EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Six Months Ended June 30, 2022 and 2021

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	June 30, 2022 (Unaudited)				December 31, 2021 (Audited)				June 30, 2021 (Unaudited)
ASSETS	Amount		%		Amount		%		Amount		%
CURRENT ASSETS
Cash and cash equivalents	$	54,262		10	$	39,779		8	$	32,139		6
Financial assets at fair value through profit or loss		—		—		3		—		2		—
Hedging financial assets		—		—		—		—		—		—
Contract assets		5,762		1		5,554		1		5,354		1
Trade notes and accounts receivable, net		22,313		4		23,947		5		21,952		4
Receivables from related parties		74		—		41		—		44		—
Inventories		11,074		2		11,327		2		11,521		2
Prepayments		5,274		1		2,330		—		5,464		1
Other current monetary assets		7,188		2		5,061		1		18,889		4
Other current assets		3,870		1		2,979		1		3,503		1

Total current assets		109,817		21		91,021		18		98,868		19

NONCURRENT ASSETS
Financial assets at fair value through profit or loss		929		—		909		—		904		—
Financial assets at fair value through other comprehensive income		3,495		1		3,616		1		3,636		1
Investments accounted for using equity method		6,898		1		7,137		1		7,080		1
Contract assets		2,855		1		2,608		1		2,383		—
Property, plant and equipment		285,066		54		289,100		56		282,692		55
Right-of-use assets		11,143		2		11,051		2		10,696		2
Investment properties		9,735		2		9,663		2		9,600		2
Intangible assets		80,746		15		83,945		16		87,071		17
Deferred income tax assets		2,587		1		2,785		1		3,066		1
Incremental costs of obtaining contracts		951		—		988		—		945		—
Net defined benefit assets		3,743		1		3,391		1		3,754		1
Prepayments		1,854		—		1,798		—		1,994		—
Other noncurrent assets		6,592		1		4,863		1		4,881		1

Total noncurrent assets		416,594		79		421,854		82		418,702		81

TOTAL	$	526,411		100	$	512,875		100	$	517,570		100


	June 30, 2022 (Unaudited)					December 31, 2021 (Audited)					June 30, 2021 (Unaudited)
LIABILITIES AND EQUITY	Amount			%		Amount			%		Amount			%
CURRENT LIABILITIES
Short-term loans	$	442			—	$	65			—	$	60			—
Financial liabilities at fair value through profit or loss		2			—		6			—		1			—
Hedging financial liabilities		7			—		8			—		14			—
Contract liabilities		12,684			2		12,234			2		13,578			3
Trade notes and accounts payable		10,997			2		18,063			4		12,944			3
Payables to related parties		187			—		392			—		344			—
Current tax liabilities		6,032			1		6,530			1		5,631			1
Lease liabilities		3,247			1		3,211			1		3,311			1
Dividends Payable		35,746			7		—			—		33,404			6
Other payables		21,880			4		24,437			5		21,425			4
Provisions		226			—		285			—		318			—
Current portion of long-term loans		—			—		—			—		1,600			—
Other current liabilities		1,057			—		998			—		954			—

Total current liabilities		92,507			17		66,229			13		93,584			18

NONCURRENT LIABILITIES
Long-term loans		1,600			—		1,600			—		—			—
Bonds payable		30,475			6		26,977			6		26,974			6
Contract liabilities		7,098			2		6,840			1		7,024			1
Deferred income taxes liabilities		2,229			—		2,189			—		2,077			—
Provisions		153			—		142			—		132			—
Lease liabilities		7,215			2		7,062			1		6,026			1
Customers’ deposits		5,006			1		5,336			1		4,815			1
Net defined benefit liabilities		2,276			—		2,288			1		3,415			1
Other noncurrent liabilities		4,980			1		5,082			1		2,018			—

Total noncurrent liabilities		61,032			12		57,516			11		52,481			10

Total liabilities		153,539			29		123,745			24		146,065			28

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

Additional paid-in capital		149,825			28		149,810			29		149,806			29

Retained earnings
Legal reserve		77,574			15		77,574			15		77,574			15
Special reserve		3,084			1		2,676			1		2,676			1
Unappropriated earnings		53,606			10		70,157			14		52,818			10

Total retained earnings		134,264			26		150,407			30		133,068			26

Others		(377	)		—		(408	)		—		(241	)		—

Total equity attributable to stockholders of the parent		361,286			69		377,383			74		360,207			70
NONCONTROLLING INTERESTS		11,586			2		11,747			2		11,298			2

Total equity		372,872			71		389,130			76		371,505			72

TOTAL	$	526,411			100	$	512,875			100	$	517,570			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
	2022					2021					2022					2021
	Amount			%		Amount			%		Amount			%		Amount			%
REVENUES	$	52,435			100	$	49,601			100	$	103,730			100	$	99,702			100
OPERATING COSTS		32,346			62		31,058			63		64,037			62		62,951			63

GROSS PROFIT		20,089			38		18,543			37		39,693			38		36,751			37

OPERATING EXPENSES
Marketing		5,592			11		5,044			9		11,037			11		9,929			9
General and administrative		1,542			2		1,280			3		3,090			2		2,583			3
Research and development		953			2		893			2		1,802			2		1,768			2
Expected credit loss (reversal of credit loss)		(27	)		—		43			—		74			—		87			—

Total operating expenses		8,060			15		7,260			14		16,003			15		14,367			14

OTHER INCOME AND EXPENSES		(3	)		—		—			—		(4	)		—		3			—

INCOME FROM OPERATIONS		12,026			23		11,283			23		23,686			23		22,387			23

NON-OPERATING INCOME AND EXPENSES
Interest income		64			—		28			—		88			—		46			—
Other income		210			—		49			—		254			—		91			—
Other gains and losses		62			—		95			—		(47	)		—		259			—
Interest expenses		(65	)		—		(55	)		—		(121	)		—		(106	)		—
Share of profits of associates and joint ventures accounted for using equity method		211			—		76			—		316			—		116			—

Total non-operating income and expenses		482			—		193			—		490			—		406			—

INCOME BEFORE INCOME TAX		12,508			23		11,476			23		24,176			23		22,793			23
INCOME TAX EXPENSE		1,054			1		891			2		3,829			3		3,570			4

NET INCOME		11,454			22		10,585			21		20,347			20		19,223			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		(79	)		—		(65	)		—		(124	)		—		(1,010	)		(1	)
Gain or loss on hedging instruments subject to basis adjustment		(15	)		—		(12	)		—		1			—		(16	)		—
Share of remeasurements of defined benefit pension plans of associates and joint ventures		—			—		—			—		2			—		1			—

		(94	)		—		(77	)		—		(121	)		—		(1,025	)		(1	)

(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
	2022					2021					2022				2021
	Amount			%		Amount			%		Amount		%		Amount			%
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations	$	75			—	$	(11	)		—	$	152		—	$	(48	)		—
Share of exchange differences arising from the translation of the foreign operations of associates and joint ventures		1			—		(1	)		—		1		—		(1	)		—

		76			—		(12	)		—		153		—		(49	)		—

Total other comprehensive income (loss), net of income tax		(18	)		—		(89	)		—		32		—		(1,074	)		(1	)

TOTAL COMPREHENSIVE INCOME	$	11,436			22	$	10,496			21	$	20,379		20	$	18,149			18

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	11,021			21	$	10,215			20	$	19,601		19	$	18,553			19
Noncontrolling interests		433			1		370			1		746		1		670			—

	$	11,454			22	$	10,585			21	$	20,347		20	$	19,223			19

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	11,007			21	$	10,126			20	$	19,634		19	$	17,480			18
Noncontrolling interests		429			1		370			1		745		1		669			—

	$	11,436			22	$	10,496			21	$	20,379		20	$	18,149			18

EARNINGS PER SHARE
Basic	$	1.42				$	1.32				$	2.53			$	2.39

Diluted	$	1.42				$	1.32				$	2.52			$	2.39

(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
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

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
Appropriation of 2021 earnings
Special reserve		—		—		—		408		(408	)		—			—			—			—			—			—			—			—
Cash dividends recognized by Chunghwa										(35,746	)		(35,746	)		—			—			—			—			(35,746	)		—			(35,746	)
Cash dividends recognized by subsidiaries		—		—		—		—		—			—			—			—			—			—			—			(1,053	)		(1,053	)
Reversal of unclaimed dividend		—		—		—		—		—			—			—			—			—			—			—			—			—
Change in additional paid-in capital from investments in associates and joint ventures accounted for using equity method		—		—		—		—		—			—			—			—			—			—			—			—			—
Net income for the six months ended June 30, 2022		—		—		—		—		19,601			19,601			—			—			—			—			19,601			746			20,347
Other comprehensive income (loss) for the six months ended June 30, 2022		—		—		—		—		2			2			139			(109	)		1			31			33			(1	)		32

Total comprehensive income (loss) for the six months ended June 30, 2022		—		—		—		—		19,603			19,603			139			(109	)		1			31			19,634			745			20,379

Share-based payment transactions of subsidiaries		—		15		—		—		—			—			—			—			—			—			15			55			70
Net increase in noncontrolling interests		—		—		—		—		—			—			—			—			—			—			—			92			92

BALANCE, JUNE 30, 2022	$	77,574	$	149,825	$	77,574	$	3,084	$	53,606		$	134,264		$	(253	)	$	(117	)	$	(7	)	$	(377	)	$	361,286		$	11,586		$	372,872

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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
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	24,176		$	22,793
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		16,354			15,760
Amortization		3,275			3,283
Amortization of incremental costs of obtaining contracts		418			395
Expected credit loss		74			87
Interest expense		121			106
Interest income		(88	)		(46	)
Dividend income		(153	)		—
Compensation cost of share-based payment transactions		8			9
Share of profits of associates and joint ventures accounted for using equity method		(316	)		(116	)
Loss (gain) on disposal of property, plant and equipment		4			(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		63			32
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		63			(224	)
Others		104			(90	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(455	)		90
Trade notes and accounts receivable		1,567			644
Receivables from related parties		(33	)		187
Inventories		190			856
Prepayments		(3,000	)		(2,938	)
Other current monetary assets		(387	)		(986	)
Other current assets		(891	)		(1,154	)
Incremental cost of obtaining contracts		(381	)		(341	)
Increase (decrease) in:
Contract liabilities		708			(124	)
Trade notes and accounts payable		(7,062	)		(2,647	)
Payables to related parties		(205	)		(302	)
Other payables		(2,245	)		(3,201	)
Provisions		(48	)		36
Other current liabilities		73			(66	)
Net defined benefit plans		(363	)		(381	)

Cash generated from operations		31,571			31,659

(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
	2022			2021
Interests paid	$	(75	)	$	(45	)
Income taxes paid		(4,090	)		(3,920	)

Net cash provided by operating activities		27,406			27,694

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(3	)		(89	)
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		(116	)		(12	)
Proceeds from disposal of financial assets at fair value through profit or loss		9			18
Proceeds from capital reduction of financial assets at fair value through profit or loss		66			—
Acquisition of time deposits and negotiable certificates of deposit with maturities of more than three months		(4,938	)		(15,131	)
Proceeds from disposal of time deposits and negotiable certificates of deposit with maturities of more than three months		3,599			3,027
Acquisition of investments accounted for using equity method		(20	)		(330	)
Proceeds from capital reduction of investments accounted for using equity method		340			—
Acquisition of property, plant and equipment		(11,784	)		(14,995	)
Proceeds from disposal of property, plant and equipment		4			17
Acquisition of intangible assets		(75	)		(68	)
Acquisition of investment properties		(18	)		—
Decrease (increase) in other noncurrent assets		(1,743	)		313
Interests received		78			39
Dividends received		5			103

Net cash used in investing activities		(14,596	)		(24,202	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		420			173
Repayments of short-term loans		(43	)		(180	)
Proceeds from short-term bills payable		—			5,000
Repayments of short-term bills payable		—			(12,000	)
Proceeds from issuance of bonds		3,500			7,000
Payments for transaction costs attributable to the issuance of bonds		(4	)		(8	)
Decrease in customers’ deposits		(344	)		(33	)
Payments for the principal of lease liabilities		(1,932	)		(1,900	)
Increase (decrease) in other noncurrent liabilities		(102	)		127
Change in other noncontrolling interests		154			53
Payment of claimed dividend		—			—

Net cash provided by (used in) financing activities		1,649			(1,768	)

(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
	2022		2021
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	$	24	$	(5	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		14,483		1,719
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		39,779		30,420

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	54,262	$	32,139

(Concluded)

- 7 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2022 and 2021

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of June 30, 2022 and 2021, the related consolidated statements of comprehensive income for the three months ended June 30, 2022 and 2021, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the six months ended June 30, 2022 and 2021 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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