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

## Step 1: Calculate Net Debt

**Net Debt = Total Borrowings - Cash and Cash Equivalents**

For 2023-01-01 (end of 2022):
- Long-term Borrowings: 1,695,362,000
- Current Borrowings: 638,944,000
- Total Borrowings: 2,334,306,000
- Cash: 365,292,000
- **Net Debt = 2,334,306,000 - 365,292,000 = 1,969,014,000**

For 2022-01-01 (end of 2021):
- Long-term Borrowings: 2,390,852,000
- Current Borrowings: 375,221,000
- Total Borrowings: 2,766,073,000
- Cash: 398,759,000
- **Net Debt = 2,766,073,000 - 398,759,000 = 2,367,314,000**

## Step 2: Calculate EBITDA

**EBITDA = Operating Profit + Depreciation & Amortization**

For 2022 (2022-01-01 to 2023-01-01):
- Operating Profit: 239,721,000
- D&A: 249,276,000
- **EBITDA = 239,721,000 + 249,276,000 = 488,997,000**

For 2021 (2021-01-01 to 2022-01-01):
- Operating Profit: 218,863,000
- D&A: 241,940,000
- **EBITDA = 218,863,000 + 241,940,000 = 460,803,000**

## Step 3: Calculate Net Debt / EBITDA

For S&P adjusted leverage, I should note that the "Asset/Liability Related To The Transitional Gas Price Stabilization Regime" of 1,000,000,000 appears on both sides and nets out, so it shouldn't affect the leverage calculation materially.

**2022 (using end-2022 net debt / 2022 EBITDA):**
Net Debt/EBITDA = 1,969,014,000 / 488,997,000 = **4.03x**

**2021 (using end-2021 net debt / 2021 EBITDA):**
Net Debt/EBITDA = 2,367,314,000 / 460,803,000 = **5.14x**

## Step 4: Determine Trend

Change = 4.03x - 5.14x = -1.11x

The ratio decreased by about 1.1x, which is more than 0.3x improvement.

This indicates **Improving** leverage.

<answer>Improving</answer>