**Step‑by‑step estimation**

| Item (€ million) | 2021 | 2022 |
|---|---|---|
| Profit from operating activities (EBIT) | 611.7 | 533.8 |
| + Depreciation & amortisation (cash‑flow adjust.) | 469.9 | 478.6 |
| + Allocation to provisions (non‑cash) | 142.2 | 188.5 |
| = EBITDA | **1 223.8** | **1 200.9** |
| + Share of profit of JVs (equity method) | +13.2 | +10.0 |
| – Capital gains (non‑recurring) | –25.5 | –41.6 |
| = Adjusted EBITDA | **1 211.5** | **1 169.3** |

*No lease‑expense adjustment is made because the company’s lease obligations are small and the data do not provide a separate rent figure.*

---

**Step 3 – FFO**

| Item (€ million) | 2021 | 2022 |
|---|---|---|
| Adjusted EBITDA | 1 211.5 | 1 169.3 |
| – Cash interest (finance costs paid – finance income received) | –63.6 | –86.2 |
| – Cash taxes (income taxes paid) | –156.3 | –165.9 |
| = FFO | **991.6** | **917.2** |

---

**Step 4 – Adjusted Debt**

| Item (€ million) | 2021 | 2022 |
|---|---|---|
| Financial liabilities (non‑current + current) | 4 215.7 | 6 340.0 |
| + Lease liabilities (non‑current + current) | 96.6 | 76.4 |
| + Pension deficit (non‑current employee‑benefit provision) | 105.4 | 92.0 |
| – Cash & cash equivalents | –885.6 | –1 942.4 |
| = Adjusted Debt | **3 532.1** | **4 566.0** |

---

**Step 5 – Leverage ratio (Adjusted Debt / Adjusted EBITDA)**  

- 2021: 3 532.1 / 1 211.5 = **2.92 ×**  
- 2022: 4 566.0 / 1 169.3 = **3.91 ×**  

Change = 3.91 – 2.92 = +0.99 × → **Deteriorating** (≥ +0.2 ×).

---

**Step 6 – Cash‑flow coverage ratio (FFO / Adjusted Debt)**  

- 2021: 991.6 / 3 532.1 = **0.281**  
- 2022: 917.2 / 4 566.0 = **0.201**  

Change = 0.201 – 0.281 = –0.080 → **Deteriorating** (≤ –0.03).

---

**Step 12 – Combined signal**

Both signals (leverage and coverage) point to **Deteriorating**.  

Hence the credit trend from 2021 to 2022 is:

<answer>Deteriorating</answer>