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Exhibit 21.1

LIST OF SUBSIDIARIES OF CONCORDIA BUS NORDIC AB (publ)

        The following companies are subsidiaries of Concordia Bus Nordic AB (publ) as of February 28, 2004.

Name of Subsidiary			Incorporated in
Operating company
Concordia Bus Nordic AB			Sweden
Interbus AB			Sweden
Swebus AB			Sweden
Swebus BusCo AB			Sweden
Swebus Express AB			Sweden
Foreign subsidiary
Concordia Bus Finland Oy Ab			Finland
Ingeniør M.O. Schøyens Bilcentraler A/S			Norway
Real estate companies
Swebus Fastigheter AB			Sweden
	Subsidiaries to Swebus Fastigheter AB:
		Alpus AB	Sweden
		Malmfältens Omnibus AB	Sweden
		Enköping-Bålsta Fastighetsbolag AB	Sweden
Dormant companies
Arlanda buss AB			Sweden
Billingens Trafik AB			Sweden
Enköping-Bålsta Trafik AB			Sweden
Gävle Trafik AB			Sweden
Hälsinge Wasatrafik AB			Sweden
AB Härnösandsbuss			Sweden
AB Interbus Finans			Sweden
Karlstadsbuss AB			Sweden
AB Kristinehamns Omnibusstrafik			Sweden
Saltsjöbuss AB			Sweden
Swebus Service AB			Sweden
Swebus Västerås AB			Sweden
Tumlare Buss AB			Sweden
Wasabuss AB			Sweden
Wasatrafik AB			Sweden
AS Concordia Bus Baltic Holding			Estonia

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Exhibit 21.1