Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the Fourth Quarter and Full Year of 2021

Mr. Sheih concluded, "As we look forward to 2022 and beyond, I am excited to introduce our re-organized business groups. We expect this new structure will allow us to be more customer-centric and better serve our clients as we continue to create value for our stakeholders."

Revenue

Chunghwa Telecom's total revenues for the fourth quarter of 2021 increased by 0.7% to NT$59.89 billion.

Domestic fixed revenue for the fourth quarter of 2021 decreased by 10.4% year over year to NT$18.12 billion, mainly due to the decrease of ICT project revenue.

Mobile communications revenue for the fourth quarter of 2021 increased by 9.0% to NT$27.20 billion, mainly due to the increase in revenues from handset sales and mobile service revenue driven by the increased adoption of 5G services as well as the iPhone 13 launch.

Internet business revenue for the fourth quarter of 2021 decreased by 3.4% year over year to NT$9.39 billion.

International fixed communications revenue increased by 23.7% to NT$2.64 billion.

Total revenue for the full year of 2021 increased by 1.4% to NT$210.48 billion.

Operating Costs and Expenses

Total operating costs and expenses for the fourth quarter of 2021 decreased by 3.7% year over year to NT$48.42 billion, mainly due to lower ICT project costs, partially offset by higher cost of goods sold.

Total operating costs and expenses for 2020 decreased by 1.0% to NT$165.18 billion.

Operating Income and Net Income

Income from operations for the fourth quarter of 2021 increased by 5.8% to NT$11.10 billion. The operating margin was 18.5%, as compared to 17.7% in the same period of 2020. Net income attributable to stockholders of the parent increased by 5.1% to NT$8.63 billion. Basic earnings per share was NT$1.11.

Income from operations for 2021 increased by 6.1 % to NT$ 44.93 billion. The operating margin was 21.3%, compared to 20.4% for 2020. Net income attributable to stockholders of the parent increased by 7.0 % to NT$ 35.75 billion. Basic earnings per share was NT$4.61.

Cash Flow and EBITDA

Cash flow from operating activities for the fourth quarter of 2021 decreased by 2.4% to NT$26.89 billion, which was mainly due to an increase in accounts receivable resulting from ICT projects.

Cash and cash equivalents, as of December 31^st, 2021, increased by 30.9% to NT$ 39.82 billion, as compared to that as of December 31^st, 2020, which was primarily attributable to the issuance of corporate bonds.

EBITDA for the fourth quarter of 2021 increased by 4.8% to NT$20.86 billion. EBITDA margin was 34.82%, as compared to 33.45% in the same period of 2020.

EBITDA for 2021 increased by 5.9 % to NT$ 83.33 billion, and EBITDA margin was 39.59%, compared to 37.91% for 2020.

Capital Expenditure ("Capex")

Total Capex for the fourth quarter of 2021 increased by 29.7% to NT$ 12.30 billion.

Business and Operational Highlights

Broadband/HiNet

The Company continued to execute its strategy of encouraging FTTx migration. As of December 31^st, 2021, the number of FTTx subscribers reached 3.69 million, accounting for 84.7% of the Company's total broadband users. Moreover, the number of subscribers signing up for speeds of 100Mbps or higher increased by 13.6% year over year, reaching 2.00 million. 

HiNet broadband subscribers increased by 0.8% year over year to 3.61 million as of December 31^st, 2021.

Mobile

As of December 31^st, 2021, Chunghwa Telecom had 11.92 million mobile subscribers, representing a 5.5% year-over-year increase.

Fixed line

As of December 31^st, 2021, the Company maintained its leading position in the fixed-line market, with a total of 9.65 million subscribers.

(in NT$ billion)

	2021		2020		YoY%
	Oct.-Dec.	Jan.-Dec.	Oct.-Dec.	Jan.-Dec.	Oct.-Dec.	Jan.-Dec.
Revenue	59.89	210.48	59.48	207.61	0.7	1.4
Operating costs and expenses	48.42	165.18	50.30	166.85	-3.7	-1.0
Other income and expense	-0.37	-0.37	1.32	1.60	-127.8	-123.2
Income from Operations	11.10	44.93	10.50	42.36	5.8	6.1
Income before Income Tax	11.17	46.06	10.41	42.83	7.3	7.5
Net income attributable to stockholders of the parent	8.63	35.75	8.21	33.41	5.1	7.0
EBITDA	20.85	83.33	19.90	78.71	4.8	5.9
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