Good morning, and welcome to the audio conference of Oncoclínicas. At this moment, all participants are connected only as listeners, and later, we will begin the questions and answer session when instructions for you to participate will be supplied. If it is necessary to have any assistance during the audio conference, please request the help of an operator by typing asterisk zero. It is important to remember that this audio conference is being recorded. I will now pass the floor to Dr. Bruno Ferrari, the founder and CEO of the Oncoclínicas group. Dr. Bruno Ferrari, you have the floor.
Good morning to everyone, and thank you for your presence in our results teleconference. Once again, we have a quarter with operational and financial results that are very strong.
I would like to begin by thanking you all and talk about net revenue, which was 51%, reaching another record level of BRL 1.4 billion. The main highlight of our revenue is once again because of the organic growth, which was 31%. Most of this growth was due to the increase in the volume of procedures, which indicates sustainability. In a sequential base, or comparing the second with the first quarter of 2023, our net revenue grew at 5%. Still, in relation to growth, I would like to highlight the advance in the number of treatment. In the second quarter, we carried out more than 157,000 procedures, a number which goes over 40% of the volume of the second quarter of 2022, and that grew around 4% in the comparison of the sequence. This very robust volume reflects a series of initiatives that the company has been putting into practice.
Our strong action in medical relationship, attraction, and retention of talents in an organic way, and more participation in the journey of our patients, and our approximation to health plans more and more by providing solutions and reaching their needs connected to integrated management and cost-effectiveness in oncological care, which has been increasing in its perceived value. Now to cover the highlights of the second quarter over the already mentioned growth, our EBITDA in the last quarter reached BRL 268 million with a margin of 19.7%, more than 5 percentage points above the observed in the same quarter of 2023. This is fruit not only of the growth of the company, which brings operational leverage, but also of the very successful execution of integrations with gains in efficiency in costs and expenses. The EBITDA growth was 109% over the second quarter of 2022.
It's important to remember that EBITDA does not include adjustments and add backs. If we include the BRL 13 million of the accounting effect with no impact on cash for us to compare with the adjusted numbers for those who accompany adjusted EBITDA, it would have been BRL 285 million in the quarter. When we analyze the EBITDA of the second quarter of this year, we already passed the mark of BRL 1.1 billion. I would also like to highlight our impressive advance in reducing the number of expenses in the last quarters. We are close to a level of 15% of operational expenses cashed over net revenue. This performance is from the capture of synergies overall from the many acquisitions that Oncoclínicas has concluded and integrated in a successful way over the last year.
In other words, our gains and margin have been delivered with a combination of growth in volume, management, good management of costs, and better operational efficiency in-house. Besides that, we report a net profit of BRL 35 million in the second quarter of 2023. This is our fourth consecutive quarter with net profit. If we exclude the effect of the accounting of the long-term plan, which represents an effect that is merely accountable and not for cash, our net profit of the quarter was BRL 48 million. In the last 12 months, the net profit, also excluding this collection of the incentive long-term plan, was BRL 268 million. Finally, still on the topic of financial highlights, we delivered cash operational generation of BRL 309 million, a record amount for a second quarter of the company because of solid operational performance aligned to efficient working capital management.
Even after the financial expenses and all the CapEx carried out in the second quarter, cash generation was still BRL 100 million for the second quarter of 2023. In relation to the strategic term topics of the quarter, we could not forget to mention two important happenings. The first was the process of follow-on that the company finalized, which transacted more than BRL 900 million and increased the liquidity of Oncoclínicas shares. Our average volume of negotiation increased to BRL 19 million between January and June of this year, to almost BRL 34 million after the offering, and until the end of the month of July. Besides that, at the end of May, we received the approval from CADE to move forward with our partnership with Porto Seguro, an operation which we expect to ramp up during the second semester of the year.
Before passing on the floor, I would like to congratulate the entire Oncoclínicas team, which has been delivering strong execution of our strategy over the last quarters, starting with our physicians and assistants team, and of course, to our patients that every day [confide] the privilege of taking care of their lives in the same quality that we would take care of our own. I pass the floor now to Rodrigo Medeiros, our Executive Vice President, that will give us more details on the operations. Rodrigo?
Good morning, everyone. Thank you, Bruno, for that introduction. Going on to the next slide on page four, we show an update on the integrations that the company has been executing, that continues to execute, and which we continue extracting synergies from in a very satisfactory way. Most of the acquisitions are already in the final phase of synergy extraction, except for Unity.
Since it is the most recent operation and the largest of them, composed of 35 units, the very successful advance of integration is clear with the graph to the left, which shows the evolution of our cash operation expenses with a percentage of net revenue. In the second quarter of 2022 to the second quarter of 2023, we reduced this indicator in 620 basis points from 21.4%- 15.2%. It's important to highlight two points here. First, obviously, this does not include cost synergies which appear in gross margin. Secondly, this indicator of 15% is the level in which the company operated before all of the acquisitions carried out ever since 2021. A level which we say we would only reach in the fourth quarter of 2023.
It's also important to highlight that the operational expenses in this quarter of BRL 207 million include around BRL 5 million of one-off expenses related to the follow-on project of the company. When we adjust for this effect, the relation between operational cash expenses and net revenue is at around 14.8% in the second quarter of 2023, with an improvement over the sequence. Therefore, we are very encouraged with the speed in which the integrations and capture of gains in scale and efficiency have been moving, result of the expertise that the company developed over the years in acquisitions and in our flexibility to mobilize various internal teams at the same time. Now an update on our expansion projects. We inaugurated at the end of the month of July, the expansion of the cancer center, [Vila da Serra], and the center of diagnostic for cancer in Oncoclínicas.
These two initiatives will allow the company to advance even more quickly in the direction to a line of complete care for oncological patients in the city of Belo Horizonte. On the next slide, page five, we will show the financial highlights of the quarter. In the second quarter of 2023, the company grew 51.1% in net revenue compared to the same period of the previous year, reaching BRL 1.4 billion. From this growth, I highlight that more than half or 31.4% is organic. We also highlight the strong expansion of 100 basis points in gross margin in this quarter, reaching 35.7% compared to 34.7% in the first semester of 2022. This expansion comes from the gains in efficiency from the integrations that we commented on previously, as well as the ramp-up of the cancer centers.
Still on this slide, we report an EBITDA only excluding the effect of the collection of the just value of incentive long-term plan at the value of BRL 268 million in the quarter with an expansion of 540 basis points in margin in relation to the second quarter of 2022. In the second semester, our EBITDA added up BRL 545 million, 126% higher than the previous year. Finally, in the quarter, we had a net profit of [BRL 35 million] in the second quarter of 2023, given the strong growth of operations and the expansion of profitability potentialized by the gains of inefficiency and the initiatives of optimization taxing that the company has continued to execute. On the next slide six, we highlight the increase of 41% growth in procedures, reaching 157,400 procedures in the second quarter of 2023.
Even in a quarter with [ less]. In the first semester, there was an increase of 44% in the number of procedures and 7% in the average ticket, especially associated to the increase in complexity since the company is covering more and more part of the journey, which we did not operate in again, and is doing this in a more cost-effective way. It's important to notice that our growth is very balanced and mainly from the increase in volume of procedures. I pass the floor now to Cristiano Camargo, our CFO and Director of Strategy and RI, to give you the results of the second semester.
Thank you, Rodrigo. Good morning, everyone. Once again, we had a quarter that was very solid for Oncoclínicas, and this is evident through the numbers that I will start to detail with you on the next slides.
This was the third consecutive quarter in which we delivered organic growth of our revenue over 25% over the year. The fourth consecutive quarter of net profit and the largest operational cash generation for a second quarter of the company. Starting on slide seven, we start by highlighting the growth of 51.1% in net revenue in the second quarter of 2023 compared to the same period of the previous year, reaching the record mark of BRL 1.4 billion. In the sequence, in other words, versus the first quarter of the year of 2023, we had an expansion of more than 5%. On the graph to the right in the semestral comparison, we see the expansion of 55.3% in net revenue.
This growth is due to a combination of organic growth, which we will detail on the next slide, with a contribution of inorganic growth in function above all of the incorporation of Unity in our results. Slide eight shows that from the growth of more than 50% that we had in our net revenue in the second quarter of 2023, 31.4% came organically. In other words, from the same units. This organic growth happens on the line of the already strong 32%, which we have delivered in the first quarter of 2023, which on its hand came from the same line of the 26%, which we delivered in the fourth quarter of 2022.
It is important to highlight that we started to consider Itaigara Memorial our operation of day hospital in Salvador and Microimagem, our unit of precision medicine in the state of Rio de Janeiro as part of the same base of the same units after the second quarter of 2023, since they were added to the Oncoclínicas platform during the second quarter of 2022. Finally, it is important to highlight that the organic expansion of revenue happens much more as a result of the increase in volume than in the average ticket. On slide nine, we highlight the expansion of 100 basis points of the gross margin, reaching 35.7% for the semester period of 2023.
In the comparison of the second quarter 2023 versus second quarter 2022, we observe a small drop in our gross margin, especially because of the smaller volume of anticipated purchases of medications, which we carried out this year when compared to last year. In the sequence of 2023, we had two effects that explained the reduction of gross margin. In the first quarter of the year, there was a reversion of PCLD at the level of BRL 20 million that contributed approximately to one percentage point for the margin of that period. Besides that, in the second quarter, the company already had its medication costs completely impacted by the readjustment from CMED. Meanwhile, it had not passed on the new prices of medication levels fully. Sources which should normalize in the next quarter.
On slide number 10, EBITDA with no adjustments excluding the accounting effect for the long term, we reached [BRL 238 million] in the second quarter of 2023, a margin of 11%. For the historical comparison, those who compare, it was BRL 286 million with a margin of 31%. On the comparison of the semester, it expanded 650 basis points in its EBITDA margin, reaching BRL 545 million, 126% higher than the same period in the previous year. On the next slide, number 11, we report a net profit excluding the non-cash expenses from the long-term incentive plan of BRL 48 million compared to a loss of BRL 19 million in the previous year.
Fruit of the growth of the operations, increase the profitability of the company and the initiative to reduce efficiency and taxes, which we started to implement ever since April of last year and have shown a huge advance until now. On the next slide, one of the very highlight of the second quarter part is our capital. This quarter, the company generated [BRL 309 million] operational cash as a result of the strong performance of the business added to efficient capital management. We observe a light improvement in receivables, a sign that is emerging since the first time that this happens in four quarters, and it shows the substantial gain in efficiency in the payment deadlines with our suppliers.
Fruit of the negotiation, which we have been working on ever since the end of last year of 2022 and which has been reaching more solidity with our partnerships and the pharmaceutical industry. The cash flow also improves because of our liability management program. The company opted to pay back BRL 219 million in more expensive debts. Besides that, there was the entrance of more than BRL 190 million of net revenue from follow-on. In the end, we paid BRL 10 million related to the program to rebuy shares and approximately BRL 110 million related to CapEx and payments for acquisitions.
On operational cash generation, even after the financial cost of [BRL 166 million]. On slide 13, we show an improvement, a substantial improvement in the company's working capital, reducing our net days in this indicator of 64 to 43 days, which we believe to be sustainable over the next quarters.
On the next slide, we share the plan for amortization of the financial debts. In this quarter, we increased the disclosure to show the plan for the next quarters. The amortization tower shows that we have a very comfortable position for 2023 and for the year of 2024. Finally, and as a consequence of cash generation of the company's operational cash generation on slide 15, we reduced our leverage from 3x in the first quarter of 2023 to 2.9x in the second quarter of [BRL 140 million], considering new obligation related to closing the negotiation with Porto Seguro. With that, we finished our presentation, and now we are open for questions and answers.
Ladies and gentlemen, we will now begin the questions and answers session. In order to ask a question, please type asterisk, one. To remove your question from the list, click asterisk two. Our first question is from Vinicius Figueiredo from Itaú BBA.
Good morning, Bruno, Cris, Rodrigo, and [Zahi]. Thank you for having my question. First point I would like to explore with you is in relation to organic growth, also a little bit about the competitive dynamic. Your results seem to be a bit disconnected if we look at the competition, especially listed companies. While Oncoclínicas grew in volume and ticket, we see a different behavior with more pressures on ticket and even in volume in the competition. I want to understand the company's vision on this trend. Why is it different for the company specifically? If it would be something related to the ramp-up of several operations that are still in maturity. Then the second point I want to approach is in relation to the margins of cancer centers.
If you could tell me a bit about that, maybe in a more qualitative way, how the behavior of this margin has been, and how much space you imagine you can capture, especially in the cancer centers that are still in maturity. They are still reaching maturity, [audio distortion].
Hello, Vinic ius. Thank you for that question. This is Cris speaking. Organic growth. Well, we have experimented this dynamic, which we understand to be very consistent in the growth of the same units, because as we showed throughout the presentation, it has been a few consecutive quarters with this organic growth higher than 25%, between 25% and 30%. When we look deeper into this organic growth, we see that it is predominantly because of the volume of procedures.
In this quarter, in the second quarter, we saw more or less 22 percenatge points- 23 percentage points from the total, adding more points coming from volume. This is something that we attribute to a combination of factors, but in practice, it means that the company has been gaining in market share. That is our vision. Because we have an estimate of an oncology market that grows in a volume of only 12, in the low double digits from the point of view of volumes, but the company is growing around 10 percentage points higher than the market has been growing in volume. This, qualitatively speaking, we can attribute above all to the very successful program of attracting physicians, attracting a clinical volume of more or less 500 new physicians brought into the company in the last 12 months. This attraction comes from a previous attraction for doctors.
If you look at the IPO, we had 1,600 physicians, and now we have 2,700 physicians today. Also because of the increase in the journey of our patients as we have cancer centers that start to internalize more procedures which before were sent to outside the company. Today, we have more procedures locations in the company. So these would be the two points that we see as sustainable over the next quarters.
Thank you, Cris. That was very clear.
The next question is from Fred Mendes from Bank of America.
Good morning, everyone. Thank you. First, on the question from Vinicius. On the issue of volume, have you been able also to increase the volume of the clinics, the same-store sales? Because I understand as you increase consultation costs, that should generate even more margins. So if you could explore this issue of volume once again, I would appreciate.
Second question, we saw an improvement of around [two] days for receiving payments. Do you understand that this is another issue connected to the sector, that all other payers are not receiving the impacts of the first quarter? Or do you think that this is more because of an internal work that you did with the players or with the payers?
Thank you. I will start by addressing the question of volume. This volume, for it to grow, it grew in operation both for the inpatient and also in the cancer center unit. As we said, once again, in the last quarter, organically, 23% of growth in volume at a base of the same units year-over-year, and it is not a problem. The capacity of clinics is not a problem because we still operate with an installed capacity that is very comfortable.
I would say we use an average indicator of around 40% in installed capacity that is additional in our clinic. Also remembering that the clinics are very flexible from the point of view of agenda. You can increase the schedules for services. You can change that. We can handle that with more freedom. For the inpatient units, we see that it is much more because of the clinical body as a main factor increasing capacity. Then, of course, the focus of the company attracts and retains more talents for doctors. As it stands about the average red line for receiving payments for receivables. When we shared our results at the end of 2022, we mentioned that we were expecting an improvement in the dynamic of days for receivables after the second quarter.
Because taking into account what the readjustments that the health plan expected to implement with their clients for their base of beneficiaries, we knew that at some point or what we an initial point of inflection in the claims plans, and that this would be reflected in the cash flows and then consequentially to us providers. The combination of that with a very active posture of the company, with a very systematic program to bring together the payers, focusing on receivables and a very close relationship with them, understanding their pains and their difficulties. The combination of both of these factors have brought the improvement of two days, which we have already seen sequentially as the average deadline of receivable. I think it is still too early to say we are not going to risk any kind of prediction on how that will behave in the future.
We have more control with the average deadlines after negotiating with our suppliers, but we do not have so much control from the suppliers because it really depends on factorial factors, but it is already a very encouraging sign.
Excellent. Thank you. That was very clear, Cris.
The next question is from Gustavo Miele from Goldman Sachs.
Good morning, Bruno and Cris. Thank you so much for the presentation. I would like to ask two very quick questions. It is more strategic. I would like to hear more about the partnership with the Santos group that you started in May. I wanted to understand in this pre-operational scope, what kind of exchange of knowledge have you had with the Santos group? They have an inpatient oncological perspective and less outpatient, which adds a lot of complexity.
I would like to know if there is any protocol or if there is anything that you can exchange with the Santos group, because it is very important to your operation. If you could share with us some of what you understand on this, it would be great. The second question, sorry to insist on the subject of organic growth, but the company changed a lot of its operations in the last 12 months. I would like to understand what the concentration is of the readjustments in the company with the payers today. How much of the readjustments should we see in the third or fourth quarter to understand exactly what has been the organic growth? That will lose relevance once price gains more space. If you could discuss a bit more this dynamic, it would be great.
Thank you. Hello. Thank you. Bruno speaking.
About the Santos group, three weeks ago, we delivered the preliminary documents to CADE. This is a very important milestone for us to bring this into effect from the point of view of business in the fastest way possible. But within the lines of what CADE allows, there is still a lot of attraction between the doctors of Oncoclínicas and the physicians of the Santos group, so radio oncologists and image oncologists. That had already existed between Unity and the Santos group with a commercial agreement before this large agreement with Oncoclínicas. This door has already been an open door before. Of course, what will happen is with the approval, this kind of integration will happen even faster.
We felt that when we integrated the clinics of Brasília with Unity, we are sure that the same thing is going to happen between the Oncoclínicas group and the Santos group. There is a lot of goodwill, a lot of need from both groups, that this happens in a timely manner. With no exchange of strategic information, as CADE defines, we already have a working group to make this happen in a relatively timely way. In relation to the adjustments with the payers, I just want to remind you that the government releases this every year in June, and then this is applied to the payers. What is paid to the suppliers, it is only in August, and so some were implemented more quickly and others more slowly, and that also depends on changes in the tables. This is a process. It is more of a process.
The interesting thing here is that it has happened as a dynamic, that it has always happened. I am going to pass the floor to Cris because he can give you more detail and clarity in terms of months.
Thank you, Bruno. Clearly, when we look at the increase of the average ticket over a sequence, it increased 1.4% in the first quarter against the fourth quarter of 2022, and now it increased 1.5% from the first to second quarter of 2023. We already have an accumulated volume of 3.3% or 3.5%. In line with what Bruno said, we have this more concentrated increase in the second quarter of the year, the second semester of the year because of the anniversaries of the contracts and when most of the adjustments happen. It is reasonable to say that we have already reached around 40% in the dynamic in the evolution of the average ticket for the year, and there is 60% more to go in the second semester.
That was very clear. Thank you, Cris, Bruno.
Thank you.
The next question is from [Ian Siskind] from BTG Pactual.
Good morning, Bruno, Cris, Rodrigo. There are two questions from me. First is about exclusivity rights with the physicians. There are some exclusivity rights that went down a lot, around BRL 15 million, so BRL 6 million in this semester. I just wanted to understand more about the granularity of this sequential change. If you could share with me the number of physicians with which you closed new exclusivity deals this semester and how you imagine the next semester to behave. That would be the first question.
The next question is about the agreement with Porto Seguro. If you could give us a little more color on the expected size of this partnership for the future, any contributions that you expect in revenue over 2024, just to understand a few high-level details from the vision that you have, if you could share with us. Thank you so much.
Hello, [Ian]. About the exclusivity rate, we had in this quarter an addition on this line of [BRL 5 million-BRL 6 million]. So it was a value that was much lower than what we saw in the previous quarter. This is completely connected to the number of physicians that were brought in with the regime of exclusivity. We saw in this quarter a total of 12 physicians, so a much lower volume than what we had seen in some of the previous quarters.
Ugly as it sounds, this number is a number that is going to behave completely because of the entry of new physicians in that quarter and how many of those physicians will have a clause of exclusivity in their bonds with the company. So there is a movement that it certainly tends to be erratic or, let us say, difficult to foresee. Although we have a team that is 100% focused on this, and of course, we have our annual goals, the negotiations happen, and they mature at different moments.
So you can have a quarter where you were able to sign up dozens of physicians, and then there are quarters in which it will happen on a smaller proportion. I think what is important to mention here is that this work started a year ago, and now we are talking not only about oncologists, but also physicians and other specialized.
In relation to some of the cancer centers, we are ramping up. While these 12 are 12 clinical oncologists, we will continue with this program. This team continues not only to attract, but also to develop and retain these talents, which is a very important issue for us, and it accelerates whenever we see moments of acceleration, when we are talking about opening cancer centers, because we are not bringing in only a physician, we are bringing in a team. That is exactly what happened in these first 12 months since we started the program.
The other one was about Porto, [Ian]. This is an operation that the closing happened during the second quarter, but operationally, it started in July.
We do not have a guidance for those on what this partnership will bring us in terms of revenue and EBITDA, but what we can say is that we started now the operation in July, and we have an estimate of accelerating it over the second semester. Remembering that we are talking about a health plan with more or less 500,000 lives. That is a large concentration in São Paulo and in a smaller proportion in Rio de Janeiro, but that have a BT or a plan from the point of view of growth, which we seek to attain, that is very aggressive. I think what is important to say is that we have a strategic team, our strategic team, and they are working with us. We already had our kickoff meeting together, so it is in their interest and in our interest that this happens quickly.
We have a goal of making sure this happens, that the integration happens over the second semester, and with the workforce that we have, that is very It is important that this happens. We are sure that we will be able to extract the most in the fourth quarter. This is going to be reflected in our assistance numbers.
Thank you, Bruno and Cris.
Thank you.
The next question is from Leandro Bastos do Citi.
Hello, good morning, everyone. Actually, I have two questions. The first is, could you talk about the number of new diagnoses compared to pre-pandemic numbers and new treatments, just so we can understand exactly the dynamic I think it would make things clearer for us. That is one question. The other one is about the working capital. Here we have two questions.
The first one is, what we can expect after the second quarter, and could you tell us more about the strategy? If you have any new suppliers, if you could give us more color on that.
Thank you. Leandro, your sound was not so loud. But if I understood your question well, you want us to talk about the repressed amount of new diagnoses. No, we do not see that anymore. We think that it is a trend that we see. The pandemic is behind us now. It is no longer a repressed demand. Now they are new cases that we are capturing, and we are still waiting for the publications that will come out over next year because of the worsening of survival rates because of the pandemic.
But we also think that in the last 12 months, that the number of early diagnoses have also increased in relation to pre-pandemic levels. We think that this is definitely, as we said, gains in market share and not repressed volume and the increase of new patients in our units and, of course, what we were talking about two minutes ago, also because of the attraction and retention of new talents and physicians. That is a very important point.
The second question, it was about working capital. Leandro, I will answer that question.
We see this new reality now of less net days of working capital, less in the future above all, because if we look at the advance that we had in the quarter, it has come above all from the increase in the average deadlines with suppliers, which once again, is something that we built together above all with the pharmaceutical industry. There we talk about around 15 suppliers of medications, and that is long-lasting because it was a new negotiation. As we said previously, the deadline for receivables also showed an improvement. That is a variable which we have less control over, but it affected us less in terms of these improvements from the average deadline.
Thank you for that answer.
The next question is from JP Morgan.
Thank you. The conversion of EBITDA into structural cash that the company should have, especially after the corporate restructuring that you expect in the second quarter and the leverage. The second question is, of course, in relation to taxes. What are the next steps for you to reach the normalized levels of cost divisions? After the ramp-up with Porto Seguro, I would like to know if we should continue thinking about in the future.
Thank you. Hello, [Joel]. About the first question, conversion of EBITDA and cash flow. We work with a scenario of conversion between 40% and 50%, looking at EBITDA for operational cash flow.
For this year of 2023, taking into account the effective amount which will not have been from 34% of the whole year, this is a level that we only estimate to reach in the fourth quarter, and the advances which we have made show that the company is going in that direction. But for this year of 2023, which will be a year, let's say the middle path between a year when we started with [45%, 50%,] and then expect to finish with 34% of effective amount within 40%. What we saw in the second quarter was that the company [zeroed] what had been its cash operational flow in the first quarter. Now remembering that the second and fourth quarter are always going to be stronger in cash operational flow because of the seasonal aspect of our business.
We continue to believe that we are on track for the operational generation and conversion of EBITDA to operational cash flow between 40% and 50%. To normalize the effective amount of taxes, we have two large events that are expected and will contribute for this. The first is the incorporation of CTO, which is our operation in Rio de Janeiro, [ex-CLION], removing the operation of inpatient oncology in partnership with Unimed-Rio. We already have the incorporation with a general extraordinary assembly scheduled for the 31st of August. It is very close to deliberate on the version of CTO, which is one of the restructuring in our shareholders, which will happen in the third quarter. After that incorporation, we will have the definitive answer from CADE for the transactions of the 50% transaction in C1, which is an operation which is also inpatient oncology with Unimed-Rio.
Once we close that acquisition, then the next step will also be to incorporate the [CEON] with Oncoclínicas as the holding, and that will make it possible for us to transfer more revenue, mass, and EBITDA, and earnings before taxes, or it will make it go higher. In that way, we will optimize even more the tax fields that come from the financial expansions, which today are predominantly allocated in the second floor, let's say. That will bring us more benefits in reducing the effective amount if we look at the consolidated snapshot. The effective amount of taxes will move lower, but based on these events of shareholder restructuring. It doesn't move in a linear way, but it will go up and down every time there is a new restructuring event in our shareholder structure.
We have one more relative to [CEON], and that's what we believe in our estimates will allow us to, in the fourth quarter, operate with an effective amount of 34%. Finally, about the JV with Porto Seguro deal, how can that impact our reduction of minority shareholders? Maybe while we have growth through JVs, we also have initiatives related to the acquisition of minority acquisitions in operations, some of them that are relevant for the company. I think some examples we can mention are the acquisitions that were made during 2001, especially [UMC and Itaigara ], where we made acquisitions that were predominantly ordered. But there are still relevant stakes that the company has the option to buy in a predefined window of time.
As we move with this purchase of remaining purchases, also taking into consideration the transaction of [CEON], which is very relevant from the point of view of size, we will migrate towards a participation of minority shareholders of around 28%-1 3%, something between 10% and 13%. Then in this, at the second moment, with the purchase of remaining participations and assets like the ones I mentioned, we would go lower than 10% if we look at 2024 forward.
Wonderful. Thank you so much, Cris.
Thank you, [Joel].
The next question is from Caio Moscardini from Santander.
Hello, everyone. Good morning to everyone. If I could ask a question about working capital. I would like to understand more how the working capital operates, which you commented on, since you had a better working capital flow in the second quarter. If you could break that down between receivables or stock, then that would be very helpful. A little bit more on the seasonality of that since our quarter is very short.
Hello, Caio. The seasonality of working capital is more favorable in the third and fourth quarters because of the average time to receivables. Because if we look at the base of payers, since we have relevant exposure for payers that many times are connected, autarquias are connected to federal civil servants or state civil servants, this kind of payer, and in many cases, it operates in a dynamic that is very connected to receiving the resources and adaptation of the budgets, which also happens in the second quarter.
This will perform better in the second semester of the year because of that, and this ends up favoring the average deadline of receivables always in the second semester of the year above on the fourth quarter.
Okay. The fourth quarter has better seasonality than the third quarter?
Yes, historically, it's our best quarter in terms of receivables. It's the fourth quarter.
Thank you.
We close at this moment the questions and answer session. Now, I would like to pass the floor to Dr. Bruno Ferrari for his final considerations. Please, Dr. Bruno, go ahead.
Once again, I would like to thank everyone for their presence in our conference call and for all of the questions. With that, we end our earnings call, and we are continuing to be available to you. Thank you and great afternoon.
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