EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Three Months Ended March 31, 2022 and 2021

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	March 31, 2022 (Unaudited)				December 31, 2021 (Audited)				March 31, 2021 (Unaudited)
ASSETS	Amount		%		Amount		%		Amount		%
CURRENT ASSETS
Cash and cash equivalents	$	46,500		10	$	39,779		8	$	30,044		7
Financial assets at fair value through profit or loss		3		—		3		—		8		—
Hedging financial assets		8		—		—		—		—		—
Contract assets		5,540		1		5,554		1		5,247		1
Trade notes and accounts receivable, net		21,070		4		23,947		5		21,391		4
Receivables from related parties		39		—		41		—		34		—
Inventories		12,513		2		11,327		2		12,349		2
Prepayments		5,281		1		2,330		—		5,487		1
Other current monetary assets		6,759		1		5,061		1		11,620		2
Other current assets		3,352		1		2,979		1		2,233		—

Total current assets		101,065		20		91,021		18		88,413		17

NONCURRENT ASSETS
Financial assets at fair value through profit or loss		806		—		909		—		817		—
Financial assets at fair value through other comprehensive income		3,574		1		3,616		1		3,650		1
Investments accounted for using equity method		7,263		1		7,137		1		6,994		2
Contract assets		2,756		1		2,608		1		2,487		—
Property, plant and equipment		285,931		54		289,100		56		280,151		55
Right-of-use assets		10,744		2		11,051		2		10,765		2
Investment properties		9,652		2		9,663		2		9,611		2
Intangible assets		82,328		16		83,945		16		88,664		18
Deferred income tax assets		2,761		1		2,785		1		3,074		1
Incremental costs of obtaining contracts		967		—		988		—		962		—
Net defined benefit assets		3,582		1		3,391		1		3,577		1
Prepayments		1,821		—		1,798		—		2,145		—
Other noncurrent assets		4,924		1		4,863		1		4,990		1

Total noncurrent assets		417,109		80		421,854		82		417,887		83

TOTAL	$	518,174		100	$	512,875		100	$	506,300		100


	March 31, 2022 (Unaudited)					December 31, 2021 (Audited)					March 31, 2021 (Unaudited)
LIABILITIES AND EQUITY	Amount			%		Amount			%		Amount			%
CURRENT LIABILITIES
Short-term loans	$	65			—	$	65			—	$	60			—
Short-term bills payable		—			—		—			—		4,999			1
Financial liabilities at fair value through profit or loss		—			—		6			—		4			—
Hedging financial liabilities		—			—		8			—		2			—
Contract liabilities		12,701			2		12,234			2		13,265			4
Trade notes and accounts payable		11,823			2		18,063			4		9,690			2
Payables to related parties		214			—		392			—		325			—
Current tax liabilities		9,258			2		6,530			1		8,718			2
Lease liabilities		2,995			1		3,211			1		3,297			1
Other payables		21,665			4		24,437			5		22,596			4
Provisions		251			—		285			—		326			—
Current portion of long-term loans		—			—		—			—		1,600			—
Other current liabilities		1,027			—		998			—		957			—

Total current liabilities		59,999			11		66,229			13		65,839			14

NONCURRENT LIABILITIES
Long-term loans		1,600			—		1,600			—		—			—
Bonds payable		30,473			7		26,977			6		19,981			4
Contract liabilities		6,901			1		6,840			1		7,216			1
Deferred income tax liabilities		2,197			—		2,189			—		2,018			—
Provisions		141			—		142			—		104			—
Lease liabilities		6,909			1		7,062			1		6,022			1
Customers’ deposits		4,916			1		5,336			1		4,732			1
Net defined benefit liabilities		2,291			1		2,288			1		3,420			1
Other noncurrent liabilities		4,993			1		5,082			1		1,986			—

Total noncurrent liabilities		60,421			12		57,516			11		45,479			8

Total liabilities		120,420			23		123,745			24		111,318			22

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

Additional paid-in capital		149,823			29		149,810			29		149,806			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		78,739			15		70,157			14		76,007			15

Total retained earnings		158,989			31		150,407			30		156,257			31

Others		(363	)		—		(408	)		—		(152	)		—

Total equity attributable to stockholders of the parent		386,023			75		377,383			74		383,485			76
NONCONTROLLING INTERESTS		11,731			2		11,747			2		11,497			2

Total equity		397,754			77		389,130			76		394,982			78

TOTAL	$	518,174			100	$	512,875			100	$	506,300			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
	2022					2021
	Amount			%		Amount			%
REVENUES	$	51,295			100	$	50,101			100
OPERATING COSTS		31,691			62		31,893			64

GROSS PROFIT		19,604			38		18,208			36

OPERATING EXPENSES
Marketing		5,445			10		4,885			9
General and administrative		1,548			3		1,303			3
Research and development		849			2		875			2
Expected credit loss		101			—		44			—

Total operating expenses		7,943			15		7,107			14

OTHER INCOME AND EXPENSES		(1	)		—		3			—

INCOME FROM OPERATIONS		11,660			23		11,104			22

NON-OPERATING INCOME AND EXPENSES
Interest income		24			—		18			—
Other income		44			—		42			—
Other gains and losses		(109	)		—		164			—
Interest expense		(56	)		—		(51	)		—
Share of profits of associates and joint ventures accounted for using equity method		105			—		40			—

Total non-operating income and expenses		8			—		213			—

INCOME BEFORE INCOME TAX		11,668			23		11,317			22
INCOME TAX EXPENSE		2,775			6		2,679			5

NET INCOME		8,893			17		8,638			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		(45	)		—		(945	)		(2	)
Gain or loss on hedging instruments subject to basis adjustment		16			—		(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
	2022					2021
	Amount			%		Amount			%
Share of remeasurements of defined benefit pension plans of associates and joint ventures	$	2			—	$	1			—

		(27	)		—		(948	)		(2	)

Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		77			—		(37	)		—
Share of other comprehensive income of associates and joint ventures		—			—		—			—

		77			—		(37	)		—

Total other comprehensive income (loss), net of income tax		50			—		(985	)		(2	)

TOTAL COMPREHENSIVE INCOME	$	8,943			17	$	7,653			15

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,580			17	$	8,338			17
Noncontrolling interests		313			—		300			—

	$	8,893			17	$	8,638			17

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,627			17	$	7,354			15
Noncontrolling interests		316			—		299			—

	$	8,943			17	$	7,653			15

EARNINGS PER SHARE
Basic	$	1.11				$	1.07

Diluted	$	1.10				$	1.07

(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, 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

BALANCE, JANUARY 1, 2022	$	77,574	$	149,810	$	77,574	$	2,676	$	70,157	$	150,407	$	(392	)	$	(8	)	$	(8	)	$	(408	)	$	377,383		$	11,747		$	389,130
Cash dividends distributed by subsidiaries		—		—		—		—		—		—		—			—			—			—			—			(371	)		(371	)
Change in additional paid-in capital from investments in associates and joint ventures accounted for using equity method		—		—		—		—		—		—		—			—			—			—			—			—			—
Net income for the three months ended March 31, 2022		—		—		—		—		8,580		8,580		—			—			—			—			8,580			313			8,893
Other comprehensive income (loss) for the three months ended March 31, 2022		—		—		—		—		2		2		66			(37	)		16			45			47			3			50

Total comprehensive income (loss) for the three months ended March 31, 2022		—		—		—		—		8,582		8,582		66			(37	)		16			45			8,627			316			8,943

Share-based payment transactions of subsidiaries		—		13		—		—		—		—		—			—			—			—			13			39			52

BALANCE, MARCH 31, 2022	$	77,574	$	149,823	$	77,574	$	2,676	$	78,739	$	158,989	$	(326	)	$	(45	)	$	8		$	(363	)	$	386,023		$	11,731		$	397,754

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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
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	11,668		$	11,317
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		8,051			7,848
Amortization		1,635			1,641
Amortization of incremental costs of obtaining contracts		211			195
Expected credit loss		101			44
Interest expense		56			51
Interest income		(24	)		(18	)
Compensation cost of share-based payment transactions		4			4
Share of profits of associates and joint ventures accounted for using equity method		(105	)		(40	)
Loss (gain) on disposal of property, plant and equipment		1			(3	)
Gain on disposal of financial instruments		(1	)		—
Loss on disposal of investments accounted for using equity method		1			—
Provision for impairment loss and obsolescence of inventory		40			33
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		94			(133	)
Others		89			(50	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(134	)		92
Trade notes and accounts receivable		2,795			1,220
Receivables from related parties		2			196
Inventories		(1,226	)		27
Prepayments		(2,973	)		(3,112	)
Other current monetary assets		93			(147	)
Other current assets		(373	)		116
Incremental cost of obtaining contracts		(191	)		(157	)
Increase (decrease) in:
Contract liabilities		528			(245	)
Trade notes and accounts payable		(6,236	)		(5,901	)
Payables to related parties		(177	)		(321	)
Other payables		(1,891	)		(2,490	)
Provisions		(34	)		15
Other current liabilities		36			(77	)
Net defined benefit plans		(188	)		(199	)

Cash generated from operations		11,852			9,906
Interests paid		(20	)		(23	)
Income taxes paid		(15	)		(8	)

Net cash provided by operating activities		11,817			9,875

(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
	2022			2021
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	$	(3	)	$	(38	)
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		(6	)		(9	)
Proceeds from disposal of financial assets at fair value through profit or loss		9			10
Proceeds from capital reduction of financial assets at fair value through profit or loss		44			—
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months		(2,708	)		(7,726	)
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months		879			1,998
Acquisition of investments accounted for using equity method		(20	)		(274	)
Acquisition of property, plant and equipment		(5,228	)		(4,443	)
Proceeds from disposal of property, plant and equipment		2			6
Acquisition of intangible assets		(17	)		(20	)
Decrease (increase) in other noncurrent assets		(59	)		214
Interests received		23			17
Dividends received		—			103

Net cash used in investing activities		(7,084	)		(7,256	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		13			63
Repayments of short-term loans		(13	)		(70	)
Proceeds from short-term bills payable		—			5,000
Repayments of short-term bills payable		—			(7,000	)
Proceeds from issuance of bonds		3,500			—
Payments for transaction costs attributable to the issuance of bonds		(4	)		—
Decrease in customers’ deposits		(428	)		(103	)
Payments for the principal of lease liabilities		(1,058	)		(1,019	)
Increase (decrease) in other noncurrent liabilities		(90	)		95
Change in other noncontrolling interests		47			53

Net cash provided by (used in) financing activities		1,967			(2,981	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		21			(14	)

(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
	2022		2021
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	$	6,721	$	(376	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		39,779		30,420

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	46,500	$	30,044

(Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 2022 and 2021

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of March 31, 2022 and 2021, the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2022 and 2021 in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards 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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