EXHIBIT 7: STATEMENT RE COMPUTATION OF RATIOS

|                                                     |  | Concordia Bus Nordic |  | Concordia |  
|---------------------------------------------------- |  | -------------------- |  | --------- | -
|
|
|
|
|Earnings =                                           |  |                      |  |           |  
|Net income (loss)                                    |  | 54                   |  | 30        |  
|+ Income tax expense (benefit)                       |  | 39                   |  | (1        | )
|+ Fixed charges                                      |  | 74                   |  | 40        |  
|                                                     |  |                      |  |           |  
|=                                                    |  | 167                  |  | 69        |  
|                                                     |  |                      |  |           |  
|Fixed charges =                                      |  |                      |  |           |  
|Interest expense                                     |  | 69                   |  | 40        |  
|Amortization of financing costs                      |  | 3                    |  |          |  
|Interest element on operating leases                 |  | 2                    |  |          |  
|                                                     |  |                      |  |           |  
|=                                                    |  | 74                   |  | 40        |  
|                                                     |  |                      |  |           |  
|Ratio of earnings to fixed charges                   |  |                      |  |           |  
|Earnings                                             |  | 167                  |  | 69        |  
|Fixed charges                                        |  | 74                   |  | 40        |  
|                                                     |  |                      |  |           |  
|=                                                    |  | 2.3                  |  | 1.7       |  
|                                                     |  |                      |  |           |  
|Earnings are insufficient to cover fixed charges by: |  |                      |  |           |  

|                                                       |  | Concordia Bus Nordic |  | Concordia |  
|------------------------------------------------------ |  | -------------------- |  | --------- | -
|
|
|
|
|Earnings under U.S. GAAP =                             |  |                      |  |           |  
|Net income under U.S. GAAP                             |  | 52                   |  | (5        | )
|Add back taxes (Swedish)                               |  | 39                   |  | (1        | )
|Tax adjustment U.S. GAAP                               |  | 1                    |  |          |  
|Fixed charges under U.S. GAAP                          |  | 71                   |  | 41        |  
|                                                       |  |                      |  |           |  
|=                                                      |  | 163                  |  | 35        |  
|                                                       |  |                      |  |           |  
|Fixed charges under U.S. GAAP=                         |  |                      |  |           |  
|Interest expense under Swedish GAAP                    |  | 66                   |  | 40        |  
|Interest adjustment under U.S. GAAP                    |  |                     |  | 1         |  
|Amortization of financing fees Swedish GAAP            |  | 3                    |  |          |  
|Interest element of operating lease under Swedish GAAP |  | 2                    |  |          |  
|                                                       |  |                      |  |           |  
|=                                                      |  | 71                   |  | 41        |  
|                                                       |  |                      |  |           |  
|Ratio of earnings to fixed charges under U.S. GAAP     |  |                      |  |           |  
|Earnings                                               |  | 163                  |  | 35        |  
|Fixed charges                                          |  | 71                   |  | 41        |  
|                                                       |  |                      |  |           |  
|=                                                      |  | 2                    |  | 0.9       |  
|                                                       |  |                      |  |           |  
|Earnings are insufficient to cover fixed charges by:   |  |                      |  |           |  

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