The company EXPO 2027, recently led by Danilo Jerinić appointed by the Serbian government instead of Dušan Borovčanin, had total expenses of 1.36 billion dinars in 2024, with one-third spent on marketing services.
The state established seven special purpose companies (SPVs) to build residential and non-residential buildings for the EXPO 2027 specialized exhibition, according to Forbes Serbia.
All these companies have zero employees. Six of them were founded in late January 2023, while the SPV “Akvatik” was registered in February 2023 and has a different business activity related to construction of other unspecified buildings.
Each SPV has a limited lifespan and a specific purpose: once the buildings are completed, obtain occupancy permits, and are registered in the real estate cadastre, the companies will be closed.
Financial reports show that for all seven companies, total revenues are roughly one million dinars less than total expenses. Revenues mainly come from increased inventory value, as they practically do not conduct business operations. Expenses primarily consist of production service costs, with no spending on employees, energy, fuel, or depreciation.
Except for Akvatik, all the SPVs have taken long-term loans domestically, generally exceeding one billion dinars, but financial notes do not specify the exact purpose of these loans. It is also unclear who the creditors are, as these companies have no assets or other collateral, possibly relying on state guarantees.
For example, SPV Galovica 1 recorded revenues of 332.2 million dinars and expenses of 333.2 million dinars in 2024, resulting in a net loss of 999,000 dinars. Its long-term loan amounts to 1.1 billion dinars.
