I need to calculate Net Debt / EBITDA for both years and compare them.

## Step 1: Calculate Net Debt

**Net Debt = Total Borrowings (current + noncurrent) + Lease Liabilities - Cash and Cash Equivalents**

For 2023-01-01 (end of 2022):
- Noncurrent borrowings: 10,776M
- Current borrowings: 877M
- Noncurrent lease liabilities: 120M
- Current lease liabilities: 64M
- Cash and cash equivalents: 5,130M
- Net Debt = 10,776 + 877 + 120 + 64 - 5,130 = 6,707M

For 2022-01-01 (end of 2021):
- Noncurrent borrowings: 9,513M
- Current borrowings: 1,096M
- Noncurrent lease liabilities: 115M
- Current lease liabilities: 58M
- Cash and cash equivalents: 5,536M
- Net Debt = 9,513 + 1,096 + 115 + 58 - 5,536 = 5,246M

## Step 2: Calculate EBITDA

EBITDA ≈ Operating Profit + Depreciation & Amortization

For 2022 (2022-01-01 to 2023-01-01):
- Profit from operations before impairment and disposals: 429M
- Amortisation expense: 299M
- EBITDA = 429 + 299 = 728M (which matches Gross Profit)

Wait, let me reconsider. The "Gross Profit" here is 728M and equals Revenue - Operating Expense (7,553 - 6,825 = 728M). The amortization is then subtracted to get "Profit from Operations Before Impairment" = 429M.

So EBITDA = Profit from Operations Before Impairment + Amortisation = 429 + 299 = 728M for 2022.

For 2021 (2021-01-01 to 2022-01-01):
- Profit from operations before impairment and disposals: 340M
- Amortisation expense: 270M
- EBITDA = 340 + 270 = 610M

## Step 3: Calculate Net Debt / EBITDA

For 2022 (using end-2022 balance sheet and 2022 income):
Net Debt / EBITDA = 6,707 / 728 = 9.21x

For 2021 (using end-2021 balance sheet and 2021 income):
Net Debt / EBITDA = 5,246 / 610 = 8.60x

## Step 4: Determine Trend

Change = 9.21x - 8.60x = +0.61x

Since the ratio increased by more than 0.3x, leverage is **deteriorating**.

Note: This is a highly leveraged infrastructure company with significant project finance debt. Even if we consider S&P adjustments (which might exclude non-recourse project finance debt), let me check:

If excluding infrastructure project debt:
- End 2022: Non-infra noncurrent debt: 2,883M + Non-infra current debt: 803M + Lease liabilities: 184M - Cash ex-infra: 4,962M = -1,092M (net cash)
- End 2021: 2,151M + 1,049M + 173M - 5,329M = -1,956M (net cash)

Net cash decreased from 1,956M to 1,092M, a deterioration of 864M. With EBITDA around 728M vs 610M, the ratios would be negative (net cash position), but the position worsened.

Even with the full consolidated view, the leverage ratio increased by ~0.6x, which exceeds the 0.3x threshold for stability.

<answer>Deteriorating</answer>