EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Nine Months Ended September 30, 2021 and 2020

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	September 30, 2021 (Unaudited)				December 31, 2020 (Audited)				September 30, 2020 (Unaudited)
	Amount		%		Amount		%		Amount		%
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	23,577		5	$	30,420		6	$	17,703		4
Financial assets at fair value through profit or loss		2		—		10		—		7		—
Hedging financial assets		—		—		2		—		8		—
Contract assets		5,340		1		5,331		1		5,170		1
Trade notes and accounts receivable, net		21,382		4		22,622		5		22,596		4
Receivables from related parties		66		—		230		—		690		—
Inventories		13,080		3		12,409		3		15,167		3
Prepayments		5,078		1		2,306		—		4,869		1
Other current monetary assets		5,242		1		6,124		1		5,576		1
Other current assets		3,094		1		2,349		—		3,367		1

Total current assets		76,861		16		81,803		16		75,153		15

NONCURRENT ASSETS
Financial assets at fair value through profit or loss		1,231		—		677		—		700		—
Financial assets at fair value through other comprehensive income		3,335		1		7,193		1		7,633		2
Investments accounted for using equity method		7,044		2		6,695		1		6,806		1
Contract assets		2,376		—		2,495		—		2,357		—
Property, plant and equipment		284,621		57		281,416		56		279,242		56
Right-of-use assets		10,492		2		11,009		2		11,159		3
Investment properties		9,590		2		9,621		2		8,171		2
Intangible assets		85,490		17		90,285		19		91,885		19
Deferred income tax assets		3,015		1		3,133		1		3,349		1
Incremental costs of obtaining contracts		972		—		1,000		—		976		—
Net defined benefit assets		3,929		1		3,373		1		2,285		—
Prepayments		1,892		—		2,214		—		2,341		—
Other noncurrent assets		4,841		1		5,266		1		5,191		1

Total noncurrent assets		418,828		84		424,377		84		422,095		85















TOTAL	$	495,689		100	$	506,180		100	$	497,248		100


	September 30, 2021 (Unaudited)					December 31, 2020 (Audited)				September 30, 2020 (Unaudited)
	Amount			%		Amount		%		Amount		%
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans	$	66			—	$	67		—	$	75		—
Short-term bills payable		—			—		6,999		1		11,991		2
Financial liabilities at fair value through profit or loss		—			—		—		—		—		—
Hedging financial liabilities		9			—		—		—		—		—
Contract liabilities		13,905			3		13,437		3		16,184		3
Trade notes and accounts payable		13,696			3		15,591		3		13,256		4
Payables to related parties		485			—		646		—		494		—
Current tax liabilities		4,266			1		6,157		1		3,934		1
Lease liabilities		3,243			—		3,382		1		3,272		1
Other payables		23,670			5		23,988		5		22,190		4
Provisions		258			—		314		—		240		—
Current portion of long-term loans		—			—		1,600		—		1,600		—
Other current liabilities		921			—		1,042		—		956		—

Total current liabilities		60,519			12		73,223		14		74,192		15

NONCURRENT LIABILITIES
Long-term loans		1,600			—		—		—		—		—
Bonds payable		26,976			6		19,980		4		19,979		4
Contract liabilities		6,819			1		7,289		2		6,508		2
Deferred income taxes liabilities		2,188			—		1,967		—		1,954		—
Provisions		133			—		101		—		105		—
Lease liabilities		5,949			1		6,215		1		6,300		1
Customers’ deposits		4,827			1		4,827		1		4,702		1
Net defined benefit liabilities		3,435			1		3,415		1		3,613		1
Other noncurrent liabilities		3,081			1		1,890		—		1,803		—

Total noncurrent liabilities		55,008			11		45,684		9		44,964		9

Total liabilities		115,527			23		118,907		23		119,156		24

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

Additional paid-in capital		149,808			30		149,790		30		149,784		30

Retained earnings
Legal reserve		77,574			16		77,574		15		77,574		16
Special reserve		2,676			1		2,676		1		2,676		1
Unappropriated earnings		61,689			12		67,574		13		58,829		11

Total retained earnings		141,939			29		147,824		29		139,079		28

Others		(483	)		—		927		—		869		—

Total equity attributable to stockholders of the parent		368,838			75		376,115		74		367,306		74
NONCONTROLLING INTERESTS		11,324			2		11,158		3		10,786		2

Total equity		380,162			77		387,273		77		378,092		76

TOTAL	$	495,689			100	$	506,180		100	$	497,248		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
	2021					2020					2021						2020
	Amount			%		Amount			%		Amount			%			Amount			%
REVENUES	$	50,886			100	$	52,171			100	$	150,588			100		$	148,129			100
OPERATING COSTS		32,046			63		34,506			67		94,997			63			94,698			64

GROSS PROFIT		18,840			37		17,665			33		55,591			37			53,431			36

OPERATING EXPENSES
Marketing		5,134			10		5,143			9		15,063			9			15,393			10
General and administrative		1,222			2		1,150			2		3,805			3			3,512			2
Research and development		936			2		981			2		2,704			2			2,878			2
Expected credit loss (reversal of credit loss)		101			—		(45	)		—		188			—			59			—

Total operating expenses		7,393			14		7,229			13		21,760			14			21,842			14

OTHER INCOME AND EXPENSES		(5	)		—		286			1		(2	)		—			274			—

INCOME FROM OPERATIONS		11,442			23		10,722			21		33,829			23			31,863			22

NON-OPERATING INCOME AND EXPENSES
Interest income		28			—		21			—		74			—			93			—
Other income		211			—		87			—		302			—			417			—
Other gains and losses		411			1		(53	)		—		670			—			(82	)		—
Interest expenses		(56	)		—		(58	)		—		(162	)		—			(148	)		—
Share of profits of associates and joint ventures accounted for using equity method		63			—		101			—		179			—			275			—

Total non-operating income and expenses		657			1		98			—		1,063			—			555			—

INCOME BEFORE INCOME TAX		12,099			24		10,820			21		34,892			23			32,418			22
INCOME TAX EXPENSE		2,876			6		2,563			5		6,446			4			5,865			4

NET INCOME		9,223			18		8,257			16		28,446			19			26,553			18

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		(241	)		—		725			1		(1,251	)		(1	)		395			—
Gain or loss on hedging instruments subject to basis adjustment		5			—		6			—		(11	)		—			8			—
Share of remeasurements of defined benefit pension plans of associates and joint ventures		—			—		—			—		1			—			—			—

		(236	)		—		731			1		(1,261	)		(1	)		403			—

Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		(16	)		—		(52	)		—		(64	)		—			(132	)		—

(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
	2021					2020					2021						2020
	Amount			%		Amount			%		Amount			%			Amount			%
Share of exchange differences arising from the translation of the foreign operations of associates and joint ventures	$	—			—	$	(2	)		—	$	(1	)		—		$	(3	)		—
Income tax relating to items that may be reclassified subsequently to profit or loss		—			—		—			—		—			—			—			—

		(16	)		—		(54	)		—		(65	)		—			(135	)		—

Total other comprehensive income (loss), net of income tax		(252	)		—		677			1		(1,326	)		(1	)		268			—

TOTAL COMPREHENSIVE INCOME	$	8,971			18	$	8,934			17	$	27,120			18		$	26,821			18

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,876			17	$	7,897			15	$	27,429			18		$	25,628			17
Noncontrolling interests		347			1		360			1		1,017			1			925			1

	$	9,223			18	$	8,257			16	$	28,446			19		$	26,553			18

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,629			17	$	8,578			16	$	26,109			17		$	25,910			17
Noncontrolling interests		342			1		356			1		1,011			1			911			1

	$	8,971			18	$	8,934			17	$	27,120			18		$	26,821			18

EARNINGS PER SHARE
Basic	$	1.14				$	1.02				$	3.54					$	3.31

Diluted	$	1.14				$	1.02				$	3.53					$	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
																Others
																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						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
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

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 distributed by Chunghwa		—		—			—		—		(33,404	)		(33,404	)		—			—			—			—			(33,404	)		—			(33,404	)
Cash dividends distributed by subsidiaries		—		—			—		—		—			—			—			—			—			—			—			(896	)		(896	)
Unclaimed dividend		—		2			—		—		—			—			—			—			—			—			2			—			2
Change in additional paid-in capital from investments in associates and joint ventures accounted for using equity method		—		—			—		—		—			—			—			—			—			—			—			—			—
Net income for the nine months ended September 30, 2021		—		—			—		—		27,429			27,429			—			—			—			—			27,429			1,017			28,446
Other comprehensive income (loss) for the nine months ended September 30, 2021		—		—			—		—		1			1			(65	)		(1,245	)		(11	)		(1,321	)		(1,320	)		(6	)		(1,326	)

Total comprehensive income (loss) for the nine months ended September 30, 2021		—		—			—		—		27,430			27,430			(65	)		(1,245	)		(11	)		(1,321	)		26,109			1,011			27,120

Disposal of investments in equity instruments at fair value through other comprehensive income		—		—			—		—		89			89			—			(89	)		—			(89	)		—			—			—
Share-based payment transactions of subsidiaries		—		16			—		—		—			—			—			—			—			—			16			51			67

BALANCE, SEPTEMBER 30, 2021	$	77,574	$	149,808		$	77,574	$	2,676	$	61,689		$	141,939		$	(380	)	$	(94	)	$	(9	)	$	(483	)	$	368,838		$	11,324		$	380,162

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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
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	34,892		$	32,418
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		23,748			23,185
Amortization		4,924			3,774
Amortization of incremental costs of obtaining contracts		602			583
Expected credit loss		188			59
Interest expenses		162			148
Interest income		(74	)		(93	)
Dividend income		(139	)		(246	)
Compensation cost of share-based payment transactions		14			5
Share of profits of associates and joint ventures accounted for using equity method		(179	)		(275	)
Loss (gain) on disposal of property, plant and equipment		2			(124	)
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		(3	)		4
Provision for impairment loss and obsolescence of inventory		83			608
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		(527	)		79
Others		(128	)		(40	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		111			98
Trade notes and accounts receivable		1,127			4,020
Receivables from related parties		164			(340	)
Inventories		(754	)		1,710
Prepayments		(2,450	)		(2,517	)
Other current monetary assets		(408	)		277
Other current assets		(745	)		(862	)
Incremental cost of obtaining contracts		(574	)		(616	)
Increase (decrease) in:
Contract liabilities		(1	)		(1,323	)
Trade notes and accounts payable		(1,896	)		(2,313	)
Payables to related parties		(161	)		(160	)
Other payables		(1,178	)		(2,955	)
Provisions		(23	)		26

(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
	2021			2020
Other current liabilities	$	(91	)	$	(42	)
Net defined benefit plans		(537	)		(82	)

Cash generated from operations		56,149			54,858
Interest paid		(171	)		(139	)
Income tax paid		(7,999	)		(7,809	)

Net cash provided by operating activities		47,979			46,910

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(103	)		(83	)
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		(44	)		(39	)
Proceeds from disposal of financial assets at fair value through profit or loss		25			30
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months		(16,221	)		(3,718	)
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months		17,252			5,382
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	)		—
Proceeds from disposal of investments accounted for using equity method		9			—
Acquisition of property, plant and equipment		(23,031	)		(13,972	)
Proceeds from disposal of property, plant and equipment		20			110
Acquisition of intangible assets		(128	)		(47,547	)
Acquisition of investment properties		—			(54	)
Decrease (increase) in other noncurrent assets		346			(131	)
Interest received		75			102
Dividends received		335			515
Net cash inflow on acquisition of subsidiaries		—			354

Net cash used in investing activities		(18,889	)		(59,036	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		179			115
Repayments of short-term loans		(180	)		(134	)
Proceeds from short-term bills payable		5,000			41,000
Repayments of short-term bills payable		(12,000	)		(29,000	)

(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
	2021			2020
Proceeds from issuance of bonds	$	7,000		$	20,000
Payments for transaction costs attributable to the issuance of bonds		(8	)		(21	)
Decrease in customers’ deposits		(31	)		(61	)
Payments for the principal of lease liabilities		(2,834	)		(2,863	)
Increase in other noncurrent liabilities		1,191			253
Cash dividends paid		(33,404	)		(32,783	)
Cash dividends distributed to noncontrolling interests		(893	)		(775	)
Change in other noncontrolling interests		53			78
Unclaimed dividend		2			2

Net cash used in financing activities		(35,925	)		(4,189	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(8	)		(32	)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(6,843	)		(16,347	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		30,420			34,050

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	23,577		$	17,703

(Concluded)

- 7 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHS ENDED SEPTEMBER 30, 2021 and 2020

(Unaudited)

STATEMENT OF COMPLIANCE

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