Annual Report 2020

112 Consolidated Cash Flow Statement Annual Report 2020 Miramar Hotel and Investment Company, Limited 2020 2019 Note HK$’000 HK$’000 Net (decrease)/increase in cash and cash equivalents (648,099) 1,622,920 Cash and cash equivalents at 1 January 4,917,465 3,296,952 Effect of foreign exchange rate changes 6,741 (2,407) Cash and cash equivalents at 31 December 4,276,107 4,917,465 Analysis of the balances of cash and cash equivalents at 31 December Cash and bank balances 16(a) 5,050,300 5,252,640 Less: Time deposits with maturity more than three months (774,193) (335,175) 4,276,107 4,917,465 Consolidated cash flow statement (Continued) for the year ended 31 December 2020 The notes on pages 113 to 175 form part of these financial statements.