Translation
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending December 31, 2022
(under Japanese GAAP)May 11, 2022
Company name: Roland Corporation
Listing:
Tokyo Stock Exchange
Security code:
7944
URL:
https://www.roland.com/global/
Representative:
Gordon Raison, CEO and Representative Director
Contact:
Shunsuke Sugiura, CFO and Director
Phone:+81-53-523-0230
Scheduled date to file Quarterly Securities Report (Shihanki Hokokusho):May 12, 2022
Scheduled date to commence payment of dividends:–
Preparation of supplementary briefing material on quarterly financial results: Yes
Holding of quarterly financial results briefing:
Yes (for institutional investors and securities analysts)(Note) Amounts less than one million yen have been omitted.
1. Consolidated financial results for the first quarter of the fiscal year ending December 31, 2022 (from January 1 to March 31, 2022)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Three months ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
March 31, 2022
20,978
–
2,567
–
2,601
(40.5)
1,912(44.1)March 31, 2021
22,35556.5
4,610 321.2
4,369 402.6
3,423 423.3
Note: Comprehensive income
For the three months ended March 31, 2022: ¥3,707 million [(18.8)%]
For the three months ended March 31, 2021: ¥4,564 million[ – %]
Basic earnings
per share

Diluted earnings
per share

Three months ended
Yen
Yen
March 31, 2022
69.42
68.29
March 31, 2021
125.42
122.16
Notes:The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020)
from the beginning of the fiscal year ending December 31, 2022. Net sales and Operating profit of the previous fiscal year
do not reflect this standard. Accordingly, year-on-year changes for net sales and operating profit against the first quarter ofthe previous fiscal year are not presented.
(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
March 31, 2022
57,39029,82951.5
December 31, 2021
52,80728,656
53.7
Reference: Equity (Shareholders’ equity + Accumulated other comprehensive income)As of March 31, 2022: ¥29,553 million
As of December 31, 2021: ¥28,380 million
2. DividendsFirstquarter-end

Secondquarter-end

Annual dividend per share
Third
quarter-end

Yen
Yen
Fiscal year ended
December 31, 2021–
69.00
Fiscal year ending
December 31, 2022–
Fiscal year ending
December 31, 2022
78.00
(forecast)
Note: Revisions from the most recently announced dividends forecast: None

Fiscalyear-end

Total

Yen

Yen

Yen

–

69.00

138.00–78.00

156.003. Forecast of consolidated financial results for the fiscal year ending December 31, 2022 (from January 1 to December 31, 2022)(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions ofyen%Millions ofyen%Millions ofyen%Millionsof yen%Yen

40,600
–
4,600
–
4,700
(37.0)
3,500(43.4)
127.38First six months
85,000–11,600–11,700
15.8
8,700
1.3
316.75
Fiscal year
Note: 1. Revisions from the most recently announced forecast of consolidated financial results: None
2. The Company has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020)
from the beginning of the fiscal year ending December 31, 2022. The forecast of consolidated financial results above is basedon the said accounting standard. Accordingly, year-on-year changes for net sales and operating profit against fiscal year ended
December 31, 2021 are not presented. The forecasts of net sales and operating profit for the fiscal year ending December 31,
2022 calculated in line with the same standard as was used in the fiscal year ended December 31, 2021 are as follows:First six months
Fiscal year

Net sales¥41,000 million¥85,800 million(4.7)%
7.2 %Operating profit(36.3)%¥5,000 million
11.8 %¥12,400 million[Notes](1) Changes in significant subsidiaries during the current period (Changes in specified subsidiaries resulting in the change in scopeof consolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements
1) Changes in accounting policies due to the application of new or revised accounting standards: Yes
2) Changes in accounting policies due to reasons other than the above 1):
None3) Changes in accounting estimates:
None4) Restatements of prior period financial statements:
None(4) Number of shares of common stock issued
1) Number of shares issued (including treasury shares)
As of March 31, 2022:
28,034,702 shares
As of December 31, 2021:
27,970,534 shares
2) Number of treasury shares
As of March 31, 2022:
565,641 shares
As of December 31, 2021:
421,931 shares
3) Average number of shares of common stock during the period (cumulative from the beginning of the fiscal year)
Three months ended March 31, 2022:
27,550,994 shares
Three months ended March 31, 2021:
27,292,689 shares
Notes: The aggregate number of shares of the Company held by the Board Benefit Trust, Employee Stock Ownership Plan
Trust and Employee Shareholding Association-type ESOP Trust was included in the number of treasury shares, which
was to be deducted from the calculation of the average number of shares of common stock during the period. It is notedthat the average numbers of shares of common stock held by these trusts during the three months ended March 31, 2021
and 2022 were 417,042 shares and 416,671 shares, respectively.
* This quarterly financial results report is not subject to quarterly review procedures by certified public accountants or an audit firm.
* [Proper use of earnings forecasts, and other special notes](Disclaimer with respect to earnings and other forecasts)
 The forward-looking statements including the earnings forecast contained in this document are based on information currently
available and certain assumptions that are believed to be reasonable. Accordingly, please be advised that the Company does notguarantee the achievement of the forecasts and the actual results may differ from the results described in this forward-looking
statements due to a variety of factors. For further information on the forecast of consolidated financial results, please refer to“Explanation of forward-looking information including consolidated earnings forecast” on page 3 of the Attached Materials.
 The Company will hold a quarterly financial results briefing for institutional investors and securities analysts on Thursday,
May 12, 2022. Materials used at the quarterly financial results briefing will be posted on the Company’s website.

Contents of Attached Materials
1. Qualitative Information on Quarterly Consolidated Financial Results ································································· P. 2
(1) Explanation of consolidated operating results ························································································ P. 2
(2) Explanation of consolidated financial position ······················································································· P. 3
(3) Explanation of forward-looking information including consolidated earnings forecast ········································ P. 3
2. Quarterly Consolidated Financial Statements and Major Notes ········································································ P. 4(1) Quarterly consolidated balance sheets ································································································· P. 4(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ··········· P. 6(3) Quarterly consolidated statements of cash flows····················································································· P. 8
(4) Notes to quarterly consolidated financial statements ················································································ P. 9
(Going concern assumption) ············································································································ P. 9
(Significant changes in shareholders’ equity)························································································· P. 9
(Changes in accounting policies) ······································································································· P. 9

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1. Qualitative Information on Quarterly Consolidated Financial Results
The Company has applied Accounting Standard for Revenue Recognition (ASBJ Statement No. 29 of March 31, 2020; hereinafter,
the “Accounting Standard for Revenue Recognition”) since the beginning of the fiscal year ending December 31, 2022.
Under the Accounting Standard for Revenue Recognition, sales discounts, which were previously recognized in non-operating
expenses, have been reclassified as deductions from net sales. With this change in our accounting standard, net sales and operating
profit have declined, whereas ordinary profit, profit attributable to owners of parent, and cash flows have remained unaffected.
Figures for the three months ended March 31, 2022 (hereinafter, the “period under review”) as referred to in “Explanation of
consolidated operating results” represent the results after the application of the Accounting Standard for Revenue Recognition.
Therefore, direct year-on-year comparisons of these figures are not shown. Instead, to help you better understand the operating
performance for the period under review, year-on-year after adjustment are shown, which are percentages calculated based on theassumption that the results for the period under review had been measured by the same accounting standard as used in the fiscal
year ended December 31, 2021.

(1) Explanation of consolidated operating results
During the period under review, the global economic environment surrounding the Group remained uncertain as it was difficult topredict when the COVID-19 pandemic would subside. Continuous emergences of coronavirus variants led to repetitive expansionsof infections, despite the progress of vaccine rollouts. In addition to the cost-increasing elements such as raw material costs andocean transportation costs, highly volatile business environment persisted in the wake of Russia’s aggression in Ukraine followed byworldwide economic sanctions imposed on Russia.
Meanwhile, the environment surrounding of the electronic musical instruments business was favorable, as the demand for thissegment remained strong backed by a new lifestyle which has become normal. On the supply side, the overall factory utilization forthe segment made a steady recovery, and the order backlog turned downward with the recovery of output, while the supply of raw
materials remained tight. Further, the Group continued efforts to optimize the prices of its products and minimize the impact of raw
materials prices and sea transportation costs which have remained high.
As a result of the above, during the period under review, the Group recorded decreases in both net sales and profits, with net salesof ¥20,978 million (down 5.3% year on year after adjustment), operating profit of ¥2,567 million (down 40.0% year on year after
adjustment), ordinary profit of ¥2,601 million (down 40.5% year on year), and profit attributable to owners of parent of ¥1,912
million (down 44.1% year on year). This is attributable to a one-time factor that temporarily pushed up net sales (by approximately¥2 billion) during the three months ended March 31, 2021—a factor associated with the inventory policy implemented at the endof the fiscal year ended December 31, 2020. Both net sales and profits for the period under review have increased compared withthe fourth quarter of the previous fiscal year.

Sales performance by mainstay category is as shown below:[Keyboards] Net sales: ¥6,553 million (down 4.5% year on year after adjustment)
Among the mainstay categories, electronic pianos remained in strong demand, driven by brisk demand from people staying home
for longer hours. However, the supply of electric pianos continued to fall short of demand because of a chronic supply shortage ofraw materials. Sales of low-end pianos were somewhat affected by the short supply. On the other hand, sales of high-end and grandpianos hovered largely as expected due to an improved product supply.
[Percussion and Wind Instruments] Net sales: ¥4,893 million (down 2.3% year on year after adjustment)
Among the mainstay categories, while the electronic drum market was somewhat tepid, sales of high-end electronic drums, including
the model with a flagship sound module launched in the previous fiscal year, remained strong.
Sales of electronic wind instruments, especially the mid- to high-end products, such as the standard model of the Aerophone Series
released in the first quarter of the current fiscal year, went strong.
[Guitar-related Products] Net sales: ¥5,065 million (down 8.4% year on year after adjustment)
Among the mainstay categories, sales of guitar effects were constrained by the short supply of compact effecters. However, Loop
Station Series released in the previous fiscal year and multi-effects released in the current fiscal year performed strongly, contributing-2-

to overall sales of guitar effects.
Sales of musical instrument amplifiers hovered as expected, although the short supply of products persisted especially for the
KATANA amplifier series which have continued to enjoy brisk demand from customers.
[Creation-related Products & Services] Net sales: ¥2,758 million (down 1.7% year on year after adjustment)
Among the mainstay categories, sales of synthesizers remained firm, backed by strong sales of compact stage pianos, and lightweight
new synthesizers with advanced functions released in the current fiscal year.
Sales of dance and DJ-related products also remained brisk, driven by strong sales of the latest model of the long-selling Sampler
Series which was released in the fourth quarter of the previous fiscal year.
In the software and service domain, through Roland Cloud where software sound sources are offered at a fixed membership fee, theGroup released additional sound sources that extend the functions of our existing synthesizers.
[Video and Professional Audio] Net sales: ¥1,066 million (down 15.6% year on year after adjustment)
Among the mainstay categories, sales of video related products in a higher price range remained strong as the demand for events waslargely on a recovery track in each country, although the video distribution demand from individuals staying home plateaued.
(2) Explanation of consolidated financial position(i) Assets, liabilities and net assets as of March 31, 2022
Total assets at the end of the period under review on a consolidated basis increased by ¥4,583 million from the end of the previous
fiscal year to ¥57,390 million. This is attributable primarily to increases in trade receivables of ¥2,429 million and inventories of¥2,407 million.
Liabilities increased by ¥3,410 million from the end of the previous fiscal year to ¥27,561 million. This is attributable primarily
to an increase in borrowings of ¥3,687 million.
Net assets increased by ¥1,173 million from the end of the previous fiscal year to ¥29,829 million. This is attributable mainly tothe recording of profit attributable to owners of parent of ¥1,912 million and an increase in foreign currency translation adjustmentof ¥1,821 million due to the continued depreciation of yen against major currencies, which were partially offset by a ¥628 million
increase in treasury shares, which is a deduction item from net asset, reflecting purchases of treasury shares, and a decrease inretained earnings of ¥1,929 million due to payments of dividends.
As a result of the above, the equity ratio fell 2.2 percentage points from the end of the previous fiscal year to 51.5%.
(ii) Cash flows for the three months ended March 31, 2022
During the period under review, cash and cash equivalents (“net cash”) decreased by ¥223 million (an increase of ¥1,426 million
for the same period of the previous fiscal year) to ¥8,557 million at the end of the period.
Cash flows from operating activities
Net cash used in operating activities amounted to ¥1,128 million (¥2,411 million provided for the same period of the previous
fiscal year), which is attributable primarily to increased working capital.
Cash flows from investing activities
Net cash used in investing activities amounted to ¥252 million (¥88 million provided for the same period of the previous fiscal
year), which is attributable primarily to purchasing property, plant and equipment.
Cash flows from financing activities
Net cash provided by financing activities amounted to ¥1,101 million (¥1,199 million used for the same period of the previous
fiscal year), which is attributable primarily to an increase in short-term borrowings, which was partially offset by payments ofdividends.

(3) Explanation of forward-looking information including consolidated earnings forecast
There is no change in the consolidated financial result forecasts for the current fiscal year, which was announced on February 10,2022. If there are any changes in the future, we will disclose them in an appropriate manner.

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2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly consolidated balance sheets
Previous fiscal year
(As of December 31, 2021)(Millions of yen)
Current quarter(As of March 31, 2022)

AssetsCurrent assets:
Cash and deposits

8,781

8,557

Notes and accounts receivable – trade

7,444

9,874

Merchandise and finished goods

15,50817,462Work in process

1,715

1,391

Raw materials and supplies

8,016

8,794

Other

1,470

1,429

Allowance for doubtful accounts

(313)

(309)

42,62347,201

Buildings and structures, net

2,421

2,424

Land

1,626

1,646

Other, net

1,808

1,930

Total property, plant and equipment

5,857

6,000

632

602

Investment securities

1,245

1,197

Other

2,549

2,514

Allowance for doubtful accounts

(101)

(124)

Total investments and other assets

3,693

3,586

10,183

10,18952,80757,390Total current assets
Non-current assets:
Property, plant and equipment:

Intangible assets
Investments and other assets:

Total non-current assets
Total assets-4-

Previous fiscal year
(As of December 31, 2021)(Millions of yen)
Current quarter(As of March 31, 2022)

Liabilities
Current liabilities:
Notes and accounts payable – trade

6,391

6,755

–

4,000

1,252

1,252

Income taxes payable

360

250

Provision for bonuses

1,662

545

Provision for bonuses for directors (and other officers)

78

4Provision for product warranties

373

400

Other

5,915

6,532

Total current liabilities

16,033

19,741

5,822

5,509

1

1

Provision for share awards

262

265

Provision for share awards for directors (and other officers)

58

62

Retirement benefit liability

725

714

Asset retirement obligations

86

87

1,160

1,179

Short-term borrowings
Current portion of long-term borrowings

Non-current liabilities:
Long-term borrowings
Provision for product warranties

Other
Total non-current liabilities

8,117

7,819

24,15027,561

Share capital

9,585

9,603

Capital surplus

163

182

Retained earnings

18,894

18,876

Total liabilities
Net assets
Shareholders’ equity:

Treasury shares(482)(1,111)

28,161

27,552

Valuation difference on available-for-sale securities

140

113

Foreign currency translation adjustment

(178)

1,642

Remeasurements of defined benefit plans

258

244

Total accumulated other comprehensive income

219

2,001

Share acquisition rights

115

102

Non-controlling interests

161

174

28,65629,82952,80757,390Total shareholders’ equity
Accumulated other comprehensive income:

Total net assets
Total liabilities and net assets-5-(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income
Quarterly consolidated statements of income
Three months ended
March 31, 2021
22,355Net sales(Millions of yen)Three months ended
March 31, 2022
20,978

Cost of sales

11,863

12,169Gross profit

10,491

8,808

Selling, general and administrative expenses

5,881

6,240

Operating profit

4,610

2,567

Interest income

22

Dividend income

17Foreign exchange gains

–

29

Other

5

2

Total non-operating income

842Interest expenses

6

5

Sales discounts

178–

Foreign exchange losses

36

–

Other

26

3

Total non-operating expenses

249

8

4,369

2,601

Gain on sales of non-current assets

262

0

Total extraordinary income

2620

Non-operating income:Non-operating expenses:

Ordinary profit
Extraordinary income:Extraordinary losses:
Loss on sales and retirement of non-current assets

01

Loss on competition law

149–

Total extraordinary losses

150

1

4,481

2,599

Income taxes – current

885

524

Income taxes – deferred

171

160

Total income taxes

1,056

684

Profit

3,425

1,914

2

2

3,423

1,912

Profit before income taxes

Profit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Quarterly consolidated statements of comprehensive income
Three months ended
March 31, 2021
3,425

Profit(Millions of yen)Three months ended
March 31, 2022
1,914

Other comprehensive income:
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

(1)

(26)

1,126

1,832

14

(13)

1,139

1,793

4,564

3,707

4,554

3,694

10

13

Comprehensive income attributable to:
Owners of parent
Non-controlling interests-7-(3) Quarterly consolidated statements of cash flows
Three months ended
March 31, 2021

(Millions of yen)Three months ended
March 31, 2022

Cash flows from operating activities:
Profit before income taxes

4,481

2,599

393

390

Amortization of goodwill

1

1

Increase (decrease) in retirement benefit liability

3

(38)

Interest and dividend income

(3)

(9)

Interest expenses

65Foreign exchange losses (gains)

(176)

(31)

Loss (gain) on sale and retirement of non-current assets

(261)

1

(1,657)(1,370)Decrease (increase) in inventories

319

(718)

Increase (decrease) in trade payables

(347)

(702)

Other, net

205

(767)

Subtotal

2,964

(641)

Interest and dividends received

89Interest paid

(6)

(5)

Income taxes paid

(554)

(491)

Net cash provided by (used in) operating activities

2,411(1,128)Purchase of property, plant and equipment

(198)

(273)

Proceeds from sale of property, plant and equipment

298

0

Purchase of intangible assets

(16)

(13)

Proceeds from collection of long-term loans receivable

92

Other, net

(4)

32

Net cash provided by (used in) investing activities

88

(252)

(8)

4,000

(250)

(313)

Proceeds from issuance of shares

96

23

Proceeds from sale of treasury shares

32

52

Purchase of treasury shares

(0)

(646)

Dividends paid

(976)

(1,911)Other, net

(94)

(103)

(1,199)

1,101

126

55

Net increase (decrease) in cash and cash equivalents

1,426

(223)

Cash and cash equivalents at beginning of period

10,832

8,781

Cash and cash equivalents at end of period

12,2598,557

Depreciation

Decrease (increase) in trade receivables

Cash flows from investing activities:

Cash flows from financing activities:
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents-8-(4) Notes to quarterly consolidated financial statements(Going concern assumption)
Not applicable(Significant changes in shareholders’ equity)
The Company repurchased 163,000 treasury shares during the period under review based on the resolution passed at the Board of
Directors meeting held on February 10, 2022. As a result, its treasury shares increased by ¥646 million to ¥1,111 million as of theend of the period under review.
(Changes in accounting policies)(Application of Accounting Standard for Revenue Recognition)
The Company has applied the Accounting Standard for Revenue Recognition since the beginning of the fiscal year ending December
31, 2022. Under the new standard, we recognize revenue upon the transfer of control of promised goods or services in an amountthat reflects the amount which we expect to receive in exchange for such goods or services. Under the new standard, sales discounts,
which were previously recognized in non-operating expenses, have been deducted from net sales.
While the Company applies the Accounting Standard for Revenue Recognition in accordance with the transitional treatmentprescribed in the provision of paragraph 84 of the standard, the application had no impact on our retained earnings at the beginningof the fiscal year ending December 31, 2022.
As a result, during the period under review, net sales, gross profit, and operating profit each decreased by ¥199 million, but these
decreases had no impact on ordinary profit and profit before income taxes since non-operating expenses also decreased by ¥199
million. In addition, consolidated financial statements for past periods have not been reclassified using the new presentation method,in accordance with the transitional treatment prescribed in paragraph 89-2 of the Accounting Standard for Revenue Recognition.
(Application of Accounting Standard for Fair Value Measurement)
The Company has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30, July 4, 2019; hereinafter,
the “Accounting Standard for Fair Value Measurement”) since the beginning of the fiscal year ending December 31, 2022. In
accordance with the transitional treatment prescribed in paragraph 19 of the Accounting Standard for Fair Value Measurement andparagraph 44–2 of the Accounting Standard for Financial Instruments (ASBJ No. 10, July 4, 2019), the company will prospectively
apply the new accounting policies prescribed by the Accounting Standard for Fair Value Measurement. The above, however, does
not affect our quarterly consolidated financial statements.

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