Ladies and gentlemen, thank you for standing by. I'm Constantinos, your conference call operator. Welcome, and thank you for joining the MedLife conference call to present and discuss the first half 2022 financial results. At this time, I would like to turn the conference over to Mr. Mihai Marcu, Chairman of the Board and CEO of MedLife Group. Mr. Mihai, you may now proceed.
Thank you. Good afternoon, everybody, and thank you for participating to our conference of the first semester of this year results. I'm here together with Mr. Dorin Preda, the board member and executive in treasury and finance. Mr. Adrian Lungu, that is the CFO of our group, and Alina Irinoiu, that is the Deputy CFO and also our IR manager. I'll invite her actually to make the presentation that I mean you received by email, or you could find it on the website, on the BVB website. Of course, after that, we are waiting on the Q&A session. Thank you again for participating. Alina, please go on.
Hello, everybody. Thanks, Mihai, for the introduction, and thank you all for joining the conference call. As usual, I will start the presentation by presenting the highlights of this period, the six-month period, followed by a financial overview, going through the consolidated statement of profit and loss, the consolidated statement of financial position, and the last one, the consolidated statement of cash flow. As a snapshot for this period, in terms of pro forma consolidated sales, the first half of 2022 ended with RON 865 million, which represents an increase by 28% compared to the first half of last year. From an IFRS point of view, sales of RON 860 million increased by 27% compared to first half 2021.
In terms of like-for-like increase, there was a 5% increase based on the one-off COVID demand in 2021. The group managed to compensate the drop in COVID-related demand in 2022, providing a strong organic growth of crisis-resilient medical services, evidencing the strength of the business. The sales growth was sustained equally by traffic increase, by organic development projects and acquisitions. The demand for outpatient services remains high, and this is a good indicator for future demand on hospital medical services, laboratory analysis and medical subscriptions, as outpatient unit represents basically the pipeline for the group as a whole. In terms of EBITDA margin, 16.7% pro forma EBITDA margin as compared to 23% IFRS EBITDA margin in the comparative period.
The pro forma EBITDA margin reflects the full effect of some of the acquisitions that we have completed. Here I'm going to list NeoLife that was completed in February, and it's consolidated starting with first of March. LifeMed that was completed in March and is consolidated starting with first of April. ProLife Clinics consolidated starting with first of May. OncoCard Group and Tomorad that are consolidated starting with first of June. Also, we have included the acquisitions that are completed post the reporting date, namely Medicris Oradea Group, Opticristal, and Profilaxis. In terms of the two transactions that are subject to the approval of the competition council and Sweat Concept that it's the closing was not finalized yet at the date of this report. These three are not included in pro forma reporting.
Medicris has a turnover of EUR 4 million in 2021. While Muntenia Hospital of EUR 5.5 million in 2021. Moving to the next slide. In terms of net results, pro forma net result margin of 5.8% as compared to 10.6% IFRS net result margin in the comparative period. The impact on EBITDA and net results margins in the second quarter of 2022 are coming mainly from new unit and the consolidation projects that are short-term dilutive to margin. We are presenting the consolidation period for DENT ESTET Group following several organic development projects that are currently in early stage. Also the fast expansion phase with the 3 completed acquisitions in the past 12 months.
Krondent, the one in Brașov. Oradent, the stomatology center in Oradea. Stomestet which is the stomatology center in Cluj. Also a period of reshape for MedLife Medical Park, which entered its second phase of development. The launching of the new hyperclinic, and expanding the laboratory of molecular biology and pathological anatomy, and also a larger unit to accommodate the research division, which will expand its activity in the oncology area. Are expected to have open days in November. This is something to be announced at a later stage.
Following the relocation of this outpatient unit, the activity of the hospital unit will also be enhanced with new inpatient medical services and medical teams with increased number of surgery rooms, larger preoperative and postoperative units, and also the recalibrated hospital circuit. Moreover, we have intensified the marketing activities during this period, with longer term benefits. In terms of key messages for the six-month period, the investments performed for growth amounted to RON 245 million in the six-month period, which is 4.5 times higher year-on-year. Out of which RON 187 million in acquisitions in M&A, and RON 58 million in organic capital investments.
In 2022, the group expanded footprint by completing 12 strategic acquisitions, which are aimed at strengthening the medical services offered nationally through the group two brands. Because acquisitions were performed both by MedLife brand, but also by Sfânta Maria brand and some important one to consolidate their position nationally. These are usually services towards patients that are addressing services backed by National Health Insurance House. Also the group followed through its strategy of repositioning the business on crisis resilient medical drivers aimed at strengthening the performance response in case of interference of external threats.
Thus consolidated the most powerful oncology and radiotherapy services platform in Romania, which is a crisis resilient segment and a strong growth driver for 2022 and the years to come. Among other acquisitions, it's worth mentioning Opticristal. This is the development towards niche medical services that are aimed to be scaled at the national level. Opticristal being an ophthalmological diagnosis and surgery clinic in Brașov. Also the integration of wellness services through the acquisition of Sweat Concept gyms. For the business as is, continued investment in the current medical infrastructure that will translate into added value for our patients and long-term results for shareholders and investors. To list a few of them is da Vinci for robotic surgery in MedLife Medical Park.
The new inauguration of medical centers at the national level, such as the opening of the two dental clinics in Craiova and Ploiești under DENT ESTET brand. The new hyperclinic, MedLife hyperclinic in Târgu Mureș, but also the launch of some niche medical centers in Arad, Drobeta and Craiova. Last but not least, from the corporate division point of view, during this period, we have launched the group's medical subscriptions to the B2C market. We expanded also services for the small and medium enterprises segment. We developed medical subscription packages for corporate clients that are complemented by insurance solutions. Prevention and medical education programs for employees and the personalized reports on their health status are supplemented by premium concierge doctor service.
Medical assistance at the company headquarters or in any area of the country through mobile medical clinics. As well as, wellness programs for employees supported by, online fitness sessions or, office massage. In terms of, the outlook for 2022 and the years to come, we are going to pursue a balanced approach, both from a medical and business perspective, with, further consolidation of, inpatient services for the acute diseases and oncological diagnostic, and treatment services. These are conditions that cannot be postponed to the next economic cycle, due to pandemics or the geopolitical situation. The investment plan, is focused on completion, of the second stage of development of Medical Park, but also to other projects related to the expansion of hospital network at national level.
We will focus on strengthening the prevention services, having a holistic approach, basically integrating the wellness services along with the outpatient services and the paraclinical investigation. In terms of M&A, there are also some discussions with companies, so either medium or small companies, but the pursuing of the expansion strategy is carefully aligned to the macroeconomic context, both at national and regional level. Now moving to part two of the presentation, regarding the financial overview. As already mentioned, sales increased by 28% as compared to prior periods. In terms of operating expenses, there was an increase by 38%, reaching 794 million RON.
27% decrease in operating profit, reaching 75.2 million RON, translating into 8.7% pro forma EBITDA margin, as opposed to 15% in the same period last year. This is mainly following a decrease in PCR testing and increase in the assets base and corresponding depreciation, because you will see 52 million RON in first half of 2022 as opposed to 69.5 million RON in H1 2022. 7.2% decrease in EBITDA to 144 million RON. Translating into 16.7% pro forma EBITDA margin, following a decrease in PCR testing, which was also offset by robust demand levels in all business lines and expanded service offering and market coverage.
The net result of RON 50 million leading to 5.8% pro forma EBITDA margin. In terms of split of the net result, 91% is pertaining to group owners and 9% to NCI. There were also some additional acquisitions of NCI performed during this period. 10% in Arad group of companies, 10% in Almina, 4% in OncoTeam, and 30% in RMC Hungary. In terms of the pro forma adjustments made, they include the financial results of the acquired companies, with the exception of the three that are not finalized yet, that I mentioned before. This translating to sales of RON 65 million.
Less the subsidies received at group level from National Health Insurance House in relation to the national health program for chemotherapy drugs, and also the exclusion of the one-off expenses originated mainly by the M&A activity. Moving to the next page, the operational KPIs. We present the business line evolution and also a bridge to the pro forma figures. On a pro forma basis, clinics prove to remain the main sales unit of the group, accounting for 35% share in total sales. Here growth was sustained mainly by increased traffic in all outpatient units, but also the new acquisitions performed.
We are confident that traffic in outpatient unit is also a good indicator for further demand in all the other business lines. In terms of hospitals, they represent 90.4% share in total sales. The negative adjustments on hospital being the result of OncoCard consolidation, less the reclass of the subsidies aforementioned in relation to the national health program. If we are looking at the number of patients, we will see that the growth has been sustained mainly by increasing the number of patients by 40% year-on-year. Laboratories represent 12.6% share in total sales.
A decrease by 24% year-on-year due to the decrease in PCR testing, but the PCR testing was partially offset by an increased number of common lab tests. The corporate division, which accounts for 12.5% share in total sales. A subscription growth by 5.5%, reaching a portfolio of 707,000 healthcare prevention packages as at June. Moving to the next slide in terms of operating expenses evolution. It is worth mentioning that the drivers for the increased costs are 3, actually. I will start with a decrease in consumables that is offsetting a bit the other increases.
You will see a decrease in consumable materials and repair materials with 1.8 percentage points of sales, and this is due to the decrease in PCR testing, but it was offset by NeoLife consolidation starting with March. NeoLife has a significant part of its business related to chemotherapy administration for patients. The chemotherapy drug consumables are presented under this line. Increasing commodities with 0.8 percentage points of sales due to the consolidation of the 6 pharmacies acquired last year in July. The pharmaceutical distribution company, which was also integrated starting with August last year. Increasing utilities with 0.5 percentage point of sales following market trends and increasing promotion expenses, which I also mentioned before, with 0.6 percentage points of sales.
This is due to intensified marketing activity with an increase in the marketing campaigns and projects. Moving to the consolidated statement of financial position. You will notice increases in all lines, which corresponds to the consolidation of the important number of acquisitions that we have performed this year. I won't go in much detail unless there are any particular questions in the Q&A session. Other than that, the cash position will be very well explained in the consolidated statement of cash flows at the end of the presentation. Until then, we have also a slide referring to the debt position. You can see a corresponding increase in debt in line with the acquisition projects that we have performed.
There is a 20.8% increase in leasing liability. Here we also illustrate IFRS 16 and for the MedLife Group, but also for the companies that we have acquired. In terms of financial debt, an increase by 35% in the six-month period. From the net debt to EBITDA ratio, there is a 2.9 net debt to EBITDA as compared to 2.1 at the end of 2021. Moving to consolidated statement of cash flow. We can see a stronger cash flow from operations before working capital changes to RON 133 million, which as usually is pretty close to EBITDA, as there are not non-cash items in the EBITDA.
After the cash used in working capital changes and other monetary changes, the net cash from operating activities is RON 85 million. There is a 4.5% increase in investments year-on-year, reaching RON 245 million, mainly in business combinations. While the portion of cash from financing activities is up to RON 130 million, correlating here also the increase that you noticed in the debt position. That would be the presentation for today. Thank you very much. Now we can