I need to calculate Net Debt / EBITDA for both 2022 (as of 2022-01-01 balance sheet) and 2023 (as of 2023-01-01 balance sheet).

## Step 1: Calculate EBITDA

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

For FY2022 (period 2022-01-01 to 2023-01-01):
- Operating Profit: 1,333,500,000
- D&A: 725,700,000
- EBITDA = 1,333,500,000 + 725,700,000 = 2,059,200,000

For FY2021 (period 2021-01-01 to 2022-01-01):
- Operating Profit: 1,200,400,000
- D&A: 654,400,000
- EBITDA = 1,200,400,000 + 654,400,000 = 1,854,800,000

## Step 2: Calculate Net Debt

**Net Debt = Long-term Borrowings + Short-term Borrowings + Current Portion of Long-term Borrowings - Cash and Cash Equivalents - Current Financial Assets**

Note: For S&P adjusted leverage, I should also consider that the hybrid bond (989M EUR issued in FY2022) typically receives partial equity credit from S&P. However, let me first calculate without adjustment, then consider.

**As of 2023-01-01 (end of FY2022):**
- Long-term Borrowings: 8,416,700,000
- Short-term Borrowings: 444,100,000
- Current Portion of LT Borrowings: 1,909,300,000
- Total Debt: 10,770,100,000
- Cash: 2,155,100,000
- Current Financial Assets: 255,300,000
- Net Debt = 10,770,100,000 - 2,155,100,000 - 255,300,000 = 8,359,700,000

**As of 2022-01-01 (end of FY2021):**
- Long-term Borrowings: 8,835,000,000
- Short-term Borrowings: 1,947,000,000
- Current Portion of LT Borrowings: 1,640,000,000
- Total Debt: 12,422,000,000
- Cash: 1,566,800,000
- Current Financial Assets: 980,600,000
- Net Debt = 12,422,000,000 - 1,566,800,000 - 980,600,000 = 9,874,600,000

## Step 3: Calculate Net Debt / EBITDA

**FY2022 (2023-01-01 balance sheet / FY2022 EBITDA):**
- 8,359,700,000 / 2,059,200,000 = 4.06x

**FY2021 (2022-01-01 balance sheet / FY2021 EBITDA):**
- 9,874,600,000 / 1,854,800,000 = 5.32x

## Step 4: Calculate the gap

Gap = 4.06x - 5.32x = -1.26x

The ratio decreased by about 1.26x, which is a significant improvement (more than 0.3x decrease).

Even if I consider S&P's typical 50% equity credit for hybrid bonds (removing ~494.5M from debt for FY2022), the net debt would be approximately 7,865,200,000, giving a ratio of ~3.82x, which would be an even larger improvement.

The leverage clearly improved significantly year-on-year.

<answer>Improving</answer>