TP $100, page-365

Yes, some of what you have said is correct. However there are other considerations that needs to be considered. Increase non current debt of $.9B has resulted in Net capital employed increasing by $.9 B. What does that mean?
Company has invested heavily for future benefits. Investments in developing systems, technology, trained staff are now in place in countries like Germany, France and Japan for further expansion as the management keep reminding us. Incremental increase in revenue and profit has to be higher % than capital employed thus debt requirements will be the same.
Of course with higher rates company will have to manage it extremely well. I listen to US results yesterday and they are confident of picking up 20% of aggregate market of $5B through Uber and other engagements.Similar number is predicted for countries with Uber & similar infrastructure.
DMP management keeps reminding us about targeting 7300 stores by 2033. Even if they fall short by 20%, infrastructure of the organisation should make it much more efficient.