I need to calculate Net Debt / EBITDA for both 2022 and 2023 (referring to the balance sheet dates and the income statement periods).

## Step 1: Calculate EBITDA

**EBITDA = Profit from Operating Activities + Depreciation & Amortisation**

For the period 2021-01-01 to 2022-01-01 (FY 2021):
- Operating Profit: 991,970M
- D&A: 522,114M
- EBITDA = 991,970 + 522,114 = 1,514,084M

For the period 2022-01-01 to 2023-01-01 (FY 2022):
- Operating Profit: 961,554M
- D&A: 544,992M
- EBITDA = 961,554 + 544,992 = 1,506,546M

Note: S&P typically adjusts EBITDA, but I'll use a simplified approach. The equity method income (50,405M and 29,546M) is already included in operating profit based on the structure shown. Let me check - looking at the income statement, "Participacion En Beneficios" appears to be included before operating profit. So EBITDA as calculated above should include it.

## Step 2: Calculate Net Debt

**Net Debt = Total Financial Liabilities (current + noncurrent borrowings) - Cash and Cash Equivalents - Current Financial Assets**

At 2022-01-01 (end of FY 2021):
- Noncurrent Financial Liabilities: 5,953,434M
- Current Financial Liabilities: 2,144,425M
- Total Debt = 5,953,434 + 2,144,425 = 8,097,859M
- Cash: 1,574,427M
- Other Current Financial Assets: 25,401M
- Net Debt = 8,097,859 - 1,574,427 - 25,401 = 6,498,031M

At 2023-01-01 (end of FY 2022):
- Noncurrent Financial Liabilities: 5,543,755M
- Current Financial Liabilities: 1,705,277M
- Total Debt = 5,543,755 + 1,705,277 = 7,249,032M
- Cash: 794,824M
- Other Current Financial Assets: 752,505M
- Net Debt = 7,249,032 - 794,824 - 752,505 = 5,701,703M

## Step 3: Calculate Net Debt / EBITDA

FY 2021 (balance sheet at 2022-01-01, income for 2021-01-01 to 2022-01-01):
- Net Debt / EBITDA = 6,498,031 / 1,514,084 = 4.29x

FY 2022 (balance sheet at 2023-01-01, income for 2022-01-01 to 2023-01-01):
- Net Debt / EBITDA = 5,701,703 / 1,506,546 = 3.78x

## Step 4: Determine the Trend

Change = 3.78x - 4.29x = -0.51x

The ratio decreased by 0.51x, which is more than 0.3x improvement. This indicates an **Improving** trend.

However, let me reconsider whether S&P would include "Other Current Financial Liabilities" (like trade payables classified as financial) or just borrowings. Let me use just borrowings:

At 2022-01-01: Longterm Borrowings (5,896,170) + Current Borrowings (1,391,722) = 7,287,892
Net Debt = 7,287,892 - 1,574,427 - 25,401 = 5,688,064
Ratio = 5,688,064 / 1,514,084 = 3.76x

At 2023-01-01: Longterm Borrowings (5,491,124) + Current Borrowings (721,845) = 6,212,969
Net Debt = 6,212,969 - 794,824 - 752,505 = 4,665,640
Ratio = 4,665,640 / 1,506,546 = 3.10x

Change = 3.10 - 3.76 = -0.66x → Improving

Either way, the leverage improved by more than 0.3x.

<answer>Improving</answer>