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 Second Quarter of the Fiscal Year Ending December 31, 2021
(under Japanese GAAP)
August 6, 2021
Company name: Roland Corporation
Listing:
Tokyo Stock Exchange
Security code:
7944
URL:
https://www.roland.com/global/
Representative:
Jun-ichi Miki, CEO and Representative Director
Contact:
Shunsuke Sugiura, CFO and Senior Executive Officer
Phone:+81-53-523-0230
Scheduled date to file Quarterly Securities Report (Shihanki Hokokusho):August 10, 2021
Scheduled date to commence payment of dividends:
September 7, 2021
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 second quarter of the fiscal year ending December 31, 2021 (from January 1 to June 30, 2021)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Six months ended
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
June 30, 2021
43,03052.4
7,845 194.2
7,456 218.7
6,179 274.5
June 30, 2020
28,234
(3.2)
2,666
35.2
2,339
36.6
1,650
25.5
Note: Comprehensive income
For the six months ended June 30, 2021:¥7,611 million [ – %]For the six months ended June 30, 2020:¥ 654 million [(11)%]
Basic earnings
per share

Diluted earnings
per share

Six months ended
Yen
Yen
June 30, 2021
225.71220.44
June 30, 2020
61.46–
Notes: 1. As the Company conducted a 30-for-1 common stock split effective on September 14, 2020, both basic and diluted
earnings per share were calculated based on the assumption that the stock split had been conducted at the beginning of the
fiscal year ended December 31, 2020.
2. Diluted earnings per share for the six months ended June 30, 2020 is not stated because the Company’s stock was notlisted and thus the average stock price was not available during that period.
(2) Consolidated financial position
Total assets
Net assets
Equity ratio
As ofMillions of yen
Millions of yen%
June 30, 2021
50,38826,807
52.7
December 31, 2020
46,096
20,151
43.1
Reference: Equity (Shareholders’ equity + Accumulated other comprehensive income)As of June 30, 2021: ¥26,540 million
As of December 31, 2020: ¥19,853 million
2. DividendsFirstquarter-end
Yen–

Secondquarter-end
Yen1,080.00

Annual dividend per share
Third
quarter-end
Yen–

Fiscalyear-end

Total

Fiscal year ended
Yen
Yen
December 31, 2020
36.00–
Fiscal year ending
December 31, 2021–
69.00
Fiscal year ending
December 31, 2021–
69.00
138.00(forecast)
Note: 1. Revisions from the most recently announced dividends forecast: Yes
For the details, please refer to the press release titled “Notice regarding interim dividends of Surplus (Upward Revision)and revisions to dividend forecasts” announced today (on August 6, 2021).
2. While the Company conducted a 30-for-1 common stock split effective on September 14, 2020, the dividends per share forthe second quarter-end of the fiscal year ended December 31, 2020 is a figure before the stock split. The annual dividend
per share for the fiscal year ended December 31, 2020 is not presented because the figures for the second quarter-end andthe fiscal year-end cannot be simply added up due to the stock split. If the effect of the stock split is taken into account, thedividend per share for the second quarter-end of the fiscal year ended December 31, 2020 will be 36 yen, resulting in theannual dividend per share of 72 yen.

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2021 (from January 1 to December 31, 2021)(Percentages indicate year-on-year changes.)
Profit attributable to
Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions ofMillions ofMillions ofMillions
yen
%
yen
%
yen
%
of yen%Yen78,80023.0
10,80051.8
10,100
60.9
7,700
79.0
280.52
Fiscal year
Note: Revisions from the most recently announced forecast of consolidated financial results: None
[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 application of new or revised accounting standards: None
2) Changes in accounting policies due to reasons other than 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 June 30, 2021:
27,970,534 shares
As of December 31, 2020:
27,581,366 shares
2) Number of treasury shares
As of June 30, 2021:
453,884 shares
As of December 31, 2020:
418,810 shares
3) Average number of shares of common stock during the period (cumulative from the beginning of the fiscal year)
Six months ended June 30, 2021:
27,379,679 shares
Six months ended June 30, 2020:
26,852,820 shares
Notes: 1. As the Company conducted a 30-for-1 common stock split effective on September 14, 2020, the “Average number ofshares of common stock during the period (cumulative from the beginning of the fiscal year)” was calculated basedon the assumption that the stock split had been conducted at the beginning of the fiscal year ended December 31,
2020.
2. 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 noted that the average numbers of shares of common stock held by these trusts after the stock split during the six
months ended June 30, 2020 and 2021 were 491,010 shares and 423,973 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 earning forecasts, and other special notes](Disclaimer with respect to earnings and other forecasts)
 The forward-looking statements including 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 4 of the Attached Materials.
 The Company will hold a quarterly financial results briefing for institutional investors and securities analysts on Tuesday,
August 10, 2021. 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. 4
2. Quarterly Consolidated Financial Statements and Major Notes ········································································ P. 5
(1) Quarterly consolidated balance sheets ································································································· P. 5(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income ··········· P. 7(3) Quarterly consolidated statements of cash flows····················································································· P. 9(4) Notes to quarterly consolidated financial statements ················································································ P.10
(Going concern assumption) ············································································································ P.10
(Significant changes in shareholders’ equity)························································································· P.10

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1. Qualitative Information on Quarterly Consolidated Financial Results(1) Explanation of consolidated operating results
During the six months ended June 30, 2021, the global economic environment surrounding the Group saw an increase ineconomic activities along with progress in vaccination against COVID-19. However, the situation remained unstable due inpart to the outbreak of COVID-19 variants, which are believed to be more transmissible, making infection control even moredifficult.
The electronic musical instruments business continued to enjoy firm demand especially from customers taking up a challenge
to start playing musical instruments or those who resume musical performance, both hoping to enjoy themselves, as the newlifestyle brought by COVID-19 has become normal. The major attraction of electronic musical instruments is that people canenjoy playing them alone or with others whenever and wherever they want.
However, on the supply side, Malaysia, where our main factory is located, experienced a worsening outbreak of COVID-19
from the latter half of the second quarter of the current fiscal year. In accordance with the instructions of the Malaysian
government and authorities, we took measures such as restricting or suspending the operations of our Malaysian factory. These
measures, however, did not have any impact on our results for the second quarter.
As a result of the above, during the six months ended June 30, 2021, net sales stood at ¥43,030 million (up 52.4% year onyear) with operating profit of ¥7,845 million (up 194.2% year on year), ordinary profit of ¥7,456 million (up 218.7% year onyear), and profit attributable to owners of parent of ¥6,179 million (up 274.5% year on year).
The result has been over the consolidated financial result forecasts announced by Notice of Revisions of Financial Result
Forecasts on May 7, 2021. (Refer to the following)※Variance from the consolidated financial result forecasts for the second quarter of the fiscal year ending December 31, 2021.
(January 1, 2021 to June 30, 2021)
Profitattributable toowners ofparentNet sales

OperatingprofitOrdinary
profitMillion Yen

Million Yen

Million Yen

Million Yen

Yen

Result(B)41,40043,030

6,300
7,845

6,000
7,456

4,600
6,179

168.54225.71

Change (B–A)

1,630

1,545

1,456

1,579

－

Change (%)

3.9%

24.5%

24.3%

34.3%

－

28,234

2,666

2,339

1,650

61.46

Previous forecast (A)(Announced on May 7,2021)（Reference）
Previous 2nd quarter results（January 1, 2021 - June 30, 2021）

Basic earnings
per share

Sales performance by mainstay category is as shown below:[Keyboards]
Among mainstay categories, sales of electronic pianos remained strong across regions, driven by brisk demand from people
staying home for longer hours in the wake of the COVID-19 pandemic. Sales of new portable piano series and new spacesaving models went well. Sales of medium- to high-end products at retail stores also recovered as more stores resumed normal
business operations compared to the same period of the previous fiscal year.
As a result of the above, net sales from the Keyboards category amounted to ¥13,165 million (up 68.6 % year on year).
[Percussion and Wind Instruments]
Among mainstay categories, sales of electronic drums, especially the V-Drums Acoustic Design series launched in theprevious fiscal year, remained strong, and sales soared in all regions.
Sales of electronic wind instruments marked a significant increase backed by the highest model of Aerophone launched in the
fourth quarter of the previous fiscal year and the limited model released in the current fiscal year.
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As a result of the above, net sales from the Percussion and Wind Instruments category amounted to ¥10,003 million (up 74.7%
year on year).
[Guitar-related Products]
Among mainstay categories, sales of guitar effects soared, backed especially by strong sales of new product families launchedduring the fourth quarter of the previous fiscal year and other products such as the anniversary versions of compact effects
released in the current fiscal year.
Sales of musical instruments amplifiers, especially the KATANA amplifier series increased mainly in Europe and North
America. In addition, there was a recovery in sales of products intended for outdoor use and those intended for stage use.
As a result of the above, net sales from the Guitar-related Products category amounted to ¥10,664 million (up 37.1% year onyear).
[Creation-related Products & Services]
Among mainstay categories, sales of synthesizers performed strongly, driven by increased demand for electronic pianos frompeople staying home for longer hours amid the COVID-19 pandemic and the return of live performance demand
accompanying the recovery in performance opportunities. Not only synthesizers equipped with 88 keys like electronic pianos
but also stage pianos contributed to sales growth.
Sales of dance and DJ-related products also soared, driven by strong sales of new product families launched during theprevious and current fiscal years.
In the software and service domain, a service where software sound source could be obtained at a monthly membership fee
was offered. Through Roland Cloud platform, new versions of software sound source were released in addition to the upgrade
software which enables existing drum products to expand their functions.
As a result of the above, net sales from the Creation-related Products & Services category amounted to ¥5,564 million (up44.8% year on year).
[Video and Professional Audio]
Among mainstay categories, sales of video related products such as AV mixers performed strongly despite the impact of new
products from competitors, backed by rising video distribution demand from businesses, educational institutions, andindividuals.
Sales of professional audio related products remained sluggish due to the lack of recovery in capital investment demand under
the influence of preventive measures against the spread of COVID-19.
As a result of the above, net sales from the Video and Professional Audio category amounted to ¥2,315 million (up 17.6% year
on year).

(2) Explanation of consolidated financial position(i) Assets, liabilities and net assets as of June 30, 2021
Total assets at the end of the second quarter of the current fiscal year on a consolidated basis increased by ¥4,291 million fromthe end of the previous fiscal year to ¥50,388 million. This is attributable primarily to increases in cash and deposits of ¥664
million, trade receivables of ¥2,377 million, and inventories of ¥1,442 million, which were partially offset by a decrease inaccounts receivable nontrade of ¥108 million included in other of current assets. The position of cash and deposits is describedin detail in the next section.
Liabilities decreased by ¥2,365 million from the end of the previous fiscal year to ¥23,580 million. This is attributable primarily
to decreases in borrowings of ¥2,132 million and provision for loss on competition law of ¥562 million.
Net assets increased by ¥6,656 million from the end of the previous fiscal year to ¥26,807 million. This is attributable mainly torecording of profit attributable to owners of parent of ¥6,179 million and an increase in foreign currency translation adjustmentof ¥1,300 million due to the further depreciation of yen against major currencies, which were partially offset by dividends fromsurplus of ¥992 million.
As a result of the above, the equity ratio rose 9.6 percentage points from the end of the previous fiscal year to 52.7%.

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(ii) Cash flows for the six months ended June 30, 2021
During the six months ended June 30, 2021, cash and cash equivalents (“net cash”) increased by ¥664 million from the end of
the previous fiscal year to ¥11,497 million.
Cash flows from operating activities
Net cash provided by operating activities amounted to ¥4,229 million (up ¥19 million in the inflow year on year), which is
attributable primarily to recording of profit before income taxes.
Cash flows from investing activities
Net cash used in investing activities amounted to ¥229 million (down ¥252 million in the outflow year on year), which is
attributable mainly to payments for purchase of property, plant and equipment.
Cash flows from financing activities
Net cash used in financing activities amounted to ¥3,246 million (up ¥1,537 million in the outflow year on year), which is
attributable primarily to repayments of borrowings and payments of dividends.

(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 May 7, 2021.
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, 2020)(Millions of yen)
Current quarter(As of June 30, 2021)

AssetsCurrent assets:
Cash and deposits

10,832

11,497

Notes and accounts receivable – trade

5,930

8,308

Merchandise and finished goods

13,622

13,064Work in process

889

1,241

Raw materials and supplies

3,563

5,210

Other

1,558

1,270

Allowance for doubtful accounts

(338)

(354)

36,05840,238

Buildings and structures, net

2,717

2,637

Land

1,652

1,661

Other, net

1,391

1,729

Total property, plant and equipment

5,761

6,028

759

688

949

1,086

Other

2,677

2,446

Allowance for doubtful accounts

(110)

(100)

Total investments and other assets

3,517

3,433

10,038

10,14946,09650,388

Total current assets
Non-current assets:
Property, plant and equipment:

Intangible assets
Investments and other assets:
Investment securities

Total non-current assets
Total assets-5-

Previous fiscal year
(As of December 31, 2020)(Millions of yen)
Current quarter(As of June 30, 2021)

Liabilities
Current liabilities:
Notes and accounts payable – trade
Short-term borrowings
Current portion of long-term borrowings

5,228

5,176

138

3

3,935

1,252

Income taxes payable

467

809

Provision for bonuses

1,441

1,230

Provision for bonuses for directors (and other officers)

84

39

Provision for product warranties

294

377

Provision for loss on competition law

562

－

Other

4,826

5,219

Total current liabilities

16,97914,108

5,762

6,448

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

00Provision for share-based remuneration

217

244

Provision for share-based remuneration for directors (and other officers)

25

41

1,482

1,448

Retirement benefit liability
Asset retirement obligations

85

86

Other

1,391

1,201

Total non-current liabilities

8,965

9,471

25,94523,580Share capital

9,490

9,585

Capital surplus

69

163

Retained earnings

13,23018,417

Treasury shares

(403)

(511)

22,38627,655(51)

39

Foreign currency translation adjustment(2,203)(903)

Remeasurements of defined benefit plans

(278)

(249)

(2,533)(1,114)

Share acquisition rights

158

115

Non-controlling interests

139

151

20,15126,80746,09650,388

Total liabilities
Net assets
Shareholders’ equity:

Total shareholders’ equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities

Total accumulated other comprehensive income

Total net assets
Total liabilities and net assets-6-

(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income
Quarterly consolidated statements of income
Six months ended
June 30, 2020
28,234

Net sales(Millions of yen)Six months ended
June 30, 2021
43,030

Cost of sales

14,51722,704Gross profit

13,716

20,326

Selling, general and administrative expenses

11,05012,480Operating profit

2,666

7,845

Non-operating income:Interest income

54Dividend income

21

81

Subsidy income

－

51

Other

12

9

Total non-operating income

39

146

Interest expenses

17

12

Sales discounts

218

392

Foreign exchange losses

84

98

Other

45

31

Total non-operating expenses

366

536

2,339

7,456

Gain on sales of non-current assets

6372

Total extraordinary income

6372

Loss on competition law－

149

Loss related to COVID-19

183－

Loss on sales and retirement of non-current assets

10

6

Total extraordinary losses

193

156

2,152

7,672

Income taxes – current

500

1,594

Income taxes – deferred

0

(103)

501

1,491

1,650

6,181

0

1

1,650

6,179

Non-operating expenses:

Ordinary profit
Extraordinary income:Extraordinary losses:

Profit before income taxes

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-7-

Quarterly consolidated statements of comprehensive income
Six months ended
June 30, 2020
1,650

Profit(Millions of yen)Six months ended
June 30, 2021
6,181

Other comprehensive income:
Valuation difference on available-for-sale securities

(121)

90

Foreign currency translation adjustment

(918)

1,311

43

28

(996)

1,430

654

7,611

Owners of parent

657

7,599

Non-controlling interests

(3)

12

Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:-8-(3) Quarterly consolidated statements of cash flows
Six months ended
June 30, 2020

(Millions of yen)Six months ended
June 30, 2021

Cash flows from operating activities:
Profit before income taxes

2,152

7,672

760

793

Amortization of goodwill

22

Increase (decrease) in retirement benefit liability

41

1Interest and dividend income

(26)

(85)

Interest expenses

17

12

Foreign exchange losses (gains)

122

84

3

(366)

1,470

(1,450)Decrease (increase) in inventories

751

(351)

Increase (decrease) in trade payables

151

(881)

Other, net

(682)

167

Subtotal

4,765

5,599

Interest and dividends received

28

85Interest paid

(19)

(11)

Income taxes paid

(563)

(1,443)

Net cash provided by (used in) operating activities

4,209

4,229

(481)

(746)

13

552

Purchase of intangible assets

(100)

(21)

Long-term loan advances(5)－

Collection of long-term loans receivable

24

18

Other, net

67

(32)

(482)

(229)

Net increase (decrease) in short-term borrowings(2,446)(140)

Proceeds from long-term borrowings

6,200

1,500

Repayments of long-term borrowings(4,011)(3,497)

Proceeds from issuance of shares－

145

Proceeds from sales of treasury shares－

61

Purchase of treasury shares

－

(121)

(1,290)

(992)

(161)

(202)

(1,709)(3,246)

Effect of exchange rate change on cash and cash equivalents

(541)

(88)

Net increase (decrease) in cash and cash equivalents

1,477

664

Cash and cash equivalents at beginning of period

8,815

10,832

Cash and cash equivalents at end of period

10,292

11,497

Depreciation

Loss (gain) on sales and retirement of non-current assets
Decrease (increase) in trade receivables

Cash flows from investing activities:
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

Net cash provided by (used in) investing activities
Cash flows from financing activities:

Dividends paid
Other, net
Net cash provided by (used in) financing activities-9-(4) Notes to quarterly consolidated financial statements(Going concern assumption)
Not applicable.
(Significant changes in shareholders’ equity)
Not applicable.

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