Company: CMDB
Filing Date: 2025-04-17
Form Type: 20FR12B/A
Source: 0001140361-25-014307
Chunk: 273

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-17
Form: 20FR12B/A
Chunk 273
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 accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a “carve-out” basis from the accounting records of Costamare using the historical carrying costs of the entities included in these predecessor carve-out financial statements for the period presented, including allocation of expenses from Costamare. The**

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COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Notes to Combined Carve-out Financial Statements December 31, 2023 and 2024 (Expressed in thousands of U.S. dollars, except share and per share data, unless otherwise stated) management of the Company believes the allocations have been determined on a basis that is a reasonable reflection of the utilization of services provided to, or the benefit received by, the Company during the period presented. The actual basis of allocation is described below. These predecessor combined carve-out financial statements include the assets, liabilities, revenues, expenses and cash flows directly attributable to the Company, plus the following item which has been allocated as set forth below: General and Administrative Expenses: General and administrative expenses, consisting mainly of legal fees, audit fees and other various General and administrative expenses, were allocated to the Owned Dry Bulk Fleet Business based on the vessels’ owning days of the owning entities and to CBI based on the charter-in days of the chartered-in third-party vessels. Management believes that these allocations reasonably present the financial position, results of operations and cash flows of the Company. For the years ended December 31, 2023 and 2024, total expenses allocated by Costamare amounted to $3,709 and $6,444, respectively. All transactions and balances between the Company and Costamare, which were not historically settled in cash, were considered to be effectively settled in cash in the predecessor combined carve-out financial statements at the time the transaction was recorded. The total net effect of the settlement of these transactions between the Company and Costamare were reflected in the predecessor combined carve-out statement of financial position and the predecessor combined carve-out statement of changes in equity as “Net parent investment”, which includes the expenses incurred by Costamare on behalf of Company. The Company, as represented by the entities in the predecessor combined carve-out financial statements, operated as distinct business units. Each unit had its own profit and loss responsibility, with its respective Board of Directors acting in the capacity of the Chief Operating Decision Maker. The Company does not use discrete financial information to evaluate operating