Chunghwa Telecom Co., Ltd. and Subsidiaries
Consolidated Financial Statements as of December 31, 2022 and 2023 and for Each of the Three Years in the
Period Ended December 31, 2023 and Report of Independent Registered Public Accounting Firm
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS December 31, 2022 and 2023
(In Millions of New Taiwan or U.S. Dollars)
2022 | 2023 | 2022 | 2023 | ||||||||||||||||||||||||
ASSETS | Notes | NT$ | NT$ | US$ (Note 6) | LIABILITIES AND EQUITY | Notes | NT$ | NT$ | US$ (Note 6) | ||||||||||||||||||
CURRENT ASSETS | CURRENT LIABILITIES | ||||||||||||||||||||||||||
Cash and cash equivalents | 3, 7, 39 | $ | 50,193 | $ | 33,824 | $ | 1,105 | Short-term loans | 22 | $ | 722 | $ | 585 | $ | 19 | ||||||||||||
Financial assets at fair value through profit or loss | 3, 4, 8 | 4 | 1 | - | Hedging financial liabilities | 3, 21 | - | - | - | ||||||||||||||||||
Hedging financial assets | 3, 21 | 13 | - | - | Contract liabilities | 3, 30, 39 | 13,390 | 14,088 | 460 | ||||||||||||||||||
Contract assets | 3, 30 | 6,056 | 6,713 | 219 | Trade notes and accounts payable | 25 | 16,429 | 14,396 | 470 | ||||||||||||||||||
Trade notes and accounts receivable, net | 3, 4, 10, 30 | 24,672 | 24,842 | 811 | Payables to related parties | 39 | 539 | 385 | 13 | ||||||||||||||||||
Receivables from related parties | 39 | 75 | 78 | 3 | Current tax liabilities | 3, 32 | 6,999 | 6,613 | 216 | ||||||||||||||||||
Inventories | 3, 4, 11 | 11,316 | 11,521 | 376 | Lease liabilities | 3, 4, 17, 35, 39 | 3,339 | 3,505 | 115 | ||||||||||||||||||
Prepayments | 12 | 2,398 | 2,840 | 93 | Other payables | 26, 35 | 25,080 | 25,257 | 825 | ||||||||||||||||||
Other current monetary assets | 13, 28, 35, 39 | 3,619 | 20,352 | 665 | Provisions | 3, 27 | 226 | 337 | 11 | ||||||||||||||||||
Incremental costs of obtaining contracts | 3, 30 | - | 211 | 7 | Current portion of long-term loans | 22, 40 | - | 1,600 | 52 | ||||||||||||||||||
Other current assets | 19, 20, 32, 40 | 3,555 | 2,822 | 92 | Other current liabilities | 1,016 | 984 | 32 | |||||||||||||||||||
Total current assets | 101,901 | 103,204 | 3,371 | Total current liabilities | 67,740 | 67,750 | 2,213 | ||||||||||||||||||||
NONCURRENT ASSETS | NONCURRENT LIABILITIES | ||||||||||||||||||||||||||
Financial assets at fair value through profit or loss | 3, 4, 8 | 1,020 | 1,036 | 34 | Long-term loans | 23, 40 | 1,600 | - | - | ||||||||||||||||||
Financial assets at fair value through other comprehensive income | 3, 4, 9, 35 | 3,491 | 4,412 | 144 | Bonds payable | 24 | 30,477 | 30,483 | 996 | ||||||||||||||||||
Investments accounted for using equity method | 3, 15, 35 | 6,949 | 8,252 | 269 | Contract liabilities | 3, 30 | 7,674 | 7,560 | 247 | ||||||||||||||||||
Contract assets | 3, 30 | 3,137 | 3,769 | 123 | Deferred income tax liabilities | 3, 32 | 2,301 | 2,461 | 80 | ||||||||||||||||||
Property, plant and equipment | 3, 4, 16, 35, 39, 40 | 291,528 | 292,338 | 9,547 | Provisions | 3, 27 | 173 | 485 | 16 | ||||||||||||||||||
Right-of-use assets | 3, 4, 17, 39 | 11,103 | 11,238 | 367 | Lease liabilities | 3, 4, 17, 35, 39 | 7,334 | 7,470 | 244 | ||||||||||||||||||
Investment properties | 3, 4, 18, 39 | 9,804 | 9,805 | 320 | Customers' deposits | 39 | 5,157 | 5,309 | 173 | ||||||||||||||||||
Intangible assets | 3, 4, 19, 39 | 79,187 | 72,727 | 2,375 | Net defined benefit liabilities | 3, 4, 28 | 2,285 | 2,098 | 69 | ||||||||||||||||||
Deferred income tax assets | 3, 32 | 2,197 | 2,099 | 69 | Other noncurrent liabilities | 6,726 | 7,406 | 241 | |||||||||||||||||||
Incremental costs of obtaining a contract | 3, 30 | 980 | 939 | 31 | |||||||||||||||||||||||
Net defined benefit assets | 3, 4, 28 | 5,266 | 5,963 | 195 | Total noncurrent liabilities | 63,727 | 63,272 | 2,066 | |||||||||||||||||||
Prepayments | 12, 41 | 1,728 | 3,330 | 109 | |||||||||||||||||||||||
Other noncurrent assets | 20, 40, 41 | 4,705 | 4,629 | 151 | Total liabilities | 131,467 | 131,022 | 4,279 | |||||||||||||||||||
Total noncurrent assets | 421,095 | 420,537 | 13,734 | EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE | |||||||||||||||||||||||
PARENT | |||||||||||||||||||||||||||
Common stocks | 77,574 | 77,574 | 2,533 | ||||||||||||||||||||||||
Additional paid-in capital | 149,844 | 149,828 | 4,893 | ||||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||||||
Legal reserve | 77,574 | 77,574 | 2,533 | ||||||||||||||||||||||||
Special reserve | 3,084 | 2,899 | 96 | ||||||||||||||||||||||||
Unappropriated earnings | 71,268 | 72,059 | 2,353 | ||||||||||||||||||||||||
Total retained earnings | 151,926 | 152,532 | 4,982 | ||||||||||||||||||||||||
Others | (223) | 353 | 12 | ||||||||||||||||||||||||
Total equity attributable to stockholders of the parent | 14, 29 | 379,121 | 380,287 | 12,420 | |||||||||||||||||||||||
NONCONTROLLING INTERESTS | 14, 29 | 12,408 | 12,432 | 406 | |||||||||||||||||||||||
Total equity | 391,529 | 392,719 | 12,826 | ||||||||||||||||||||||||
TOTAL | $ | 522,996 | $ | 523,741 | $ | 17,105 | TOTAL | $ | 522,996 | $ | 523,741 | $ | 17,105 |
The accompanying notes are an integral part of the consolidated financial statements.
- 3 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2021, 2022 and 2023
(In Millions of New Taiwan or U.S. Dollars, Except Earnings Per Share That Are in New Taiwan or U.S. Dollars)
2021 | 2022 | 2023 | |||||||||||||
Notes | NT$ | NT$ | NT$ | US$ (Note 6) | |||||||||||
REVENUES | 3, 30, 39, 42 | $ 210,478 | $ 216,739 | $ 223,199 | $ 7,289 | ||||||||||
OPERATING COSTS | 3, 11, 28, 30, | ||||||||||||||
31, 39 | 135,111 | 136,717 | 141,767 | 4,630 | |||||||||||
GROSS PROFIT | 75,367 | 80,022 | 81,432 | 2,659 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Marketing | 20,944 | 22,819 | 23,599 | 771 | |||||||||||
General and administrative | 5,293 | 6,580 | 6,801 | 222 | |||||||||||
Research and development | 3,688 | 3,774 | 3,892 | 127 | |||||||||||
Expected credit loss | 143 | 117 | 152 | 5 | |||||||||||
Total operating expenses | 3, 10, 28, 31, 39 | 30,068 | 33,290 | 34,444 | 1,125 | ||||||||||
OTHER INCOME AND EXPENSES | 16, 17, 18, | ||||||||||||||
19, 31, 42 | (369) | 93 | (635) | (20) | |||||||||||
INCOME FROM OPERATIONS | 44,930 | 46,825 | 46,353 | 1,514 | |||||||||||
NON-OPERATING INCOME AND | |||||||||||||||
EXPENSES | |||||||||||||||
Interest income | 39, 42 | 95 | 249 | 618 | 20 | ||||||||||
Other income | 9, 31, 39 | 378 | 369 | 382 | 12 | ||||||||||
Other gains and losses | 15, 31, 39 | 461 | (418) | (279) | (9) | ||||||||||
Interest expense | 17, 31, 39, 42 | (218) | (263) | (319) | (10) | ||||||||||
Share of profits of associates and joint | |||||||||||||||
ventures accounted for using equity | |||||||||||||||
method | 15, 42 | 421 | 442 | 253 | 8 | ||||||||||
Total non-operating income and | |||||||||||||||
expenses | 1,137 | 379 | 655 | 21 | |||||||||||
INCOME BEFORE INCOME TAX | 46,067 | 47,204 | 47,008 | 1,535 | |||||||||||
INCOME TAX EXPENSE | 3, 32 | 9,020 | 9,335 | 8,947 | 292 | ||||||||||
NET INCOME | 37,047 | 37,869 | 38,061 | 1,243 | |||||||||||
TOTAL OTHER COMPREHENSIVE | |||||||||||||||
INCOME (LOSS) | |||||||||||||||
Items that will not be reclassified to | |||||||||||||||
profit or loss: | |||||||||||||||
Remeasurements of defined benefit | |||||||||||||||
pension plans | 28 | 390 | 1,154 | 157 | 5 | ||||||||||
Unrealized gain or loss on | |||||||||||||||
investments in equity instruments | |||||||||||||||
at fair value through other | |||||||||||||||
comprehensive income | 3, 29, 37 | (1,186) | (137) | 619 | 20 | ||||||||||
Gain or loss on hedging instruments | |||||||||||||||
subject to basis adjustment | 3, 21 | (10) | 21 | (13) | - | ||||||||||
(Continued) |
- 4 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2021, 2022 and 2023
(In Millions of New Taiwan or U.S. Dollars, Except Earnings Per Share That Are in New Taiwan or U.S. Dollars)
2021 | 2022 | 2023 | ||||
Notes | NT$ | NT$ | NT$ | US$ (Note 6) |
Share of other comprehensive income | ||
(loss) of associates and joint | ||
ventures | 15 | $ |
Income tax relating to items that will | ||
not be reclassified to profit or loss | 32 | |
Items that may be reclassified | ||
subsequently to profit or loss: | ||
Exchange differences arising from the | ||
translation of the foreign | ||
operations | ||
Share of other comprehensive income | ||
(loss) of associates and joint | ||
ventures | 15 | |
Income tax relating to items that may | ||
be reclassified subsequently | 32 | |
Total other comprehensive income | ||
(loss), net of income tax | ||
TOTAL COMPREHENSIVE INCOME | $ | |
NET INCOME ATTRIBUTABLE TO | ||
Stockholders of the parent | $ | |
Noncontrolling interests | ||
$ | ||
COMPREHENSIVE INCOME | ||
ATTRIBUTABLE TO | ||
Stockholders of the parent | $ | |
Noncontrolling interests | ||
$ | ||
EARNINGS PER SHARE | 33 | |
Basic | ||
Diluted |
EARNINGS PER EQUIVALENT ADS
Basic
Diluted
(4) | $ | 3 | $ | 6 | $ | - | |||
(78) | (231) | (31) | (1) | ||||||
(888) | 810 | 738 | 24 | ||||||
(77) | 296 | (46) | (1) | ||||||
(1) | 6 | (23) | (1) | ||||||
- | - | - | - | ||||||
(78) | 302 | (69) | (2) | ||||||
(966) | 1,112 | 669 | 22 | ||||||
36,081 | $ | 38,981 | $ | 38,730 | $ | 1,265 | |||
35,616 | $ | 36,358 | $ | 36,958 | $ | 1,207 | |||
1,431 | 1,511 | 1,103 | 36 | ||||||
37,047 | $ | 37,869 | $ | 38,061 | $ | 1,243 | |||
34,652 | $ | 37,450 | $ | 37,658 | $ | 1,230 | |||
1,429 | 1,531 | 1,072 | 35 | ||||||
36,081 | $ | 38,981 | $ | 38,730 | $ | 1,265 | |||
$4.59 | $4.69 | $4.76 | $0.16 | ||||||
$4.59 | $4.68 | $4.76 | $0.16 | ||||||
$45.91 | $46.87 | $47.64 | $1.56 | ||||||
$45.86 | $46.81 | $47.58 | $1.55 |
The accompanying notes are an integral part of the consolidated financial statements. | (Concluded) |
- 5 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2021, 2022 and 2023
(In Millions of New Taiwan or U.S. Dollars)
Equity Attributable to Stockholders of the Parent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Others | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
or Loss on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange | Financial Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Differences | at Fair Value | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | Arising from the | through Other | Attributable to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Unappropriated | Total Retained | Translation of the | Comprehensive | Gain or Loss on | Stockholders | Noncontrolling | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stocks | Paid-in Capital | Legal Reserve | Special Reserve | Earnings | Earnings | Foreign Operations | Income | Hedging Instruments | Total Others | of the Parent | Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | NT$ | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | 1 | - | - | - | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income for the year ended December 31, 2021 | - | - | - | - | 35,616 | 35,616 | - | - | - | - | 35,616 | 1,431 | 37,047 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year ended December 31, 2021 | - | - | - | - | 311 | 311 | (77 ) | (1,188 ) | (10 ) | (1,275 ) | (964 ) | (2 ) | (966 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year ended December 31, 2021 | - | - | - | - | 35,927 | 35,927 | (77 ) | (1,188 ) | (10 ) | (1,275 ) | 34,652 | 1,429 | 36,081 | |||||||||||||||||||||||||||||||||||||||||||||||
Disposal of investments in equity instruments at fair value through other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income | - | - | - | - | 60 | 60 | - | (60 ) | - | (60 ) | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions of subsidiaries | - | 17 | - | - | - | - | - | - | - | - | 17 | 56 | 73 | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2021 | 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 distributed by Chunghwa | - | - | - | - | (35,746 ) | (35,746 ) | - | - | - | - | (35,746 ) | - | (35,746 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends distributed by subsidiaries | - | - | - | - | - | - | - | - | - | - | - | (1,053 ) | (1,053 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Unclaimed dividend | - | 2 | - | - | - | - | - | - | - | - | 2 | - | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in additional paid-in capital for not proportionately participating in the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
capital increase of subsidiaries | - | 5 | - | - | - | - | - | - | - | - | 5 | 10 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income for the year ended December 31, 2022 | - | - | - | - | 36,358 | 36,358 | - | - | - | - | 36,358 | 1,511 | 37,869 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | 907 | 907 | 281 | (117 ) | 21 | 185 | 1,092 | 20 | 1,112 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | 37,265 | 37,265 | 281 | (117 ) | 21 | 185 | 37,450 | 1,531 | 38,981 | |||||||||||||||||||||||||||||||||||||||||||||||
Disposal of investments in equity instruments at fair value through other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions of subsidiaries | - | 27 | - | - | - | - | - | - | - | - | 27 | 62 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||
Net increase in noncontrolling interests | - | - | - | - | - | - | - | - | - | - | - | 111 | 111 | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | 77,574 | 149,844 | 77,574 | 3,084 | 71,268 | 151,926 | (111 ) | (125 ) | 13 | (223 ) | 379,121 | 12,408 | 391,529 | |||||||||||||||||||||||||||||||||||||||||||||||
Appropriation of 2022 earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special reserve | - | - | - | (185 ) | 185 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends distributed by Chunghwa | - | - | - | - | (36,476 ) | (36,476 ) | - | - | - | - | (36,476 ) | - | (36,476 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends distributed by subsidiaries | - | - | - | - | - | - | - | - | - | - | - | (1,092 ) | (1,092 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Unclaimed dividend | - | 2 | - | - | - | - | - | - | - | - | 2 | - | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in additional paid-in capital from investments in associates and joint | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ventures accounted for using equity method | - | (26 ) | - | - | - | - | - | - | - | - | (26 ) | - | (26 ) | |||||||||||||||||||||||||||||||||||||||||||||||
Actual acquisition of interests in subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Net income for the year ended December 31, 2023 | - | - | - | - | 36,958 | 36,958 | - | - | - | - | 36,958 | 1,103 | 38,061 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year ended December 31, 2023 | - | - | - | - | 124 | 124 | (57 ) | 646 | (13 ) | 576 | 700 | (31 ) | 669 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year ended December 31, 2023 | - | - | - | - | 37,082 | 37,082 | (57 ) | 646 | (13 ) | 576 | 37,658 | 1,072 | 38,730 | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment transactions of subsidiaries | - | 8 | - | - | - | - | - | - | - | - | 8 | 25 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||
Net increase in noncontrolling interests | - | - | - | - | - | - | - | - | - | - | - | 19 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2023 | $ | 77,574 | $ | 149,828 | $ | 77,574 | $ | 2,899 | $ | 72,059 | $ | 152,532 | $ | (168 ) | $ | 521 | $ | - | $ | 353 | $ | 380,287 | $ | 12,432 | $ | 392,719 | ||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2023 (IN MILLIONS OF US$ - Note 6) | $ | 2,533 | $ | 4,893 | $ | 2,533 | $ | 96 | $ | 2,353 | $ | 4,982 | $ | (5 ) | $ | 17 | $ | - | $ | 12 | $ | 12,420 | $ | 406 | $ | 12,826 | ||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
- 6 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2021, 2022 and 2023 (In Millions of New Taiwan or U.S. Dollars)
2021 | 2022 | 2023 | |||||||||||||
NT$ | NT$ | NT$ | US$ (Note 6) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||
Income before income tax | $ 46,067 | $ 47,204 | $ 47,008 | $ | 1,535 | ||||||||||
Adjustments for: | |||||||||||||||
Depreciation | 31,832 | 32,786 | 32,956 | 1,076 | |||||||||||
Amortization | 6,569 | 6,643 | 6,699 | 219 | |||||||||||
Amortization of incremental costs of obtaining | |||||||||||||||
contracts | 815 | 841 | 856 | 28 | |||||||||||
Expected credit loss | 143 | 117 | 152 | 5 | |||||||||||
Interest expense | 218 | 263 | 319 | 10 | |||||||||||
Interest income | (95) | (249) | (618) | (20) | |||||||||||
Dividend income | (154) | (157) | (167) | (5) | |||||||||||
Compensation cost of share-based payment | |||||||||||||||
transactions | 19 | 16 | 8 | - | |||||||||||
Share of profits of associates and joint ventures | |||||||||||||||
accounted for using equity method | (421) | (442) | (253) | (8) | |||||||||||
Loss on disposal of property, plant and equipment | 3 | 5 | - | - | |||||||||||
Gain on disposal of financial instruments | - | (1) | - | - | |||||||||||
Loss (gain) on disposal of investments accounted for | |||||||||||||||
using equity method | (4) | 14 | (6) | - | |||||||||||
Provision for impairment loss and obsolescence of | |||||||||||||||
inventory | 207 | 34 | 23 | 1 | |||||||||||
Impairment loss on property, plant and equipment | - | - | 299 | 10 | |||||||||||
Impairment loss on right-of-use assets | 420 | - | - | - | |||||||||||
Impairment loss (reversal of impairment loss) on | |||||||||||||||
investment properties | (83) | (107) | 336 | 10 | |||||||||||
Impairment loss on intangible assets | 29 | 9 | - | - | |||||||||||
Valuation loss (gain) on financial assets and | |||||||||||||||
liabilities at fair value through profit or loss, net | (243) | 206 | 98 | 3 | |||||||||||
Others | (133) | 254 | (60) | (2) | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Decrease (increase) in: | |||||||||||||||
Contract assets | (336) | (1,031) | (1,291) | (42) | |||||||||||
Trade notes and accounts receivable | (1,339) | (785) | (287) | (9) | |||||||||||
Receivables from related parties | 189 | (34) | (3) | - | |||||||||||
Inventories | 875 | (23) | (178) | (6) | |||||||||||
Prepayments | 392 | 2 | (315) | (9) | |||||||||||
Other current monetary assets | (386) | (165) | 107 | 3 | |||||||||||
Other current assets | (630) | (576) | 733 | 24 | |||||||||||
Incremental cost of obtaining contracts | (803) | (833) | (1,026) | (34) | |||||||||||
Increase (decrease) in: | |||||||||||||||
Contract liabilities | (1,652) | 1,990 | 584 | 19 | |||||||||||
Trade notes and accounts payable | 2,468 | (1,631) | (2,033) | (66) | |||||||||||
Payables to related parties | (255) | 147 | (154) | (5) | |||||||||||
Other payables | 248 | 782 | 562 | 18 | |||||||||||
Provisions | 13 | (28) | 373 | 12 | |||||||||||
Other current liabilities | (12) | 60 | (14) | - | |||||||||||
Net defined benefit plans | (756) | (724) | (728) | (24) | |||||||||||
Cash generated from operations | 83,205 | 84,587 | 83,980 | 2,743 | |||||||||||
Interests paid | (192) | (239) | (314) | (10) | |||||||||||
Income taxes paid | (8,155) | (8,397) | (9,107) | (297) | |||||||||||
Net cash provided by operating activities | 74,858 | 75,951 | 74,559 | 2,436 | |||||||||||
(Continued)
- 7 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2021, 2022 and 2023 (In Millions of New Taiwan or U.S. Dollars)
2021 | 2022 | 2023 | ||||||||||||||||
NT$ | NT$ | NT$ | US$ (Note 6) | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||
Acquisition of financial assets at fair value through | ||||||||||||||||||
other comprehensive income | $ | (313) | $ | (19) | $ | (305) | $ | (10) | ||||||||||
Proceeds from disposal of financial assets at fair value | ||||||||||||||||||
through other comprehensive income | 2,912 | - | - | - | ||||||||||||||
Proceeds from capital reduction of financial assets at | ||||||||||||||||||
fair value through other comprehensive income | - | 7 | - | - | ||||||||||||||
Acquisition of financial assets at fair value through | ||||||||||||||||||
profit or loss | (44) | (360) | (133) | (4) | ||||||||||||||
Proceeds from disposal of financial assets at fair value | ||||||||||||||||||
through profit or loss | 25 | 15 | - | - | ||||||||||||||
Proceeds from capital reduction and profit distribution | ||||||||||||||||||
of financial assets at fair value through profit or loss | - | 66 | 22 | 1 | ||||||||||||||
Acquisition of time deposits, negotiable certificates of | ||||||||||||||||||
deposit and commercial paper with maturities of | ||||||||||||||||||
more than three months | (17,369) | (5,670) | (45,239) | (1,477) | ||||||||||||||
Proceeds from disposal of time deposits, negotiable | ||||||||||||||||||
certificates of deposit and commercial paper with | ||||||||||||||||||
maturities of more than three months | 18,446 | 7,310 | 28,577 | 933 | ||||||||||||||
Acquisition of investments accounted for using equity | ||||||||||||||||||
method | (330) | (52) | (1,555) | (51) | ||||||||||||||
Proceeds from disposal of investments accounted for | ||||||||||||||||||
using equity method | 9 | - | - | - | ||||||||||||||
Proceeds from capital reduction of investments | ||||||||||||||||||
accounted for using equity method | - | 340 | - | - | ||||||||||||||
Acquisition of property, plant and equipment | (35,333) | (31,535) | (30,741) | (1,004) | ||||||||||||||
Proceeds from disposal of property, plant and | ||||||||||||||||||
equipment | 27 | 16 | 19 | 1 | ||||||||||||||
Acquisition of intangible assets | (256) | (1,893) | (237) | (8) | ||||||||||||||
Acquisition of investment properties | (1) | (18) | (54) | (2) | ||||||||||||||
Decrease in other noncurrent assets | 338 | 235 | 166 | 5 | ||||||||||||||
Increase in prepayments for leases | - | - | (1,729) | (57) | ||||||||||||||
Interests received | 95 | 219 | 568 | 19 | ||||||||||||||
Dividends received | 622 | 550 | 467 | 15 | ||||||||||||||
Net cash used in investing activities | (31,172) | (30,789) | (50,174) | (1,639) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||
Proceeds from short-term loans | 154 | 1,292 | 2,590 | 85 | ||||||||||||||
Repayments of short-term loans | (156) | (635) | (2,727) | (89) | ||||||||||||||
Proceeds from short-term bills payable | 5,000 | - | - | - | ||||||||||||||
Repayments of short-term bills payable | (12,000) | - | - | - | ||||||||||||||
Proceeds from issuance of bonds | 7,000 | 3,500 | - | - | ||||||||||||||
Payments for transaction costs attributable to the | ||||||||||||||||||
issuance of bonds | (7) | (4) | - | - | ||||||||||||||
Increase (decrease) in customers' deposits | 477 | (223) | 134 | 4 | ||||||||||||||
Payments for the principal of lease liabilities | (3,729) | (3,777) | (3,884) | (127) | ||||||||||||||
Increase in other noncurrent liabilities | 3,191 | 1,644 | 680 | 22 | ||||||||||||||
Cash dividends paid | (33,404) | (35,746) | (36,476) | (1,191) | ||||||||||||||
Acquisition of additional interests in subsidiaries | - | - | - | - | ||||||||||||||
Cash dividends distributed to noncontrolling interests | (896) | (1,053) | (1,092) | (35) | ||||||||||||||
Change in other noncontrolling interests | 54 | 200 | 43 | 1 | ||||||||||||||
Unclaimed dividend | 2 | 2 | 2 | - | ||||||||||||||
Net cash used in financing activities | (34,314) | (34,800) | (40,730) | (1,330) | ||||||||||||||
(Continued)
- 8 -
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2021, 2022 and 2023 (In Millions of New Taiwan or U.S. Dollars)
2021 | 2022 | 2023 | |||||||||||||||||
NT$ | NT$ | NT$ | US$ (Note 6) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | $ | (13) | $ | 52 | $ | (24) | $ | (1) | |||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH | |||||||||||||||||||
EQUIVALENTS | 9,359 | 10,414 | (16,369) | (534) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF | |||||||||||||||||||
THE YEAR | 30,420 | 39,779 | 50,193 | 1,639 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF THE | |||||||||||||||||||
YEAR | $ | 39,779 | $ | 50,193 | $ | 33,824 | $ | 1,105 | |||||||||||
The accompanying notes are an integral part of the consolidated financial statements. | (Concluded) |
- 9 -
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Chunghwa Telecom Co. Ltd. published this content on 15 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 11:41:04 UTC.