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CHT(CHT) - 2024 Q4 - Annual Report
CHTCHT(CHT)2025-04-16 14:44

Financial Performance - Chunghwa Telecom Co., Ltd. reported consolidated financial performance for the year ended December 31, 2024, in accordance with International Financial Reporting Standards[5]. - The consolidated financial statements for the year ended December 31, 2023, were audited by other independent auditors who expressed an unmodified opinion[12]. - The Company’s financial position and results of operations are presented in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers[6]. - Revenues for 2024 reached NT229,968,292,a3.9229,968,292, a 3.9% increase from NT223,199,260 in 2023[28]. - Gross profit margin remained stable at 36%, with gross profit of NT83,385,495in2024comparedtoNT83,385,495 in 2024 compared to NT81,432,542 in 2023[28]. - Net income for 2024 was NT38,537,502,aslightincreaseof1.438,537,502, a slight increase of 1.4% from NT37,990,536 in 2023[30]. - Total comprehensive income for 2024 was NT40,617,994,comparedtoNT40,617,994, compared to NT38,659,749 in 2023, reflecting a growth of 5.1%[30]. - Basic earnings per share for 2024 were NT4.80,upfromNT4.80, up from NT4.76 in 2023[30]. Assets and Liabilities - Total current assets for 2024 amount to NT112,968.31million,anincreasefromNT112,968.31 million, an increase from NT103,203.56 million in 2023, representing an increase of 9.3%[26]. - Total non-current assets for 2024 are NT66,283.20million,adecreasefromNT66,283.20 million, a decrease from NT69,000 million in 2023, reflecting a decline of 3.9%[26]. - The total liabilities for 2024 are NT66,283.20million,comparedtoNT66,283.20 million, compared to NT69,000 million in 2023, indicating a decrease of 3.9%[26]. - The company reported receivables from related parties of NT19,300millionin2024,comparedtoNT19,300 million in 2024, compared to NT78,089 million in 2023, a decrease of 75.7%[26]. - The company’s total current liabilities for 2024 are NT66,283.20million,adecreasefromNT66,283.20 million, a decrease from NT69,000 million in 2023, indicating a decline of 3.9%[26]. Cash Flow and Investments - Cash generated from operations for 2024 was NT88,517,195,upfromNT88,517,195, up from NT83,980,288 in 2023, reflecting a growth of 5.5%[32]. - Net cash provided by operating activities increased to NT79,244,321in2024fromNT79,244,321 in 2024 from NT74,559,793 in 2023, marking a rise of 6.3%[32]. - The company reported a net cash used in investing activities of NT35,332,123in2024,adecreasefromNT35,332,123 in 2024, a decrease from NT50,174,013 in 2023, indicating improved cash flow management[34]. - The company acquired a 10-year unsecured cumulative subordinated corporate bond of Fubon Life Insurance Co., Ltd. for 2,000,000thousandinOctober2024[163].OwnershipandSubsidiaries−Thecompanymaintainsa1002,000,000 thousand in October 2024[163]. Ownership and Subsidiaries - The company maintains a 100% ownership in subsidiaries such as Light Era Development Co., Ltd. and Chunghwa Telecom Singapore Pte., Ltd.[49]. - Chunghwa Telecom's ownership in Chunghwa Leading Photonics Tech Co., Ltd. decreased from 75% in 2023 to 70% in 2024[49]. - The company has expanded its international presence with 100% ownership in Chunghwa Telecom Europe GmbH, established in 2024[51]. - Chunghwa Telecom's subsidiaries include a mix of telecommunications services and technology solutions, indicating a diversified business model[49]. Audit and Compliance - Management is responsible for the preparation and fair presentation of the consolidated financial statements, ensuring they are free from material misstatement[14]. - The audit included evaluating the effectiveness of internal controls related to revenue recognition on mobile services, including testing automated and manual controls[15]. - The auditors communicated significant audit findings and deficiencies in internal control to those charged with governance[20]. - The Company must assess its ability to continue as a going concern and disclose any relevant matters[16]. Revenue Recognition and Financial Instruments - Revenue from product sales is recognized when products are delivered and accepted by customers, with specific recognition criteria for different service types[112][113]. - Financial assets at fair value through profit or loss decreased to NT29,004 million in 2024 from NT90,400millionin2023,indicatingasignificantdeclineof67.990,400 million in 2023, indicating a significant decline of 67.9%[26]. - The Company recognizes lifetime Expected Credit Loss (ECL) for accounts receivable and contract assets, reflecting potential credit risks[98]. - The cumulative gain or loss from investments in equity instruments at FVOCI is transferred to retained earnings upon disposal[95]. Expenses and Profitability - Operating expenses increased to NT36,634,212, representing 16% of revenues, up from 15% in the previous year[28]. - Non-operating income increased to NT880,653in2024,comparedtoNT880,653 in 2024, compared to NT639,411 in 2023[28]. - Marketing expenses rose to NT25,103,662,accountingfor1125,103,662, accounting for 11% of total revenues, compared to 10% in 2023[28]. - Research and development expenses increased to NT4,167,200, maintaining 2% of total revenues[28]. Equity and Shareholder Information - The company reported a total equity of NT398,104,856asoftheendof2024[30].−ThetotalequityattributabletostockholdersoftheparentasofDecember31,2024,wasNT398,104,856 as of the end of 2024[30]. - The total equity attributable to stockholders of the parent as of December 31, 2024, was NT384,950,690, up from NT382,308,088in2023,reflectingagrowthof0.7382,308,088 in 2023, reflecting a growth of 0.7%[31]. - Cash dividends paid in 2024 amounted to NT36,909,931, slightly higher than NT$36,475,514 in 2023, showing an increase of 1.2%[34].