EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Three Months Ended March 31, 2021 and 2020

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	March 31, 2021 (Unaudited)				December 31, 2020 (Audited)				March 31, 2020 (Unaudited)					March 31, 2021 (Unaudited)					December 31, 2020 (Audited)				March 31, 2020 (Unaudited)
	Amount		%		Amount		%		Amount		%			Amount			%		Amount		%		Amount			%
ASSETS													LIABILITIES AND EQUITY

CURRENT ASSETS													CURRENT LIABILITIES
Cash and cash equivalents	$	30,044		7	$	30,420		6	$	16,570		3	Short-term loans		$60			—		$67		—		$70			—
Financial assets at fair value through profit or loss		8		—		10		—		7		—	Short-term bills payable		4,999			1		6,999		1		19,966			4
Hedging financial assets		—		—		2		—		—		—	Financial liabilities at fair value through profit or loss		4			—		—		—		1			—
Contract assets		5,247		1		5,331		1		4,467		1	Hedging financial liabilities		2			—		—		—		—			—
Trade notes and accounts receivable, net		21,391		4		22,622		5		23,401		5	Contract liabilities		13,265			4		13,437		3		17,163			4
Receivables from related parties		34		—		230		—		10		—	Trade notes and accounts payable		9,690			2		15,591		3		11,890			2
Inventories		12,349		2		12,409		3		17,775		4	Payables to related parties		325			—		646		—		338			—
Prepayments		5,487		1		2,306		—		5,103		1	Current tax liabilities		8,718			2		6,157		1		8,335			2
Other current monetary assets		11,620		2		6,124		1		6,159		1	Lease liabilities		3,297			1		3,382		1		3,395			1
Other current assets		2,233		—		2,349		—		1,876		—	Other payables		22,596			4		23,988		5		19,654			4

													Provisions	326			—		314		—		200			—
Total current assets		88,413		17		81,803		16		75,368		15	Current portion of long-term loans		1,600			—		1,600		—		—			—

													Other current liabilities	957			—		1,042		—		973			—

NONCURRENT ASSETS
Financial assets at fair value through profit or loss		817		—		677		—		767		—	Total current liabilities		65,839			14		73,223		14		81,985			17

Financial assets at fair value through other comprehensive income		3,650		1		7,193		1		5,903		1	NONCURRENT LIABILITIES
Investments accounted for using equity method		6,994		2		6,695		1		7,141		1	Long-term loans		—			—		—		—		1,600			—
Contract assets		2,487		—		2,495		—		2,567		1	Bonds payable		19,981			4		19,980		4		—			—
Property, plant and equipment		280,151		55		281,416		56		279,867		56	Contract liabilities		7,216			1		7,289		2		6,668			1
Right-of-use assets		10,765		2		11,009		2		11,494		2	Deferred income taxes liabilities		2,018			—		1,967		—		1,928			1
Investment properties		9,611		2		9,621		2		8,164		2	Provisions		104			—		101		—		100			—
Intangible assets		88,664		18		90,285		19		94,408		19	Lease liabilities		6,022			1		6,215		1		6,425			1
Deferred income tax assets		3,074		1		3,133		1		3,262		1	Customers’ deposits		4,732			1		4,827		1		4,602			1
Incremental costs of obtaining contracts		962		—		1,000		—		930		—	Net defined benefit liabilities		3,420			1		3,415		1		3,539			1
Net defined benefit assets		3,577		1		3,373		1		2,204		—	Other noncurrent liabilities		1,986			—		1,890		—		1,685			—

Prepayments		2,145		—		2,214		—		2,612		1
Other noncurrent assets		4,990		1		5,266		1		4,992		1	Total noncurrent liabilities		45,479			8		45,684		9		26,547			5

Total noncurrent assets		417,887		83		424,377		84		424,311		85	Total liabilities		111,318			22		118,907		23		108,532			22

													EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT
													Common stocks		77,574			15		77,574		15		77,574			16

													Additional paid-in capital		149,806			30		149,790		30		149,786			29

													Retained earnings
													Legal reserve		77,574			15		77,574		15		77,574			16
													Special reserve		2,676			1		2,676		1		2,676			1
													Unappropriated earnings		76,007			15		67,574		13		73,834			14

													Total retained earnings		156,257			31		147,824		29		154,084			31

													Others		(152	)		—		927		—		(709	)		—

													Total equity attributable to stockholders of the parent		383,485			76		376,115		74		380,735			76
													NONCONTROLLING INTERESTS		11,497			2		11,158		3		10,412			2

													Total equity		394,982			78		387,273		77		391,147			78

TOTAL	$	506,300		100	$	506,180		100	$	499,679		100	TOTAL	$	506,300			100	$	506,180		100	$	499,679			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 March 31
	2021						2020
	Amount			%			Amount			%
REVENUES	$	50,101			100		$	48,150			100

OPERATING COSTS		31,893			64			30,391			63

GROSS PROFIT		18,208			36			17,759			37

OPERATING EXPENSES
Marketing		4,885			9			5,073			10
General and administrative		1,303			3			1,213			3
Research and development		875			2			936			2
Expected credit loss		44			—			6			—

Total operating expenses		7,107			14			7,228			15

OTHER INCOME AND EXPENSES		3			—			(1	)		—

INCOME FROM OPERATIONS		11,104			22			10,530			22

NON-OPERATING INCOME AND EXPENSES
Interest income		18			—			39			—
Other income		42			—			43			—
Other gains and losses		164			—			39			—
Interest expenses		(51	)		—			(42	)		—
Share of profits of associates and joint ventures accounted for using equity method		40			—			35			—

Total non-operating income and expenses		213			—			114			—

INCOME BEFORE INCOME TAX		11,317			22			10,644			22

INCOME TAX EXPENSE		2,679			5			2,544			5

NET INCOME		8,638			17			8,100			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		(945	)		(2	)		(1,286	)		(3	)
Gain or loss on hedging instruments subject to basis adjustment		(4	)		—			—			—

(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 March 31
	2021						2020
	Amount			%			Amount			%
Share of remeasurements of defined benefit pension plans of associates and joint ventures	$	1			—		$	—			—

		(948	)		(2	)		(1,286	)		(3	)

Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		(37	)		—			(12	)		—
Share of exchange differences arising from the translation of the foreign operations of associates and joint ventures		—			—			—			—

		(37	)		—			(12	)		—

Total other comprehensive loss, net of income tax		(985	)		(2	)		(1,298	)		(3	)

TOTAL COMPREHENSIVE INCOME	$	7,653			15		$	6,802			14

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,338			17		$	7,850			16
Noncontrolling interests		300			—			250			1

	$	8,638			17		$	8,100			17

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	7,354			15		$	6,554			13
Noncontrolling interests		299			—			248			1

	$	7,653			15		$	6,802			14

EARNINGS PER SHARE
Basic	$	1.07					$	1.01

Diluted	$	1.07					$	1.01

(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
													Others
													Exchange
													Differences
													Arising			Unrealized
													from the			Gain or Loss									Total Equity
					Retained Earnings								Translation of			on Financial			Gain or Loss						Attributable to
			Additional				Special		Unappropriated		Total Retained		the Foreign			Assets at			on Hedging						Stockholders			Noncontrolling
	Common Stocks		Paid-in Capital		Legal Reserve		Reserve		Earnings		Earnings		Operations			FVOCI			Instruments			Total Others			of the Parent			Interests			Total Equity
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
Net income for the three months ended March 31, 2020		—		—		—		—		7,850		7,850		—			—			—			—			7,850			250			8,100
Other comprehensive loss for the three months ended March 31, 2020		—		—		—		—		—		—		(13	)		(1,283	)		—			(1,296	)		(1,296	)		(2	)		(1,298	)

Total comprehensive income (loss) for the three months ended March 31, 2020		—		—		—		—		7,850		7,850		(13	)		(1,283	)		—			(1,296	)		6,554			248			6,802

Share-based payment transactions of subsidiaries		—		24		—		—		—		—		—			—			—			—			24			49			73

BALANCE, MARCH 31, 2020	$	77,574	$	149,786	$	77,574	$	2,676	$	73,834	$	154,084	$	(161	)	$	(548	)	$	—		$	(709	)	$	380,735		$	10,412		$	391,147

BALANCE, JANUARY 1, 2021	$	77,574	$	149,790	$	77,574	$	2,676	$	67,574	$	147,824	$	(315	)	$	1,240		$	2		$	927		$	376,115		$	11,158		$	387,273
Net income for the three months ended March 31, 2021		—		—		—		—		8,338		8,338		—			—			—			—			8,338			300			8,638
Other comprehensive income (loss) for the three months ended March 31, 2021		—		—		—		—		1		1		(35	)		(946	)		(4	)		(985	)		(984	)		(1	)		(985	)

Total comprehensive income (loss) for the three months ended March 31, 2021		—		—		—		—		8,339		8,339		(35	)		(946	)		(4	)		(985	)		7,354			299			7,653

Disposal of investments in equity instruments at fair value through other comprehensive income		—		—		—		—		94		94		—			(94	)		—			(94	)		—			—			—
Share-based payment transactions of subsidiaries		—		16		—		—		—		—		—			—			—			—			16			40			56

BALANCE, MARCH 31, 2021	$	77,574	$	149,806	$	77,574	$	2,676	$	76,007	$	156,257	$	(350	)	$	200		$	(2	)	$	(152	)	$	383,485		$	11,497		$	394,982

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Three Months Ended March 31
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	11,317		$	10,644
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		7,848			7,759
Amortization		1,641			1,059
Amortization of incremental costs of obtaining contracts		195			197
Expected credit loss		44			6
Interest expenses		51			42
Interest income		(18	)		(39	)
Compensation cost of share-based payment transactions		4			2
Share of profits of associates and joint ventures accounted for using equity method		(40	)		(35	)
Loss (gain) on disposal of property, plant and equipment		(3	)		1
Loss on disposal of financial instruments		—			2
Loss on disposal of investments accounted for by using equity method		—			6
Provision for impairment loss and obsolescence of inventory		33			24
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		(133	)		12
Others		(50	)		(51	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		92			8
Trade notes and accounts receivable		1,220			3,042
Receivables from related parties		196			7
Inventories		27			(454	)
Prepayments		(3,112	)		(3,153	)
Other current monetary assets		(147	)		122
Other current assets		116			554
Incremental cost of obtaining contracts		(157	)		(184	)
Increase (decrease) in:
Contract liabilities		(245	)		150
Trade notes and accounts payable		(5,901	)		(3,423	)
Payables to related parties		(321	)		(316	)
Other payables		(2,490	)		(2,523	)
Provisions		15			(5	)
Other current liabilities		(77	)		(6	)
Net defined benefit plans		(199	)		(42	)

Cash generated from operations		9,906			13,406
Interest paid		(23	)		(77	)
Income tax paid		(8	)		(8	)

Net cash provided by operating activities		9,875			13,321

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Three Months Ended March 31
	2021			2020
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	$	(38	)	$	(35	)
Proceeds from disposal of financial assets at fair value through other comprehensive income		2,906			—
Acquisition of financial assets at fair value through profit or loss		(9	)		(39	)
Proceeds from disposal of financial assets at fair value through profit or loss		10			30
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months		(7,726	)		(1,392	)
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months		1,998			2,616
Acquisition of investments accounted for using equity method		(274	)		—
Acquisition of property, plant and equipment		(4,443	)		(3,729	)
Proceeds from disposal of property, plant and equipment		6			14
Acquisition of intangible assets		(20	)		(47,420	)
Decrease in other noncurrent assets		214			70
Interest received		17			46
Dividends received		103			—

Net cash used in investing activities		(7,256	)		(49,839	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		63			70
Repayments of short-term loans		(70	)		(90	)
Proceeds from short-term bills payable		5,000			29,000
Repayments of short-term bills payable		(7,000	)		(9,000	)
Decrease in customers’ deposits		(103	)		(150	)
Payments for the principal of lease liabilities		(1,019	)		(992	)
Increase in other noncurrent liabilities		95			142
Change in other noncontrolling interests		53			72

Net cash provided by (used in) financing activities		(2,981	)		19,052

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(14	)		(14	)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(376	)		(17,480	)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		30,420			34,050

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	30,044		$	16,570

(Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 2021 and 2020

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of March 31, 2021 and 2020, the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2021 and 2020 in accordance with IAS 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.

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