| Concordia Bus was formed at the end of the 1990s as a result of a strategic decision taken within the Schøyen Group - acting as bus operator in Norway since the 1920s - with the vision of creating a pan-European bus Group. |
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From reconstruction to expansion
The unprofitable contracts extending over several years, which were entered into at the end of the 1990s led to major losses at the beginning of the 2000s. Combined with an over leveraged capital structure, this resulted in an acute financial situation in Concordia Bus AB at the beginning of 2004. A financial restructuring thus became necessary. With stable finances, work is today being focused on developing the business and making it more efficient. Profit improvements are resulting faster than anticipated and Concordia Bus intends to soon expand into new markets in the Nordic region.
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2000, January
Concordia Bus AB acquires the Swebus Group from Stagecoach, consisting of Swebus, Swebus Express, Interbus and Swebus' Finnish bus operations.
Concordia Bus is owned by Goldman Sachs, the Norwegian Schøyen Group and its management.
The acquisition of the Swebus Group is financed through SEK 630 million in cash and a bond loan of EUR 100 million in Concordia Bus AB. |
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2001, February
Concordia Bus AB acquires the Norwegian bus operator, M.O. Schøyen Bilcentraler A/S, from the Schøyen Group as part of the agreement signed in 2000.
2002
The bond loan in Concordia Bus AB is increased to EUR 160 million.
2004
A bond loan of EUR 130 million is issued in Concordia Bus Nordic AB, which includes the operating companies, and all bank credits are repaid. |
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2005
The company undergoes a financial restructuring. The bond loan of EUR 160 million in Concordia Bus AB is converted into shares and the holders of the loan assume ownership of 97.5 percent of the shares in Concordia Bus AB. A mezzanine loan of EUR 45 million is taken out by Concordia Bus AB to pay for the cost of the restructuring and to generate the necessary liquidity in the Group. |
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2006, March
Concordia Bus Fleet AB is formed in the aim of increasing the strategic benefits of the Group's fleet of buses.
2006, September
The subsidiary Interbus AB is sold to Strömma Turism & Sjöfart. First bid submitted in Denmark. |
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2006, Q3
Concordia Bus AB reports its best quarterly operating profit ever.
2007, January
New shares in Concordia Bus AB valuing SEK 510 million are issued and the outstanding amount of Concordia Bus AB's mezzanine loan is repaid.
2007/2008
Forecast for pretax earnings close to break-even. |
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