EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Nine Months Ended September 30, 2020 and 2019

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	September 30, 2020 (Unaudited)				December 31, 2019 (Audited)				September 30, 2019 (Unaudited)
	Amount		%		Amount		%		Amount		%
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	17,703		4	$	34,050		7	$	24,072		5
Financial assets at fair value through profit or loss		7		—		1		—		25		—
Hedging financial assets		8		—		—		—		—		—
Contract assets		5,170		1		4,441		1		4,517		1
Trade notes and accounts receivable, net		22,596		4		26,408		6		29,760		6
Receivables from related parties		690		—		17		—		19		—
Inventories		15,167		3		17,344		4		17,888		4
Prepayments		4,869		1		1,883		—		4,565		1
Other current monetary assets		5,576		1		7,498		2		7,997		2
Other current assets		3,367		1		2,430		—		2,497		1

Total current assets		75,153		15		94,072		20		91,340		20

NONCURRENT ASSETS
Financial assets at fair value through profit or loss		700		—		778		—		513		—
Financial assets at fair value through other comprehensive income		7,633		2		7,154		1		6,457		1
Investments accounted for using equity method		6,806		1		7,139		1		3,020		1
Contract assets		2,357		—		2,601		1		2,538		1
Property, plant and equipment		279,242		56		283,694		60		282,108		60
Right-of-use assets		11,159		3		11,364		2		11,351		2
Investment properties		8,171		2		8,169		2		8,267		2
Intangible assets		91,885		19		47,047		10		47,920		10
Deferred income tax assets		3,349		1		3,259		1		3,523		1
Incremental costs of obtaining contracts		976		—		943		—		961		—
Net defined benefit assets		2,285		—		2,128		—		843		—
Prepayments		2,341		—		2,679		1		2,762		1
Other noncurrent assets		5,191		1		6,101		1		5,889		1

Total noncurrent assets		422,095		85		383,056		80		376,152		80

	$	497,248		100	$	477,128		100	$	467,492		100


	September 30, 2020 (Unaudited)				December 31, 2019 (Audited)				September 30, 2019 (Unaudited)
	Amount		%		Amount		%		Amount		%
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans	$	75		—	$	90		—	$	90		—
Short-term bills payable		11,991		2		—		—		—		—
Financial liabilities at fair value through profit or loss		—		—		—		—		2		—
Contract liabilities		16,184		3		16,840		3		16,417		4
Trade notes and accounts payable		13,256		4		15,312		3		16,932		4
Payables to related parties		494		—		654		—		379		—
Current tax liabilities		3,934		1		5,812		1		7,553		2
Lease liabilities		3,272		1		3,291		1		3,248		1
Other payables		22,190		4		22,953		5		20,092		4
Provisions		240		—		207		—		249		—
Current portion of long-term loans		1,600		—		—		—		—		—
Other current liabilities		956		—		984		—		1,000		—

Total current liabilities		74,192		15		66,143		13		65,962		15

NONCURRENT LIABILITIES
Long-term loans		—		—		1,600		—		1,600		—
Bonds payable		19,979		4		—		—		—		—
Contract liabilities		6,508		2		6,841		2		6,803		2
Deferred income taxes liabilities		1,954		—		1,912		—		1,941		—
Provisions		105		—		97		—		85		—
Lease liabilities		6,300		1		6,467		2		6,339		1
Customers’ deposits		4,702		1		4,748		1		4,646		1
Net defined benefit liabilities		3,613		1		3,505		1		3,663		1
Other noncurrent liabilities		1,803		—		1,543		—		1,496		—

Total noncurrent liabilities		44,964		9		26,713		6		26,573		5

Total liabilities		119,156		24		92,856		19		92,535		20

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT
Common stocks		77,574		16		77,574		16		77,574		17

Additional paid-in capital		149,784		30		149,762		31		149,763		32

Retained earnings
Legal reserve		77,574		16		77,574		16		77,574		17
Special reserve		2,676		1		2,676		1		2,676		-
Unappropriated earnings		58,829		11		65,984		14		57,471		12

Total retained earnings		139,079		28		146,234		31		137,721		29

Others		869		—		587		—		22		—

Total equity attributable to stockholders of the parent		367,306		74		374,157		78		365,080		78

NONCONTROLLING INTERESTS		10,786		2		10,115		3		9,877		2

Total equity		378,092		76		384,272		81		374,957		80

TOTAL	$	497,248		100	$	477,128		100	$	467,492		100

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)


	Three Months Ended September 30										Nine Months Ended September 30
	2020					2019					2020					2019
	Amount			%		Amount			%		Amount			%		Amount			%
REVENUES	$	52,171			100	$	50,848			100	$	148,129			100	$	152,287			100
OPERATING COSTS		34,506			67		33,019			65		94,698			64		98,767			65

GROSS PROFIT		17,665			33		17,829			35		53,431			36		53,520			35

OPERATING EXPENSES
Marketing		5,143			9		5,579			11		15,393			10		16,470			11
General and administrative		1,150			2		1,123			2		3,512			2		3,435			2
Research and development		981			2		1,089			2		2,878			2		2,964			2
Expected credit loss (reversal of credit loss)		(45	)		—		10			—		59			—		(92	)		—

Total operating expenses		7,229			13		7,801			15		21,842			14		22,777			15

OTHER INCOME AND EXPENSES		286			1		(19	)		—		274			—		(28	)		—

INCOME FROM OPERATIONS		10,722			21		10,009			20		31,863			22		30,715			20

NON-OPERATING INCOME AND EXPENSES
Interest income		21			—		67			—		93			—		197			—
Other income		87			—		144			—		417			—		479			—
Other gains and losses		(53	)		—		47			—		(82	)		—		144			—
Interest expenses		(58	)		—		(26	)		—		(148	)		—		(78	)		—
Share of profits of associates accounted for using equity method		101			—		189			—		275			—		414			—

Total non-operating income and expenses		98			—		421			—		555			—		1,156			—

INCOME BEFORE INCOME TAX		10,820			21		10,430			20		32,418			22		31,871			20
INCOME TAX EXPENSE		2,563			5		2,423			4		5,865			4		5,503			3

NET INCOME		8,257			16		8,007			16		26,553			18		26,368			17

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
Items that will not be reclassified to profit or loss:
Unrealized gain or loss on investments in equity instruments at fair value through other comprehensive income		725			1		(192	)		—		395			—		(475	)		—
Gain or loss on hedging instruments subject to basis adjustment		6			—		(2	)		—		8			—		(1	)		—
Share of remeasurements of defined benefit pension plans of associates		—			—		—			—		—			—		—			—

		731			1		(194	)		—		403			—		(476	)		—

Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		(52	)		—		(17	)		—		(132	)		—		46			—

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)


	Three Months Ended September 30										Nine Months Ended September 30
	2020					2019					2020					2019
	Amount			%		Amount			%		Amount			%		Amount			%
Share of exchange differences arising from the translation of the foreign operations of associates	$	(2	)		—	$	—			—	$	(3	)		—	$	—			—
Income tax relating to items that may be reclassified subsequently to profit or loss		—			—		—			—		—			—		—			—

		(54	)		—		(17	)		—		(135	)		—		46			—

Total other comprehensive income (loss), net of income tax		677			1		(211	)		—		268			—		(430	)		—

TOTAL COMPREHENSIVE INCOME	$	8,934			17	$	7,796			16	$	26,821			18	$	25,938			17

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	7,897			15	$	7,669			16	$	25,628			17	$	25,642			17
Noncontrolling interests		360			1		338			—		925			1		726			—

	$	8,257			16	$	8,007			16	$	26,553			18	$	26,368			17

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,578			16	$	7,465			16	$	25,910			17	$	25,204			17
Noncontrolling interests		356			1		331			—		911			1		734			—

	$	8,934			17	$	7,796			16	$	26,821			18	$	25,938			17

EARNINGS PER SHARE
Basic	$	1.02				$	0.99				$	3.31				$	3.31

Diluted	$	1.02				$	0.99				$	3.30				$	3.30

(Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Millions of New Taiwan Dollars)

(Unaudited)


	Equity Attributable to Stockholders of the Parent
																Other Adjustments
																Exchange
																Differences
																Arising			Unrealized
																from the			Gain or Loss									Total Equity
						Retained Earnings										Translation of			on Financial			Gain or Loss on						Attributable to
			Additional					Special		Unappropriated			Total Retained			the Foreign			Assets at			Hedging			Total Other			Stockholders			Noncontrolling
	Common Stocks		Paid-in Capital			Legal Reserve		Reserve		Earnings			Earnings			Operations			FVOCI			Instruments			Adjustments			of the Parent			Interests			Total Equity
BALANCE, JANUARY 1, 2019	$	77,574	$	149,762		$	77,574	$	2,676	$	66,575		$	146,825		$	(79	)	$	538		$	1		$	460		$	374,621		$	9,837		$	384,458
Appropriation of 2018 earnings
Cash dividends distributed by Chunghwa		—		—			—		—		(34,746	)		(34,746	)		—			—			—			—			(34,746	)		—			(34,746	)
Cash dividends distributed by subsidiaries		—		—			—		—		—			—			—			—			—			—			—			(710	)		(710	)
Unclaimed dividend		—		2			—		—		—			—			—			—			—			—			2			—			2
Net income for the nine months ended September 30, 2019		—		—			—		—		25,642			25,642			—			—			—			—			25,642			726			26,368
Other comprehensive income (loss) for the nine months ended September 30, 2019		—		—			—		—		—			—			27			(464	)		(1	)		(438	)		(438	)		8			(430	)

Total comprehensive income (loss) for the nine months ended September 30, 2019		—		—			—		—		25,642			25,642			27			(464	)		(1	)		(438	)		25,204			734			25,938

Share-based payment transactions of subsidiaries		—		(1	)		—		—		—			—			—			—			—			—			(1	)		17			16
Net decrease in noncontrolling interests		—		—			—		—		—			—			—			—			—			—			—			(1	)		(1	)

BALANCE, SEPTEMBER 30, 2019	$	77,574	$	149,763		$	77,574	$	2,676	$	57,471		$	137,721		$	(52	)	$	74		$	—		$	22		$	365,080		$	9,877		$	374,957

BALANCE, JANUARY 1, 2020	$	77,574	$	149,762		$	77,574	$	2,676	$	65,984		$	146,234		$	(148	)	$	735		$	—		$	587		$	374,157		$	10,115		$	384,272
Appropriation of 2019 earnings
Cash dividends distributed by Chunghwa		—		—			—		—		(32,783	)		(32,783	)		—			—			—			—			(32,783	)		—			(32,783	)
Cash dividends distributed by subsidiaries		—		—			—		—		—			—			—			—			—			—			—			(775	)		(775	)
Unclaimed dividend		—		2			—		—		—			—			—			—			—			—			2			—			2
Change in additional paid-in capital for not proportionately participating in the capital increase of subsidiaries		—		(4	)		—		—		—			—			—			—			—			—			(4	)		—			(4	)
Net income for the nine months ended September 30, 2020		—		—			—		—		25,628			25,628			—			—			—			—			25,628			925			26,553
Other comprehensive income (loss) for the nine months ended September 30, 2020		—		—			—		—		—			—			(123	)		397			8			282			282			(14	)		268

Total comprehensive income (loss) for the nine months ended September 30, 2020		—		—			—		—		25,628			25,628			(123	)		397			8			282			25,910			911			26,821

Share-based payment transactions of subsidiaries		—		24			—		—		—			—			—			—			—			—			24			59			83
Net increase in noncontrolling interests		—		—			—		—		—			—			—			—			—			—			—			476			476

BALANCE, SEPTEMBER 30, 2020	$	77,574	$	149,784		$	77,574	$	2,676	$	58,829		$	139,079		$	(271	)	$	1,132		$	8		$	869		$	367,306		$	10,786		$	378,092

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Nine Months Ended September 30
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	32,418		$	31,871
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		23,185			23,170
Amortization		3,774			3,191
Amortization of incremental costs of obtaining contracts		583			953
Expected credit loss (reversal of credit loss)		59			(92	)
Interest expenses		148			78
Interest income		(93	)		(197	)
Dividend income		(246	)		(296	)
Compensation cost of share-based payment transactions		5			1
Share of profits of associates accounted for using equity method		(275	)		(414	)
Loss (gain) on disposal of property, plant and equipment		(124	)		28
Gain on disposal of investment properties		(152	)		—
Loss on disposal of intangible assets		2			—
Loss on disposal of financial instruments		2			—
Loss (gain) on disposal of investments accounted for using equity method		4			(151	)
Provision for impairment loss of inventory		608			156
Valuation loss on financial assets and liabilities at fair value through profit or loss, net		79			3
Others		(40	)		(26	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		98			160
Trade notes and accounts receivable		4,020			594
Receivables from related parties		(340	)		5
Inventories		1,710			(2,923	)
Prepayments		(2,517	)		(2,648	)
Other current monetary assets		277			(915	)
Other current assets		(862	)		79
Incremental cost of obtaining contracts		(616	)		(579	)
Increase (decrease) in:
Contract liabilities		(1,323	)		6,240
Trade notes and accounts payable		(2,313	)		(3,532	)
Payables to related parties		(160	)		(539	)
Other payables		(2,955	)		(1,557	)
Provisions		26			127

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Nine Months Ended September 30
	2020			2019
Other current liabilities	$	(42	)	$	(147	)
Net defined benefit plans		(82	)		450

Cash generated from operations		54,858			53,090
Interest paid		(139	)		(78	)
Income tax paid		(7,809	)		(4,166	)

Net cash provided by operating activities		46,910			48,846

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of financial assets at fair value through other comprehensive income		(83	)		—
Purchase of financial assets at fair value through profit or loss		(39	)		(87	)
Proceeds from disposal of financial assets at fair value through profit or loss		30			64
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months		(3,718	)		(13,482	)
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months		5,382			15,881
Proceeds from disposal of agreements collateralized by bonds with maturities of more than three months		15			—
Proceeds from disposal of investments accounted for using equity method		—			32
Acquisition of property, plant and equipment		(13,972	)		(16,357	)
Proceeds from disposal of property, plant and equipment		110			37
Acquisition of intangible assets		(47,547	)		(168	)
Acquisition of investment properties		(54	)		—
Increase in other noncurrent assets		(131	)		(882	)
Interest received		102			208
Dividends received		515			534
Net cash inflow on acquisition of subsidiaries		354			—

Net cash used in investing activities		(59,036	)		(14,220	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		115			315
Repayment of short-term loans		(134	)		(325	)
Proceeds from short-term bills payable		41,000			—
Repayment of short-term bills payable		(29,000	)		—
Proceeds from issuance of bonds		20,000			—
Payments for transaction costs attributable to the issuance of bonds		(21	)		—
Decrease in customers’ deposits		(61	)		(92	)
Payments for the principal of lease liabilities		(2,863	)		(2,896	)
Increase in other noncurrent liabilities		253			186
Cash dividends		(32,783	)		(34,746	)

(Continued)

- 6 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Nine Months Ended September 30
	2020			2019
Dividends distributed to noncontrolling interests	$	(775	)	$	(710	)
Change in other noncontrolling interests		78			14
Unclaimed dividend		2			2

Net cash used in financing activities		(4,189	)		(38,252	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(32	)		53

NET DECREASE IN CASH AND CASH EQUIVALENTS		(16,347	)		(3,573	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		34,050			27,645

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	17,703		$	24,072

(Concluded)

- 7 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHS ENDED SEPTEMBER 30, 2020 and 2019

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of September 30, 2020 and 2019, the related consolidated statements of comprehensive income for the three months ended September 30, 2020 and 2019, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the nine months ended September 30, 2020 and 2019 in accordance with International Accounting Standards No. 34 “Interim Financial Reporting” as issued by the International Accounting Standard Board (IASB). The consolidated financial statements are incomplete as they omit the related footnote disclosures as required under International Financial Reporting Standards as issued by IASB.

- 8 -