Exhibit 99.3
Chunghwa Telecom Co., Ltd. and
Subsidiaries
Consolidated Financial Statements for the
Three Months Ended March 31, 2015 and 2014
-1-
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Millions of New Taiwan Dollars)
March 31, 2015 (Unaudited) | December 31, 2014 (Audited) | March 31, 2014 (Unaudited) | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 30,801 | 7 | $ | 23,560 | 5 | $ | 18,986 | 5 | |||||||||||||||
Financial assets at fair value through profit or loss | — | — | 1 | — | — | — | ||||||||||||||||||
Available-for-sale financial assets | — | — | — | — | — | — | ||||||||||||||||||
Held-to-maturity financial assets | 2,754 | 1 | 3,457 | 1 | 4,313 | 1 | ||||||||||||||||||
Trade notes and accounts receivable, net | 27,606 | 6 | 26,228 | 6 | 22,988 | 5 | ||||||||||||||||||
Accounts receivable from related parties | 61 | — | 81 | — | 62 | — | ||||||||||||||||||
Inventories | 6,877 | 1 | 7,097 | 2 | 8,944 | 2 | ||||||||||||||||||
Prepayments | 5,809 | 1 | 2,444 | — | 5,351 | 1 | ||||||||||||||||||
Other current monetary assets | 2,893 | 1 | 3,325 | 1 | 4,621 | 1 | ||||||||||||||||||
Other current assets | 2,917 | 1 | 3,219 | 1 | 4,012 | 1 | ||||||||||||||||||
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Total current assets | 79,718 | 18 | 69,412 | 16 | 69,277 | 16 | ||||||||||||||||||
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NONCURRENT ASSETS | ||||||||||||||||||||||||
Available-for-sale financial assets | 6,681 | 1 | 6,281 | 1 | 5,232 | 1 | ||||||||||||||||||
Held-to-maturity financial assets | 4,026 | 1 | 4,028 | 1 | 6,796 | 1 | ||||||||||||||||||
Investments accounted for using equity method | 3,036 | 1 | 2,750 | 1 | 2,556 | 1 | ||||||||||||||||||
Property, plant and equipment | 298,417 | 66 | 302,650 | 68 | 299,084 | 67 | ||||||||||||||||||
Investment properties | 7,670 | 2 | 7,621 | 2 | 8,014 | 2 | ||||||||||||||||||
Intangible assets | 42,129 | 9 | 42,825 | 9 | 44,134 | 10 | ||||||||||||||||||
Deferred income tax assets | 1,874 | — | 1,826 | — | 1,713 | — | ||||||||||||||||||
Prepayments | 3,523 | 1 | 3,504 | 1 | 3,590 | 1 | ||||||||||||||||||
Other noncurrent assets | 5,402 | 1 | 5,601 | 1 | 5,059 | 1 | ||||||||||||||||||
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Total noncurrent assets | 372,758 | 82 | 377,086 | 84 | 376,178 | 84 | ||||||||||||||||||
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TOTAL | $ | 452,476 | 100 | $ | 446,498 | 100 | $ | 445,455 | 100 | |||||||||||||||
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-2-
March 31, 2015 (Unaudited) | December 31, 2014 (Audited) | March 31, 2014 (Unaudited) | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Short-term loans | $ | 560 | — | $ | 564 | — | $ | 304 | — | |||||||||||||||
Financial liabilities at fair value through profit or loss | — | — | — | — | 1 | — | ||||||||||||||||||
Hedging derivative liabilities | — | — | — | — | — | — | ||||||||||||||||||
Trade notes and accounts payable | 14,875 | 3 | 18,519 | 4 | 12,355 | 3 | ||||||||||||||||||
Payables to related parties | 256 | — | 408 | — | 503 | — | ||||||||||||||||||
Current tax liabilities | 10,139 | 2 | 6,982 | 2 | 9,241 | 2 | ||||||||||||||||||
Other payables | 21,180 | 5 | 24,335 | 6 | 22,331 | 5 | ||||||||||||||||||
Provisions | 211 | — | 179 | — | 143 | — | ||||||||||||||||||
Advance receipts | 9,544 | 2 | 9,913 | 2 | 9,394 | 2 | ||||||||||||||||||
Current portion of long-term loans | — | — | — | — | 300 | — | ||||||||||||||||||
Other current liabilities | 1,486 | 1 | 1,619 | — | 1,603 | — | ||||||||||||||||||
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Total current liabilities | 58,251 | 13 | 62,519 | 14 | 56,175 | 12 | ||||||||||||||||||
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NONCURRENT LIABILITIES | ||||||||||||||||||||||||
Long-term loans | 1,850 | — | 1,900 | — | 1,400 | 1 | ||||||||||||||||||
Deferred income taxes liabilities | 124 | — | 132 | — | 101 | — | ||||||||||||||||||
Provisions | 86 | — | 93 | — | 119 | — | ||||||||||||||||||
Customers’ deposits | 4,639 | 1 | 4,759 | 1 | 4,755 | 1 | ||||||||||||||||||
Net defined benefit liabilities | 6,570 | 2 | 6,470 | 2 | 5,582 | 1 | ||||||||||||||||||
Deferred revenue | 3,717 | 1 | 3,398 | 1 | 3,615 | 1 | ||||||||||||||||||
Other noncurrent liabilities | 1,589 | — | 1,515 | — | 1,355 | — | ||||||||||||||||||
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Total noncurrent liabilities | 18,575 | 4 | 18,267 | 4 | 16,927 | 4 | ||||||||||||||||||
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Total liabilities | 76,826 | 17 | 80,786 | 18 | 73,102 | 16 | ||||||||||||||||||
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EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT | ||||||||||||||||||||||||
Common stock | 77,574 | 17 | 77,574 | 18 | 77,574 | 17 | ||||||||||||||||||
Additional paid-in capital | 146,747 | 33 | 146,720 | 33 | 163,294 | 37 | ||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||
Legal reserve | 76,893 | 17 | 76,893 | 17 | 74,819 | 17 | ||||||||||||||||||
Special reserve | 2,820 | 1 | 2,820 | 1 | 2,676 | 1 | ||||||||||||||||||
Unappropriated earnings | 65,253 | 14 | 55,895 | 12 | 49,368 | 11 | ||||||||||||||||||
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Total retained earnings | 144,966 | 32 | 135,608 | 30 | 126,863 | 29 | ||||||||||||||||||
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Other adjustments | 1,288 | — | 886 | — | (372 | ) | — | |||||||||||||||||
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Total equity attributable to stockholders of the parent | 370,575 | 82 | 360,788 | 81 | 367,359 | 83 | ||||||||||||||||||
NONCONTROLLING INTERESTS | 5,075 | 1 | 4,924 | 1 | 4,994 | 1 | ||||||||||||||||||
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Total equity | 375,650 | 83 | 365,712 | 82 | 372,353 | 84 | ||||||||||||||||||
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TOTAL | $ | 452,476 | 100 | $ | 446,498 | 100 | $ | 445,455 | 100 | |||||||||||||||
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-3-
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions of New Taiwan Dollars, Except Earnings Per Share)
Three Months Ended March 31 | ||||||||||||||||
2015 (Unaudited) | 2014 (Unaudited) | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
REVENUES | $ | 56,473 | 100 | $ | 55,050 | 100 | ||||||||||
OPERATING COSTS | 36,696 | 65 | 35,000 | 64 | ||||||||||||
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GROSS PROFIT | 19,777 | 35 | 20,050 | 36 | ||||||||||||
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OPERATING EXPENSES | ||||||||||||||||
Marketing | 5,983 | 11 | 6,168 | 11 | ||||||||||||
General and administrative | 1,145 | 2 | 1,083 | 2 | ||||||||||||
Research and development | 835 | 1 | 894 | 2 | ||||||||||||
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Total operating expenses | 7,963 | 14 | 8,145 | 15 | ||||||||||||
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OTHER INCOME AND EXPENSES | (29 | ) | — | (9 | ) | — | ||||||||||
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INCOME FROM OPERATIONS | 11,785 | 21 | 11,896 | 21 | ||||||||||||
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NON-OPERATING INCOME AND EXPENSES | ||||||||||||||||
Interest income | 67 | — | 59 | — | ||||||||||||
Other revenue | 253 | — | 253 | 1 | ||||||||||||
Other gains and losses | 125 | — | (33 | ) | — | |||||||||||
Interest expenses | (9 | ) | — | (9 | ) | — | ||||||||||
Share of the profit of associates and joint ventures accounted for using equity method | 284 | 1 | 161 | — | ||||||||||||
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Total non-operating income and expenses | 720 | 1 | 431 | 1 | ||||||||||||
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INCOME BEFORE INCOME TAX | 12,505 | 22 | 12,327 | 22 | ||||||||||||
INCOME TAX EXPENSE | 3,023 | 5 | 2,903 | 5 | ||||||||||||
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NET INCOME | 9,482 | 17 | 9,424 | 17 | ||||||||||||
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OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Items that will not be reclassified to profit or loss: | ||||||||||||||||
Share of remeasurements of defined benefit pension plans of associates | — | — | — | — | ||||||||||||
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Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||
Exchange differences arising from the translation of the foreign operations | (29 | ) | — | 14 | — | |||||||||||
Unrealized gain (loss) on available-for-sale financial assets | 428 | — | (260 | ) | — |
(Continued)
-4-
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions of New Taiwan Dollars, Except Earnings Per Share)
Three Months Ended March 31 | ||||||||||||||||
2015 (Unaudited) | 2014 (Unaudited) | |||||||||||||||
Amount | % | Amount | % | |||||||||||||
Cash flow hedges | $ | — | — | $ | — | — | ||||||||||
Income tax relating to items that may be reclassified subsequently | (3 | ) | — | 1 | — | |||||||||||
Share of exchange differences arising from the translation of the foreign operations of associates | 1 | — | 8 | — | ||||||||||||
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397 | — | (237 | ) | — | ||||||||||||
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Total other comprehensive income (loss), net | 397 | — | (237 | ) | — | |||||||||||
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TOTAL COMPREHENSIVE INCOME | $ | 9,879 | 17 | $ | 9,187 | 17 | ||||||||||
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NET INCOME ATTRIBUTABLE TO | ||||||||||||||||
Stockholders of the parent | $ | 9,358 | 17 | $ | 9,293 | 17 | ||||||||||
Noncontrolling interests | 124 | — | 131 | — | ||||||||||||
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$ | 9,482 | 17 | $ | 9,424 | 17 | |||||||||||
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COMPREHENSIVE INCOME ATTRIBUTABLE TO | ||||||||||||||||
Stockholders of the parent | $ | 9,760 | 17 | $ | 9,065 | 17 | ||||||||||
Noncontrolling interests | 119 | — | 122 | — | ||||||||||||
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$ | 9,879 | 17 | $ | 9,187 | 17 | |||||||||||
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EARNINGS PER SHARE | ||||||||||||||||
Basic | $ | 1.21 | $ | 1.20 | ||||||||||||
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Diluted | $ | 1.20 | $ | 1.20 | ||||||||||||
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(Concluded)
-5-
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Adjustments | Total Equity Stockholders’ | Noncontrolling | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | Exchange the Foreign | Unrealized Gain (Loss) on | Cash Flow | Total Other | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Legal Reserve | Special Reserve | Unappropriated Earnings | Total Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2014 | $ | 77,574 | $ | 163,294 | $ | 74,819 | $ | 2,676 | $ | 40,075 | $ | 117,570 | $ | 6 | $ | (150 | ) | $ | — | $ | (144 | ) | $ | 358,294 | $ | 4,846 | $ | 363,140 | ||||||||||||||||||||||||
Net income for the three months ended March 31, 2014 | — | — | — | — | 9,293 | 9,293 | — | — | — | — | 9,293 | 131 | 9,424 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss for the three months ended March 31, 2014 | — | — | — | — | — | — | 26 | (254 | ) | — | (228 | ) | (228 | ) | (9 | ) | (237 | ) | ||||||||||||||||||||||||||||||||||
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Total comprehensive income for the three months ended March 31, 2014 | — | — | — | — | 9,293 | 9,293 | 26 | (254 | ) | — | (228 | ) | 9,065 | 122 | 9,187 | |||||||||||||||||||||||||||||||||||||
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Compensation cost of employee stock option of a subsidiary | — | — | — | — | — | — | — | — | — | — | — | 26 | 26 | |||||||||||||||||||||||||||||||||||||||
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BALANCE, MARCH 31, 2014 | $ | 77,574 | $ | 163,294 | $ | 74,819 | $ | 2,676 | $ | 49,368 | $ | 126,863 | $ | 32 | $ | (404 | ) | $ | — | $ | (372 | ) | $ | 367,359 | $ | 4,994 | $ | 372,353 | ||||||||||||||||||||||||
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BALANCE, JANUARY 1, 2015 | $ | 77,574 | $ | 146,720 | $ | 76,893 | $ | 2,820 | $ | 55,895 | $ | 135,608 | $ | 146 | $ | 740 | $ | — | $ | 886 | $ | 360,788 | $ | 4,924 | $ | 365,712 | ||||||||||||||||||||||||||
Partial disposal of interests in subsidiaries | — | 27 | — | — | — | — | — | — | — | — | 27 | 18 | 45 | |||||||||||||||||||||||||||||||||||||||
Net income for the three months ended March 31, 2015 | — | — | — | — | 9,358 | 9,358 | — | — | — | — | 9,358 | 124 | 9,482 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income for the three months ended March 31, 2015 | — | — | — | — | — | — | (21 | ) | 423 | — | 402 | 402 | (5 | ) | 397 | |||||||||||||||||||||||||||||||||||||
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Total comprehensive income for the three months ended March 31, 2015 | — | — | — | — | 9,358 | 9,358 | (21 | ) | 423 | — | 402 | 9,760 | 119 | 9,879 | ||||||||||||||||||||||||||||||||||||||
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Compensation cost of employee stock option of a subsidiary | — | — | — | — | — | — | — | — | — | — | — | 14 | 14 | |||||||||||||||||||||||||||||||||||||||
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BALANCE, MARCH 31, 2015 | $ | 77,574 | $ | 146,747 | $ | 76,893 | $ | 2,820 | $ | 65,253 | $ | 144,966 | $ | 125 | $ | 1,163 | $ | — | $ | 1,288 | $ | 370,575 | $ | 5,075 | $ | 375,650 | ||||||||||||||||||||||||||
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-6-
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of New Taiwan Dollars)
Three Months Ended March 31 | ||||||||
2015 (Unaudited) | 2014 (Unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Income before income tax | $ | 12,505 | $ | 12,327 | ||||
Adjustments to reconcile income before income tax to net cash provided by operating activities: | ||||||||
Depreciation | 7,784 | 8,044 | ||||||
Amortization | 770 | 323 | ||||||
Provision for doubtful accounts | 180 | 51 | ||||||
Interest expenses | 9 | 9 | ||||||
Interest income | (67 | ) | (59 | ) | ||||
Compensation cost of employee share options | 14 | 26 | ||||||
Share of the profit of associates and joint ventures accounted for using equity method | (284 | ) | (161 | ) | ||||
Impairment loss on available-for-sale financial assets | 26 | 1 | ||||||
Provision for inventory and obsolescence | 53 | 157 | ||||||
Gain on disposal of financial instruments | — | (16 | ) | |||||
Loss on disposal of property, plant and equipment | 29 | 9 | ||||||
Loss on disposal of intangible assets | — | — | ||||||
Valuation loss on financial instruments at fair value through profit or loss, net | — | 1 | ||||||
(Loss) Gain on disposal of investments accounted for by using equity method | (5 | ) | 2 | |||||
Gain on foreign exchange | (114 | ) | (72 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in: | ||||||||
Financial assets held for trading | 1 | — | ||||||
Trade notes and accounts receivable | (1,545 | ) | (132 | ) | ||||
Receivables from related parties | 20 | 7 | ||||||
Inventories | 166 | (1,253 | ) | |||||
Other current monetary assets | 292 | (73 | ) | |||||
Prepayments | (3,383 | ) | (3,109 | ) | ||||
Other current assets | 303 | (63 | ) | |||||
Increase (decrease) in: | ||||||||
Trade notes and accounts payable | (3,623 | ) | (3,192 | ) | ||||
Payables to related parties | (152 | ) | (54 | ) | ||||
Other payables | (1,206 | ) | (3,078 | ) | ||||
Provisions | 25 | 10 | ||||||
Advance receipts | (369 | ) | (69 | ) | ||||
Other current liabilities | (128 | ) | 3 | |||||
Deferred revenue | 319 | (86 | ) | |||||
Net defined benefit liabilities | 100 | 99 | ||||||
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Cash generated from operations | 11,720 | 9,652 |
(Continued)
-7-
CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of New Taiwan Dollars)
Three Months Ended March 31 | ||||||||
2015 (Unaudited) | 2014 (Unaudited) | |||||||
Interest paid | $ | (9 | ) | $ | (9 | ) | ||
Income tax refunded (paid) | 73 | (27 | ) | |||||
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Net cash provided by operating activities | 11,784 | 9,616 | ||||||
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CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Acquisition of available-for-sale financial assets | — | (27 | ) | |||||
Proceeds from disposal of available-for-sale financial assets | 1 | 44 | ||||||
Acquisition of time deposits and negotiable certificate of deposits with maturities of more than three months | (1 | ) | (231 | ) | ||||
Proceeds from disposal of time deposits and negotiable certificate of deposits with maturities of more than three months | 136 | 322 | ||||||
Proceeds from disposal of held-to-maturity financial assets | 700 | 650 | ||||||
Acquisition of investments accounted for using equity method | — | (50 | ) | |||||
Proceeds from disposal of investments accounted for using equity method | 11 | — | ||||||
Acquisition of property, plant and equipment | (5,532 | ) | (5,768 | ) | ||||
Proceeds from disposal of property, plant and equipment | — | 5 | ||||||
Acquisition of intangible assets | (75 | ) | (58 | ) | ||||
Decrease (increase) in other noncurrent assets | 239 | (188 | ) | |||||
Interest received | 69 | 61 | ||||||
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Net cash used in investing activities | (4,452 | ) | (5,240 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from short-term loans | 1,050 | 50 | ||||||
Repayment of short-term loans | (1,054 | ) | — | |||||
Repayment of long-term loans | (50 | ) | — | |||||
Decrease in customers’ deposits | (123 | ) | (78 | ) | ||||
Increase in other noncurrent liabilities | 74 | 18 | ||||||
Partial disposal of interests in subsidiaries without losing control | 45 | — | ||||||
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Net cash used in financing activities | (58 | ) | (10 | ) | ||||
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EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (33 | ) | 35 | |||||
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NET INCREASE IN CASH AND CASH EQUIVALENTS | 7,241 | 4,401 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 23,560 | 14,585 | ||||||
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CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 30,801 | $ | 18,986 | ||||
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(Concluded)
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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES
NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2015 AND 2014
(Unaudited)
STATEMENT OF COMPLIANCE
The Company has prepared its consolidated balance sheets as of March 31, 2015 and 2014, the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2015 and 2014 in accordance with the International Financial Reporting Standards, International Accounting Standard and International Financial Reporting Interpretations Committee, as issued by the International Accounting Standard Board (collectively, “IFRSs”). The consolidated financial statements are incomplete as they omit the related footnote disclosures as required under IFRSs.
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