~~Table~~SECURITIES ofAND ~~Contents~~EXCHANGE COMMISSION Washington, D.C.

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 ~~May~~ December, 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 (~~Translation~~Address of ~~registrant’s~~principal ~~name~~executive ~~into English~~offices)

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 ýx Form 40-F o

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 o No ýx

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. Fourth quarter and full year results of Concordia Bus Nordic Holding AB.

Concordia Bus Nordic Holding AB (publ)

556028-1122

CONCORDIA BUS NORDIC HOLDING AB

STOCKHOLM, SWEDEN

~~FOURTH~~ THIRD QUARTER ~~DECEMBER~~ SEPTEMBER 1, ~~2005~~2006 – ~~FEBRUARY 28~~NOVEMBER 30, 2006

AND

~~FULL~~NINE ~~YEAR~~MONTHS PERIOD MARCH 1, ~~2005~~2006 – ~~FEBRUARY 28~~NOVEMBER 30, 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 ~~February~~November 2830, 2006 and ~~February~~November 2830, 2005 Unaudited consolidated interim statements of operations for the ~~year~~nine months ended ~~February~~November 2830, 2006 and ~~February~~November 2830, 2005 Unaudited interim consolidated balance sheets as of ~~February~~November 2830, 2006 and February 28, ~~2005~~2006 Unaudited consolidated interim cash flow statements for the ~~year~~nine months ended ~~February~~November 2830, 2006 and November 30, 2005 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, 2006 and November 30, 2005 Unaudited consolidated interim statements of operations for the nine months ended November 30, 2006 and November 30, 2005 Unaudited interim consolidated balance sheets as of November 30, 2006 and February 28, 2006 Unaudited consolidated interim cash flow statements for the nine months ended November 30, 2006 and November 30, 2005 Notes to unaudited consolidated interim financial statements

CONCORDIA BUS NORDIC HOLDING AB (PUBL)

~~FOURTH~~THIRD QUARTER AND ~~YEAR~~NINE MONTHS PERIOD ENDED REPORT

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

Concordia Bus ~~Nordic~~ Nordic Holding AB (“Nordic” or the “Company”) hereby ~~announces~~submits ~~its~~the unaudited ~~interim~~ interim financial statements for the three-month period ~~and year~~ ended ~~February 28~~November 30, 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~~ 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~~2007” ~~for~~ for the year ending February 28, ~~2006~~2007). The end of the ~~fourth~~third financial quarter for Nordic is ~~February 28~~November 30 of each year.

The same ~~accounting~~ accounting policies and methods of computation are followed in the quarterly ~~consolidated~~ consolidated financial statements as compared with the most recent annual ~~financial~~ financial statements, with the exception that , regarding intangible assets, IAS 38 is followed.

On October 4, 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.

Financial Highlights

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

FourthThird quarter ended FebruaryNovember 2830, 2006 compared to the fourththird quarter ended FebruaryNovember 2830, 2005

	2006				2005
	SEK million		%		SEK million		%
Revenues	1,~~180~~369		100.0	%	1,~~214~~216		100.0	%
Operating profit (loss)	~~(131~~30	)	~~(11~~2.12	)%	(~~234~~30	)	(192.35	)%
Net loss	~~(160~~8	)	~~(13~~0.6	)%	(~~286~~86	)	(237.60	)%

FullNine-month yearperiod ended FebruaryNovember 2830, 2006 compared to the fullnine-month yearperiod ended FebruaryNovember 2830, 2005

	2006				2005
	SEK million		%		SEK million		%
Revenues	43,~~683~~752		100.0	%	43,~~812~~507		100.0	%
Operating profit (loss)	(~~282~~29	)	(6.0.8	)%	(~~256~~151	)	(54.3	)%
Net loss	(~~557~~106	)	(112.98	)%	(~~396~~397	)	(811.23	)%

3Concordia AB´s biggest shareholder, Blue Bay Asset Management have announced that they will underwrite a redeemable preference share issue of 510 Mkr in order to pay of the company’s Mezzanie-loan. An additional annual meeting of shareholders have decided, 30 November 2006, an issue of new preference shares.

~~Fourth quarter~~Concordia ~~ended~~AB, ~~February 28~~Group Concordia Nordic AB, ~~2006~~have ~~compared~~sold all their shares in Interbus AB to ~~the~~Strömma ~~fourth~~Turism ~~quarter~~& ~~ended~~Sjöfart ~~February 28~~AB, with possession day on 30 ~~2005~~November, transfer day of shares took place on December, 2006.

~~The~~Concordia ~~following~~AB ~~section provides an~~have ~~analysis~~developed ~~between~~Interbus ~~the~~AB ~~actual~~and ~~numbers~~its ~~presented~~activation, ~~for~~which ~~the~~lead ~~quarter~~to acquisition asof ~~compared with~~travel ~~the~~company ~~equivalent~~Marstrands-Hermansby ~~period~~and inFO-resor, ~~the~~plus ~~preceding~~to ~~year,~~a ~~except~~increased procurement ~~for~~of ~~the~~new ~~section “Liquidity~~buses. The Management of Concordia have decided to ~~and~~concentrate ~~capital~~its ~~resources”~~business ~~which~~on ~~provides~~systemized ~~analysis~~traffic ~~between~~solutions, ~~the~~a ~~respective~~competence ~~years~~that not is applicable on Interbus.

Interbus has been consolidated like a wholly owned subsidiary company in this quartery report.

Concordia´s sale of Interbus AB affects the group results and balance during the fourth quarter with the following digits;

Transfer price

SEK 32 million

Impact on group balance sheet (reductions)
(in SEK millions)

Goodwill incl. intangible assets		18.5
Fixed assets		23.1
Stock		0.5
Other receivables		24.2
Liquididity		15.0

Long terms debts		15.1
Other payables		14.8

Transfer price of Interbus affects the cash flows, + 32 SEK, and the results, SEK + 8, for the Concordia Nordic Group in the coming fourth quarter. The net result in Concordia Bus AB of selling Interbus, SEK - 17, in goodwill. Total effect in the Concordia Bus AB Group is, SEK – 9, as a total net effect in the result.

Interbus turnover, March – November 2006, amount to SEK 115.

Third quarter ended November 30, 2006 compared to the third quarter ended November 30, 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 Resources” which provides analysis between the respective year to date periods.

Revenues

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~~increased by SEK 34153 million, or 313%, from SEK 1,~~214~~216 million for the quarter ended ~~February 28~~November 30, 2005 to SEK 1,~~180~~369 million for the quarter ended ~~February 28~~November 30, 2006.

Revenues from the provision of bus services for local public transportation authorities ~~decreased~~ increased by SEK 47158 million, or by15 ~~less than 1~~%, from SEK 1,~~092~~068 million for the three months ended ~~February 28~~November 30, 2005, to SEK 1,~~045~~ 226 million for the three months ended ~~February 28~~November 30, 2006. ~~The~~Our ~~decrease~~increased in revenue is ~~was~~ principally due to ~~the~~new ~~loss of~~ contracts, which ~~resulted~~provided in a ~~decrease~~increase of SEK ~~128 million,~~170 ~~which~~million. This was offset by ~~the~~higher ~~impact~~prices ~~from~~on ~~won~~our existing and renewed contracts, which provided an increased revenue of SEK 5327 million., Inincreased ~~addition,~~volume ~~the~~on ~~impact~~existing ~~from~~contracts ~~the~~resulting ~~volume~~in ~~changes~~increased ~~was~~revenue ~~negative~~of SEK 446 million and ~~we had~~lost aof ~~positive~~contracts ~~impact~~resulting ~~from~~in ~~price~~an ~~changes~~decrease ~~on the existing contracts~~ of SEK 32 69 million.

Revenues ~~from~~ from express bus services ~~increased~~decreased by SEK 54 million, or 4%, from SEK 8190 million for the three months ended ~~February 28~~November 30, 2005, to SEK 86 million for the three months ended ~~February 28~~November 30, 2006. This ~~increase~~decreased is due to a higher yield ~~from~~ from passenger tickets marginal of SEK 8 million, and increased number of passengers providing an decreased of SEK 12 million.

Revenues ~~from~~ from coach hire services ~~was~~decreased by SEK 233 million ~~for~~or ~~both~~8 % from SEK 37 million for the three months ended ~~February 28~~November 30, 2005 ~~and~~to SEK 34 million for the three months ended ~~February 28~~November 30, 2006.

Other revenues amounted to SEK 23 26 million for the quarter ended ~~February 28~~November 30, 2006 and SEK 1821 million for the three months ended ~~February 28~~November 30, 2005. Other revenues largely consist of sales of diesel fuel and maintenance and repair services to third parties.

Gain on Sale of Fixed Assets

The net of gain and loss on our sale of fixed assets is comprised of sales of buses and other assets held by ~~Concordia Bus~~Nordic. Gain on sale of fixed assets ~~remained~~was ~~constant at~~ SEK 110 million for the three months ended ~~February 28~~November 30, 2006, compared ~~and~~to a gain on sale of fixed assets of SEK 9 million for the ~~three~~ three months ended ~~February 28~~November 30, 2005. We realised SEK 621 million in cash on the sale of 7173 buses during the quarter, giving a net gain on sale of SEK 10 million.

Operating Costs

Operating costs consist primarily of personnel costs (which includes wages, salaries, social security fees and pension costs forof 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 decreasedincreased by SEK 10482 million, or 87%, from SEK 1,330191 million for the three months ended FebruaryNovember 2830, 2005 to SEK 1,226273 million for the three months ended FebruaryNovember 2830, 2006. This decreaseincrease wasis due to a number of factors, which are explained below.

Fuel, tires and other consumable costs increased by ~~SEK~~2 46% ~~million~~ or ~~17%~~SEK 5 million, to SEK ~~312~~297 million for the three months ended ~~February 28~~November 30, 2006 from SEK ~~266~~292 million for the three months ended ~~February 28~~November 30, 2005. ~~This~~ The increase was largely due to ~~increased~~an ~~fuel~~decreased ~~price~~in offuel ~~SEK~~prices ~~28 million and increased costs for maintenance and tyres~~ of SEK 22 4 million., ~~This~~which was offset by ~~decreased~~increased fuel ~~cost~~costs byof SEK 43 million ~~due~~as toa ~~lower~~result of new traffic ~~volumes~~contracts. Our average fuel price for the three months ~~in Sweden~~ was SEK 7.6689 per liter compared to ~~SEK~~7,66 ~~6.46~~ per liter for the same ~~period~~three months last year. In ~~The~~addition, ~~increased~~ costs for maintenance, ~~and~~ tyres isand ~~mainly~~washing ~~due~~and tocleaning aincreased ~~provision~~by SEK ~~for~~4 ~~tyre~~million, ~~costs~~compared into the ~~year-end~~three ofmonths ~~SEK~~ended 17November ~~million~~30, 2005.

There ~~was~~ has been a 3 % ~~decrease~~ increase in personnel costs, by SEK 17 million to SEK ~~648~~654 million, for the three months ended ~~February 28~~November 30, 2006 from SEK ~~665~~637 million for the three months ended November ~~February 28~~30, 2005. ~~The~~This ~~decrease~~ was ~~mainly~~offset ~~due~~by toan increase in salary costs of ~~decreased~~approximately SEK 12 million.

~~number~~Operating lease ofcharges ~~employees~~increased ~~due~~by SEK 23 million to ~~lost~~SEK ~~contracts~~130 ofmillion ~~approximately~~for the three months ended November 30, 2006 from SEK 42107 million for the three months ended November 30, 2005. This increase was ~~offset~~ byprincipally ana ~~effective~~result ~~pay~~ of increase ~~resulting~~lease incharges ~~increased~~for ~~salary~~buses ~~costs~~from ~~of approximately~~Concordia ~~SEK~~Bus 11Fleet ~~million~~AB. ~~Added~~The tototal ~~this,~~number of ~~personnel~~buses ~~costs~~under inoperating ~~connection~~leases ~~with closure~~was 1,712 as of ~~depots~~November in30, ~~Sweden~~2006 ~~were~~compared ~~SEK~~to 141,598 ~~million~~as ~~higher~~of ~~than~~November ~~last~~30, ~~year~~2005.

~~Operating~~Other external ~~lease~~costs ~~charges~~increased ~~decreased~~24 % by SEK 1337 million, to SEK 99192 million for the three ~~months~~ months ended ~~February 28~~November 30, 2006 from SEK ~~112~~155 million for the three months ended November ~~February 28~~30, 2005. This ~~decrease~~is ~~was~~mainly ~~principally~~due ~~a result of~~to ~~decreased~~increased ~~lease~~in ~~charges~~damage ~~for~~cost, ~~buses~~SEK ~~entering the second lease-tranche~~12, ~~where~~and ~~the lease~~decreased ~~charges~~of ~~are~~provisions ~~approximately~~of ~~60%~~SEK ~~lower~~8 ~~than~~million and inincreased ~~the~~other ~~first~~costs ~~lease tranche. The total number~~ of ~~buses~~SEK ~~under~~25 ~~operating~~million, ~~leases~~this was ~~1,569~~offset asby ofdecreased ~~February 28,~~costs ~~2006,~~due ~~compared~~ to ~~1,470~~the asfinancial ofrestructuring ~~February 28,~~last ~~2005~~year.

Other external costs decreased by SEK 120 million, to SEK 167 million for the three months ended February 28, 2006 from SEK 287 million for the three months ended February 28, 2005. This was mainly due to provisions in the year-end closing last year which incurred other external costs of SEK 120 million and utilization of provisions for loss making contracts which was lower by SEK 13 million for the quarter ended February 28, 2006. This was offset by costs in connection with closure of depots in Sweden of SEK 13 million.

Depreciation and Amortization

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~~increased by SEK 3312 million from SEK ~~119~~ 64 million for the three months ended ~~February 28~~November 30, 2005, to SEK 86 76 million for three months ended November ~~February 28~~30, 2006, ~~principally~~mainly as a result of ~~decreased~~write-down ~~number~~ of ~~owned~~surplus buses, ~~resulting~~made in the ~~lower~~third ~~depreciation~~quarter of SEK 2812 million, and ~~write-down~~also ofdue ~~old~~to reduction of buses in the fleet that we own. Added to this, ~~which~~a ~~was~~change ~~higher~~in byaccounting ~~SEK~~principles, 5goodwill is ~~million~~no ~~last~~longer ~~year~~amortized, ~~and~~has ~~Number~~resulted in decreased amortization of SEK 4 million. Number of owned ~~buses~~units as of ~~February 28~~November 30, 2006 was 1,~~826~~923, compared to 2 1,~~260~~953 as of ~~February 28~~November 30, 2005.

Total goodwill amortization was SEK 3 million for both periods.

Operating profit/loss

Operating ~~loss decreased~~gain increased by SEK ~~103~~60 million from a loss of SEK ~~234~~30 million for the three months ended ~~February 28~~November 30, 2005 to a gain of SEK ~~131~~30 million ~~loss~~ for the three months ended November ~~February 28~~30, 2006.

Operating ~~loss~~ profit from bus operations for public authorities ~~decreased~~increased by SEK 58 million from an ~~operating~~ operating loss of SEK ~~161~~1 million for the three months ended ~~February 28~~November 30, 2005, to to an operating ~~loss~~gain of SEK ~~103~~57 million for the three months ended ~~February 28~~November 30, 2006, ~~mainly~~ due to ~~year-end~~new ~~provisions, which was SEK 34 million higher last year and decreased operating lease charges of SEK 13 million~~contracts.

Operating profit from express bus services ~~was~~decreased by SEK 6 million from a gain of SEK 2 million for the three months ended ~~February 28,~~November ~~2006~~30, as2005, ~~well~~to asa loss of SEK 4 million for the three months ended ~~February 28~~November 30, 2006, ~~2005~~due to decreased number of passengers.

Operating ~~loss~~profit from coach hire services was SEK 31 million for the three months ended ~~February 28~~November 30, 2006, compared to an operating ~~loss~~profit of SEK 40 million for the three months ended ~~February 28~~November 30, 2005.

Head office items and others decreased by SEK 44 32 million from SEK 6827 million for the three months ended ~~February 28~~November 30, 2005, to SEK 24 million for the three months ended ~~February 28,~~November ~~2006~~30, ~~mainly due to year-end provisions of SEK 45 million that was made in the three months ended February 28, 2005~~2006.

Financial Income and Expenses

Financial income and expenses includes interest income from cash and cash equivalents and interest expense from bank loans. Financial income and expenses decreased by SEK 2635 million to a net financial expense of SEK 2822 million for the three months ended ~~February 28~~November 30, 2006 from SEK 5457 million for the three months ended ~~February 28~~November 30, 2005. This result can be primarily attributed to foreign exchange ~~gains~~gain ~~and losses, where we had gains from foreign exchange conversions~~ of SEK 816 million inthis ~~the three months ended February 28~~quarter, ~~2006,~~ compared to a foreign exchange loss of SEK 1618 million ~~during~~ for the three months ended ~~February 28~~November 30, 2005.

Taxes

The standard rate of taxation in Sweden is 28%. The effective tax rate for the three months ended ~~February 28~~November 30, 2006 was (10 %). ~~This effective tax rate resulted from amortization of goodwill of 2%, and valuation allowances of net operating losses of 27%.~~

~~Full year ended February 28, 2006 compared to the full year ended February 28, 2005~~6

The followingNine-month section providesperiod anended analysisNovember of our results of operations between the actual numbers for the year March 130, 2005 – February 28, 2006 as compared withto yearthe March 1,nine-month 2004period –ended February 28November 30, 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, 2006 as compared with the nine month period March 1 – November 30, 2005.

Revenues

Revenues ~~decreased~~ increased SEK ~~129~~245 million, or 37%, from SEK 43,~~812~~507 million for the ~~year~~nine months ended November ~~February 28~~30, 2005, to SEK 43,~~683~~752 million for the ~~year~~nine months ended ~~February 28,~~November ~~2006~~30, ~~mainly~~ ~~because the loss of contracts exceeded the revenues we gained from new contracts and increased prices in existing contracts~~2006.

Revenues from the ~~provision~~ provision of bus services for local public transportation authorities ~~decreased~~ increased by SEK ~~184~~ 253 million, or 48 %, from SEK 43,~~272~~043 million for the ~~year~~nine months ended November ~~February 28~~30, 2005, to SEK 43,~~088~~296 million for the ~~year~~ nine months ended ~~February 28,~~November 30, 2006.

The ~~decrease~~ increase in revenue is principally due to ~~lost~~ new contracts of SEK ~~498~~303 million and ~~decreased~~ increase volume in existing contracts of SEK 59 14 million. This was ~~partially~~ offset by ~~our~~a ~~winning~~lost of ~~new~~ contracts, which provided ana ~~increase~~ decreased of SEK ~~126~~ 265 million and increased prices in existing contracts of SEK ~~191 million. Added to~~153 ~~this, we have a positive foreign exchange variance of SEK 11~~ million.

Revenues ~~from~~ from express bus services ~~increased~~are bysimilar ~~SEK~~for 27the ~~million~~period, ~~or 8%, from~~ SEK ~~337~~ 278 million for the ~~year~~nine months ended ~~February 28~~November 30, 2005 toand SEK ~~364~~278 million for the ~~year~~ nine months ended November ~~February 28~~30, 2006. This ~~increase~~ is ~~mainly~~ due to ~~increased number~~a ofhigher ~~passengers~~yield onfrom ~~the~~passenger ~~routes~~tickets marginal ~~between Stockholm-Oslo~~ and ~~Stockholm-Copenhagen,~~ ~~which~~decreased ~~have~~of ~~resulted~~number ~~in increased revenue by SEK 11 million. The remaining increase is a result~~ of ~~a a higher yield from~~ passenger ~~tickets marginal~~.

Revenues ~~from~~ from coach hire increased by SEK 191 million, or 160,9%, from SEK ~~117~~113 million for the nine ~~year~~months ended ~~February 28~~November 30, 2005, to SEK ~~136~~114 million for the ~~year~~nine months ended ~~February 28, 2006.~~November ~~The increase is attributed to revenues from the tourist traffic in FO-resor~~30, ~~which was acquired September 1, 2004, and increased volume in the Stockholm area~~2006.

Other ~~revenues~~ revenues amounted to SEK 9573 million for the ~~year~~nine months ended ~~February 28~~November 30, ~~2006~~2005, and SEK 64 86 million for the ~~year~~nine months ended ~~February 28~~November 30, ~~2005~~2006. Other revenues ~~largely~~ largely consist of sales of diesel fuel and maintenance and repair services to ~~third~~ third parties.

Gain on Sale of Fixed Assets

Gain on sale of ~~fixed~~ fixed assets is comprised of sales of buses and other assets. Gain on sale of ~~fixed~~ fixed assets was SEK 60 million for the ~~year~~ nine months ended ~~February 28~~November 30, 2006 ~~compared~~and to SEK 45 million for the ~~year~~nine months ended November ~~February 28~~30, 2005.

Operating Costs

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 ~~decreased~~increased by SEK 51145 million, or 14 %, from SEK 43,~~722~~449 for the ~~year~~nine months ended ~~February 28~~November 30, 2005, to SEK 43,~~671~~594 million for the ~~year~~nine months ended ~~February 28~~November 30, 2006. This ~~decrease~~increase is due to a number of factors, which are explained below.

Fuel, tires and other consumable costs have increased by SEK ~~124~~26 million or 133 % to SEK ~~1,113~~827 million for the ~~year~~nine months ended ~~February 28~~November 30, 2006 from SEK ~~989~~801 million for the ~~year~~nine months ended ~~February 28~~November 30, 2005. The ~~increase~~increased was largely due to an increase in fuel ~~prices~~volume ofdue ~~SEK~~to ~~132~~new ~~million~~contracts, ~~which~~SEK ~~was~~45 ~~offset~~and byincreased ~~decreased~~price ~~fuel~~difference ~~costs~~in ofvolume, SEK 2815. Our ~~million~~average asfuel aprice ~~result~~for ofthe nine-month ~~reduced~~period ~~traffic~~was ~~from~~SEK ~~our lost contracts~~7.79 ~~The~~per ~~average~~liter ~~diesel~~compared ~~price~~to ~~was~~8.09 ~~SEK 7,03~~ per liter for the same period last year. ~~ended~~In ~~February 28~~addition, ~~2005~~costs for maintenance, ~~compared~~tyres toand ~~SEK~~washing ~~5,95~~and ~~for~~cleaning ~~the~~decreased ~~year~~by ~~ended~~SEK ~~February 28~~4 million, ~~2005.~~compared Into ~~addition,~~the ~~costs~~the ~~for~~nine ~~maintenance, tyres~~months ~~and~~ended ~~washing~~November 30, 2005.

6There has been a 0,9 % increased in personnel costs, by SEK 18 million to SEK 1,879 million, for the nine months ended November 30, 2006 from SEK 1,861 million for the nine months ended November 30, 2005. This is mainly a result from a in numbers of drivers due to lost and new contracts. This increase was partly offset by an increase in salary of SEK 26 million. Added to this, other personnel costs have decreased by SEK 18 million and pension premiums decreased by SEK 7 million.

~~and~~Operating ~~cleaning~~lease charges increased by SEK 2027 million, ~~compared~~or by 8% to SEK 355 million for the ~~year~~ nine months ended ~~February 28,~~November ~~2005~~30, ~~mainly~~2006 asfrom aSEK ~~result~~328 million offor athe ~~provision~~nine ~~for~~months ~~tyre costs~~ended inNovember ~~February 2006~~30, of2005. ~~SEK~~This 17increase ~~million.~~was principally a result of

There has been a 4% decrease in personnel costs, by SEK 97 million to SEK 2,509 million, for the year ended February 28, 2006, from SEK 2,606 million for the year ended February 28, 2005. This is mainly a result from a reduction in number of drivers due to lost contracts, which resulted in lower wage costs of SEK 219 million. This decrease was partly offset by an increase in wages resulting from an effective increase in salary of SEK 124 million. Other personnel costs have decreased by SEK 13 million and pension premiums decreased by SEK 3 million. Added to this, personnel costs in connection with closure of depots in Sweden are SEK 14 million higher than last year7

~~Operating~~increased ~~lease~~use ~~charges~~of ~~decreased~~operating byleases ~~SEK 1 million or by less than 1% to SEK 427 million~~ for ~~the~~buses. ~~year~~The ~~ended February 28, 2006 from~~total ~~SEK~~number ~~428~~of ~~million~~buses ~~for~~under ~~the~~operating ~~year~~leases ~~ended~~was ~~February 28~~1,712 ~~2005.~~as ~~This decrease was principally a result~~ of ~~decreased~~ ~~lease~~November ~~charges for buses entering the second lease-term~~30, ~~where~~2006 ~~the~~compared ~~lease~~to ~~charges are approximately 60% lower than in the first lease term~~1,598 ~~which resulted~~as ~~in lower lease charges~~ of ~~SEK~~November ~~13 million~~30, ~~this was offset by an increased number of buses under operational lease~~2005.

Other external ~~costs~~ ~~decreased~~costs increased by SEK 7774 million to SEK ~~622~~533 million for the ~~year~~nine months ended November ~~February 28~~30, 2006 from SEK ~~699~~459 million for the ~~year~~nine months ended ~~February 28,~~November 30, 2005. ~~The decrease~~This ~~was~~is ~~largely~~mainly due to ~~provisions in~~increased ~~the~~release ~~year-end~~of ~~closing~~provision ~~last year whic incurred other external costs~~ of SEK ~~120 million~~28 million and ~~utilization~~decreased of ~~provisions~~provision for loss ~~making~~ contracts ~~which was lower by~~ SEK 923 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

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 5027 million, or 1413%, from SEK ~~350~~214 million for the ~~year~~nine months ended ~~February 28~~November 30, 2005, to SEK ~~300~~187 million for the ~~year~~nine months ended ~~February 28~~November 30, 2006. This is mainly due to a lower number of buses in in the fleet that we own,. ~~resulting~~Number ~~in lower depreciation~~ of ~~SEK~~owned 45buses ~~million,~~as ~~and write-down~~ of ~~surplus~~November ~~buses~~30, ~~which~~2006 was 1,923, ~~SEK~~compared 5to ~~million~~1,953 ~~higher~~as ~~the~~of ~~year~~November ~~ended February 28~~30, 2005. ~~The~~Added ~~number~~to ofthis, ~~owned~~a ~~buses~~change asin accounting ~~of November 30~~principles, ~~2005 was 1~~goodwill,~~826, compared~~ tois ~~2,235~~no aslonger amortized of ~~November 30,~~SEK ~~2004.~~11 million

Operating profit/loss

Operating loss was SEK ~~282~~29 million for the ~~year~~nine months ended ~~February 28~~November 30, 2006, compared to an operating loss of SEK ~~256~~151 million for the ~~year~~nine months ended ~~February 28~~November 30, 2005.

Operating ~~loss~~gain from ~~bus~~ bus operations for local public transportation authorities was SEK ~~178~~23 million ~~for~~ for the ~~year~~nine months ended ~~February 28~~November 30, 2006, compared to an operating loss of SEK ~~174~~ 80 million for the ~~year~~nine months ended ~~February 28~~November 30, 2005, mainly due to ~~reduced~~new ~~volume~~and lost contracts.

Operating profit from express bus services ~~decreased by~~was, SEK 1612 million ~~to SEK 13 million~~ for the ~~year~~nine months ended November ~~February 28~~30, 2006 compared to SEK 2912 million for the ~~year~~nine months ended ~~February 28~~November 30, 2005., ~~This is~~ mainly due to ~~increased~~a ~~fuel~~mixed ~~prices,~~in ~~increased~~price ~~subcontracting~~ and ~~staff~~volume ~~costs~~of passenger.

Operating profit ~~from~~ from coach hire services was, SEK 19 million for the ~~year~~nine months ended ~~February 28,~~November ~~2006~~30, 2006 compared to ~~an operating profit of~~ SEK 4 million for the ~~year~~nine months ended ~~February 28~~November 30, ~~2005,~~ ~~due to the weak market for coach hire in Sweden~~2005.

Head office costs and ~~other~~others items ~~increased~~was, ~~from~~ SEK ~~102~~72 million for the ~~year~~nine months ended ~~February 28~~November 30, ~~2005~~2006, to SEK ~~104~~76 million for the ~~year~~nine months ended ~~February 28,~~November ~~2006~~30, ~~mainly due to costs in connection with the restructuring of Concordia Bus~~2005.

Financial Income and Expenses

Financial income and ~~expenses~~ expenses includes interest income from cash and cash equivalents and interest ~~expense~~ expense from loans ~~made by banks~~ and other financial indebtedness. Financial income and expenses (net) ~~increased~~decreased by SEK ~~133~~168 million from a net financial expense of SEK 248 million for the nine months ended November 30, 2005, to SEK 80 million for the nine months ended November 30, 2006.

7This result are primarily attributed to the restructuring of Concordia. Added to this, we had a foreign exchange gain of SEK 38 million for the nine months ended November 30, 2006 compared to a foreign exchange loss of SEK 51 million for the nine months ended November 30, 2005.

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.

Taxes

The standard rate of taxation in Sweden is 28%. The effective tax rate for the ~~year~~ nine months ended ~~February 28~~November 30, 20065 ~~2006~~ was 0%. ~~This effective tax rate resulted from amortization of goodwill of 2% and valuation allowance of net operating losses of 26%.~~

Trend Information

During the ~~year~~first nine months ended ~~February 28~~November 30, ~~2006~~ 2006 we submitted tenders for ~~1509~~943 out of the buses that were open for competitive tenders, which included contracts for routes where we operated ~~496~~ 75 buses. Results for ~~1509~~ 391 of those tendered buses have been announced, ~~496~~75 of which were for buses we operated. Concordia has won ~~762~~77 buses in total of tenders announced during ~~year~~the first nine months consisting of ~~266~~75 buses that we currently operate and ~~496~~2 buses that were won from ~~the competition~~competitors. ~~We don’t await results for any tenders currently.~~

We await results for 552 buses were 68 are operated by Concordia and 484 are operated by competitors.

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 ~~February 28,~~December ~~2006~~12, 2005, 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 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 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~~ liquidity requirements arise primarily from its need to fund lease payments, ~~purchase~~ purchase buses, service its own debt obligations and those of Bus, fund its ~~working~~ working capital requirements and expand its business. In order for Bus to meet its interest payment obligations under the Mezzanine Facility Nordic must distribute €34.89 million per annum to Bus. As of ~~February 28~~November 30, ~~2005~~2006, Nordic’s net debt obligations to Bus amounted to SEK ~~260~~274 million. Nordic’s own debt obligations are mostly comprised of its obligations in connection with the Senior Notes. As of November ~~February 28~~30, 2006 Nordic had total net indebtedness to third parties of SEK ~~1,071million~~939 million after deducting its cash balance of SEK ~~192~~ 268 million. Nordic’s interest expense for the ~~year~~nine months ended ~~February 28~~November 30, 2006 was SEK ~~148~~107 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 available to it is subject to, among other things, applicable corporate 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 ~~257~~87 million for the ~~year~~ nine months ended ~~February 28,~~November 30, 2006, compared to negative cash flow of SEK 58197 million for the nine months ended November 30, ~~2004~~2005. The main reason for the negative cash flow last year is payment of restructuring fees of a total of SEK 146 million. The remaining difference to last year is due to improved result from operations.

8Net capex was negative SEK 1 million for the nine months ended November 30, 2006, compared to positive SEK 28 million for the nine months ended November 30 2005. Investments in vehicles and equipment was SEK 74 million and sales of fixed assets generated SEK 73 million in cash. Cash flow from financing activities was negative SEK 5 million for the nine months ended November 30, 2006 compared to positive SEK 328 million for the nine months ended November 30, 2005.

cash 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.

Net capex was SEK 74 million for the year ended February 28, 2006. Investments in tangible fixed asset 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.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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:

• · Interest rates on debt;

• · Foreign ~~exchange~~ exchange rates;

• · Fuel prices; and

• · 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.

Interest Rates

We ~~currently~~are ~~hedge~~exposed ~~parts of our exposure~~ to interest rate fluctuations on our lease debt. ~~through~~Based on the ~~use~~nominal value of the operational lease debt at November 30, 2006 of ~~derivative~~SEK ~~instruments~~2.633 Wemillion, ~~have~~a ~~entered~~1% ~~into~~change in ~~Swedish~~interest ~~Kronor~~rates ~~interest~~would ~~rate~~increase lease charges by approximately SEK 26.3 ~~swaps~~million ~~and~~per ~~caps~~annum. toSenior ~~fix~~secured notes outstanding at November 30, 2006 with a carrying ~~portion~~value of SEK 1,180 million have been excluded from the above interest rate ~~within~~sensitivity ~~the~~analysis ~~lease~~because ~~payments~~they ~~we make~~bear ~~under~~a ~~the~~fixed ~~lease~~rate ~~debt~~of interest.

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.

Foreign Exchange

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 ~~11,2~~10.76 million per annum.

Fuel Prices

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. WeBased on the current USD/SEK rate 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 ~~14,7~~12.64 million per annum.

Inflation

Inflation had no ~~material~~ material impact on our operations during the ~~three~~nine months ended ~~February 28,~~November ~~2006~~30, 2006 or the ~~three~~nine months ended ~~February 28~~November 30, 2005. However, due to the nature of our contractual business where cost increases are compensated through movements 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 ~~FOURTH~~ QUARTER

(in millions of SEK except loss per share)	Note	December 1, 2005 – February 28, 2006		December 1, 2004 – February 28, 2005
	Note	September 1, 2006 – November 30, 2006		September 1, 2005 – November 30, 2005
		(Unaudited)		(Unaudited)
(in millions of SEK except loss per share)		(Unaudited)		(Unaudited)
Net revenue	1	1,~~180~~369		1,~~214~~216
Fuel, tires and other consumables		(~~312~~297	)	(~~266~~292	)
Personnel costs		(~~648~~654	)	(~~665~~637	)
Operating lease charges	4	(99130	)	(~~112~~107	)
Other external costs		(~~167~~192	)	(~~287~~155	)
Gain (Loss) on sale of fixed assets		110		19
Depreciation and amortization		(8676	)	(~~119~~64	)
Operating Profit (Loss)	1	~~(131~~30	)	(~~234~~30	)
Interest income		20		1
Interest expense and similar items	2	(3022	)	(5557	)
Financial income and expenses		(2822	)	(5456	)
Loss after financial items		~~(159~~8	)	(~~288~~86	)
Taxes		(10	)	20
Net loss for the period		~~(160~~8	)	(~~286~~86	)
Loss per share (in thousands of SEK)		(533	)	(953	)
Profit / (loss) per share (in thousands of SEK)		27		(287	)

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 ~~YEAR~~MONTHS PERIOD

(in millions of SEK except loss per share)	Note	March 1, 2005 – February 28, 2006		March 1, 2004 – February 28, 2005
	Note	March 1, 2006 – November 30, 2006		March 1, 2005 – November 30, 2005
		(Unaudited)
(in millions of SEK except loss per share)		(Unaudited)		(Unaudited)
Net revenue	1	43,~~683~~752		43,~~812~~507
Fuel, tires and other consumables		(~~1,113~~827	)	(~~989~~801	)
Personnel costs		(21,~~509~~879	)	(21,~~606~~861	)
Operating lease charges	4	(~~427~~355	)	(~~428~~328	)
Other external costs		(~~622~~533	)	(~~699~~459	)
Gain (Loss) on sale of fixed assets		6(0	)	45
Depreciation and amortization		(~~300~~187	)	(~~350~~214	)
Operating Profit (Loss)	1	(~~282~~29	)	(~~256~~151	)
Interest income		43		32
Interest expense and similar items	2	(~~278~~80	)	(~~144~~248	)
Financial income and expenses		(~~274~~77	)	(~~141~~246	)
Loss after financial items		(~~556~~106	)	(397	)
Taxes		(10	)	10
Net loss for the period		(~~557~~106	)	(~~396~~397	)
Loss per share (in thousands of SEK)		(~~1,855~~353	)	(1,~~320~~322	)

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

CONCORDIA BUS NORDIC HOLDING AB

CONSOLIDATED BALANCE SHEETS

ASSETS (In millions of SEK)	Note	February 28, 2006	February 28, 2005
ASSETS	Note	November 30, 2006	February 28, 2006
		(Unaudited)
(In millions of SEK)		(Unaudited)
Fixed assets
Goodwill		~~211~~199	~~209~~211
Total intangible fixed assets		~~211~~199	~~209~~211
Buildings and land		4	24
Equipment, tools, fixtures and fittings		3035	2730
Vehicles		~~1,041~~838	1,~~228~~041
Total tangible fixed assets		~~1,075~~877	1,~~257~~075
Capitalized borrowing costs		3326	4233
Other long-term receivables		21	62
Total financial fixed assets		3527	4835
Total fixed assets		1,~~321~~103	1,~~514~~321
Current assets
Inventories		3031	3330
Accounts receivable		~~441~~461	~~345~~441
Other current receivables		9498	7694
Accrued income and prepaid expenses		122	143
Receivables due to group companies		3	—
Total receivables		657	564
Accrued income and prepaid expenses		131	122
Cash and bank balances	3,8	192	175
Total receivables		693	657
Total current assets		879	772
Cash and bank balances	3,7	268	192
TOTAL ASSETS		2,200	2,286
Total current assets		992	879
TOTAL ASSETS		2,095	2,200

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

CONCORDIA BUS NORDIC HOLDING AB

		February 28, 2006	February 28, 2005
		(Unaudited)
PLEDGED ASSETS AND CONTINGENT LIABILITIES	6
Pledged assets		1,909	1,613
Contingent liabilities		—	—
TOTAL PLEDGED ASSETS AND CONTINGENT LIABILITIES		1,909	1,613

CONSOLIDATED BALANCE SHEETS

SHAREHOLDERS’ EQUITY AND LIABILITIES	Note	November 30, 2006		February 28, 2006
(in millions of SEK)		(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		(499	)	75
Net loss		(106	)	(557	)

Total non-restricted equity		(605	)	(482	)

Total shareholder’s equity	6	(473	)	(350	)

Liabilities

Provisions:
Provisions for pensions and similar commitments		33		44
Provisions for loss making contracts		8		18

Total provisions		41		62

Non current liabilities
Financial leasing obligations	3	20		24
Bonds, issued	3	1,180		1,230
Liabilities due to group companies		255		255
Total non current liabilities		1,455		1,509

Current liabilities
Short-term portion of financial leasing obligations	3	7		8
Accounts payable		163		185
Liabilities due to group companies		35		16
Other current liabilities		192		156
Accrued expenses and deferred income		675		614

Total current liabilities		1,072		979

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		2,095		2,200

		November 30, 2006	February 28, 2006
		(Unaudited)

PLEDGED ASSETS AND CONTINGENT LIABILITIES	5

Pledged assets		2,794	1,996
Contingent liabilities		—	—
TOTAL PLEDGED ASSETS AND CONTINGENT LIABILITIES		2,794	1,996

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

CONCORDIA BUS NORDIC HOLDING AB

CONSOLIDATED CASH FLOW STATEMENTS

	Note	Group March 1, ~~2005~~2006 – ~~February~~November 2830, 2006		Group March 1, ~~2004~~2005 – ~~February~~November 2830, 2005
		(Unaudited)		(Unaudited)
Cash flow from operating activities
Loss after financial items		(~~556~~106	)	(397	)
- Reversal of depreciation and amortization		~~300~~187		~~350~~214
- Reversal of capital (gains) losses		(60	)	(4	)
- Reversal of change of provisions		(4920	)	(2835	)
- Reversal of capitalized cost write-offs		107		107
Change in interest receivables		(1	)	11(1	)
Change in interest liabilities		1729		(646	)
Paid taxes		(35	)	(10	)
Unrealised exchange loss/(gain)		52(39	)	~~(14~~57	)
		(234	)	(79	)
		52		(113	)
Change in working capital
Increase (-)/decrease (+) in stock		3(1	)	(2	)
Increase (-)/decrease (+) in current receivables		(9430	)	~~118~~(2	)
Increase (+)/decrease (-) in current liabilities		6866		(~~135~~84	)
Net cash flow provided by (used in) operating activities		~~(257~~87	)	(98197	)
Cash flow from investing activities
Investments in land, buildings, machinery and equipment		(~~134~~74	)	(~~112~~24	)
Sale of land, buildings, machinery and equipment		42		44
Sales of land, buildings, machinery and equipment		73		36
Acquisation of intangible fixed assets		(1	)	—
Sale of financial fixed assets		—		16
Sale of financial fixed assets		19		5
Net cash flow used in investing activities		(1	)	28
Net cash flow used in investing activities		(74	)	(63	)
Cash flow from financing activities
Shareholders contribution		~~333~~—		—333
Proceeds from borrowings		~~254~~—		3235
Payments of long-term borrowings		(~~235~~5	)	—(240	)
Payment of financial lease obligation		(7	)	(6	)
Net cash flow provided by (used in) financing activities		(5	)	328
Costs incurred in connection with debt refinancing		—		(5	)
INCREASE (DECREASE) IN CASH AND BANK BALANCES		81		159
Net cash flow provided by (used in) financing activities		345		(8	)
CASH AND BANK BALANCES AT BEGINNING OF PERIOD		192		175
INCREASE (DECREASE) IN CASH AND BANK BALANCES		14		(169	)
Translation difference		(5	)	4
CASH AND BANK BALANCES AT BEGINNING OF PERIOD		175		346
CASH AND BANK BALANCES AT END OF PERIOD		268		338
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)

Organization

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.

Accounting principles

The same accounting policies and methods of computation are followed for the ~~year~~Nine months ended ~~February 28,~~November 30, 2006 consolidated financial statements as compared with the most recent annual ~~financial~~ financial statements, with the exception that, regarding intangible assets, IAS 38, is followed.

Going concern

Concordia ~~has~~Bus ~~over~~AB ~~time~~is ~~accumulated~~a ~~significant losses,~~Holding ~~whereby~~Company ~~shareholder~~the ~~equity~~sole ~~has~~assets ~~become~~of ~~negative~~which ~~and~~are ~~cash~~the shares ~~and~~in ~~bank balances~~Concordia ~~have~~Bus ~~decreased~~Nordic Holding which, ~~even~~in ~~though~~turn, ~~additional~~owns ~~cash~~100% ~~was~~of ~~contributed~~the ~~through~~shares ~~the~~in ~~refinancing~~Concordia ~~project~~Bus ~~consummated~~Nordic. inConcordia ~~February 2004~~Bus ~~and~~Nordic ~~through~~has ~~the~~interest-bearing liabilities ~~Restructuring.~~amounting ~~The~~to ~~consolidated~~SEK ~~statements~~1,200 ofmillion, ~~operations~~including ~~for~~financial ~~the~~leasing ~~year~~agreements ~~ended February 28,~~but ~~2006,~~excluding ~~shows~~future ~~that~~operational ~~earnings~~leasing ~~generated~~commitments. Concordia byBus ~~the~~Nordic’s ~~underlying~~ability ~~businesses~~to ~~during the~~pay ~~period~~interest ~~March 1,~~and ~~2005~~make –loan ~~February 28,~~repayments ~~2006~~on ~~have~~the ~~not~~outstanding ~~been~~bond ~~sufficient~~loan toand other ~~cover~~obligations ~~Concordia’s~~is ~~costs.~~conditional ~~The~~on ~~management~~the ofunderlying ~~Concordia~~subsidiaries ~~believes~~generating ~~that because the~~sufficient ~~Restructuring~~profits ~~has~~available ~~been~~for ~~consummated~~distribution ~~Concordia~~and ~~will~~a becash ~~able~~surplus tosuch ~~continue~~that aspayment aof ~~going~~interest ~~concern~~and ~~primarily~~debt asrepayment ais ~~result~~possible. This ofalso ~~reduction~~means ofthat ~~the~~Concordia ~~group~~Bus AB’s ~~total indebtedness~~ability to pay interest on and amortize ~~consequently~~its ~~improvement~~debts in(the ~~Concordia’s~~mezzanine ~~cash~~loan) ~~flow~~is ~~used~~conditional inon ~~financing~~profits being ~~activities.~~transferred ~~Furthermore,~~from Concordia Bus Nordic and ~~its~~from ~~subsidiaries~~Concordia ~~are~~Bus ~~continuing~~Nordic Holding to ~~implement~~Concordia ~~changes~~Bus inAB. It ~~the~~is ~~operations,~~evident ~~changes~~from to the ~~administrative structure as~~ ~~well~~consolidated asincome ~~certain~~statement ~~changes~~for inConcordia ~~the~~Bus ~~capital~~AB ~~structures.~~as Inper ~~addition~~November 30, ~~the~~2006 ~~improvements~~that inprofits ~~compensation~~from ~~levels~~the inunderlying ~~new~~subsidiaries ~~tenders~~are ~~with~~insufficient ~~public~~to ~~transport~~cover the ~~authorities~~parent ~~are~~company’s ~~continuing.~~costs ~~The~~for ~~group’s~~the ~~long~~nine ~~term~~months ~~ability~~March to1– ~~continue~~November ~~its~~30, 2006. ~~operations~~Improvments isin ~~dependent~~profit ongeneration aduring ~~successful~~third ~~future~~quarter ~~tendering~~indicates ~~process~~that ~~and continuing~~profit ~~cost~~might ~~cutting~~become ~~initiatives~~sufficient asto ~~well~~cover asthe anparent ~~improvement~~company´s costs in ~~cash~~the ~~flows~~future.

The group’s ~~Company~~long-term isability ~~highly~~to ~~leveraged~~continue asits aoperations ~~result~~is ofdependent ~~the~~on ~~Senior~~continued cost ~~Secured~~saving ~~Notes outstanding,~~measures ~~the~~and ~~Mezzanine~~on ~~Facility~~the ~~and~~group ~~significant~~succeeding ~~operational~~in ~~lease~~future procurements, ~~obligations.~~thereby ~~This~~improving ~~leverage~~cash ~~has~~flow ~~put~~and ~~additional~~results ~~pressure~~from on the ~~Company~~operations. The group’s ~~cash flows~~reduced ~~and~~indebtedness ~~has~~provides ~~limited~~an improved ~~the~~cash ~~Company’s~~flow ~~ability~~in tothe ~~seek~~financing ~~additional external funds~~operation. In ~~the~~addition, ~~case~~Concordia weBus ~~can~~and ~~not~~its ~~get~~subsidiaries ~~the~~are ~~funds~~continuing ~~needed~~to implement ~~for~~radical ~~financing~~changes ~~our~~in ~~continous~~the ~~need for~~operational ~~buses,~~business ~~existing~~as ~~cash~~well ~~and~~as ~~bank~~changes ~~balances~~in ~~are~~the administrative ~~not~~structure ~~expected~~and toalso becertain ~~sufficient~~changes ~~to cover~~in ~~future~~the ~~cash~~company’s ~~needs~~capital structure. The ~~for~~group ~~potential~~also ~~operating~~sees ~~losses,~~signs ~~normal capital~~of ~~expenditures,~~significant ~~mandatory~~improvement ~~interest~~in ~~payments~~the ~~and~~compensation ~~amortization~~levels onin ~~debt~~new ~~owed~~procurements with CPTAs.

AsConcordia aBus ~~result~~AB ofgroups financial ~~the~~developments ~~Restructuring,~~in ~~the €160,000,000~~this ~~11%~~year ~~Senior~~have ~~Subordinated~~been ~~Notes~~stronger ~~due~~than ~~February 15~~anticipated, ~~2010~~which cause ~~have~~the ~~been converted~~company to ~~equity~~revise ~~amount~~its offinancial 97outlook.5% ofThis outlook has considered the ~~issued~~current ~~ordinary~~development ~~share~~in ~~capital~~increased offinancial performance that displays ~~Concordia,~~additional ~~subject~~favourable tocapabilities. aThe ~~management~~Business ~~incentive~~is ~~plan~~expected ~~representing~~to agenerate ~~maximum~~an increase ofin turnover, 5-10 % of per year, for the ~~issued~~full ~~ordinary~~years ~~shares~~ending 2008-2010. InThe result ~~connection~~before ~~with~~financial ~~the~~net ~~Restructuring,~~and ~~Concordia has~~taxes ~~borrowed~~is ~~€45,000,000~~expected ~~under~~to ~~the~~increase ~~Mezzanine~~with ~~Facility~~more ofthan 200 ~~which~~Mkr ~~approximately €35,000,000~~for ~~has~~year ~~been~~ended ~~contributed~~February 2007 and boredom to ~~Concordia~~a ~~Bus~~margin ~~Nordic~~on as3 an% ~~equity~~for ~~capital~~year ~~contribution~~ended toFebruary ~~pay~~2008. ~~for~~In the ~~expenses~~following oftwo years the ~~restructuring~~profit ~~and~~margin is expected to ~~cover~~arise ~~its capital~~with ~~needs~~1-2 % per year. ~~The~~This ~~remaining~~is ~~amount~~expect ~~has~~to ~~been~~result ~~used~~before tax closed to break-even ~~cover~~for ~~restructuring~~year ended February 2008 followed by a positive results before ~~expenses~~tax for the year thereafter. An important presumption for this outlook is that the mezzanie-loan is replaced with shares capital.

~~Concordia has approximately SEK 1,702 million~~ Completion of ~~long-term debt due to third parties, including~~ the ~~Senior~~outgoing ~~Secured~~share ~~Notes,~~issue ~~the Mezzanine Facility~~ and ~~long~~ ~~term~~subsequent ~~finance~~refund ~~lease~~of ~~obligations~~mezzanie-loan ~~but~~will ~~excluding operating lease obligations.~~reduce ~~Its ability to service~~ the ~~existing~~company’s ~~debt~~debts, ~~including~~which ~~amortization~~will ~~and~~positively ~~interest, is~~support ~~dependent~~an onadditional ~~the~~expansion ~~underlying businesses generating sufficient cash flow and~~of ~~distributable~~the ~~earnings~~Business. ~~Furthermore its ability to service its existing debt is dependent on the ability to transfer profit from~~ Concordia Bus ~~Nordic~~AB ~~to Concordia.~~Group ~~The~~will ~~non-restricted~~also ~~equity~~ in the ~~underlying~~future ~~companies,~~continue ~~available for dividends, has been reduced during the year due~~ to ~~losses, which furthermore~~ ~~limits~~improve its ~~ability~~capital ~~to receive dividends from subsidiaries~~structure.

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.

CONCORDIA BUS NORDIC HOLDING AB

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Revenue	~~December~~September 1, ~~2005~~2006 – ~~February~~November 2830, 2006	~~December~~September 1, ~~2004~~2005 – ~~February~~November 2830, 2005	March 1, ~~2005~~2006 – ~~February~~November 2830, 2006	March 1, ~~2004~~2005 – ~~February~~November 2830, 2005
CPTA – Sweden	~~847~~996	~~878~~868	32,~~320~~676	32,~~407~~473
CPTA – Norway	~~101~~113	~~106~~96	~~365~~321	~~450~~264
CPTA – Finland	97117	~~108~~104	~~403~~299	~~415~~306
Total CPTA	1,~~045~~226	1,~~092~~068	43,~~088~~296	43,~~272~~043
Express	86	8190	~~364~~278	~~337~~278
Interbus	2334	2337	~~136~~114	~~117~~113
Total bus operations	1,~~154~~346	1,~~196~~195	43,~~588~~688	43,~~726~~434
Other revenue and group elimination	2623	1821	9564	8673
Total revenue	1,~~180~~369	1,~~214~~216	43,~~683~~752	43,~~812~~507

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

Operating profit (loss)	~~December~~September 1, ~~2005~~2006 – ~~February~~November 2830, 2006		~~December~~September 1, ~~2004~~2005 – ~~February~~November 2830, 2005		March 1, ~~2005~~2006 – ~~February~~November 2830, 2006		March 1, ~~2004~~2005 – ~~February~~November 2830, 2005
CPTA – Sweden	~~(98~~41	)	~~(150~~2	)	~~(169~~11	)	(~~162~~71	)
CPTA – Norway	013		(21	)	921		65
CPTA – Finland	(53	)	(94	)	(189	)	(1814	)
Total CPTA	~~(103~~57	)	(~~161~~1	)	~~(178~~23	)	(~~174~~80	)
Express	2(4	)	2		1311		2912
Interbus	(31	)	(40	)	19		4
Total Express and Interbus	(13	)	(2	)	1420		3316
Total bus operations	~~(104~~54	)	~~(163~~1	)	~~(164~~43	)	(~~141~~64	)
Goodwill amortization	(3—	)	(34	)	~~(14~~—	)	(1311	)
Head office items and others	(24	)	(68	)	(104	)	(102	)
Head office items and others*	(24	)	(27	)	(72	)	(76	)
Total operating profit	~~(131~~30	)	(~~234~~30	)	(~~282~~29	)	(~~256~~151	)

* Change in allocation of head office costs has been made in the third quarter, which has an effect on the accumulated figures.

Note 2. Interest expense and similar items

MSEK	~~December~~September 1, ~~2005~~2006 – ~~February~~November 2830, 2006		~~December~~September 1, ~~2004~~2005 – ~~February~~November 2830, 2005		March 1, ~~2005~~2006 – ~~February~~November 2830, 2006		March 1, ~~2004~~2005 – ~~February~~November 2830, 2005
Interest cost payable	(34	)	(2941	)	(~~148~~107	)	(~~140~~114	)
Amortization of deferred financing costs	(23	)	(2	)	(107	)	(107	)
Other financial charges	(1	)	(84	)	(774	)	(1276	)
Foreign exchange gains/(losses)	716		(1618	)	~~(43~~38	)	18(51	)
Total	(3022	)	(5557	)	(~~278~~80	)	(~~144~~248	)

Note 3. Liabilities to credit institutions and net indebtedness

MSEK	~~February~~November 2830, 2006		February 28, ~~2005~~2006
Euro 130 million - Senior Secured Notes 9,125%	1,230		1,176
Euro 130 million - Senior Secured Notes 9,125	1,180		1,230
Liabilities to credit institutions	1,~~230~~180		1,~~176~~230
Long term portion of finance lease obligations	2417		1224
Short term portion of finance lease obligations	810		8
Total debt	1,~~262~~207		1,~~196~~262
Less Cash and bank balance	(~~192~~268	)	(~~175~~192	)
Net indebtedness	~~1,070~~939		1,~~021~~070
Total debt	1,~~262~~207		1,~~196~~262
Short term portion of finance lease obligations	(810	)	(8	)
Total long term debt	1,~~254~~197		1,~~188~~254

Note 4. Operating leases

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

MSEK	~~February~~November 2830, 2006	February 28, ~~2005~~2006
Net present value of future lease payments
- Vehicles	1,~~020~~753	~~829~~1,020
- Real estate and other	3933	4639
Total	1,~~059~~786	~~875~~1,059

Note 5. Pledged assets and contingent liabilities

	February 28,	February 28,
MSEK	November 30, 2006	February 28, 2006
MSEK	2006	2005
Pledged shares in subsidiaries	774	820
Pledged shares in subsidiaries	848	382
Floating charge certificates	116	117
Floating charge certificates	132	132
Pledged assets and contingent liabilities	1,904	1,059
Pledged assets	929	1,099
Total	2,794	1,996
Guarantees and other contingent liabilities	—	—
Total	1,909	1,613

As a result of the refinancing in Concordia Bus ~~Nordic~~ Nordic AB in January ~~2005~~ 2004, the security package has been renegotiated. The ~~following~~ following securities exist as of ~~February 28~~November 30, 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 ~~758~~ 595,~~445~~530,~~153~~863;

~~Ingenior M.O. Schoyens Bilcentraler AS granted pledge over its assets in aggregate amount of SEK 170,583,040;~~18

Ingenior M.O. Schoyens Bilcentraler AS granted pledge over its assets in aggregate amount of SEK 209,779,040;

Concordia Bus Nordic AB, Interbus AB, Concordia Bus Finland Oy AB and Swebus AB has granted pledge over restricted cash in aggregate amount of SEK 55,140,722;

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~~ charge certificates in an aggregate amount of SEK ~~115~~100,000,000;

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.

Note 6. Equity

MSEK	Restricted equity	Unrestricted equity		Total equity
Opening balance March 1, 2005	132	(276	)	(144	)
Opening balance March 1, 2006	132	(482	)	(350	)
Shareholders contribution	—	333		333
Net loss for the period	—	(106	)	(106	)
Net loss for the period	—	(557	)	(557	)
Change in cumulative translation adjustment	—	(17	)	(17	)
Change in cumulative translation adjustment	—	18		18
Ending balance November 30, 2006	132	(605	)	(473	)
Ending balance February 28, 2005	132	(482	)	(350	)

Note 7. Cash and cash equivalents

MSEK	~~February~~November 2830, 2006	February 28, ~~2005~~2006
Cash and bank balances	89158	~~124~~89
Restricted cash*	~~103~~110	51103
Total	~~192~~268	~~175~~192

* 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

	Note	September 1, 2006 – November 30, 2006		September 1, 2005 – November 30, 2005
(in millions of SEK except loss per share)		(Unaudited)		(Unaudited)

Net revenue		1,021		889

Fuel, tires and other consumables		(231	)	(217	)
Personnel costs		(479	)	(471	)
Operating lease charges	2	(176	)	(136	)
Other external costs		(141	)	(96	)
Gain (Loss) on sale of fixed assets		16		(1	)
Depreciation and amortization		(5	)	(3	)
Operating Profit (Loss)		5		(35	)

Interest income		11		7
Interest expense and similar items	1	(1	)	(10	)
Financial income and expenses		10		(3	)
Loss after financial items		15		(38	)

Taxes		0		0

Profit for the period		15		(38	)

Profit / (loss) per share (in SEK)		4,998		(12,542	)

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

~~SIGNATURES~~SWEBUS AB

~~Pursuant to the~~CONSOLIDATED ~~requirements~~STATEMENTS ofOF ~~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.~~OPERATIONS

		Concordia Bus Nordic AB (publ)
		(Registrant)
Date	May 3, 2006	By:	/s/ Per Skärgård
			Per Per Skärgård
			Chief Financial Officer

FOR THE NINE MONTHS PERIOD

	Note	March 1, 2006 – November 30, 2006		March 1, 2005 – November 30, 2005
(in millions of SEK except loss per share)		(Unaudited)		(Unaudited)

Net revenue		2,740		2,539

Fuel, tires and other consumables		(637	)	(591	)
Personnel costs		(1,364	)	(1,372	)
Operating lease charges	2	(454	)	(432	)
Other external costs		(365	)	(281	)
Gain (Loss) on sale of fixed assets		13		(4	)
Depreciation and amortization		(12	)	(10	)
Operating Profit (Loss)		(79	)	(151	)

Interest income		34		15
Interest expense and similar items	1	(8	)	(46	)
Financial income and expenses		26		(31	)
Loss after financial items		(53	)	(182	)

Taxes		0		0

Net loss for the period		(53	)	(182	)

Loss per share (in SEK)		(17,753	)	(60,815	)

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

SWEBUS AB

CONSOLIDATED BALANCE SHEETS

ASSETS	Note	November 30, 2006	February 28, 2006
(In millions of SEK)		(Unaudited)

Fixed assets

Buildings and land		4	3
Equipment, tools, fixtures and fittings		17	14
Vehicles		34	31
Total tangible fixed assets		55	48

Shares in subsidiaries		1	1
Receivable due from group companies		628	—
Total financial fixed assets		629	1

Total fixed assets		684	49

Current assets

Inventories		23	23

Accounts receivable		352	350
Other current receivables		38	41
Receivable due from group companies		44	493
Accrued income and prepaid expenses		102	104
Total receivables		536	988

Cash and bank balances		119	176

Total current assets		678	1,187

TOTAL ASSETS		1,362	1,236

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

SWEBUS AB

CONSOLIDATED BALANCE SHEETS

SHAREHOLDERS’ EQUITY AND LIABILITIES	Note	November 30, 2006		February 28, 2006
(in millions of SEK)		(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		225		531
Net loss		(53	)	(306	)

Total non-restricted equity		172		225

Total shareholder’s equity	3	172		225

Liabilities

Provisions:
Provisions for pensions and similar commitments		3		3
Provisions for loss contracts		8		17
Other liabilities		—		11
Total provisions		11		31

Non current liabilities
Financial leasing obligations		—		2
Liabilities due to group companies		394		266
Total non current liabilities		394		268

Current liabilities
Short-term portion of financial leasing obligations		3		3
Accounts payable		94		112
Liabilities due to group companies		56		45
Other current liabilities		105		95
Accrued expenses and deferred income		527		457

Total current liabilities		785		712

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		1,362		1,236

	November 30, 2006	February 28, 2006
	(Unaudited)

PLEDGED ASSETS AND CONTINGENT LIABILITIES

Pledged assets
Floating charges	100	100
Contingent liabilities
Guarantee on behalf of Concordia Bus Nordic AB	1,180	1,230
Other contingent liabilities	12	12
TOTAL PLEDGED ASSETS AND CONTINGENT LIABILITIES	1,292	1,342

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

SWEBUS AB

CONSOLIDATED CASH FLOW STATEMENTS

	Note	March 1, 2006 – November 30, 2006		March 1, 2005 – November 30, 2005
		(Unaudited		(Unaudited)

Cash flow from operating activities
Loss after financial items		(53	)	(182	)
-Reversal of depreciation and amortization		12		10
-Reversal of capital (gains) losses		(13	)	4
-Reversal of change of provisions		(10	)	(28	)
Change in interest receivables		(32	)	(14	)
Change in interest liabilities		4		(37	)
Paid taxes		(0	)	0
Unrealised exchange loss/(gain)		(9	)	10
		(101	)	(237	)

Change in working capital
Increase (-)/decrease (+) in stock		(0	)	(0	)
Increase (-)/decrease (+) in current receivables		(144	)	928
Increase (+)/decrease (-) in current liabilities		194		(855	)

Net cash flow provided by (used in) operating activities		(51	)	(164	)

Cash flow from investing activities
Investments in land, buildings, machinery and equipment		(51	)	(14	)
Sales of land, buildings, machinery and equipment		46		3
Net cash flow used in investing activities		(5	)	(11	)

Cash flow from financing activities
Payments of long-term borrowings		(1	)	(4	)
Net cash flow provided by (used in) financing activities		(1	)	(4	)

INCREASE (DECREASE) IN CASH AND BANK BALANCES		(57	)	(179	)

CASH AND BANK BALANCES AT BEGINNING OF PERIOD		176		131

CASH AND BANK BALANCES AT END OF PERIOD		119		(48	)

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)

Organization

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. The primary operations of Swebus consist of providing regular bus services under contract to transit authorities in Sweden.

Accounting principles

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 recommendations 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, 2006 – November 30, 2006		September 1, 2005 – November 30, 2005		March 1, 2006 – November 30, 2006		March 1, 2005 – November 30, 2005
Interest cost payable	(5	)	(5	)	(15	)	(34	)
Other financial charges	(0	)	(1	)	(1	)	(2	)
Foreign exchange gains/(losses)	4		(4	)	8		(10	)
Total	(1	)	(10	)	(8	)	(46	)

Note 2. Operating leases

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

MSEK	November 30, 2006	February 28, 2006
Net present value of future lease payments
- Vehicles	1,463	798
- Real estate and other	33	39
Total	1,496	837

Note 3. Equity

MSEK	Restricted equity	Unrestricted equity		Total equity
Opening balance March 1, 2006	0	225		225
Net loss for the period	—	(53	)	(53	)
Change in cumulative translation adjustment	—	—		—
Ending balance November 30, 2006	0	172		172

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.

		Concordia Bus Nordic AB (publ)
		(Registrant)


Date	December 28, 2006	By:	/s/ Per Skärgård
			Per Per Skärgård
			Chief Financial Officer

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