:** - 2022-01-01: Noncurrent financial liabilities 4,322,000,000 + Current financial liabilities 746,000,000 = 5,068,000,000 EUR - 2023-01-01: Noncurrent financial liabilities 5,867,000,000 + Current financial liabilities 1,022,000,000 = 6,889,000,000 EUR **Cash and Cash Equivalents:** - 2022-01-01: 964,000,000 EUR - 2023-01-01: 2,584,000,000 EUR **Net Debt:** - 2022-01-01: 5,068,000,000 - 964,000,000 = 4,104,000,000 EUR - 2023-01-01: 6,889,000,000 - 2,584,000,000 = 4,305,000,000 EUR **Net Debt / EBITDA:** - 2022: 4,104,000,000 / 1,428,000,000 = 2.874x - 2023: 4,305,000,000 / 1,505,000,000 = 2.860x **Year-on-year change:** Gap = 2.860 - 2.874 = -0.014x The gap is -0.014x, which is well within the ±0.3x range for "Stable" (specifically, it's less than 0.3x in absolute value, and negative indicating slight improvement). Wait - let me re-read the definition. "lower than 0.3x is improving" - this seems to mean if the gap is less than -0.3x (i.e., more negative than -0.3x), it's improving. But actually, re-reading: "the gap... is among ±0.3x and ±0.3x year on year" - this is Stable. "if the gap... is lower than 0.3x is improving" - I think this means if the absolute gap is less than 0.3x but negative, or if the ratio decreases by more than 0.3x? Actually, re-reading more carefully: "Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving. If higher is Deteriorating." I think "lower than 0.3x" means the change (2023 ratio - 2022 ratio) < -0.3x for improving, and > 0.3x for deteriorating. My gap is -0.014x, which is between -0.3x and +0.3x, so this is **Stable**. Actually wait - let me re-check. The definition says "among ± 0.3x and ± 0.3x" which is a bit confusing. I interpret this as: if |gap| ≤ 0.3x, it's Stable. My gap is -0.014x, and |−0.014| = 0.014 < 0.3, so this is Stable. Stable