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Adjusted cash flows from operating activities
Adjusted cash flows from operating activities, which includes an amount representing the cash flows associated with our 63.1% share of the Atlas facility and excludes the amount associated with the 40% non-controlling interest in the methanol facility in Egypt and changes in non-cash working capital, were $127 million in the first quarter of 2013 compared with $101 million for the fourth quarter of 2012 and $89 million for the first quarter of 2012. The changes in Adjusted cash flows from operating activities resulted from changes in the following:
Q1 2013 Q1 2013 compared with compared with($ millions) Q4 2012 Q1 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Change in Adjusted EBITDA (attributable to Methanex shareholders) $ 30 $ 56Income taxes paid 7 (2)Other (11) (16)----------------------------------------------------------------------------Increase in Adjusted cash flows from operating activities $ 26 $ 38----------------------------------------------------------------------------
Refer to the Additional Information - Supplemental Non-GAAP Measures section for a reconciliation of Adjusted cash flows from operating activities to the most comparable GAAP measure.
During the first quarter of 2013, we paid a quarterly dividend of $0.185 per share, or $18 million. Additionally, on April 24, 2013, the Board of Directors approved an 8 percent increase to our quarterly dividend to shareholders, from $0.185 to $0.20 per share. The increased dividend will apply commencing with the dividend payable June 30, 2013 to holders of common shares of record on June 16, 2013.
We operate in a highly competitive commodity industry and believe it is appropriate to maintain a conservative balance sheet and retain financial flexibility. At March 31, 2013, our cash balance was $727 million, including $25 million related to the non-controlling interest in Egypt. We invest our cash only in highly rated instruments that have maturities of three months or less to ensure preservation of capital and appropriate liquidity. We have a strong balance sheet and an undrawn $400 million credit facility provided by highly rated financial institutions that expires in mid-2016.
Our planned capital maintenance expenditure program directed towards maintenance, turnarounds and catalyst changes for existing operations is currently estimated to total approximately $50 million to the end of 2013, excluding the New Zealand operations. We are making good progress with our project to relocate the Chile II facility to Geismar, Louisiana with plant start-up expected by the end of 2014. During the first quarter of 2013, we spent $43 million on the project and the remaining project expenditures are approximately $420 million. We are also making good progress with our initiatives to increase production capacity in Medicine Hat and New Zealand. Remaining capital expenditures for these projects to the end of 2013 is approximately $230 million. We have also committed to relocate a second idle Chile facility to the Geismar site with estimated project costs of $550 million. The second Geismar facility is expected to commence operations in early 2016. We believe that we have the financial capacity to fund these growth initiatives with cash on hand, cash generated from operations and the undrawn bank facility.
