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**UNITEDSTATESSECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549**

**FORM10-K/A****(Amendment No. 1)**
| **ý** | **ANNUAL REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|------------|-------------------------------------------------------------------------------------------|

**For the fiscal year ended March31, 2001**

**OR**

| **o** | **TRANSITION REPORT PURSUANT TO  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|-------|-----------------------------------------------------------------------------------------------|

**For the transition period from_______ to _______**

**Commission File Number: 0-24556****MKR HOLDINGS**(Exact name of registrant as specified inits charter)
| **Utah**                                 | **87-0372759**       |
|------------------------------------------|----------------------|
| ****                                     | ****                 |
| (State  or other jurisdiction of         | (I.R.S.  Employer    |
| incorporation  or organization)          | Identification  No.) |
|                                     |                 |
| **1070 West 2300 South**                 |                 |
| **Salt Lake City, Utah**                 | **84119**            |
| ****                                     | ****                 |
| (Address  of principal executive office) | (Zip  Code)          |

Registrant’stelephone number, including area code:  **(801)972-2100**

Securitiesregistered pursuant to Section 12(b) of the Act: **None**

Securitiesregistered pursuant to Section 12(g) of the Act:Title of Class**CommonStock, par value $.01 per share**

             Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirementsfor the past 90 days.

**Yes ****ý**                                        **No ****o**

             Indicateby check mark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to the bestof registrant’s knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or any amendment tothis Form 10-K.   **ý**

             Theaggregate market value of voting stock held by non-affiliates of the Registrantas of June 30, 2001 (based upon the average of closing bid and ask prices as ofsuch date) was **$726,839**.

             Thenumber of shares of Common Stock outstanding as of June 30, 2001 was **11,102,077**.

DOCUMENTS INCORPORATED BY REFERENCE:             LIST HEREUNDER THE FOLLOWINGDOCUMENTS IF INCORPORATED BY REFERENCE AND THE PART OF THE FORM 10-K INTO WHICHTHE DOCUMENT IS INCORPORATED: NONE.

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             Theinformation appearing in Part IV, Item 14, of MKR Holding’s Annual Report onForm 10-K for the fiscal year ended March 31, 2001 is hereby amended to includethe following financial statements of Marker International GmbH.

**Item 14.  Exhibits,Consolidated Financial Statement Schedules and Reports on Form 8-K**

**(a)  1.  Marker International GmbH
Report of the group auditorsto the General Meeting of

**MarkerInternational GmbH**

We have audited the accompanyingconsolidated balance sheets of Marker International GmbH and subsidiaries as ofMarch 31, 2001 and the related income statements and cash flow statements forthe period then ended.  These consolidatedfinancial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinionon these consolidated financial statements based on our audit.  We confirm that we meet the legalrequirements concerning professional qualification and independence.

We conducted our audit in accordance withInternational Standards on Auditing. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the consolidated financial statements arefree of material misstatement.  An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the consolidated financial statements.  An audit also includes assessing the accounting principles usedand the significant estimates made by management, as well as evaluating theoverall consolidated financial statements presentation.  We believe that our audit provides areasonable basis for our opinion.

The financial statements of thesubsidiaries have been examined by other auditing firms, whose reports have beenprovided to us.  Our opinion expressedin this report, insofar as it relates to the amounts included for thatcompanies, is based also upon the audit of the other auditing firms.  The auditing firm of Marker Japan appliedonly limited auditing procedures.

In our opinion, the consolidatedfinancial statements give a true and fair view of the financial position, ofMarker International GmbH and subsidiaries as of March 31, 2001, and of theresults of their operations and their cash flows in accordance with InternationalAccounting Standards.
Naters,  June 12 2001**TREUHAND UND REVISIONS AG**     Leading  Auditor   /s/  Albert Bass/s/  Mischa Imboden       Albert Bass      Mischa Imboden
 

 
Zurich,  June 12 2001**BDO INTERNATIONAL AG**    /s/  Rudolf Häfeli/s/  Gilbert Darmstädter       Rudolf Häfeli      Gilbert Darmstädter
**MARKER GROUP**

Consolidated Financial Statements as of March 31st , 2001Together with Auditor’s Report**MARKER Group
**Consolidated Balance Sheet**
   **March 31st , 2001** **March 31st , 2000**    **** ****    **Thousands of Euro** **Thousands of Euro**   ** ******** ******** ****Assets**                 **Current Assets**             Cash and cash equivalentsNote    6 2.010 5.595        Trade receivablesNote    7 19.369 18.268 Receivables due from related companiesNote    8 896 280 Other receivablesNote    9 277 303 InventoriesNote 10 13.035 16.594 Prepaid expenses and accrued incomeNote 11 664 295 Other current assetsNote 12 42 134      **Total Current Assets**  **36.293**** ****41.469**** **     **Non-Current Assets**             Tangible fixed assetsNote 13 5.347 5.870 GoodwillNote 14 3.313 3.755 Intangible fixed assetsNote 14 2.391 2.417 Other non current assetsNote 15 472 531      **Total Non-Current Assets**  **11.523**** ****12.573**** **   **** **** **Total Assets**  **47.816**** ****54.042**** **   **** **** 
**MARKERGroup**

**Notesto the Consolidated Financial Statementsas of March 31****st****, 2001**
   **March 31st , 2001** **March 31st , 2000**    **** ****    **Thousands of Euro** **Thousands of Euro**      **Liabilities and Shareholders' Equity**             **Current Liabilities**      Trade Payables  2.689 1.829 Related Companies PayablesNote 8 2.726 4.453 Bank overdrafts and loansNote 16 18.384 21.290 Short-term portion of medium/ long term  loansNote 17 1.902 1.834 Other payablesNote 18,19 1.639 3.431 Creditors due within 12 months      Accrued Expenses and deferred incomeNote 20 2.434 1.550        **Total Current Liabilities**  **29.774**** ****34.387**** **     **Non-Current Liabilities**             Medium / long term loans net of short-term  portionNote 21,17 8.068 9.891 Parent Company loanNote 21 14.830 12.744 Medium / long term loans net of short-term  portion from related companiesNote 21 0 1.453             **Total Non- Current Liabilities**  **22.898**** ****24.088**** **  ** ******** ******** **          **** **** **Total Liabilities**  **52.672**** ****58.475**** **  ** ** ** ** ** ****Shareholders' Equity**      Share CapitalNote 21 1.249 1.249 Translation AdjustmentsNote 21 (475)(30)Retained earnings  (5.652)0 Net result of the yearNote 21 23 (5.652)     **Total Net Equity**  **(4.856****)****(4.433****)**   **** **** **Total Liabilities and Shareholders' Equity**  **47.816**** ****54.042**** **   **** **** 
**MARKERGroup**

**ConsolidatedIncome Statement for the 12 Months Period ended March 31****st****, 2001**
   **March 31st , 2001** **March 31st , 2000**    **** ****    **Thousands of Euro** **Thousands of Euro**                 Net salesNote 22   68.706   20.516            Cost of salesNote 23   (42.649)  (16.432)         **Gross Profit**   ** ****26.056**** ** ** ****4.084**** **Selling ExpensesNote 25 (10.172)  (4.951)  Warehouse and ShippingNote 26 (1.875)  (702)  General and Administrative ExpensesNote 27 (8.927)  (2.702)  Other Operating ExpensesNote 28 (1.405)  (604)  Operating Expenses    (22.379)  (8.959)         **Profit from operations**   ** ****3.678**** ** ** ****(4.875****)**           Financial Expenses, NetNote 29 3.772   (1.123)  Other Expenses (Incomes)Note 30 (614)  356              Other income (Expenses)    3.158   (767)         **Profit before taxation**   ** ****520**** ** ** ****(5.642****)**           CurrentNote 31 49   (10)  DeferredNote 31 448   0   Income taxesNote 31   497   (10)**Net result for the year**   ** ****23**** ** ** ****(5.652****)**     ****   **** 
 

The Group’s consolidated income statementis prepared for the 12 months period from April 1st, 2000 to March31st, 2001. The income statements of the operating subsidiaries areincluded for the same 12 months period.

**MARKERGroup**

**ConsolidatedCash Flow Statementsfor the 12 Months Period Ended March 31****st****, 2001**
 **March 31st, 2001**  ****  **Thousands of Euro**  ****** ****Net profit/(loss) of the period before financial  expenses and non-operating expenses** ** ****3.678**** **Adjustments for:    •            Depreciation, amortization and  write-downs of fixed assets2.661   •            Bad debt provision(543)**5.796**** **    **Working Capital movements** ** ** ** **•            (Increase) decrease in trade debtors(1.174)  •            (Increase) decrease in trade creditors(867)  •            (Increase) decrease in stock3.559   •            (Increase) decrease in other current assets(251)  •            (Increase) decrease in other current liabilities(1.356)      **Net Working Capital movements** ** ****(89****)**   **** **Net cash flows arising from operating activities** ** ****5.707**** **   **** Cash flows from investing activities: ** ** ** **•            (Increase) decrease in tangible assets(1.652) ** **•            (Increase) decrease in intangible assets(19)  •            (Increase) decrease in other non current assets59       **Net cash flows used in operational activities** ** ****(1.612****)**Cash flows used in financing activities:    •            Increase (decrease) of medium/long term  loans(1.190)  •            Net financial expenses(3.772)  •            Current taxes(49)  •            Other Income614   •            Other changes in equity(445)      **Net cash flows arising from/ (used) in financing  activities** ** ****(4.842****)**  ** ** ** ****Net Cash Flows** ** ****(747****)**       ** ** ** **Cash at the beginning of the year ** ****(17.529****)**Cash at the end of the year ** ****(18.276****)****Net Cash Flows** ** ****(747****)**
**MARKER Group**

**Notes to the ConsolidatedFinancial Statementsas of March 31****st****, 2001**

**1           GroupProfile**

MARKERInternational GmbH, located in Ruessenstrasse 6, in 6340 Baar, Canton Zug,Switzerland, was registered on July 5th, 1999 at the CompanyRegistry of the Canton Zug. With effect of November 30th, 1999, theongoing companies listed below have been contributed in MARKER InternationalGmbH by MARKER International Inc. (now MKR Holdings Inc.) located in Salt LakeCity, USA.

•            MARKERDeutschland GmbH•            MARKER USA Inc.•            MARKER Canada Ltd.•            MARKER JAPAN Co. Ltd.•            MARKER Austria Gesellschaft m.b.H•            MARKER Ltd., still in its process ofwinding up

Belowis the chart of the Group’s company structure.

H.D.Cleven, with 41,375 % share, is one of the two major shareholders of MARKERInternational GmbH. He also holds a major share of Völkl Group, which is amanufacturer engaged in the development, production and world-wide distributionof skis, snowboards, tennis goods and clothes.

Thesecond major shareholder of MARKER International GmbH, also with a share of 41,375%,is Tecnica S.p.A by means of the holding Tesi II. Tecnica Group is engaged inthe development, production and world-wide distribution of ski-boots, inlineskates, trekking and clothes.

MKRHoldings Inc. is the new name of the former shareholder of MARKER operatingcompanies world-wide, and holds 15 % of MARKER International GmbH.

Theresidual shares are owned by minority shareholders.
Tecnicaand Völkl both serve the same end-consumer and retail market as MARKER Groupdoes, thus creating commercial synergies for all these Groups.

MARKERGroup is engaged in the development, production and world-wide distribution ofhigh quality ski bindings.

Theproduction plant where the assembly of the ski bindings takes place is locatedin Germany, in leased facilities. The parts are purchased from third partysuppliers.

Withregard to major markets, USA, Canada, Japan and Austria, MARKER products aresold by its own trade companies. In other countries, the trading activity isentrusted to distributors. MARKER Canada Ltd. and MARKER Japan Co. Ltd. alsodistribute the product lines of Tecnica and Völkl.

Thefull business year of MARKER lasts from April 1st to March 31st.The first, that is the previous, business year 1999/2000 of MARKER Groupincluded the operations of MARKER subsidiaries for the four months period fromthe date of their contribution – November 30th ,1999 – to March 31st,2000. This business year 2000/2001 of MARKER Group includes for the first timethe operations of MARKER companies for the 12 period from 1st April,2000 to March 31st , 2001. Due to the different number of monthsincluded and due to high extraordinary expenses because of the restructuringlast year, the numbers of the two business years are not quite comparable.

**Majorevents of the business year 2000/2001**

SinceApril 1st, 2000 sales to the retail shops in the German market hasbeen outsourced to Völkl Vertriebs GmbH, which now serves MARKER DeutschlandGmbH as its distributor.

**FinancialSituation**

Totalnet financial indebtedness of the Group amount to  € 43.184 thousand, of which € 28.354 thousand is towards banksand other private financiers, and € 14.830 thousand is towards the ParentCompany and other related parties. The detail of financial debts is indicatedin paragraph 16 and 17 of these notes. The current portion of the net financialindebtedness amounts to € 3.915 thousand. Interest accrues at annual rates from1,875% to 5,95%.

Asdescribed in note 8, the parent company loans of € 14.830 thousand: accordingto the agreements with banks, the Group is not allowed to reimburse the parentcompany loans up to the complete reimbursement of the loans obtained by thebanks. This parent company loan has the purpose to guarantee the banks andassure the necessary financial support to the Group, without requiring periodicreimbursements.

Themajor banks of MARKER Deutschland GmbH are the Bayerische HypoVereinsbank AGand the Deutsche Bank AG. They have granted the needed credit line to financeMARKER Deutschland GmbH which takes care of the research & development, theproduction of the ski bindings, the international sales of MARKER ski bindingsand finance & administration.

Allassets, inventory, receivables, fixed assets and patents owned by MARKERDeutschland GmbH and the trademark rights and patents owned by MarkerInternational GmbH serve the German banks as securities.

Theavailability of the credit lines of MARKER USA Inc. and MARKER Canada Ltd.depend on the amount of receivables and inventory.

MARKERJapan Co. Ltd. has credit lines based upon discounted promissory notes fromdealers. MARKER Austria Gesellschaft m.b.H has no credit line.
**Litigation**

Amajor competitor called Atomic has sued MARKER already last business year forallegedly violating one of their patents for a rental ski binding in Austriaand Switzerland. To the day of finalizing these notes, no final decision hasbeen made by the courts.

Withreference to Atomic litigation, no provision for risks has been recorded in theconsolidated financial statements, as no loss will reasonably arise from itaccording to the available elements and the legal consultant opinion. For feesto lawyers an appropriate accrual has been recorded at MARKER Deutschland GmbH.

**2           Summary ofResults of Operations**

Salesrevenues are € 68,7 Mio. Out of the gross profit of € 26,1 Mio there results amargin of 38 %. Operating expenses are € 22,4 Mio. Non operating income are €3,2 Mio. The profit before taxes is € 520 thousand.

**RestructuringProgram of Business Year to 2000/2001**

MARKERDeutschland GmbH has successfully realized a restructuring program to improveproductivity, to save operating expenses, to reduce production expenses for theproducts and increase selling prices for the ski bindings. In addition newproducts have been developed to improve competitiveness.

Forthe distribution companies, cost saving programs have been realized and thedistribution of additional program lines, especially for Tecnica and Völkl, hasbeen improved. Marker USA Inc. increased sales revenues and marginsubstantially.

**3           Form andcontent of the Consolidated Financial Statements**

Asdescribed in paragraph 1), MARKER Group has been incorporated during the fiscalyear 1999/2000, by means of the contribution to MARKER International GmbH ofall investments held by an American holding company, located in Salt Lake City.The consolidated financial statements as of March 31st, 2000 werethe first financial statements prepared by the Group. The consolidatedfinancial statements as of March 31st, 2001 are the second businessyear of the MARKER Group and include:
•as  far as the consolidated balance sheet is concerned, the assets and  liabilities of the parent company MARKER International GmbH and of all its  subsidiaries, which are either directly or indirectly controlled by the parent  company.  •with  regard to the consolidated income statement, the income statement of the  parent company and the income statements of its operating subsidiaries for  the twelve months period from April 1st, 2000 to March 31st  2001.
Becausethe business year 1999/2000 was the first (and only four month durating)business period of the new MARKER Group, the consolidated financial statements’numbers do not show exactly comparable figures to the business year 2000/2001.

Thefinancial statements utilized for the consolidation consist of the financialstatements prepared for the approval of the relevant shareholders' meetings.Such financial statements were re-classified in order for their format tobetter comply with the criteria adopted by the parent company.
Wherenecessary, these financial statements were amended to conform with theaccounting principles issued by the International Accounting StandardsCommittee (I.A.S.C.) as adopted by the Group.

Allthe amounts included in the consolidated financial statements and in therelative notes are in thousands of Euro.

**4           Principlesof Consolidation and Foreign Currency Translation Method**

Themost significant principles of consolidation adopted in the financialstatements are the following:
(a)Global  integration of the financial statements of the consolidated companies and  elimination of the carrying values of investments of the parent company  against the net equity at the date of the contribution.  Any excess of the cost of the acquisition over the purchaser’s interest at  fair value of the identifiable assets and liabilities acquired as at the date  of the transaction, is stated as a consolidation difference in the item  Goodwill under Intangible Assets and is amortized over the expected useful  life. If a negative difference arises, it is stated as a consolidated  provision for future risks and expenses under Other Long-Term Liabilities,  where reflecting expected future losses. Otherwise it is classified as a  reserve under the item Net Equity.  (b)In-full  elimination of intragroup receivables and payables, income and expenses and  all other relevant intragroup transactions, including Group dividends,  write-downs, and revaluation of consolidated investments, unrealized profits  and losses, resulting from intragroup transactions, are also offset.  (c)At  the balance sheet date, monetary assets and liabilities stated in foreign  currencies are converted into Euro at year-end rate. Net Equity is converted  at historical-exchange rate. Income statements are converted at  average-exchange rate. Exchange differences arising from the conversion of  foreign currency financial statements are charged to Net Equity under the  item Exchange Rate Differences".
Exchangerate used for the translation of items stated in currency other than Euro

1Unit of Local Currency = Unit of Euro
**Currency****Average in the period****March 31st, 2001******Swiss Franc0,65029170,6563000   German Mark0,51129000,5112900   Austrian Schilling0,07267200,0726720   US  Dollar1,10629001,1381700   Canadian  Dollar0,73415830,7238000   Japanese  Yen0,00997650,0091374
**5           AccountingPrinciples**

Theconsolidated financial statements have been prepared in accordance with theaccounting principles issued by the International Accounting Standards Committee(I.A.S.C.). The most significant are the following:
a)*Receivables*  — Receivables are shown at their estimated realizable value.  b)*Inventories*  — Inventories are valued at the lower of purchase or production cost,  determined on the basis of the average weighted cost, and market or  realizable value.   Manufacturing  cost includes raw materials, and all related direct and indirect costs.   The  estimated realizable value is calculated considering both manufacturing costs  sill to be incurred, and direct sales costs.   Obsolete  or slow moving inventories are written off depending on their possible  utilization or sale.  c)*Tangible  fixed assets* — Tangible fixed  assets are stated at purchase or factory cost, possibly increased by applying  specific revaluation laws. The cost includes direct and indirect costs which  can be reasonably attributed to the asset.   Accumulated  depreciation is charged on the basis of the estimated useful economic lives  of the assets by using the following rates:
 
Buildings10%Plants  and Equipment33%Industrial  and Commercial Equipment33%Vehicles20%Furniture,  fixtures and fittings25%Office  Equipment33%
 
 In  the case of a permanent loss in value, the assets are written down  appropriately. If, during the following years, the conditions leading to the  write-down no longer exist, the original value is restored appropriately  amortised.   Ordinary  maintenance costs are charged in full to the profit and loss account.  Maintenance costs that improve an asset are added to its value and  depreciated over its residual useful life.  d)*Intangible fixed assets*  — These are shown at purchase or production cost, inclusive of ancillary  expenses and are amortised on a straight-line basis over the period they are  expected to benefit. The  amortisation periods are as follows:
 
Trademarks10 yearsPatents5 yearsBusiness  Start Up Cost3 yearsGoodwill5 years
 
 In  the case of a permanent loss in value, the intangible fixed assets are  written down appropriately. In subsequent years, if the conditions leading to  the write down no longer exist, the original value is restored appropriately  amortized.
 
e)Securities  held as fixed assets are valued at cost, which is written down in case of  durable losses. In subsequent years, if the conditions leading to the write  down no longer exist, the original value is restored.  f)Payables  — Like other liabilities, payables are reported at their nominal value.  g)Reserves  for risks and charges — Reserves for risks and charges (included under Other  Payables and Other Long Term Liabilities) are provided to cover certain or  probable losses or liabilities that could not be specifically quantified or  scheduled at the year-end. Provisions reflect the best possible estimate  ,based on the information available.  h)Foreign  currency transactions — Receivables and payables originally denominated in  foreign currencies are translated into € using the historical exchange rates  ruling at the transaction dates. Exchange differences realized on the  collection of receivables and the settlement of payables are booked to the  income statement. At the year-end, receivables and payables originally denominated  in foreign currencies, are translated into € at the year-end exchange rates.  The exchange differences arising from the transaction are booked in the  income statement.  i)Pre-payments  and accruals — Pre-payments and accruals refer to revenues and costs relating  to two or more financial years in accordance with the accrual basis of  accounting.  j)Revenue  and cost recognition — Revenue from the sale of goods is recognized on  transfer of property, which generally coincides with shipment.  Cost and revenues are recognized in the financial statements according to the  accruals and prudence concepts.  k)Taxes  — These are recorded on the basis of estimated taxable income, calculated in  accordance with current regulations, taking into account any tax credits due.  Provisions are also made to a specific reserve for deferred tax assets and  liabilities arising from timing differences between the results reported in  the financial statements and the corresponding amounts recognized for fiscal  purposes, as well as from consolidation adjustments (elimination of  adjustments recorded solely for tax purposes and of unrealized intercompany  profit) and from the deferred taxation of capital gains on the disposal of  fixed assets and business divisions and of capital grants. Deferred tax  assets are recorded only if it is reasonably certain that they will be  recovered and, therefore, prepaid taxes are only recognised if it is probable  that they will be absorbed by sufficient future taxable income or, otherwise,  that they will be eliminated in years in which timing differences giving rise  to an equivalent value of deferred tax liabilities reserve.
**6           Cash andcash equivalents**

Atthe date of the financial statements the item was composed as follows:
Cash on hand7 Bank Accounts in Local Currency937 Bank Accounts in Foreign Currency1.066   **Total****2.010**** ** **** 
**7           Tradereceivables**

AtMarch 31st, 2001, the item amounted to € 19.369 thousands. Theamount is net of a provision for bad and doubtful debts of € 810 thousand.

Thereserve for doubtful accounts has been accrued based on a prudent estimate onthe risk of losses on receivables at the end of the period, considering theirage and the specific risk factor in the foreign markets.

**8           RelatedCompany Receivables, Payables and Loans**

*Receivables*:the amount of € 896 thousand refers to trading operations with relatedcompanies which took place on an arms' length basis, and are composed asfollows:
Tecnica S.p.A.253 MKR Holdings Inc.647 Other related parties-4   **Total Related Company Receivables****896**** ** **** 
DolomiteS.p.A. is a company of Tecnica Group. Other related company receivables of € -4thousands refer to Volkl Group companies.

*Payables and Loans*:the balance of € 2.726 thousand due to related companies at year-end was composedas follows:
Payables:   Tecnica S.p.A.2.036  Volkl Group566  C.T. Holding124   **Total Related Company Payables****2.726**** ** **** 
Thereare no Medium/Long Term Payables due to related companies at the year endbecause all long-term debts owing to Tecnica SpA and Volkl were repaid inAugust 2000.

Theamount of € 14.830 thousand included in the item Parent Company Loans, refersto a loan granted by the parent company C.T. Sport Holding. The interest of theloan are determined according to the regulations of the Swiss Tax Authoritiesfor unsecured shareholder loans. Therefore the annual interest rate will be4,5%; interests are paid annually at March 31st. The loan does nothave a formally defined expiring date; in any case it is due beyond five years.According to an agreement with the credit institutions which are financing theGroup, the loan which the parent company granted to MARKER Group cannot berepaid before the repayment of the banks’ loans.
**9           Otherreceivables**

Theitem is composed as follows (in thousand of €):
Receivables from tax authorities104 Other receivables173   **Total other receivables****277**** ** **** 
**10         Inventories**

Asof March 31st, 2001, inventories amounted to € 13.035 thousand, andconsisted for the most part of the bindings produced by MARKER Germany,included in the item Finished Goods. A minor amount of the stock is made up ofthose goods which MARKER does not produce itself, but trades under its brand.The total amount can be detailed as follows:
Raw materials430 Work in progress2.148 Finished goods11.661 Reserve for obsolete or slow moving  inventory-1.204   **Total****13.035**** ** **** 
Thereserve for obsolete or slow moving inventory has been accrued according to thebest estimate of the realizable value of obsolete stock made by the management,based on the available information.

**11         Prepaidexpenses and accrued income**

Asof March 31st, 2001 the item consists of the following:
Rent installments281 Insurance59 Other324   **Total****664**** ** **** 
**12         Other CurrentAssets**
At March 3st,  2001, the item was composed as follows:     Deferred Charges6 Deposits36   **Total****42**** ** **** 
**13         Tangiblefixed assets**

Nettangible fixed assets at March 31st, 2001 amount to € 5.347thousand. In Annex 2 is attached the detail of movements of Tangible FixedAssets during the period.

MainTangible fixed assets refer to production plant and machinery at the Germanproduction site in Eschenlohe, and to office furniture and equipment at thedistributors subsidiaries world wide. The buildings, where Group companies runtheir activity are leased.

Asexplained above, all tangible fixed assets, as well as patents, software andthe other assets in the consolidated balance sheet, are securities for bankscredit lines.

**14         Intangiblefixed assets**

Atthe date of the consolidated financial statements Net Intangible Fixed Assetsamount to € 5.704 thousand, and are detailed as follows:
 **As of 01/04/00** **Additions** **Amortiz.** **Transl.****Differenc.** **As of 31/03/01**  **** **** **** **** **** Trademarks2.302 - (282)243 2.263 Patents6 4 (4)1 7 Software41 15 (14)5 47 Other68 - (2)8 74       Sub total2.417 19 (302)257 2.391 Goodwill3.755 - (798)356 3.313       Total6.172 19 (1.100)613 5.704       
Trademarksrefer to the amounts allocated to the trademark “MARKER” of a portion of thesurplus cost emerging from the elimination of the investments in thesubsidiaries against their equity at the date of the contribution at the fairvalue of the assets and liabilities, according to IAS 22. As stated in thesection relating to the accounting principles, the trademark is amortized in 10years, and Goodwill is amortized in 5 years. Amortization is calculated fromthe date of contribution to March 31st, 2001.
**15         Other NonCurrent Assets**

AtMarch 31st, 2001, the item was composed as follows:
Guarantee Deposit139 Security held as fixed assets333   **Total****472**** ** **** 
Securityheld as fixed assets mainly relate to membership rights, typical of theJapanese economic environment, and are treated as shares. They are valued atcost.

**16         Bankoverdrafts and loans**

Atthe date of the consolidated financial statements, Current Bank Overdrafts AndLoans amounted to € 18.384 thousand. The item includes current bank accountsfor € 14.569 thousand and short terms loans for € 3.815 thousand.
**17         Medium/Longterm loans**

Asof March 31st, 2001, total loans amounted to € 24.800 thousand, andwere split as follows:
Current Portion1.902   Non-current portion8.068 Related Parties non current (Note 8)0 Parent Company Loan (Note 8)14.830      **Total****24.800**** ** **** 
Medium/longterm loans include loans from bank institutes for € 2.732 thousand and loansfrom other private financiers for € 7.238 thousand. They are detailed inthe following table: 
 **Expiring date** **Interest rate** **Current portion** **M/L term portion** **Total**   Key Bank12/31/04 2%(*)78 240 318 M&T Bank12/31/04 2%(*)228 682 910 Sumitomo Bank11/20/03 1,875%91 153 244 HypoVereinsbank(***)2001/2007 4,00%-5,65%256 792 1.048 Deutsche Bank(***)2001 5,65%-5,95%166 0 166 Isomura (bonds)10/27/04 2%853 4.836 5.689 Tauber06/01/06 5%(**)171 1.365 1.536 Otherindefinite 6%13 0 13 MCAN (Laurentian Bank)09/30/01 Prime  rate+1%46 0 46 .     **TOTAL**    **1.902**** ****8.068**** ****9.970**** **     ****   (*)Starting  from 01/01/2004 the interests will be calculated at the Swiss prime rate.(**)Interests  are charged starting from 06/01/03(***)Data  refer to several loans. The column “Expiring date” show the nearest and the  last expiring date of the loans. The column “Interest rate” shows for each  bank the minimum and maximum rate applied.
Interestrates shown in the table above give evidence that MARKER Group is paying lowinterests on its indebtedness. As explained in the paragraph related to thefinancial situation, this is the result of the negotiations with banks beforethe date of the contribution, when bank institutes decided to allow particularconditions in order to facilitate Group restructuring.
**18         Otherpayables**

OtherPayables as of March 31st, 2001, consist of the following:
Employees236 Employees-incentives91 Social Security Institutions205 Tax Payables187 Legal and other consultancy45 Promotions207 Insurance99 Other569   **Total****1.639**** ** **** 
**19         Taxation**

Thetax asset referred to the fiscal benefit due to the losses carried forward infuture fiscal periods has been reflected in the consolidated financialstatements, as there is a reasonable certainty of realizing fiscal incomes inthe near future at Marker Deutschland GmbH.

Thefollowing list shows the two scenarios of possible tax benefit due to lossescarrryforward of Marker Deutschland GmbH:
 **Best case** **Worst Case**  **** **** Tax loss M-Gemany 99/004 months 12 months  -3.619 -1.812 *Profit M-Germany 00/01**709** **709**** *****Residual  tax loss****-2.910**** ****-1.103** *Used tax loss 2000/01**1.000** **1.000**** ***Unused residual tax  losses M-Germany-1.910 -103 **Unused  tax Benefit (45%)****860**** ****46**** **        Intercompany profit in  stock prior year1.996 -45%-898 Unrealized exchange  gains M-Germany1.000 45%450 Intercompany profit in  stock (delta 00/01)696 45%313 IAS adjustment  Inventory M-Germany300 45%135 *Tax benefit due to losses  carryforward**1.000** **-45**%**-450**** *****Total  deferred tax benefit 2000/01** ** ** ** ****-450**** ****** 
**20         Accruedexpenses and deferred income**

Accruedexpenses and deferred income as of March 31st, 2001, consist of thefollowing :
Interest due to banks349 Warranty729 Personnel788 Others1.018 Deferred tax benefits-450   **Total****2.434**** ** **** 
**21         Net Equity**

Deficitas of March 31st, 2001, amounts to € 4.856 thousand. Details inmovements of share capital are shown in Annex 3, which forms part of thesenotes.
**(a)****Share  capital**   The  Share Capital as of March 31st , 2001 is resolved, subscribed and  fully paid for € 1.249 thousand.  **(b)****Foreign  currency translation**
Thisitem presents a negative balance of € 475 thousands as of March 31st,2001. This reserve represents the difference arising from the translation ofthe foreign currency consolidated financial statements.

Areconciliation between the parent company's share capital and earnings and thecorresponding items of the consolidated financial statements is shown herebelow:
 **March 31st, 2000 - March 31st, 2001**  **Net Equity** **Net Profit (Loss)**   Statutory Financial  Statements of MARKER International GmbH1.319 2      Net Equity and results  of the subsidiaries of the relating investment values(3.223)(302)     Exchange differences  IC-receivables978 1.078      Excess cost(75)(75)     Effect deriving from  adjustment of goodwill booked in MARKER Int. GmbH3.144 2.358      Set-off of  Intercompany profit(715)1.280      Extraordinary  intercompany income booked in MARKER Int.(6.833)(4.854)     IAS Adjustments549 638      Other Consolidation  Adjustments  (102)   Consolidated Financial  Statements of MARKER International GmbH(4.856)23    
**22         Net Sales**

Netsales of products and services, net of returns, amount to € 68.706 thousand.They are as follows, split per geographic area:
Europe27.127 North America28.071 Other Countries13.508    68.706   
Netsales for lines of products are split as follows:
 Sales  amount Percentage    Ski bindings47.335 69%Skates2.730 4%Ski6.095 9%Parts and accessories1.138 2%Boots5.195 7%Clothing202 0%Tennis506 1%Trekking650 1%Snowboard384 1%Others4.471 6%   68.706 100%  
MARKERGroup produces only skibindings, the other products being purchased from othersuppliers, in particular from related companies of Tecnica and Volkl Group.During year 2000, MARKER Group has started to sell products purchased from itsrelated companies. This strategy enables the Group to benefit from commercialsynergies, consisting in the reduction of selling expenses, and the possibilityof offering to the client a complete range of winter sporting articles.

**23         Cost of Sales**

Costof sales as of March 31st, 2001 is comprised of cost of rawmaterials, all direct and indirect production labor costs, ancillary materialsand consumables, utilities, maintenance, etc. The cost of sales include alsochanges in inventory.

Itis split as follows in its basic components:
Raw material5.613 Direct production  costs1.556 Overheads2.342 Finished products33.026 Other costs of sales112    42.649   
**24         Personnel**

AtMarch 31st, 2001 the work force stood at 379 people.

Belowis the detail by department of the number of employees:
 Totals number of persons    Full-timers Part-timers Total     Production210 13 223 Selling49 2 51 Warehouse  and shipping12 4 16 General  and administration71 7 78 R&D11 0 11   **Total  personnel**353 26 379   
**25         SellingExpenses**

Thisitem amounts to € 10.172 thousand and is split as follows:
Wages & Benefits2.621 Agents’ commissions215 Travel &  Entertainment446 Advertising1.933 Trade Shows244 Endorsements /  Competition525 Warranty366 Other Selling Expenses3.821    10.172   
**26         Warehouse andshipping**

Thisitem amounts to € 1.875 thousand and is split as follows:
Rent / Lease  Expense/Storage100 Supplies Expense58 Other Warehouse and  Shipping1.716    1.874   
**27         General andAdministration**

Thisitem amounts to € 8.927 thousand and is split as follows:
Wages & Benefits3.720 Insurance338 Product Liability  Expense365 Rent / Lease Expense1.381 Consulting Fees683 Other G&A2.440    8.927   
**28         OtherOperating Expenses**

Researchand Development costs amount to € 1.405 thousand, mainly due to research anddevelopment activities for the implementation and improvement of finishedproducts. All R&D activities are carried out at the German production plantin Eschenlohe.

**29         FinancialExpenses**

Thisitem amounts to € 3.772 thousand and is split as follows:
Interest Income Other914   Short term bank  Interest Expenses2.770 Long term bank Interest  Expenses88 Other Interest  Expenses0   Total Interest  Expenses3.772   
**30         Otherincome/expenses**

Theamount of € 614 thousand mainly refer to net exchange differences recorded inthe period.

**31         Taxation**

Theincome tax for the 12 months period ended March 31st, 2001 amountsto € 497 thousand.
Current taxes  49 Total deferred tax  benefit 2000/01-450   *Deferred tax benefit prior year**898** **448**** *** **** **** **Total  income taxes** ** ****497**    **** 
**32         Post Closingevents**

Noimportant post closure events occurred.

**33         Commitments**

TheGroup is committed with the following lease payments under operating leasing orunder other rental contracts (thousand of €):
2001/20021.698 2002/20031.498 2003/20041.188 2004/2005999 2005/2006987    6.370   
Themost significant yearly installment refer to the production building inEschenlohe, which amounts to € 851 thousand.

**34         Reconciliationto US GAAP**

Thebasis of the preparation of these consolidated financial statements is set outin Note 3 through Note 5.  Theseaccounting policies vary in certain important respects from the accountingprinciples generally accepted in the United States (“US GAAP”).  The material differences affecting theprofit and loss account and shareholders’ equity between generally acceptedaccounting principles followed by the Group and those generally accepted in theUnited States are summarized below.

TheGroup granted an equity compensation plan to one manager, as stated in theemployment agreement between the parent company, Marker International GmbH, andthe manager.

Acccordingto this agreement, the manager has received during the period a minorityinterest in the parent company and, under some established conditions, he willreceive additional portions of Marker International GmbH’s share capital at theend of each business period and within the date of termination of theemployment agreement.  In case themanager decides to terminate the agreement before its expiring date, MarkerInternational GmbH shall pay to him a fixed amount for buying back the shares,or, alternatively, can accept that the manager maintains the equity for futurefair market value.

Basedon the employment agreement, in case CT Holding (which is Marker InternationalGmbH’s parent company) shall complete the acquisition of the 15% interestactually owned by the former holding company (Note 1), a further 5% of MarkerInternational GmbH’s share capital will be made available to the manager at aprice equal to the fair value, as determined in the transaction.

IASdo not require the recognition of the fair value of equity compensation plansin the financial statements.  Accordingto US GAAP, the equity shares under these plans would be valued at their fairvalue and would be accounted for as an expense of the period in which they havebeen recognized to the employee.  Noeffect would derive to the consolidated shareholders’ equity, as the fair valueof the shares would correspondingly increase the retained earnings.
Duringthe period ended March 31, 2000, the manager received 2% of MarkerInternational GmbH’s share capital. These shares have been transferred to the manager in connection with theclosing of the Asset Purchase Agreement, under which the contribution of Markeroperating subsidiaries to Marker International GmbH was realized (Note 3), andrepresent the compensation to the manager for continuing employment withMarker.  For the period ended March 31,2001, an additional 1% of Marker International GmbH’s share capital was receivedby the manager.

Thefair value of these shares is determined to be about Euro 369 thousand for thefiscal year ended March 31, 2000 and Euro 201 thousand for the fiscal yearended March 31, 2001, based on the value attributed to the assets transferredto Marker International GmbH in the above-referred transaction.

Accordingto the employment agreement, Marker International GmbH shall pay to the managerabout Euro 313 thousand in case he leaves the Company after March 31, 2001,i.e., before the termination of the agreement.

Thereis no income tax effect on the fair value of the granted shares.

**RECONCILIATION TO GENERALLY ACCEPTED ACCOUNTINGPRINCIPLES IN THE UNITED STATES(thousands of Euro)**

**CONSOLIDATED NET RESULT:**
 **March 31, 2001** **March 31, 2000**    CONSOLIDATED NET  RESULT IN ACCORDANCE WITH IAS23 (5.652      Adjusted as follows:     Fair  value of the shares granted to one manager according to an equity  compensation plan(201)(369)   NET RESULT UNDER US  GAAP(178)(6.021)        **STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ DEFICIT  UNDER US GAAP:**      BEGINNING BALANCE(4.433)1.249      Additional paid-in  capital – fair value of the shares granted to the manager201 369      Translation  Differences(446)(30)     Result of the period(178)(6.021)   Balance as of March  31, 2001 and 2000(4.856)(4.433)   
***NewAccounting Pronouncements***

             In June 2001, the FinancialAccounting Standards Board (“FASB”) finalized FASB Statements No. 141, *BusinessCombinations* (SFAS 141),and No. 142, *Goodwill and Other Intangible Assets* (SFAS 142). SFAS 141 requires the use of the purchase method of accounting andprohibits the use of the pooling-of-interests method of accounting for businesscombinations initiated after June 30, 2001. SFAS 141 also requires that the Company recognize acquired intangibleassets apart from goodwill if the acquired intangible assets meet certaincriteria.  SFAS 141 applies to allbusiness combinations initiated after June 30, 2001 and for purchase businesscombinations completed on or after July 1, 2001.  It also requires, upon adoption of SFAS 142, that the Companyreclassify the carrying amounts of intangible assets and goodwill based on thecriteria in SFAS 141.

             SFAS142 requires, among other things, that companies no longer amortize goodwill,but instead test goodwill for impairment at least annually.  In addition, SFAS 142 requires that theCompany identify reporting units for the purposes of assessing potential futureimpairments of goodwill, reassessing the useful lives of other existingrecognized intangible assets, and ceasing amortization of intangible assetswith an indefinite useful life.  An intangibleasset with an indefinite useful life should be tested for impairment inaccordance with the guidance in SFAS 142. SFAS 142 is required to be applied in fiscal years beginning afterDecember 15, 2001 to all goodwill and other intangible assets recognized atthat date, regardless of when those assets were initially recognized.  SFAS 142 requires the Company to complete atransitional goodwill impairment test six months from the date ofadoption.  The Company is also requiredto reassess the useful lives of other intangible assets within the firstinterim quarter after adoption of SFAS 142.

             Weexpect that the adoption by the Company of SFAS 141 and SFAS 142 will have noimpact on the Company’s financial position in the future.

**Annex 1**

**MARKERGroup**

**Companiesincluded in the Consolidated Financial Statements**
**** **Company****Capital  Share in Local Currency** **Ownership  Interest** **** MARKER International  GmbHRuessensrasse  66340 BaarSwitzerlandCHF  2.000.000 Parent  Company      MARKER Deutschland GmbHOlympiastrasse  2, 82438 EschenloheGermanyDEM 5.000.000 100%     MARKER Austria Ges.m.b.h.Gewerbestrasse  13, 5550 Radstadt  AustriaATS  1.000.000 100%     MARKER Canada Ltd  Cote de Liesse, Suite 100 St. Laurent,  Quebec-CanadaCAD  2.250.100 100%     MARKER USA Inc.  P.O. Box 26548, 1070 West 2300 South  84119, Salt Lake City,Utah-USAUSD $1.000 100%     MARKER Japan Co. Ltd  1-1-3 Toranomon  Minato-Ku/Isomura building J-000 Tokio  105  JapanUSD  $1.000 100%
Annex 2

MARKER Group

Property, Plants and Equipement -Movements of the Period(in thousands of €):
 **Beginning  Balances** **Original cost  Transfers or  Additions** **Disposals** **Final**   Land  and building2.096 11   2.107 Machinery  & Equipment16.561 1.968 (117)18.412 Plant  & Equipment1.327 271 (264)1.334 Motor  Vehicles199 70 (174)95 Office  furniture & Equipment1.504 60 (172)1.392  ****** **Balance21.688 2.379 (727)23.340   
 

 
 **Beginning  Balances** **Depreciation  Expense** **Accumulated  Depreciation  on Disposal** **Final** **Net Book  Value  Beginning** **Translation  adjustments** **Net Book  Value  Final**   Land  and building959 179 0 1.138 1.138 0 969 Machinery  & Equipemt12.939 2.116 (118)14.936 3.622 0 3.476 Equipment754 140 (195)700 573 0 633 Motor  Vehicles144 4 (57)90 55 0 5 Office  furniture & Equipment1.039 240 (152)1.128 465 0 264  ****** **Balance15.835 2.679 (522)17.992 5.852 0 5.347   
Annex 3

MARKER Group

Consolidated Statements of Changes inShareholders' Deficit for the 12 MonthsPeriod Ended March 31st, 2001(Thousands of  €)
 Share  Capital Foreign  Currency Translation Retained  Earnings Net  profit (loss) for the year Total  Shareholders' equity   Beginning Balance1.249 (30)(5.652)- (4.433)Translation  Differences- (446)- - (446)Loss for the period- - - 23 23   Balance as of March 31st,  20011.249 (476)(5.652)23 (4.856)  
 

**SIGNATURES**

             Pursuantto the requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the Registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized in the City of Salt Lake and theState of Utah on September 14,2001.

**MKR HOLDINGS**
 By:/s/  Kevin Hardy     Kevin  Hardy  President  and Chief Financial Officer
             Pursuantto the requirements of the Securities Exchange Act of 1934, this report hasbeen signed below by the following persons on behalf of the registrant and inthe capacities and on the dates indicated.
**Signature****Title** **Date**    /s/  Kevin HardyPresident (Principal  Executive Officer) and Chief Financial September  14, 2001Officer  (Principal Financial and Accounting Officer) Kevin  Hardy       /s/  Henry E. TauberDirector September  14, 2001  Henry  E. Tauber       /s/  Louis M. AlpernDirector September  14, 2001  Louis  M. Alpern   
 ****