I need to calculate Net Debt / EBITDA for both 2022 and 2023 (referring to the balance sheet dates 2022-01-01 and 2023-01-01, which represent end of 2021 and end of 2022 respectively, and the income statement periods).

Let me clarify the timeline:
- Balance sheet "2022-01-01" = end of fiscal year 2021 (beginning of 2022)
- Balance sheet "2023-01-01" = end of fiscal year 2022 (beginning of 2023)
- Income statement "2021-01-01 - 2022-01-01" = fiscal year 2021
- Income statement "2022-01-01 - 2023-01-01" = fiscal year 2022

**Net Debt Calculation:**

Net Debt = Total Borrowings (long-term + short-term) + Lease Liabilities - Cash and Cash Equivalents

For end of 2022 (2023-01-01):
- Long-term Borrowings: 12,689M
- Current Borrowings: 2,110M
- Noncurrent Lease Liabilities: 1,309M
- Current Lease Liabilities: 177M
- Cash: 3,985M
- Net Debt = 12,689 + 2,110 + 1,309 + 177 - 3,985 = 12,300M

For end of 2021 (2022-01-01):
- Long-term Borrowings: 13,786M
- Current Borrowings: 1,493M
- Noncurrent Lease Liabilities: 1,325M
- Current Lease Liabilities: 196M
- Cash: 3,965M
- Net Debt = 13,786 + 1,493 + 1,325 + 196 - 3,965 = 12,835M

**EBITDA:**
- FY 2022 (2022-01-01 - 2023-01-01): 4,954M
- FY 2021 (2021-01-01 - 2022-01-01): 3,529M

**Net Debt / EBITDA:**

For the ratio, I should match the end-of-year balance sheet with the corresponding fiscal year's EBITDA.

FY 2022: Net Debt (end 2022) / EBITDA (FY 2022) = 12,300 / 4,954 = 2.48x

FY 2021: Net Debt (end 2021) / EBITDA (FY 2021) = 12,835 / 3,529 = 3.64x

**Change:** 2.48x - 3.64x = -1.16x

The ratio decreased by about 1.16x, which is a significant improvement (more than 0.3x decrease). The leverage ratio went from 3.64x to 2.48x, showing clear improvement.

<answer>Improving</answer>