EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Six Months Ended June 30, 2021 and 2020

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	June 30, 2021 (Unaudited)			December 31, 2020 (Audited)			June 30, 2020 (Unaudited)				June 30, 2021 (Unaudited)				December 31, 2020 (Audited)			June 30, 2020 (Unaudited)
ASSETS		Amount	%		Amount	%		Amount	%	LIABILITIES AND EQUITY		Amount		%		Amount	%		Amount	%
CURRENT ASSETS										CURRENT LIABILITIES
Cash and cash equivalents	$	32,139	6	$	30,420	6	$	19,150	4	Short-term loans	$	60		—	$	67	—	$	60	—
Financial assets at fair value through profit or loss		2	—		10	—		8	—	Short-term bills payable		—		—		6,999	1		15,990	3
Hedging financial assets		—	—		2	—		2	—	Financial liabilities at fair value through profit or loss		1		—		—	—		—	—
Contract assets		5,354	1		5,331	1		4,519	1	Hedging financial liabilities		14		—		—	—		—	—
Trade notes and accounts receivable, net		21,952	4		22,622	5		26,711	5	Contract liabilities		13,578		3		13,437	3		18,191	4
Receivables from related parties		44	—		230	—		25	—	Trade notes and accounts payable		12,944		3		15,591	3		12,478	3
Inventories		11,521	2		12,409	3		18,140	4	Payables to related parties		344		—		646	—		377	—
Prepayments		5,464	1		2,306	—		4,877	1	Current tax liabilities		5,631		1		6,157	1		5,380	1
Other current monetary assets		18,889	4		6,124	1		6,665	1	Lease liabilities		3,311		1		3,382	1		3,235	1
Other current assets		3,503	1		2,349	—		2,088	—	Dividends payable		33,404		6		—	—		32,783	6

										Other payables		21,425		4		23,988	5		20,643	4
Total current assets		98,868	19		81,803	16		82,185	16	Provisions		318		—		314	—		200	—

										Current portion of long-term loans		1,600		—		1,600	—		—	—
NONCURRENT ASSETS										Other current liabilities		954		—		1,042	—		956	—

Financial assets at fair value through profit or loss		904	—		677	—		709	—	Total current liabilities		93,584		18		73,223	14		110,293	22

Financial assets at fair value through other comprehensive income		3,636	1		7,193	1		6,900	2	NONCURRENT LIABILITIES
Investments accounted for using equity method		7,080	1		6,695	1		7,042	1	Long-term loans		—		—		—	—		1,600	—
Contract assets		2,383	—		2,495	—		2,456	—	Bonds payable		26,974		6		19,980	4		—	—
Property, plant and equipment		282,692	55		281,416	56		279,608	55	Contract liabilities		7,024		1		7,289	2		6,766	2
Right-of-use assets		10,696	2		11,009	2		11,332	3	Deferred income taxes liabilities		2,077		—		1,967	—		1,947	—
Investment properties		9,600	2		9,621	2		8,214	2	Provisions		132		—		101	—		101	—
Intangible assets		87,071	17		90,285	19		93,390	19	Lease liabilities		6,026		1		6,215	1		6,381	1
Deferred income tax assets		3,066	1		3,133	1		3,260	1	Customers’ deposits		4,815		1		4,827	1		4,634	1
Incremental costs of obtaining contracts		945	—		1,000	—		956	—	Net defined benefit liabilities		3,415		1		3,415	1		3,566	1
Net defined benefit assets		3,754	1		3,373	1		2,253	—	Other noncurrent liabilities		2,018		—		1,890	—		1,833	—

Prepayments		1,994	—		2,214	—		2,496	—	Total noncurrent liabilities		52,481		10		45,684	9		26,828	5

Other noncurrent assets		4,881	1		5,266	1		4,996	1	Total liabilities		146,065		28		118,907	23		137,121	27

Total noncurrent assets		418,702	81		424,377	84		423,612	84

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

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

										Retained earnings
										Legal reserve		77,574		15		77,574	15		77,574	15
										Special reserve		2,676		1		2,676	1		2,676	1
										Unappropriated earnings		52,818		10		67,574	13		50,932	10

										Total retained earnings		133,068		26		147,824	29		131,182	26

										Others		(241	)	—		927	—		188	—

										Total equity attributable to stockholders of the parent		360,207		70		376,115	74		358,730	71
										NONCONTROLLING INTERESTS		11,298		2		11,158	3		9,946	2

										Total equity		371,505		72		387,273	77		368,676	73

TOTAL	$	517,570	100	$	506,180	100	$	505,797	100	TOTAL	$	517,570		100	$	506,180	100	$	505,797	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 June 30										Six Months Ended June 30
	2021					2020					2021						2020
	Amount			%		Amount			%		Amount			%			Amount			%
REVENUES	$	49,601			100	$	47,808			100	$	99,702			100		$	95,958			100
OPERATING COSTS		31,058			63		29,801			63		62,951			63			60,192			63

GROSS PROFIT		18,543			37		18,007			37		36,751			37			35,766			37

OPERATING EXPENSES
Marketing		5,044			9		5,177			11		9,929			9			10,250			11
General and administrative		1,280			3		1,149			2		2,583			3			2,362			2
Research and development		893			2		961			2		1,768			2			1,897			2
Expected credit loss		43			—		98			—		87			—			104			—

Total operating expenses		7,260			14		7,385			15		14,367			14			14,613			15

OTHER INCOME AND EXPENSES		—			—		(11	)		—		3			—			(12	)		—

INCOME FROM OPERATIONS		11,283			23		10,611			22		22,387			23			21,141			22

NON-OPERATING INCOME AND EXPENSES
Interest income		28			—		33			—		46			—			72			—
Other income		49			—		287			1		91			—			330			—
Other gains and losses		95			—		(68	)		—		259			—			(29	)		—
Interest expenses		(55	)		—		(48	)		—		(106	)		—			(90	)		—
Share of profits of associates and joint ventures accounted for using equity method		76			—		139			—		116			—			174			—

Total non-operating income and expenses		193			—		343			1		406			—			457			—

INCOME BEFORE INCOME TAX		11,476			23		10,954			23		22,793			23			21,598			22
INCOME TAX EXPENSE		891			2		758			2		3,570			4			3,302			3

NET INCOME		10,585			21		10,196			21		19,223			19			18,296			19

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		(65	)		—		956			2		(1,010	)		(1	)		(330	)		—
Gain or loss on hedging instruments subject to basis adjustment		(12	)		—		2			—		(16	)		—			2			—
Share of remeasurements of defined benefit pension plans of associates and joint ventures		—			—		—			—		1			—			—			—

		(77	)		—		958			2		(1,025	)		(1	)		(328	)		—

(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 June 30										Six Months Ended June 30
	2021					2020					2021						2020
	Amount			%		Amount			%		Amount			%			Amount			%
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations	$	(11	)		—	$	(68	)		—	$	(48	)		—		$	(80	)		—
Share of exchange differences arising from the translation of the foreign operations of associates and joint ventures		(1	)		—		(1	)		—		(1	)		—			(1	)		—

		(12	)		—		(69	)		—		(49	)		—			(81	)		—

Total other comprehensive income (loss), net of income tax		(89	)		—		889			2		(1,074	)		(1	)		(409	)		—

TOTAL COMPREHENSIVE INCOME	$	10,496			21	$	11,085			23	$	18,149			18		$	17,887			19

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	10,215			20	$	9,881			20	$	18,553			19		$	17,731			18
Noncontrolling interests		370			1		315			1		670			—			565			1

	$	10,585			21	$	10,196			21	$	19,223			19		$	18,296			19

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	10,126			20	$	10,778			22	$	17,480			18		$	17,332			18
Noncontrolling interests		370			1		307			1		669			—			555			1

	$	10,496			21	$	11,085			23	$	18,149			18		$	17,887			19

EARNINGS PER SHARE
Basic	$	1.32				$	1.28				$	2.39					$	2.29

Diluted	$	1.32				$	1.27				$	2.39					$	2.28

(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
					Retained Earnings										from the			Gain or Loss									Total Equity
	Common Stocks		Additional Paid-in Capital		Legal Reserve		Special Reserve		Unappropriated Earnings			Total Retained Earnings			Translation of the Foreign Operations			on Financial Assets at FVOCI			Gain or Loss on Hedging Instruments			Total Others			Attributable to Stockholders of the Parent			Noncontrolling 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
Appropriation of 2019 earnings Cash dividends declared by Chunghwa		—		—		—		—		(32,783	)		(32,783	)		—			—			—			—			(32,783	)		—			(32,783	)
Cash dividends distributed by subsidiaries		—		—		—		—		—			—			—			—			—			—			—			(775	)		(775	)
Change in additional paid-in capital for not proportionately participating in the capital increase of subsidiaries		—		—		—		—		—			—			—			—			—			—			—			—			—
Net income for the six months ended June 30, 2020		—		—		—		—		17,731			17,731			—			—			—			—			17,731			565			18,296
Other comprehensive income (loss) for the six months ended June 30, 2020		—		—		—		—		—			—			(73	)		(328	)		2			(399	)		(399	)		(10	)		(409	)

Total comprehensive income (loss) for the six months ended June 30, 2020		—		—		—		—		17,731			17,731			(73	)		(328	)		2			(399	)		17,332			555			17,887

Share-based payment transactions of subsidiaries		—		24		—		—		—			—			—			—			—			—			24			51			75

BALANCE, JUNE 30, 2020	$	77,574	$	149,786	$	77,574	$	2,676	$	50,932		$	131,182		$	(221	)	$	407		$	2		$	188		$	358,730		$	9,946		$	368,676

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
Appropriation of 2020 earnings Cash dividends recognized by Chunghwa		—		—		—		—		(33,404	)		(33,404	)		—			—			—			—			(33,404	)		—			(33,404	)
Cash dividends distributed by subsidiaries		—		—		—		—		—			—			—			—			—			—			—			(575	)		(575	)
Net income for the six months ended June 30, 2021		—		—		—		—		18,553			18,553			—			—			—			—			18,553			670			19,223
Other comprehensive income (loss) for the six months ended June 30, 2021		—		—		—		—		1			1			(50	)		(1,008	)		(16	)		(1,074	)		(1,073	)		(1	)		(1,074	)

Total comprehensive income (loss) for the six months ended June 30, 2021		—		—		—		—		18,554			18,554			(50	)		(1,008	)		(16	)		(1,074	)		17,480			669			18,149

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			46			62

BALANCE, JUNE 30, 2021	$	77,574	$	149,806	$	77,574	$	2,676	$	52,818		$	133,068		$	(365	)	$	138		$	(14	)	$	(241	)	$	360,207		$	11,298		$	371,505

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Six Months Ended June 30
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	22,793		$	21,598
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		15,760			15,449
Amortization		3,283			2,124
Amortization of incremental costs of obtaining contracts		395			390
Expected credit loss		87			104
Interest expenses		106			90
Interest income		(46	)		(72	)
Dividend income		—			(236	)
Compensation cost of share-based payment transactions		9			3
Share of profits of associates and joint ventures accounted for using equity method		(116	)		(174	)
Loss (gain) on disposal of property, plant and equipment		(3	)		12
Loss on disposal of financial instruments		—			2
Loss on disposal of investments accounted for using equity method		—			6
Provision for impairment loss and obsolescence of inventory		32			196
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		(224	)		68
Others		(90	)		(54	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		90			67
Trade notes and accounts receivable		644			(344	)
Receivables from related parties		187			(8	)
Inventories		856			(991	)
Prepayments		(2,938	)		(2,793	)
Other current monetary assets		(986	)		117
Other current assets		(1,154	)		342
Incremental cost of obtaining contracts		(341	)		(403	)
Increase (decrease) in:
Contract liabilities		(124	)		1,276
Trade notes and accounts payable		(2,647	)		(2,833	)
Payables to related parties		(302	)		(277	)
Other payables		(3,201	)		(3,302	)
Provisions		36			(3	)
Other current liabilities		(66	)		(18	)
Net defined benefit plans		(381	)		(64	)

Cash generated from operations		31,659			30,272
Interest paid		(45	)		(100	)
Income tax paid		(3,920	)		(3,701	)

Net cash provided by operating activities		27,694			26,471

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Six Months Ended June 30
	2021			2020
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	$	(89	)	$	(77	)
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		(12	)		(39	)
Proceeds from disposal of financial assets at fair value through profit or loss		18			30
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months		(15,131	)		(2,693	)
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months		3,027			3,801
Proceeds from disposal of repurchase agreements collateralized by bonds with maturities of more than three months		—			15
Acquisition of investments accounted for using equity method		(330	)		—
Acquisition of property, plant and equipment		(14,995	)		(9,244	)
Proceeds from disposal of property, plant and equipment		17			25
Acquisition of intangible assets		(68	)		(47,467	)
Acquisition of investment properties		—			(54	)
Decrease in other noncurrent assets		313			42
Interest received		39			78
Dividends received		103			38

Net cash used in investing activities		(24,202	)		(55,545	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		173			70
Repayments of short-term loans		(180	)		(100	)
Proceeds from short-term bills payable		5,000			29,000
Repayments of short-term bills payable		(12,000	)		(13,000	)
Proceeds from issuance of bonds		7,000			—
Payments for transaction costs attributable to the issuance of bonds		(8	)		—
Decrease in customers’ deposits		(33	)		(124	)
Payments for the principal of lease liabilities		(1,900	)		(2,006	)
Increase in other noncurrent liabilities		127			289
Cash dividends distributed to noncontrolling interests		—			(7	)
Change in other noncontrolling interests		53			72

Net cash provided by (used in) financing activities		(1,768	)		14,194

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	$	(5	)	$	(20	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,719			(14,900	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		30,420			34,050

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	32,139		$	19,150

(Concluded)

- 6 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2021 and 2020

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of June 30, 2021 and 2020, the related consolidated statements of comprehensive income for the three months ended June 30, 2021 and 2020, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the six months ended June 30, 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.

- 7 -