Table:
| USDm | 2019 | 2018 | 2017 |
| --- | --- | --- | --- |
| Borrowings | 863.4 | 754.7 | 753.9 |
| Loans receivables | -4.6 | - | - |
| Cash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2 |
| Net interest-bearing debt | 786.3 | 627.3 | 619.7 |
Paragraphs:
ALTERNATIVE PERFORMANCE MEASURES
Net interest-bearing debt:
Net interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company’s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:
Question:
What does TORM believe net interest-bearing debt to be?
Answer: a relevant measure which Management uses to measure the overall development of the use of financing, other than equity