Table:
| USDm | 2019 | 2018 | 2017 |
| --- | --- | --- | --- |
| Cash and cash equivalents, including restricted cash | 72.5 | 127.4 | 134.2 |
| Undrawn credit facilities | 173.1 | 278.7 | 270.7 |
| Liquidity | 245.6 | 406.1 | 404.9 |
Paragraphs:
ALTERNATIVE PERFORMANCE MEASURES – continued
Liquidity: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities.
TORM finds the APM important as the liquidity expresses TORM’s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM’s ability to act and invest when possibilities occur.
Question:
How does TORM define liquidity?
Answer: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities