AMG had a net debt position of $9.4 million as of March 31, 2018. Net debt decreased by $0.9 million and total debt increased by $187.6 million from December 31, 2017.
Cash from operating activities increased by $7.0 million to $24.8 million in the first quarter 2018.
Capital expenditures increased to $22.6 million in the first quarter 2018 compared to $10.9 million in the same period in 2017. Capital spending in the first quarter 2018 included $6.9 million of maintenance capital. The largest expansion capital project was AMG's lithium project in Brazil.
AMG had $519.8 million of total liquidity as of March 31, 2018, following the successful refinancing of AMG's credit facilities during the quarter.
Net Finance Costs
AMG's first quarter 2018 net finance costs increased to $6.5 million compared to $2.0 million in the first quarter 2017. The increase was partially due to the write-off of $2.9 million of costs associated with the previous credit facility, following the refinancing exercise completed in January 2018. In addition, interest expenses associated with AMG's new, long term credit facility increased by $1.7 million, due to higher levels of gross debt and higher interest rates associated with the long term nature of the facility.
SG&A
AMG's first quarter 2018 SG&A expenses were $35.6 million compared to $31.6 million in the first quarter 2017, primarily due to foreign exchange effects related to the strengthening of the euro relative to the dollar and, to a lesser extent, higher personnel costs.
Outlook
As demonstrated in the first quarter of 2018, AMG expects full year 2018 EBITDA to improve considerably compared to the prior year.