Financial Highlights

Revenues

Gain on Sale of Fixed Assets

Operating Costs

Depreciation and Amortization

Operating profit/loss

Financial Income and Expenses

Taxes

Revenues

Gain on Sale of Fixed Assets

Operating Costs

Depreciation and Amortization

Operating profit/loss

Financial Income and Expenses

Taxes

Trend Information

Interest Rates

Foreign Exchange

Fuel Prices

Inflation

Accounting principles

Accounting principles

Operating costs consist primarily of personnel costs (which includes wages, salaries, social security fees and pension costs offor bus drivers, mechanics and other employees), fuel, tires and other consumables costs, and other external costs, which include depot costs and head office administrative costs. Operating costs also consist of operating lease charges. Operating costs increaseddecreased by SEK 45104 million, or 48%, from SEK 1,145330 million for the three months ended NovemberFebruary 3028, 20042005 to SEK 1,190226 million for the three months ended NovemberFebruary 3028, 20052006. This increasedecrease iswas due to a number of factors, which are explained below.

ThirdFourth quarter ended November 30February 28, 2005 2006 compared to the thirdfourth quarter ended November 30February 28, 20042005

Nine-monthFull periodyear ended NovemberFebruary 3028, 20052006 compared to the nine-monthfull periodyear ended NovemberFebruary 3028, 20042005

5Full year ended February 28, 2006 compared to the full year ended February 28, 2005

Organization

Note 4. Operating leases

Note 5. Pledged assets and contingent liabilities

Note 6. Equity

Note 7. Cash and cash equivalents

Organization

Note 2. Operating leases

Note 3. Equity

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of ~~January~~ May, 2006

Commission File Number: 333-115996

Concordia Bus Nordic AB (publ) ~~(Translation of registrant’s name into English) Solna Strandvag 78, 171-54 Solna, Sweden (Address of principal executive offices)~~

(Translation of registrant’s name into English)

Solna Strandvag 78, 171-54 Solna, Sweden

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark whether the registrant files by furnishing the information contained in this Form is also thereby furnishing the Information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b); 82- .

Table of Contents

Information furnished in this form:

1. ~~Revised~~Fourth ~~Third~~ quarter and ~~Year-to-Date~~full year results of Concordia Bus Nordic Holding AB ~~and Swebus AB~~.

~~CONCORDIA~~1. Fourth ~~BUS~~quarter ~~NORDIC~~and ~~HOLDING~~full ~~AB STOCKHOLM,~~year ~~SWEDEN~~results of Concordia Bus Nordic Holding AB.

~~THIRD~~Concordia ~~QUARTER~~Bus ~~SEPTEMBER 1,~~Nordic ~~2005~~Holding –AB ~~NOVEMBER 30, 2005 AND NINE MONTHS PERIOD MARCH 1, 2005 – NOVEMBER 30, 2005~~(publ)

556028-1122

CONCORDIA BUS NORDIC HOLDING AB

STOCKHOLM, SWEDEN

FOURTH QUARTER DECEMBER 1, 2005 – FEBRUARY 28, 2006

AND

FULL YEAR MARCH 1, 2005 – FEBRUARY 28, 2006

The matters discussed in this news release include forward-looking statements that are subject to risks and uncertainties including but not limited to economic conditions, product demand, competitive products and services, government regulation, financial resources, certain litigation and other risks indicated in filings with the US Securities and Exchange Commission.

INDEX

Operational and Financial Review Management’s discussion and analysis of financial condition and results of operations Quantitative and qualitative disclosures about market risk Unaudited Consolidated financial statements – Concordia Bus Nordic Holding AB (publ) Unaudited consolidated interim statements of operations for the three months ended ~~November~~February 3028, ~~2005~~2006 and ~~November~~February 3028, ~~2004~~2005 Unaudited consolidated interim statements of operations for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006 and ~~November~~February 3028, ~~2004~~2005 Unaudited interim consolidated balance sheets as of ~~November~~February 3028, ~~2005~~2006 and February 28, 2005 Unaudited consolidated interim cash flow statements for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006 and November 30, 2004 Notes to unaudited consolidated interim financial statements Unaudited Consolidated financial statements –Swebus AB Unaudited consolidated interim statements of operations for the three months ended November 30, 2005 and November 30, 2004 Unaudited consolidated interim statements of operations for the nine months ended November 30, 2005 and November 30, 2004 Unaudited interim consolidated balance sheets as of November 30, 2005 and February 28, 2005 ~~Unaudited consolidated interim cash flow statements for the nine months ended November 30, 2005 and 2004~~ Notes to unaudited consolidated interim financial statements

CONCORDIA BUS NORDIC HOLDING AB (PUBL) ~~THIRD QUARTER AND NINE MONTHS PERIOD ENDED REPORT~~

~~MANAGEMENT’S~~FOURTH ~~DISCUSSION~~QUARTER AND ~~ANALYSIS~~YEAR ~~OF FINANCIAL~~PERIOD ~~CONDITION AND~~ENDED ~~RESULTS OF OPERATIONS~~REPORT

~~Concordia~~MANAGEMENT’S ~~Bus~~DISCUSSION ~~Nordic Holding~~AND ABANALYSIS ~~(“Nordic” or the “Company”) hereby announces its unaudited interim~~OF ~~financial~~FINANCIAL statements for the three-month and nine-month periods ended November 30, 2005. The Company is a wholly owned subsidiary of Concordia Bus AB (Reg. No. 556576-4569, domiciled in Stockholm, “Bus”), which is the ultimate parent company. All figures are expressed in millions of SEK if not otherwise indicated.CONDITION

~~You should read the~~AND ~~following~~RESULTS ~~discussion~~OF in conjunction with the financial statements of Nordic included in this quarterly report starting on page 10. The financial statements of Nordic are prepared in accordance with accounting principles generally accepted in Sweden (“Swedish GAAP”), which differ in various respects from accounting principles generally accepted in the United States (“U.S. GAAP”). The financial year-end for Nordic is the last day of February. Unless otherwise specified in this discussion, reference to a particular year is to the financial year ended the last day of February of that year (“fiscal 2006” for the year ending February 28, 2006). The end of the third financial quarter for Nordic is November 30 of each year.OPERATIONS

Concordia Bus Nordic Holding AB (“Nordic” or the “Company”) hereby announces its unaudited interim financial statements for the three-month period and year ended February 28, 2006. The Company is a wholly owned subsidiary of Concordia Bus AB (Reg. No. 556576-4569, domiciled in Stockholm, “Bus “), which is the ultimate parent company. All figures are expressed in millions of SEK if not otherwise indicated.

You should read the following discussion in conjunction with the financial statements of Nordic included in this quarterly report starting on page 10. The financial statements of Nordic are prepared in accordance with accounting principles generally accepted in Sweden (“Swedish GAAP”), which differ in various respects from accounting principles generally accepted in the United States (“U.S. GAAP”). The financial year-end for Nordic is the last day of February. Unless otherwise specified in this discussion, reference to a particular year is to the financial year ended the last day of February of that year (“fiscal 2006” for the year ending February 28, 2006). The end of the fourth financial quarter for Nordic is February 28 of each year.

The same accounting policies and methods of computation are followed in the quarterly consolidated financial statements as compared with the most recent annual financial statements.

On October 4, ~~2006~~2005, as part of the restructuring of the Concordia group, holders of an aggregate principal amount of €159,855,000 of Bus’ 11% Senior Subordinated Notes due 2010 exchanged their Senior Subordinated Notes for shares in Bus. On December 12, 2005, Bus purchased €87,000 Senior Subordinated Notes in a tender offer. Only €58,000 in aggregate principal amount of the Senior Subordinated Notes remains outstanding.

The following table summarizes Nordic’s results of operations for the periods indicated in terms of amounts as well as a percentage of revenues:

	2005				2004
	2006				2005
	SEK million		%		SEK million		%
Revenues	1,~~216~~180		100.0	%	1,~~224~~214		100.0	%
Operating profit (loss)	(30131	)	2(11.51	)%	(3234	)	0(19.23	)%
Net loss	(86160	)	7(13.06	)%	(18286	)	1(23.56	)%

	2005				2004
	2006				2005
	SEK million		%		SEK million		%
Revenues	34,~~507~~683		100.0	%	34,~~599~~812		100.0	%
Operating profit (loss)	(~~151~~282	)	4(6.30	)%	(22256	)	0(5.63	)%
Net loss	(~~397~~557	)	(11.39	)%	(~~110~~396	)	3(8.12	)%

~~Third~~Fourth quarter ended ~~November~~February 3028, ~~2005~~2006 compared to the ~~third~~fourth quarter ended ~~November~~February 3028, ~~2004~~2005

The following section provides an analysis between the actual numbers presented for the quarter as compared with the equivalent period in the preceding year, except for the section “Liquidity and ~~Capital~~capital ~~Resources~~resources” which provides analysis between the respective ~~year to date periods~~years.

Revenues principally comprise fees generated from bus services provided under the terms of contracts with local public transportation authorities in Sweden, Norway and Finland and from express bus services and coach hire services in Sweden. Revenues also include revenues received from maintenance and repair services that Swebus provides at its depots to third parties and sales of diesel fuel.

Revenues decreased by SEK 834 million, or ~~0.7~~3%, from SEK 1,~~224~~214 million for the quarter ended ~~November~~February 3028, ~~2004~~2005 to SEK 1,~~216~~180 million for the quarter ended ~~November~~February 3028, ~~2005~~2006.

Revenues from the provision of bus services for local public transportation authorities decreased by SEK 1747 million, or 2by less than 1%, from SEK 1,~~085~~092 million for the three months ended ~~November~~February 3028, ~~2004,~~ 2005 to SEK 1,~~068~~045 million for the three months ended ~~November~~February 3028, ~~2005~~2006. ~~Our~~The decrease in revenue iswas principally due to ~~lost~~the loss of contracts, which ~~provided~~resulted in a decrease of SEK ~~106~~ 128 million., which ~~This~~ was offset by ~~higher~~the ~~prices~~impact onfrom ~~our~~won ~~existing and renewed~~ contracts, ~~which provided an increased revenue~~ of SEK 6253 million,. ~~increased~~In ~~volume~~addition, onthe ~~existing~~impact ~~contracts~~from ~~resulting~~the involume ~~increased~~changes ~~revenue~~was ofnegative SEK 174 million and ~~winning~~we had ofa ~~new~~positive ~~contracts~~impact ~~resulting~~from inprice anchanges ~~increase~~on the existing contracts of SEK 10 32 million.

Revenues from express bus services increased by SEK 95 million, ~~or 11%,~~ from SEK 81 million for the three months ended ~~November~~February 3028, ~~2004,~~ 2005 to SEK 9086 million for the three months ended ~~November~~February 3028, ~~2005~~2006. This increase is due to a higher yield from passenger tickets marginal ~~of SEK 6 million, and increased number of passengers providing an increase of SEK 3 million~~.

Revenues from coach hire services ~~increased~~was by SEK 523 million ~~or 16% from SEK 32 million~~ for both the three months ended ~~November~~February 3028, ~~2004 to SEK 37~~ ~~million~~2005 and for the three months ended ~~November~~February 3028, ~~2005~~2006. ~~The increase is due to increased volume in Stockholm area of SEK 3 million and the tourist traffic in FO-resor.~~

Other revenues amounted to SEK 2126 million for the quarter ended ~~November~~February 3028, 2006 ~~2005~~ and SEK 2618 million for the three months ended ~~November~~February 3028, ~~2004~~2005. Other revenues largely consist of sales of diesel fuel and maintenance and repair services to third parties.

The net of gain ~~and loss~~ on ~~our~~ sale of fixed assets is comprised of sales of buses and other ~~assets~~ assets held by ~~Nordic~~Concordia Bus. Gain on sale of fixed assets ~~was~~remained constant at SEK 91 million for the three months ended ~~November~~February 3028, ~~2005, compared~~2006 toand ~~a loss on sale of fixed assets of SEK 3 million~~ for the ~~three~~ three months ended ~~November~~February 3028, ~~2004~~2005. We realised SEK 206 million in cash on the sale of ~~194~~71 buses during the quarter~~, giving a net gain on sale of SEK 6 million~~. ~~We have also sold financial assets with a gain of SEK 3 million.~~

Fuel, tires and other consumable costs increased by ~~15% or~~ SEK 3846 million or 17%, to SEK ~~292~~312 million for the three months ended ~~November~~February 3028, ~~2005~~ 2006 from SEK ~~254~~266 million for the three months ended ~~November~~February 3028, ~~2004~~2005. ~~The~~ This increase was ~~largely~~ due to anincreased ~~increase~~fuel inprice ~~fuel~~of ~~prices~~SEK 28 million and increased costs for maintenance and tyres of SEK 46 22 million,. ~~which~~This was offset by decreased fuel ~~costs~~cost ofby SEK 104 million asdue ato ~~result of~~lower ~~reduced~~ traffic ~~from our lost contracts~~volumes. Our average fuel price for the three months in Sweden was SEK 87.0966 per liter compared to SEK 6.1346 per liter for the same ~~three~~ ~~months~~period last year. InThe ~~addition,~~increased costs for maintenance, and tyres ~~and~~is ~~washing and~~mainly ~~cleaning~~due ~~increased~~to bya ~~SEK~~provision 2for ~~million,~~tyre ~~compared~~costs toin the ~~three~~year-end ~~months~~of ~~ended~~SEK ~~November 30,~~17 ~~2004~~million.

There was ~~has been~~ a 13% decrease in personnel costs, by SEK 617 million to SEK ~~637~~648 million, for the three months ended ~~November~~February 3028, ~~2005~~ 2006 from SEK ~~643~~665 million for the three months ended ~~November~~February 3028, ~~2004~~2005. The decrease iswas mainly due to decreased

~~decreased~~ number of employees due to lost contracts of approximately SEK 4342 million~~, decreased other costs of SEK 10 million~~. This was offset by an effective pay increase resulting in increased salary costs of approximately SEK 4711 million. Added to this, personnel costs in connection with closure of depots in Sweden were SEK 14 million higher than last year.

Operating lease charges decreased by SEK 113 million to SEK ~~107~~99 million for the three months ended ~~November~~February 3028, ~~2005~~ 2006 from SEK ~~108~~112 million for the three months ended ~~November~~February 3028, ~~2004~~2005. This decrease was principally a result of decreased lease charges for buses entering ~~into~~ the second lease ~~term~~-tranche, ~~this~~where ~~was~~the lease ~~offset~~charges byare aapproximately ~~higher~~60% ~~number~~lower ~~of operational~~than ~~lease~~in ~~buses~~the wefirst ~~are~~lease ~~utilizing under operating leases~~tranche. ~~The~~ The total number of buses under operating leases was 1,~~565~~569 as of ~~November~~February 3028, ~~2005~~2006, compared to 1,~~448~~470 as of ~~November~~February 3028, ~~2004~~ 2005.

Other external costs ~~increased~~ ~~11%~~decreased by SEK 15120 million, to SEK ~~155~~167 million for the three months ended ~~November~~February 3028, ~~2005~~ 2006 from SEK ~~140~~287 million for the three months ended ~~November~~February 3028, ~~2004~~2005. ~~The~~ ~~increase~~This was ~~largely~~mainly due to ~~professional~~provisions ~~fees~~ in ~~connection with~~ the year-end ~~restructuring~~closing last year which incurred other external costs of ~~Concordia~~SEK ~~Bus~~120 million and utilization of provisions for loss making contracts which was lower by SEK 413 million, ~~increased~~for ~~subcontracting~~the ~~costs~~quarter ofended ~~SEK~~February 28, 82006. ~~million~~This ~~and~~was ~~increased~~offset ~~other~~by costs ~~professional~~in ~~fees~~connection ~~and~~with ~~management~~closure ~~recharge~~of depots in Sweden of SEK 413 million.

Depreciation and amortization charges comprise principally depreciation of buses and other vehicles but also relate to depreciation of tools, fixtures and fittings, buildings and computer equipment. In addition, amortization of goodwill resulting from acquisitions of bus operations is included.

Depreciation and amortization costs decreased by SEK 1533 million from SEK 119 79 million for the three months ended ~~November~~February 3028, ~~2004~~2005, to SEK 64 86 million for three months ended ~~November~~February 3028, ~~2005~~2006, ~~mainly~~principally as a result of ~~write-down~~decreased number of ~~surplus~~owned buses ~~made~~, resulting in ~~the~~lower ~~third~~depreciation ~~quarter last year~~ of SEK ~~12 million~~28, and ~~also~~write-down ~~due to reduction~~ of old buses, inwhich ~~the~~was ~~fleet~~higher ~~that~~by weSEK ~~own.~~5 ~~Total~~million ~~goodwill~~last ~~amortization included~~year, inand ~~depreciation during the period was SEK 4 million.~~ Number of owned ~~units~~ buses as of ~~November~~February 3028, ~~2005~~2006 was 1,~~905~~826, compared to 2,~~235~~260 as of ~~November~~February 3028, ~~2004~~2005.

Total goodwill amortization was SEK 3 million for both periods.

Operating loss ~~increased~~decreased by SEK 27103 million from ~~a loss of~~ SEK 3234 million for the three months ended ~~November~~February 3028, ~~2004~~2005 to a ~~loss of~~ SEK 30131 million loss for the three months ended ~~November~~February 3028, ~~2005~~2006.

Operating ~~profit~~loss from bus operations for public authorities decreased by SEK 658 million from an operating ~~profit~~loss of SEK 5161 million for the three months ended ~~November~~February 3028, ~~2004~~2005, to an operating loss of SEK 1103 million for the three months ended ~~November~~February 3028, ~~2005~~2006, ~~largely~~mainly asdue ato ~~result~~year-end ofprovisions, which was SEK 34 million higher ~~fuel~~last year ~~costs~~and decreased operating lease charges of SEK 13 million.

Operating profit from express bus services ~~decreased~~was by SEK 52 million ~~from SEK 7 million~~ for the three months ended ~~November~~February 3028, ~~2004~~ 2006, toas ~~SEK~~well 2as ~~million~~ for the three months ended ~~November~~February 3028, ~~2004, due to increased fuel cots, increased staff costs and increased subcontracting~~2005.

Operating ~~profit~~loss from coach hire services was SEK 0 3 million for the three months ended ~~November~~February 3028, ~~2005~~ 2006, compared to an operating ~~profit~~loss of SEK 24 million for the three months ended ~~November~~ February 3028, ~~2004~~ 2005.

Head office items and others ~~increased~~decreased by SEK 1344 million from SEK 1468 million for the three months ended ~~November~~February 3028, ~~2004~~2005, to SEK 2724 million for the three months ended ~~November~~February 3028, ~~2005~~2006, mainly due to ~~restructuring~~year-end ~~costs~~provisions of SEK 45 million that was made in the three months ended February 28, 2005.

Financial income and expenses includes interest income from cash and cash equivalents and interest expense from bank loans. Financial income and expenses ~~increased~~decreased by SEK ~~41million~~26 million to ~~a net financial expense of~~ SEK 5628 million for the three months ended ~~November~~February 3028, 2006 ~~2005~~ from SEK 1554 million for the three months ended ~~November~~February 3028, ~~2004~~ 2005. This result can be primarily attributed to foreign exchange ~~loss~~gains and losses, where we had gains from foreign exchange conversions of SEK 18 8 million ~~this~~in ~~quarter~~the three months ended February 28, 2006, compared to a ~~foreign~~loss ~~exchange gain~~ of SEK 2316 million ~~for~~during the three months ended ~~November~~February 3028, ~~2004~~2005.

The standard rate of taxation in Sweden is 28%. The effective tax rate for the three months ended ~~November~~February 3028, ~~2005~~2006 was 0(1%). This effective tax rate resulted from amortization of goodwill of 52%, and valuation allowances of net operating losses of 2327%.

~~Nine-month~~The following ~~period~~section provides ~~ended~~an ~~November~~analysis ~~30,~~of ~~2005~~our ~~compared~~results toof operations between the ~~nine-month~~actual ~~period~~numbers ~~ended~~for ~~November~~the 30year March 1, 2005 – February 28, 2006 as compared with year March 1, 2004 – February 28, 2005.

The following section provides an analysis of our results of operations between the actual numbers for the nine month period March 1 – November 30, 2005 as compared with the nine month period March 1 – November 30, 2004.

Revenues decreased SEK 92 129 million, or 3%, from SEK 34,~~599~~812 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005, to SEK 34,~~507~~683 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006, mainly because the loss of contracts exceeded the revenues we gained from new contracts and increased prices in existing contracts.

Revenues from the ~~provision~~ provision of bus services for local public transportation authorities decreased by SEK 184 ~~135~~ million, or 4%, from SEK 34,~~178~~272 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005, to SEK 34,~~043~~088 million for the year ~~nine months~~ ended ~~November~~February 3028, ~~2005~~2006.

The decrease in revenue is principally due to lost contracts of SEK ~~370~~498 million and decreased volume in existing contracts of SEK 1214 million. This was partially offset by our winning of new contracts, which provided an increase of SEK 73 126 million and increased prices in existing contracts of SEK ~~163~~191 million. Added to this, we have a positive foreign exchange variance of SEK 11 million.

Revenues from express bus services increased by SEK 2127 million, or 8%, from SEK ~~257~~ 337 million for the ~~nine months~~year ended ~~November~~February 3028, ~~2004~~2005 to SEK ~~278~~364 million for the ~~nine months~~ year ended ~~November~~February 3028, ~~2005~~2006. This increase is mainly due ~~increased~~to increased number of ~~passenger~~ ~~providing~~passengers anon ~~increase~~the ofroutes ~~SEK~~between 9Stockholm-Oslo ~~million~~and Stockholm-Copenhagen, awhich ~~higher~~have ~~yield~~resulted ~~from~~in ~~passenger tickets~~increased ~~marginal,~~revenue ~~providing~~by anSEK 11 million. The remaining increase is a result of ~~SEK~~a 12a ~~million~~higher yield from passenger tickets marginal.

Revenues from coach hire increased by SEK 1819 million, or 1916%, from SEK 95117 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005, to SEK ~~113~~136 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006. The increase is attributed to revenues from the tourist traffic in FO-resor, which was acquired September 1, 2004, and increased volume in the Stockholm area.

Other revenues amounted to SEK 6995 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2006, and SEK 73 86 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, 2005. Other revenues largely consist of sales of diesel fuel and maintenance and repair services to third parties.

Gain on sale of fixed assets is comprised of sales of buses and other assets. Gain on sale of fixed assets was SEK 56 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006 ~~and~~compared to SEK 34 million for the ~~nine~~year ~~months~~ ended ~~November~~ February 3028, ~~2004~~ 2005.

Operating costs consist primarily of personnel costs (which includes wages, salaries, social security fees and pension costs of bus drivers, mechanics and other employees), fuel, tires and other consumables costs, and other external costs, which include depot costs and head office administrative costs. Operating costs also include operating lease charges. Operating costs ~~increased~~decreased by SEK 5751 million, or 21%, from SEK 34,~~392~~722 for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004 to~~2005, to SEK 34,~~449~~671 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006. This ~~increase~~ isdecrease is due to a number of factors, which are explained below.

Fuel, tires and other consumable costs have increased by SEK 78124 million or 1113% to SEK ~~801~~1,113 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006 from SEK ~~723~~989 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005. The increase was largely due to an increase in fuel prices of SEK ~~104~~132 million, which was offset by decreased fuel costs of SEK 2528 million as a result of reduced traffic from our lost contracts. ~~Our~~The average ~~fuel~~diesel price ~~for the nine-month period~~ was SEK 7~~.56~~ ,03 per liter for the year ended February 28, 2005, compared to ~~6.15~~SEK ~~per~~5,95 ~~liter~~ for the ~~same period~~year ~~last~~ended ~~year~~February 28, 2005. In addition, costs for maintenance, tyres and washing ~~and cleaning decreased by SEK 1 million, compared to the the nine months ended November 30, 2004.~~

There has been a 4% decrease in personnel costs, by SEK 80 million to SEK 1,861 million, for the nine months ended November 30, 2005 from SEK 1,941 million for the nine months ended November 30, 2004. This is mainly a result from a reduction in number of drivers due to lost contracts, which resulted in lower wage costs of SEK 177 million. This decrease was partly offset by an increase in wages resulting from an effective increase in salary of SEK 113 million. Added to this, other personnel costs have decreased by SEK 13 million and pension premiums decreased by SEK 3 million.

~~Operating~~and ~~lease~~cleaning ~~charges~~ increased by SEK 1220 million, orcompared ~~by 4%~~ to ~~SEK 328 million for~~ the year ~~nine months~~ ended ~~November~~February 3028, 2005 ~~from SEK 316 million for the nine months ended November 30~~, ~~2004.~~mainly ~~This~~as ~~increase was principally~~ a result of ~~increased~~a ~~use~~provision ~~of operating leases~~ for ~~buses. The total~~tyre ~~number~~costs ofin ~~buses under operating leases was 1,565 as of November~~February ~~30,~~2006 ~~2005 compared to 1,448 as~~ of ~~November 30,~~SEK ~~2004~~17 million.

~~Other~~There has ~~external~~been a 4% decrease in personnel costs ~~increased~~, by SEK 4897 million to SEK ~~459~~ 2,509 million, for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~ 2006, from SEK ~~411~~2,606 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005. ~~The~~This ~~increase~~is ~~was~~mainly ~~largely~~a ~~due~~result tofrom ~~professional~~a ~~fees~~reduction in ~~connection~~number ~~with the restructuring~~ of ~~Concordia~~drivers ~~Bus~~due ~~of SEK~~to ~~30 million~~lost contracts, which ~~increased~~resulted ~~insurance~~in ~~premiums~~lower wage costs of SEK 5219 million,. This decrease was partly offset by an increase in ~~marketing~~ ~~and~~wages ~~sales~~resulting ~~costs~~from an effective increase in salary of SEK 5124 million. ~~and~~Other ~~increased~~personnel ~~other~~ costs ofhave decreased by SEK 10 13 million. ~~This~~and pension ~~was~~premiums ~~offset~~decreased by ~~decreased~~SEK ~~management~~3 ~~recharge~~million. ~~and~~Added ~~other~~to this, personnel ~~professional~~costs ~~fees~~in connection with closure of depots in Sweden are SEK 214 million. higher than last year

Operating lease charges decreased by SEK 1 million or by less than 1% to SEK 427 million for the year ended February 28, 2006 from SEK 428 million for the year ended February 28, 2005. This decrease was principally a result of decreased lease charges for buses entering the second lease-term, where the lease charges are approximately 60% lower than in the first lease term, which resulted in lower lease charges of SEK 13 million, this was offset by an increased number of buses under operational lease.

Other external costs decreased by SEK 77 million to SEK 622 million for the year ended February 28, 2006 from SEK 699 million for the year ended February 28, 2005. The decrease was largely due to provisions in the year-end closing last year whic incurred other external costs of SEK 120 million and utilization of provisions for loss making contracts which was lower by SEK 9 million for the year ended February 28, 2006. This was offset by professional fees in connection with the restructuring of Concordia Bus of SEK 30 million, increased insurance premiums of SEK 5 million, an increase in marketing and sales costs of SEK 4 million and costs in connection with restructuring and close down of depots in Sweden of SEK 13 million.

Depreciation and amortization charges comprise principally the depreciation of buses and other vehicles but they also relate to the depreciation of tools, fixtures and fittings, buildings and computer equipment. In addition, amortization of goodwill resulting from acquisitions of bus operations is also included.

Depreciation and amortization costs decreased by SEK 1850 million, or 814%, from SEK ~~232~~350 million ~~for~~ for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005, to SEK ~~214~~300 million for the ~~nine~~year ~~months~~ ended ~~November~~February ~~30,~~28 ~~2005~~2006. This is mainly due to a lower number of buses in the fleet that we own, resulting in lower depreciation of SEK 45 million, and write-down of surplus buses, which was SEK 5 million higher the year ended February 28, 2005. ~~Number~~The number of owned buses as of November 30, 2005 was 1,~~905~~826, compared to 2,235 as of November 30, 2004.

Operating loss was SEK ~~151~~ 282 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006, compared to an ~~operating loss of~~ SEK 22256 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~ 2005.

Operating loss from bus operations for local public transportation authorities was SEK 80178 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006, compared to an operating loss of SEK 12 174 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005, mainly due to ~~higher~~ ~~fuel costs and increased operating lease charges~~reduced volume.

Operating profit from express bus services decreased by SEK 1416 million to SEK 1213 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~ 2006 compared to SEK 2629 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004,~~ 2005. This is mainly due to increased fuel prices, increased subcontracting and staff costs.

Operating profit from coach hire services ~~decreased~~was by SEK 41 million for the year ended February 28, 2006, compared to an operating profit of SEK 4 million for the ~~nine months~~year ended ~~November~~February 3028, 2005, ~~compared~~due to ~~SEK~~the 8weak ~~million~~market for ~~the~~coach ~~nine months~~hire ~~ended~~in ~~November 30, 2004~~Sweden.

Head office costs and ~~others~~ other items increased from SEK 34102 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2004~~2005, to SEK 76104 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006, mainly due to costs ~~related~~in toconnection with the restructuring of Concordia Bus.

Financial income and expenses includes interest income from cash and cash equivalents and interest expense from loans made by banks and other financial indebtedness. Financial income and expenses ~~(net)~~ increased by SEK ~~159~~ 133 million from a ~~net financial expense of SEK 87 million for the nine months ended November 30, 2004, to SEK 246 million for the nine months ended November 30, 2005.~~

This result can be primarily attributed to the restructuring of Concordia, where we had costs for consent fees, funding fees and commitment fees of a total of SEK 71 million and higher interest cost of SEK 11 million due to increased loans. Added to this, we had a foreign exchange loss of SEK 51 million for the nine months ended November 30, 2005, compared to a foreign exchange gain of SEK 35 million for the nine month period ended November 30, 2004. This was offset by lower interest costs from the subordinated shareholder loan from our ultimate parent Bus of SEK 8 million.

financial expense of SEK 141 million for the year ended February 28, 2005 to SEK 274 million for the year ended February 28, 2006.

This result can be primarily attributed to the restructuring of Concordia, where we had costs for consent fees, funding fees and commitment fees of a total of SEK 71 million for the year ended February 28,2006 compared to SEK 6 million for the year ended February 28,2005. Added to this, foreign exchange gains and losses resulted in increased costs of SEK 61 million, we had a foreign exchange loss of SEK 43 million for the year ended February 28, 2006, compared to a foreign exchange gain of SEK 18 million for the year ended February 28, 2005. Interest costs also increased by SEK 8 million.

The standard rate of taxation in Sweden is 28%. The effective tax rate for the ~~nine months~~ year ended ~~November~~February 3028, ~~2005~~2006 was 0%. This effective tax rate resulted from amortization of goodwill of 32% and valuation allowance of net operating losses of 2526%.

During the ~~nine-months~~year ~~period~~ ended ~~November~~February 3028, 2006 ~~2005~~ we submitted tenders for ~~1411~~ 1509 out of the buses that were open for competitive tenders, which included contracts for routes where we operated ~~473~~ 496 buses. Results for ~~1072~~1509 of those tendered buses have been announced, ~~329~~496 of which were for buses we operated. Concordia has won ~~514~~762 buses in total of tenders announced during ~~the first half-~~year consisting of ~~135~~266 buses that we currently operate and ~~379~~496 buses that were won from the competition. We don’t await results for ~~339 buses including 144~~ ~~buses~~any ~~that~~tenders ~~we operate. We envisage bidding for a further 53 units this year of which Concordia~~ currently ~~operates 16 units~~.

Liquidity and Capital Resources

In connection with the restructuring of the Concordia group of companies that was agreed to on July 22, 2005, holders of an aggregate principal amount of €159,855,000 of Bus’ Subordinated Notes exchanged, on October 4, 2005, their Subordinated Notes for equity in Bus. On ~~December~~February 1228, ~~2005~~2006, holders of an aggregate principal amount of €87,000 of Subordinated Notes accepted a change of control offer made by Bus. Currently, only €58,000 in aggregate principal amount of Subordinated ~~Notes~~ Notes remains outstanding. Also in connection with that restructuring, Concordia Bus AB incurred a €45,000,000 liability under a mezzanine facility that it entered into on July 22, 2005 (the “Mezzanine Facility”) in order to pay for the restructuring and to strengthen the group companies, ~~in particular our subsidiary Concordia Bus Nordic AB (“Nordic”),~~ with additional capital. The restructuring, therefore, reduced pressure on the liquidity and capital resources of the Concordia group of companies because very few Subordinated Notes remain outstanding but the incurrence of debt under the Mezzanine Facility has mitigated that benefit to a certain extent. We, as the intermediate company between Bus, the ultimate parent company of the Concordia group of companies, and Nordic, the holding company for our operating companies, do not have significant liquidity and capital resources or needs. However, the liquidity and capital resource ~~needs~~ needs for Nordic are significant because it must service its own debt under its 9.125% €130,000,000 Senior Secured Notes due 2009 (the “Senior Notes”) and, through interest payments on the Subordinated Shareholder Loan between Nordic and Bus, the Mezzanine Facility and the remaining Subordinated Notes.

Nordic’s liquidity requirements arise primarily from its need to fund lease payments, purchase buses, service its own debt obligations and those of Bus, fund its working capital requirements and expand its business. In order for Bus to meet its interest payment obligations under the Mezzanine Facility Nordic must distribute €3.8 million per annum to Bus. As of ~~November~~February 3028, 2005, Nordic’s net debt obligations to Bus amounted to SEK ~~234~~260 million. Nordic’s own debt obligations are mostly comprised of its obligations in connection with the Senior Notes. As of ~~November~~February 3028, ~~2005~~2006 Nordic had total net indebtedness to third parties of SEK ~~916~~1,071million ~~million~~ after deducting its cash balance of SEK ~~338~~ 192 million. Nordic’s interest expense for the ~~nine~~year ~~months~~ ended ~~November~~ February 3028, ~~2005~~ 2006 was SEK ~~114~~148 million.

Furthermore, as Nordic is a holding company, its principal asset is its investment in its subsidiaries. It conducts no business or operations except through direct and indirect subsidiaries. The ability of Nordic’s subsidiaries to make ~~funds~~ funds available to it is subject to, among other things, applicable corporate ~~and~~ and other laws and restrictions contained in agreements to which such subsidiaries may be subject. It is also subject to Nordic’s subsidiaries’ ability to generate cash in the future and their ability to generate distributable reserves or other funds available for that purpose. Nordic’s substantial indebtedness, together with the restrictions imposed on it by the indenture for the Senior Notes, could also affect its ability to make additional borrowings, dividend payments or investments and this could impair its liquidity or increase its need for additional capital.

Net cash used by operating activities was negative SEK ~~197~~257 million for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006, compared to negative cash flow of SEK ~~69 million~~58 million for the nine months ended November 30, 2004. The main reason for ~~the~~ ~~negative cash flow is payment of restructuring fees of a total of SEK 146~~the ~~million.~~negative

Net capex was positive SEK 28 million for the nine months ended November 30, 2005. Investments in tangible fixed asset were SEK 24 million for the nine months ended November 30, 2005, compared to SEK 99 million for the nine months ended November 30, 2004. The capital expenditure is attributet to purchase of equipment in Sweden and Norway. During the period we have sold buses and equipment worth of SEK 36 million and financial fixed assets worth of 16 million. Cash from financing activities are positive SEK 328. This is a result of the restructuring where we received SEK 333 million in shareholders contribution from Bus. Payment of financial lease obligation amounts to SEK 5 million.8

8cash flow is payment of restructuring fees of a total of SEK 146 million, including restructuring fees for our parent company Concordia Bus AB. The cash flow from operations has also been negatively effected by the higher price on fuel.

~~QUANTITATIVE~~Net capex ~~AND~~was SEK 74 million for the year ended February 28, 2006. Investments ~~QUALITATIVE~~in ~~DISCLOSURES~~tangible ~~ABOUT~~fixed ~~MARKET~~asset ~~RISK~~were SEK 134 million for the year ended February 28, 2006, compared to SEK 112 million for the year ended February 28, 2005. The capital expenditure is attributed to a purchase of buses in Norway of SEK 84 million and purchase of equipment in Sweden and Norway. During the period we have sold buses and equipment worth of SEK 42 million and financial fixed assets worth of 19 million. Cash from financing activities are positive SEK 345. This is a result of the restructuring where we received SEK 333 million in shareholders contribution from Bus and proceeds from borrowings in connection with entering new finance lease arrangements of SEK 19 million. Payment of financial lease obligation amounts to SEK 7 million.

~~The principal market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) to which we are exposed are:~~9

~~• Interest~~QUANTITATIVE ~~rates~~AND onQUALITATIVE ~~debt;~~DISCLOSURES ABOUT MARKET RISK

~~• Foreign~~The principal market ~~exchange~~risks (i.e., the risk of loss arising from adverse changes in market rates; and prices) to which we are exposed are:

• ~~Fuel~~ Interest ~~prices;~~rates ~~and~~on debt;

• ~~Inflation.~~ Foreign exchange rates;

~~The following risk~~• Fuel ~~management~~prices; ~~discussion~~ and the estimated amounts generated from analytical techniques are forward looking statements of the market risk assuming certain market conditions occur. Our actual results in the future may differ materially from these projected results due to actual developments in the global financial markets.

• Inflation.

The following risk management discussion and the estimated amounts generated from analytical techniques are forward looking statements of the market risk assuming certain market conditions occur. Our actual results in the future may differ materially from these projected results due to actual developments in the global financial markets.

We ~~are~~currently ~~exposed~~hedge toparts of our exposure to interest rate fluctuations on our lease debt. ~~Based~~through on the ~~nominal value~~ use of ~~the operational~~derivative ~~lease~~instruments. ~~debt~~We athave ~~November 30,~~entered ~~2005~~into ofSwedish ~~SEK~~Kronor ~~2,078 million, a 1% change in~~ interest ~~rates would increase lease charges by approximately SEK 20,7~~rate ~~million~~swaps ~~per~~and ~~annum.~~caps ~~Senior~~to ~~secured~~fix ~~notes outstanding at November 30, 2005 with~~ a ~~carrying~~portion ~~value~~ of ~~SEK 1,238 million have been excluded from~~ the ~~above~~ interest ~~rate~~within ~~sensitivity~~the ~~analysis~~lease ~~because~~payments ~~they~~we make ~~bear~~under athe ~~fixed~~lease ~~rate of interest~~debt.

Based on the nominal value of the operational lease debt at February 28, 2006 of SEK 2,013 million, a 1% change in interest rates would increase lease charges by approximately SEK 20,1 million per annum. Senior secured notes outstanding at February 28, 2006 with a carrying value of SEK 1,230 million have been excluded from the above interest rate sensitivity analysis because they bear a fixed rate of interest.

We are exposed to currency fluctuations on loans, primarily as a result of having to make interest payments in Euro on our senior note loan. We estimate that a 10% depreciation in the value of the Swedish Kronor against the Euro would increase our interest costs by approximately SEK 11,32 million per annum.

Nordic is also exposed to commodity price risk through its requirements for diesel fuel. Diesel fuel is priced in the international commodity markets in US dollars. We purchase our diesel fuel requirements out of our operating revenue, which is largely denominated in Swedish Kronor. Therefore, we are exposed to currency fluctuation risk between the dollars and the Swedish Kronor. We currently have no hedges in place. We estimate that a 10% depreciation in the value of the Swedish Kronor against the dollar would increase our diesel fuel costs by approximately SEK 1014,27 million per annum.

Inflation had no material impact on our operations during the ~~nine~~three months ended ~~November~~February 3028, ~~2005 or~~2006 or the ~~nine~~three months ended ~~November~~February 3028, ~~2004~~2005. However, due to the nature of ~~our~~ our contractual business where cost increases are compensated through movements in in agreed indices (elements of total inflation) we are subject to under-compensation due to a mismatch between our industry costs and our relative level of compensation from the indices which the local transportation authorities use to compensate us.

CONCORDIA BUS NORDIC HOLDING AB CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THIRD QUARTER

(in millions of SEK except loss per share)	Note	September 1, 2005 – November 30, 2005		September 1, 2004 – November 30, 2004
		(Unaudited)		(Unaudited)
Net revenue	1	1,216		1,224
Fuel, tires and other consumables		(292	)	(254	)
Personnel costs		(637	)	(643	)
Operating lease charges	4	(107	)	(108	)
Other external costs		(155	)	(140	)
Gain (Loss) on sale of fixed assets		9		(3	)
Depreciation and amortization		(64	)	(79	)
Operating Profit (Loss)	1	(30	)	(3	)
Interest income		1		9
Interest expense and similar items	2	(57	)	(24	)
Financial income and expenses		(56	)	(15	)
Loss after financial items		(86	)	(18	)
Taxes		0		0
Net loss for the period		(86	)	(18	)
Loss per share (in thousands of SEK)		(287	)	(61	)

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

CONCORDIA BUS NORDIC HOLDING AB ~~CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS PERIOD~~

(in millions of SEK except loss per share)	Note	March 1, 2005 – November 30, 2005		March 1, 2004 – November 30, 2004
		(Unaudited)		(Unaudited)
Net revenue	1	3,507		3,599
Fuel, tires and other consumables		(801	)	(724	)
Personnel costs		(1,861	)	(1,941	)
Operating lease charges	4	(328	)	(316	)
Other external costs		(459	)	(411	)
Gain (Loss) on sale of fixed assets		5		3
Depreciation and amortization		(214	)	(232	)
Operating Profit (Loss)	1	(151	)	(22	)
Interest income		2		18
Interest expense and similar items	2	(248	)	(105	)
Financial income and expenses		(246	)	(87	)
Loss after financial items		(397	)	(109	)
Taxes		0		(1	)
Net loss for the period		(397	)	(110	)
Loss per share (in thousands of SEK)		(1,322	)	(367	)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE FOURTH QUARTER

(in millions of SEK except loss per share)	Note	December 1, 2005 – February 28, 2006		December 1, 2004 – February 28, 2005
		(Unaudited)		(Unaudited)

Net revenue	1	1,180		1,214

Fuel, tires and other consumables		(312	)	(266	)
Personnel costs		(648	)	(665	)
Operating lease charges	4	(99	)	(112	)
Other external costs		(167	)	(287	)
Gain (Loss) on sale of fixed assets		1		1
Depreciation and amortization		(86	)	(119	)
Operating Profit (Loss)	1	(131	)	(234	)

Interest income		2		1
Interest expense and similar items	2	(30	)	(55	)
Financial income and expenses		(28	)	(54	)
Loss after financial items		(159	)	(288	)

Taxes		(1	)	2

Net loss for the period		(160	)	(286	)

Loss per share (in thousands of SEK)		(533	)	(953	)

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

CONCORDIA BUS NORDIC HOLDING AB ~~CONSOLIDATED BALANCE SHEETS~~

~~ASSETS~~CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions of SEK)	Note	November 30, 2005	February 28, 2005
		(Unaudited)
Fixed assets
Goodwill		218	209
Total intangible fixed assets		218	209
Buildings and land		2	2
Equipment, tools, fixtures and fittings		27	27
Vehicles		1,025	1,228
Total tangible fixed assets		1,054	1,257
Capitalized borrowing costs		35	42
Other long-term receivables		5	6
Total financial fixed assets		40	48
Total fixed assets		1,312	1,514
Current assets
Inventories		32	33
Accounts receivable		403	345
Other current receivables		51	76
Accrued income and prepaid expenses		88	143
Total receivables		542	564
Cash and bank balances	3,7	338	175
Total current assets		912	772
TOTAL ASSETS		2,224	2,286

FOR THE YEAR

(in millions of SEK except loss per share)	Note	March 1, 2005 – February 28, 2006		March 1, 2004 – February 28, 2005
		(Unaudited)

Net revenue	1	4,683		4,812

Fuel, tires and other consumables		(1,113	)	(989	)
Personnel costs		(2,509	)	(2,606	)
Operating lease charges	4	(427	)	(428	)
Other external costs		(622	)	(699	)
Gain (Loss) on sale of fixed assets		6		4
Depreciation and amortization		(300	)	(350	)
Operating Profit (Loss)	1	(282	)	(256	)

Interest income		4		3
Interest expense and similar items	2	(278	)	(144	)
Financial income and expenses		(274	)	(141	)
Loss after financial items		(556	)	(397	)

Taxes		(1	)	1

Net loss for the period		(557	)	(396	)

Loss per share (in thousands of SEK)		(1,855	)	(1,320	)

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

~~SHAREHOLDERS’~~CONCORDIA ~~EQUITY~~BUS ~~AND~~NORDIC ~~LIABILITIES~~HOLDING AB

(in millions of SEK)	Note	November 30, 2005		February 28, 2005
		(Unaudited)
Shareholders’ equity
Restricted equity
Share capital (160 000 shares at par value SEK 100)		0		0
Restricted reserves		132		132
Total restricted equity		132		132
Non-restricted equity
Retained earnings		82		120
Net loss		(397	)	(396	)
Total non-restricted equity		(315	)	(276	)
Total shareholder’s equity	6	(183	)	144
Liabilities
Provisions:
Provisions for pensions and similar commitments		49		51
Other provisions		21		60
Total provisions		70		111
Non current liabilities
Financial leasing obligations	3	10		12
Bonds, issued	3	1,238		1,176
Total non current liabilities		1,248		1,188
Current liabilities
Short-term portion of financial leasing obligations	3	6		8
Accounts payable		172		216
Liabilities due to group companies		234		292
Other current liabilities		137		157
Accrued expenses and deferred income		540		458
Total current liabilities		1,089		1,131
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		2,224		2,286

CONSOLIDATED BALANCE SHEETS

		November 30, 2005	February 28, 2005
ASSETS (In millions of SEK)	Note	February 28, 2006	February 28, 2005
		(Unaudited)
PLEDGED ASSETS AND CONTINGENT LIABILITIES	5
Fixed assets
Pledged assets		1,429	1,613
Goodwill		211	209
Contingent liabilities		—	—
Total intangible fixed assets		211	209
TOTAL PLEDGED ASSETS AND CONTINGENT LIABILITIES		1,429	1,613
Buildings and land		4	2
Equipment, tools, fixtures and fittings		30	27
Vehicles		1,041	1,228
Total tangible fixed assets		1,075	1,257
Capitalized borrowing costs		33	42
Other long-term receivables		2	6
Total financial fixed assets		35	48
Total fixed assets		1,321	1,514
Current assets
Inventories		30	33
Accounts receivable		441	345
Other current receivables		94	76
Accrued income and prepaid expenses		122	143
Total receivables		657	564
Cash and bank balances	3,8	192	175
Total current assets		879	772
TOTAL ASSETS		2,200	2,286

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

CONCORDIA BUS NORDIC HOLDING AB CONSOLIDATED CASH FLOW STATEMENTS

SHAREHOLDERS’ EQUITY AND LIABILITIES (in millions of SEK)	Note	February 28, 2006		February 28, 2005
		(Unaudited)

Shareholders’ equity

Restricted equity
Share capital (300 shares at par value SEK 1,000)		0		0
Restricted reserves		132		132
Total restricted equity		132		132

Non-restricted equity
Retained earnings		75		120
Net loss		(557	)	(396	)

Total non-restricted equity		(482	)	(276	)

Total shareholder’s equity	7	(350	)	(144	)

Liabilities

Provisions:
Provisions for pensions and similar commitments		44		51
Provisions for loss-making contracts		18		60
Deferred tax liability		—		—
Total provisions		62		111

Non current liabilities
Financial leasing obligations	3	24		12
Bonds, issued	3	1,230		1,176
Liabilities due to group companies		255		—

Total non current liabilities		1,509		1,188

Current liabilities
Short-term portion of financial leasing obligations	3	8		8
Accounts payable		185		216
Liabilities due to group companies		16		292
Other current liabilities		156		157
Accrued expenses and deferred income		614		458

Total current liabilities		979		1,131

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		2,200		2,286

	Note	Group March 1, 2005 – November 30, 2005		Group March 1, 2004 – November 30, 2004
		February 28, 2006		February 28, 2005
		(Unaudited)		~~(Unaudited)~~
Cash flow from operating activities
PLEDGED ASSETS AND CONTINGENT LIABILITIES	6
Loss after financial items		(397	)	(109	)
Pledged assets		1,909		1,613
- Reversal of depreciation and amortization		214		232
Contingent liabilities		—		—
- Reversal of capital (gains) losses		(4	)	(3	)
TOTAL PLEDGED ASSETS AND CONTINGENT LIABILITIES		1,909		1,613
- Reversal of change of provisions		(35	)	(45	)
- Reversal of capitalized cost write-offs		7		7
Change in interest receivables		(1	)	(17	)
Change in interest liabilities		46		38
Paid taxes		(0	)	(1	)
Unrealised exchange loss/(gain)		57		(30	)
		(113	)	72
Change in working capital
Increase (-)/decrease (+) in stock		2		(2	)
Increase (-)/decrease (+) in current receivables		(2	)	(8	)
Increase (+)/decrease (-) in current liabilities		(84	)	(131	)
Net cash flow provided by (used in) operating activities		(197	)	(69	)
Cash flow from investing activities
Investments in financial fixed assets		0		(5	)
Investments in land, buildings, machinery and equipment		(24	)	(99	)
Sales of land, buildings, machinery and equipment		36		28
Sale of financial fixed assets		16		10
Net cash flow used in investing activities		28		(66	)
Cash flow from financing activities
Shareholders contribution		333		—
Proceeds from borrowings		235		—
Payments of long-term borrowings		(240	)	(4	)
Net cash flow provided by (used in) financing activities		328		(4	)
INCREASE (DECREASE) IN CASH AND BANK BALANCES		159		(139	)
CASH AND BANK BALANCES AT BEGINNING OF PERIOD		175		346
Translation difference		4		(1	)
CASH AND BANK BALANCES AT END OF PERIOD		338		206

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

CONCORDIA BUS NORDIC HOLDING AB ~~NOTES TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited) (All amounts in millions of SEK unless otherwise stated)~~

CONSOLIDATED CASH FLOW STATEMENTS

	Note	Group March 1, 2005 – February 28, 2006		Group March 1, 2004 – February 28, 2005
		(Unaudited)
Cash flow from operating activities
Loss after financial items		(556	)	(397	)
- Reversal of depreciation and amortization		300		350
- Reversal of capital (gains) losses		(6	)	(4	)
- Reversal of change of provisions		(49	)	(28	)
- Reversal of capitalized cost write-offs		10		10
Change in interest receivables		1		11
Change in interest liabilities		17		(6	)
Paid taxes		(3	)	(1	)
Unrealised exchange loss/(gain)		52		(14	)
		(234	)	(79	)

Change in working capital
Increase (-)/decrease (+) in stock		3		(2	)
Increase (-)/decrease (+) in current receivables		(94	)	118
Increase (+)/decrease (-) in current liabilities		68		(135	)

Net cash flow provided by (used in) operating activities		(257	)	(98	)

Cash flow from investing activities
Investments in land, buildings, machinery and equipment		(134	)	(112	)
Sale of land, buildings, machinery and equipment		42		44
Acquisation of intangible fixed assets		(1	)	—
Sale of financial fixed assets		19		5
Net cash flow used in investing activities		(74	)	(63	)

Cash flow from financing activities
Shareholders contribution		333		—
Proceeds from borrowings		254		3
Payments of long-term borrowings		(235	)	—
Payment of financial lease obligation		(7	)	(6	)
Costs incurred in connection with debt refinancing		—		(5	)
Net cash flow provided by (used in) financing activities		345		(8	)

INCREASE (DECREASE) IN CASH AND BANK BALANCES		14		(169	)

CASH AND BANK BALANCES AT BEGINNING OF PERIOD		175		346

Translation difference		3		(2	)

CASH AND BANK BALANCES AT END OF PERIOD		192		175

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

CONCORDIA BUS NORDIC HOLDING AB

NOTES TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited)

(All amounts in millions of SEK unless otherwise stated)

Concordia Bus Nordic Holding AB, together with its subsidiaries (“Nordic”), is a Swedish registered limited liability company, wholly owned subsidiary to Concordia Bus AB (Reg. No. 556576-4569, domiciled in Stockholm), which is the ultimate parent company.

The operations of Nordic consist of providing regular bus services under contract through its subsidiaries to transit authorities in Sweden, Norway and Finland. In addition to contracted services, Nordic also supplies extensive express bus services over major portions of Sweden, as well as charter and tour bus services, mainly in Gothenburg and Stockholm. In addition to the contracted services, Nordic also operates extensive Inter city express bus services between major cities of Sweden, as well as charter and tour bus services, mainly in Gothenburg, Malmö and Stockholm region.

The same accounting policies and methods of ~~computation~~ computation are followed for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, ~~2005~~2006 consolidated financial statements as compared with the most recent annual financial statements.

Going concern

Concordia has over time accumulated significant losses, whereby shareholder equity has become negative and cash and bank balances have decreased, even though additional cash was contributed through the refinancing project consummated in February 2004 and through the Restructuring. The consolidated statements of operations for the ~~nine~~year ~~months~~ ended ~~November~~February 3028, 2006, ~~2005~~ shows that earnings generated by the underlying businesses during the period March 1, 2005 – ~~November~~February 3028, ~~2005~~2006 have not been sufficient to cover Concordia’s costs. The management of Concordia believes that because the Restructuring has been consummated Concordia will be able to continue as a going concern primarily as a result of reduction of the group’s total indebtedness and consequently improvement in Concordia’s cash flow used in financing activities. Furthermore, Concordia and its subsidiaries are continuing to implement changes in the operations, changes to the administrative structure as well as certain changes in the capital structures. In addition, the improvements in compensation levels in new tenders with public transport authorities are continuing. The group’s long term ability to continue its operations is dependent on a successful future tendering process and continuing cost cutting initiatives as well as an improvement in cash flows.

The Company is highly leveraged as a result of the Senior Secured Notes outstanding, the Mezzanine Facility and significant operational lease obligations. This leverage has put additional pressure on the Company’s cash flows and has limited the Company’s ability to seek additional external funds. In the case we can not get the funds needed for financing our continous need for buses, existing cash and bank balances are not expected to be sufficient to cover future cash needs for potential operating losses, normal capital expenditures, mandatory interest payments and amortization on debt owed.

As a result of the Restructuring, the €160,000,000 11% Senior Subordinated Notes due February 15, 2010 have been converted to equity amount of 97.5% of the issued ordinary share capital of Concordia, subject to a management incentive plan representing a maximum of 5% of the issued ordinary shares. In connection with the Restructuring, Concordia has borrowed €45,000,000 under the Mezzanine Facility of which approximately €35,000,000 has been contributed to Concordia Bus Nordic as an equity capital contribution to pay for the expenses of the restructuring and to cover its capital needs. The remaining amount has been used to cover restructuring expenses.

Concordia has approximately SEK 1,~~691~~702 million of long-term debt due to third parties, including the Senior Secured Notes, the Mezzanine Facility and long term finance lease obligations but excluding operating lease obligations. Its ability to service the existing debt, including amortization and interest, is dependent on the underlying businesses generating sufficient cash flow and distributable earnings. Furthermore its ability to service its existing debt is dependent on the ability to transfer profit from Concordia Bus Nordic to Concordia. The non-restricted equity in the underlying companies, available for dividends, has been reduced during the year due to losses, which furthermore limits its ability to receive dividends from subsidiaries.

These financial statements have been prepared assuming that Concordia and its subsidiaries will be successful in their initiatives and, consequently, they have been prepared assuming that Concordia will continue as a going concern. These financial statements have also been prepared under the assumption that during the 12 month period following the release of these financial statements: (i) Concordia Bus Nordic will be in compliance with its covenants associated with its Senior Secured

1516

~~Notes,~~CONCORDIA ~~and~~BUS ~~(ii) Concordia~~NORDIC ~~will~~HOLDING not become insolvent or bankrupt. If Concordia Bus Nordic were to be in breach of one or more of those covenants, and if the lenders so elected, the €130,000,000 Senior Secured Notes, which are classified as long term as of November 30, 2005, would become immediately due and payable.AB

~~Further,~~NOTES inTO ~~the~~CONSOLIDATED ~~event of an acceleration under the Senior Secured Notes~~FINANCIAL following a default, all or part of the leasing contracts covering a significant portion of Concordia Bus Nordic’s leases may be terminated at the option of the lessor. This could have a material adverse effect on Concordia’s business.STATEMENTS

Note 1. Net revenue and operating profit (loss) by segment

Revenue	~~September~~December 1, 2005 – ~~November~~February 3028, ~~2005~~2006	~~September~~December 1, 2004 – ~~November~~February 3028, ~~2004~~2005	March 1, 2005 – ~~November~~February 3028, ~~2005~~2006	March 1, 2004 – ~~November~~February 3028, ~~2004~~2005
CPTA – Sweden	~~868~~847	~~861~~878	23,~~473~~320	23,~~529~~407
CPTA – Norway	96101	~~113~~106	~~264~~365	~~343~~450
CPTA – Finland	~~104~~97	~~111~~108	~~306~~403	~~306~~415
Total CPTA	1,~~068~~045	1,~~085~~092	34,~~043~~088	34,~~178~~272
Express	9086	81	~~278~~364	~~257~~337
Interbus	3723	3223	~~113~~136	95117
Total bus operations	1,~~195~~154	1,~~198~~196	34,~~434~~588	34,~~530~~726
Other revenue and group elimination	2126	2618	7395	6986
Total revenue	1,~~216~~180	1,~~224~~214	34,~~507~~683	34,~~599~~812

Operating profit (and loss) byexcluding ~~segment, before~~ overhead ~~allocation.~~charges:

Operating profit (loss)	~~September~~December 1, 2005 – ~~November~~February 3028, ~~2005~~2006		~~September~~December 1, 2004 – ~~November~~February 3028, ~~2004~~2005		March 1, 2005 – ~~November~~February 3028, ~~2005~~2006		March 1, 2004 – ~~November~~February 3028, ~~2004~~2005
CPTA – Sweden	2(98	)	7(150	)	(71169	)	(13162	)
CPTA – Norway	10		1(2	)	59		106
CPTA – Finland	(45	)	(39	)	(1418	)	(918	)
Total CPTA	(1103	)	5(161	)	(80178	)	(12174	)
Express	2		72		1213		2629
Interbus	(03	)	2(4	)	41		84
Total Express and Interbus	2(1	)	9(2	)	1614		3433
Total bus operations	1(104	)	14(163	)	(64164	)	22(141	)
Goodwill amortization	(43	)	(3	)	(1114	)	(1013	)
Head office items and others	(2724	)	(1468	)	(76104	)	(34102	)
Total operating profit	(30131	)	(3234	)	(~~151~~282	)	(22256	)

Note 2. Interest expense and similar items

MSEK	~~September~~December 1, 2005 – ~~November~~February 3028, ~~2005~~2006		~~September~~December 1, 2004 – ~~November~~February 3028, ~~2004~~2005		March 1, 2005 – ~~November~~February 3028, ~~2005~~2006		March 1, 2004 – ~~November~~February 3028, ~~2004~~2005
Interest cost payable	(4134	)	(4229	)	(~~114~~148	)	(~~128~~140	)
Amortization of deferred financing costs	(2	)	(32	)	(710	)	(710	)
Other financial charges	4(1	)	(28	)	(7677	)	(512	)
Foreign exchange gains/(losses)	~~(18~~7	)	23(16	)	(5143	)	3518
Total	(5730	)	(2455	)	(~~248~~278	)	(~~105~~144	)

1617

Note 3. Liabilities to credit institutions and net indebtedness

MSEK	~~November~~February 3028, ~~2005~~2006		February 28, 2005
Euro 130 million - Senior Secured Notes 9,125	1,238		1,176
Euro 130 million - Senior Secured Notes 9,125%	1,230		1,176
Liabilities to credit institutions	1,~~238~~230		1,176
Other long-term liabilities	10		12
Long term portion of finance lease obligations	24		12
Short term portion of finance lease obligations	68		8
Total debt	1,~~254~~262		1,196
Less Cash and bank balance	(~~338~~192	)	(175	)
Net indebtedness	~~916~~1,070		1,021
Total debt	1,~~254~~262		1,196
Short term portion of finance lease obligations	(68	)	(8	)
Total long term debt	1,~~248~~254		1,188

The Net Present values of the future lease payments for rentals are as follows:

MSEK	~~November~~February 3028, ~~2005~~2006	February 28, 2005
Net present value of future lease payments
- Vehicles	1,~~024~~020	829
- Real estate and other	4139	46
Total	1,~~065~~059	875

MSEK	November 30, 2005	February 28, 2005
	February 28,	February 28,
Pledged shares in subsidiaries	390	382
MSEK	2006	2005
Pledged shares in subsidiaries	848	382
Floating charge certificates	132	132
Pledged assets	~~907~~929	1,099
Total	1,429	1,613
Guarantees and other contingent liabilities	—	—
Total	1,909	1,613

As a result of the refinancing in Concordia Bus Nordic AB in January ~~2004~~2005, the security package has been renegotiated. The following securities exist as of ~~November~~February 3028, ~~2005~~2006:

Concordia Bus Nordic Holding AB has pledged the shares of Concordia Bus Nordic AB;

Concordia Bus Nordic AB has pledged the shares of

Swebus Fastigheter AB,

Swebus AB,

Concordia Bus Finland Oy AB,

Swebus Busco AB;

Ingenior M.O. Schoyens Bilcentraler AS

Swebus Express AB

Interbus AB

Swebus Fastigheter AB has pledged the shares of

Alpus AB,

Enköping-Bålsta Fastighets AB, and

Malmfältens Omnibus AB;

Swebus Busco AB has granted pledge over its buses in aggregate amount of SEK ~~830~~ 758,~~049~~445,~~055~~153;

17Ingenior M.O. Schoyens Bilcentraler AS granted pledge over its assets in aggregate amount of SEK 170,583,040;

~~Ingenior~~Concordia ~~M.O.~~Bus ~~Schoyens~~Finland ~~Bilcentraler~~Oy ASAB has granted pledge over floating ~~its~~charge ~~assets~~certificates in an aggregate amount of ~~SEK~~EUR 761,~~563~~194,~~813~~134;

Concordia Bus Finland Oy AB has granted pledge over floating charge certificates in an aggregate amount of EUR 1,194,134 ;

Swebus AB has granted pledge over floating charge certificates in an aggregate amount of SEK 115,000,000;

Alpus AB has granted pledge over floating charge certificates in an aggregate amount of SEK 600,000;

Enköping-Bålsta Fastighets AB has granted pledge over floating charge certificates in aggregate amount of SEK 2,400,000;

Malmfältens Omnibus AB has granted pledge over floating charge certificates in an aggregate amount of SEK 2,500 000.

MSEK	Restricted equity	Unrestricted equity		Total equity
Opening balance March 1, 2005	132	(276	)	(144	)
Shareholders contribution	—	333		333
Net loss for the period	—	(~~397~~557	)	(~~397~~557	)
Change in cumulative translation adjustment	—	2518		2518
Ending balance August 31, 2005	132	(315	)	(183	)
Ending balance February 28, 2005	132	(482	)	(350	)

MSEK	~~November~~February 3028, ~~2005~~2006	February 28, 2005
Cash and bank balances	~~236~~89	124
Restricted cash*	~~102~~103	51
Total	~~338~~192	175

* Restricted cash represent cash deposited for cash collateral in order to obtain bank guarantees in Concordia Bus Nordic AB, Ingenior M.O. Schoyens Bilcentraler AS, Swebus AB, Interbus AB, and Swebus Express AB. Ingenior M.O. Schoyens Bilcentraler AS and Swebus AB has also deposited cash collateral in connection with lease facilities.

SWEBUS AB CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THIRD QUARTER

(in millions of SEK except loss per share)	Note	September 1, 2005 – November 30, 2005		September 1, 2004 – November 30, 2004
		(Unaudited)		(Unaudited)
Net revenue		889		886
Fuel, tires and other consumables		(217	)	(189	)
Personnel costs		(471	)	(468	)
Operating lease charges	2	(136	)	(145	)
Other external costs		(96	)	(103	)
Gain (Loss) on sale of fixed assets		(1	)	0
Depreciation and amortization		(3	)	(4	)
Operating Profit (Loss)		(35	)	(23	)
Interest income		7		2
Interest expense and similar items	1	(10	)	(20	)
Financial income and expenses		(3	)	(18	)
Loss after financial items		(38	)	(41	)
Taxes		0		0
Profit for the period		(38	)	(41	)
Profit per share (in SEK)		(12,542	)	(13,641	)

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

SWEBUS AB CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS PERIOD

(in millions of SEK except loss per share)	Note	March 1, 2005 – November 30, 2005		March 1, 2004 – November 30, 2004
		(Unaudited)		(Unaudited)
Net revenue		2,539		2,602
Fuel, tires and other consumables		(591	)	(534	)
Personnel costs		(1,372	)	(1,421	)
Operating lease charges	2	(432	)	(434	)
Other external costs		(281	)	(300	)
Gain (Loss) on sale of fixed assets		(4	)	(1	)
Depreciation and amortization		(10	)	(11	)
Operating Profit (Loss)		(151	)	(99	)
Interest income		15		9
Interest expense and similar items	1	(46	)	(56	)
Financial income and expenses		(31	)	(47	)
Loss after financial items		(182	)	(146	)
Taxes		0		0
Net loss for the period		(182	)	(146	)
Loss per share (in SEK)		(60,815	)	(48,750	)

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

~~SWEBUS AB CONSOLIDATED BALANCE SHEETS~~SIGNATURES

~~ASSETS~~Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(In millions of SEK)		Note	November 30, 2005		February 28, 2005
			Concordia Bus Nordic AB (publ)
			(Unaudited)
			(Registrant)
Fixed assets
	Date	May 3, 2006	By:	/s/ Per Skärgård
Buildings and land			1		1
				Per Per Skärgård
Equipment, tools, fixtures and fittings			13		11
				Chief Financial Officer
Vehicles			33		37
Total tangible fixed assets			47		49
Receivable due from group companies			486		290
Total financial fixed assets			486		290
Total fixed assets			533		339
Current assets
Inventories			24		24
Accounts receivable			312		250
Other current receivables			36		71
Receivable due from group companies			—		4
Accrued income and prepaid expenses			73		124
Total receivables			421		449
Cash and bank balances			—		131
Total current assets			445		604
TOTAL ASSETS			978		943

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

SHAREHOLDERS’ EQUITY AND LIABILITIES

(in millions of SEK)	Note	November 30, 2005		February 28, 2005
		(Unaudited)
Shareholders’ equity
Restricted equity
Share capital (3000 shares at par value SEK 100)		0		0
Restricted earnings		0		0
Total restricted equity		0		0
Non-restricted equity
Retained earnings		31		352
Net loss		(182	)	(321	)
Total non-restricted equity		(151	)	31
Total shareholder’s equity	3	(151	)	31
Liabilities
Provisions:
Provisions for pensions and similar commitments		3		3
Provisions for loss contracts		20		49
Other liabilities		—		7
Total provisions		23		59
Non current liabilities
Financial leasing obligations		2		3
Total non current liabilities		2		3
Current liabilities
Short-term portion of financial leasing obligations		3		6
Accounts payable		108		160
Liabilities due to group companies		480		235
Cheque account		48		—
Other current liabilities		101		98
Accrued expenses and deferred income		364		351
Total current liabilities		1,104		850
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		978		943

	November 30, 2005	February 28, 2005
	(Unaudited)
PLEDGED ASSETS AND CONTINGENT LIABILITIES
Pledged assets
Floating charges	115	115
Contingent liabilities
Guarantee on behalf of Concordia Bus Nordic AB	1,238	1,176
TOTAL PLEDGED ASSETS AND CONTINGENT LIABILITIES	1,353	1,291

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

SWEBUS AB CONSOLIDATED CASH FLOW STATEMENTS

	Note	March 1, 2005 – November 30, 2005		March 1, 2004 – November 30, 2004
		(Unaudited)		(Unaudited)
Cash flow from operating activities
Loss after financial items		(182	)	(146	)
-Reversal of depreciation and amortization		10		11
-Reversal of capital (gains) losses		3		1
-Reversal of change of provisions		(36	)	(29	)
Change in interest receivables		(14	)	6
Change in interest liabilities		(37	)	10
Paid taxes		0		0
Unrealised exchange loss/(gain)		0		—
		(256	)	(147	)
Change in working capital
Increase (-)/decrease (+) in stock		0		1
Increase (-)/decrease (+) in current receivables		(154	)	231
Increase (+)/decrease (-) in current liabilities		246		(129	)
Net cash flow provided by (used in) operating activities		(164	)	(44	)
Cash flow from investing activities
Investments in land, buildings, machinery and equipment		(14	)	(38	)
Sales of land, buildings, machinery and equipment		3		9
Net cash flow used in investing activities		(11	)	(29	)
Cash flow from financing activities
Payments of long-term borrowings		(4	)	(3	)
Net cash flow provided by (used in) financing activities		(4	)	(3	)
INCREASE (DECREASE) IN CASH AND BANK BALANCES		(179	)	(76	)
CASH AND BANK BALANCES AT BEGINNING OF PERIOD		131		175
CASH AND BANK BALANCES AT END OF PERIOD		(48	)	99

The accompanying notes are an integral part of these Consolidated Interim Financial Statements

SWEBUS AB NOTES TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited) (All amounts in millions of SEK unless otherwise stated)

Swebus AB (‘‘Swebus’’) is a Swedish registered limited liability company, wholly owned by Concordia Bus Nordic AB (reg no 556031-8569) with its registered office in Stockholm, Sweden. The final operational parent company is Concordia Bus AB (reg no 556576-4569). The primary operations of Swebus consist of providing regular bus services under contract to transit authorities in Sweden.

The financial statements of Swebus have been prepared in accordance with accounting principles generally accepted in Sweden (‘‘Swedish GAAP’’) and, thus, have been prepared in accordance with the Swedish Annual Accounts Act, as well as in accordance with recommendation and statements from the recommendations of the Swedish Accounting Standards Board (‘‘Bokföringsnämnden’’ or ‘‘BFN’’). Swebus’ accounting policies have been applied consistently in all periods presented.

SWEBUS AB NOTES TO FINANCIAL STATEMENTS

Note 1. Interest expense and similar items

MSEK	September 1, 2005 – November 30, 2005		September 1, 2004 – November 30, 2004		March 1, 2005 – November 30, 2005		March 1, 2004 – November 30, 2004
Interest cost payable	(5	)	(23	)	(34	)	(61	)
Other financial charges	(1	)	(1	)	(2	)	(1	)
Foreign exchange gains/(losses)	(4	)	4		(10	)	6
Total	(10	)	(20	)	(46	)	(56	)

The Net Present values of the future lease payments for rentals are as follows:

MSEK	November 30, 2005	February 28, 2005
Net present value of future lease payments
- Vehicles	810	635
- Real estate and other	41	46
Total	851	681

Concordia Bus Nordic AB (publ)

(Registrant)

Date: January 19, 2006

/s/ Per Skargard

Per Skargard

Chief Financial Officer

MSEK	Restricted equity	Unrestricted equity		Total equity
Opening balance March 1, 2005	0	31		31
Net loss for the period	—	(182	)	(182	)
Change in cumulative translation adjustment	—	—		—
Ending balance November 30, 2005	0	(151	)	(151	)

The balance sheet as of November 30 shows that the equity of Swebus is below 50% of registered share capital. The Board of Directors in Concordia Bus Nordic has issued a capital cover guarantee, granting Swebus a capital injection from the Parent company Concordia Bus Nordic. A capital injection is planned to be executed prior to year-end.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Filing Compare · Concordia Bus Nordic AB