Cash flow Frontline plc

Equities

FRO

CY0200352116

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 21:00:02 22/04/2026 BST			5-day change	1st Jan Change
34.66 ^USD	-2.04%		-2.34%	+58.85%

04-22	Evercore ISI Downgrades Frontline to In Line From Outperform, Cuts Price Target to $38 From $46	MT
03-28	Frontline plc Announces Resignation of Director Richard C. Prince	CI

56eb9c0adad5c163aa5ea998b6c.etXESINbTXFej0molb70KR_JUCZWPI-4AWlKFwlUW-o.A7uqPrQeDzYU4D2cxNCrQUu7BEIhRPrpZyB5XEsaF65PvoMatQwcKwzMCA

Published financial data: FRONTLINE PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	735M	1.43B	1.8B	2.05B	1.97B
Other Revenues, Total	14.15M	-	-	-	-
Total Revenues	749M	1.43B	1.8B	2.05B	1.97B
Cost of Goods Sold, Total	569M	781M	795M	1.01B	993M
Gross Profit	181M	650M	1.01B	1.04B	973M
Selling General & Admin Expenses, Total	27.89M	47.37M	53.53M	36.09M	51.37M
Provision for Bad Debts	-	-	-	-	-
Depreciation & Amortization - (IS)	148M	165M	231M	339M	328M
Other Operating Expenses	-4.44M	-482K	-41K	-42K	-140K
Other Operating Expenses, Total	171M	212M	284M	375M	380M
Operating Income	9.46M	437M	723M	670M	593M
Interest Expense, Total	-43.93M	-45.09M	-170M	-293M	-232M
Interest And Investment Income	119K	3.04M	53.35M	20.32M	19.98M
Net Interest Expenses	-43.81M	-42.05M	-117M	-273M	-212M
Income (Loss) On Equity Invest.	-724K	14.24M	3.38M	-599K	1.06M
Currency Exchange Gains (Loss)	-116K	16K	1.23M	-710K	-59K
Other Non Operating Income (Expenses)	18.24M	2.28M	1.14M	-947K	-1.2M
EBT, Excl. Unusual Items	-16.95M	412M	611M	395M	381M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	7.68M	58.36M	22.99M	-3.4M	-1.6M
Gain (Loss) On Sale Of Assets	5.06M	4.6M	21.96M	112M	5.93M
Asset Writedown	-	-	-	-	-
Insurance Settlements	-	1.5M	-	-	-
Legal Settlements	-	-	397K	-	-
Other Unusual Items	-2.3M	-431K	-	-	-
EBT, Incl. Unusual Items	-6.52M	476M	657M	503M	385M
Income Tax Expense	4.63M	412K	205K	7.67M	6.02M
Earnings From Continuing Operations	-11.15M	476M	656M	496M	379M
Net Income to Company	-11.15M	476M	656M	496M	379M
Minority Interest	-	-	-	-	-
Net Income - (IS)	-11.15M	476M	656M	496M	379M
Net Income to Common Incl Extra Items	-11.15M	476M	656M	496M	379M
Net Income to Common Excl. Extra Items	-11.15M	476M	656M	496M	379M
Per Share Items
Net EPS - Basic	-0.06	2.22	2.95	2.23	1.7
Basic EPS - Continuing Operations	-0.06	2.22	2.95	2.23	1.7
Basic Weighted Average Shares Outstanding	199M	214M	223M	223M	223M
Net EPS - Diluted	-0.06	2.22	2.95	2.23	1.7
Diluted EPS - Continuing Operations	-0.06	2.22	2.95	2.23	1.7
Diluted Weighted Average Shares Outstanding	199M	214M	223M	223M	223M
Normalized Basic EPS	-0.05	1.2	1.72	1.11	1.07
Normalized Diluted EPS	-0.05	1.2	1.72	1.11	1.07
Dividend Per Share	-	1.22	2.17	1.78	1.76
Payout Ratio	-	7.02	97.34	87.6	54.62
Supplemental Items
EBITDA	152M	597M	935M	985M	898M
EBITA	4.41M	435M	723M	670M	593M
EBIT	9.46M	437M	723M	670M	593M
EBITDAR	156M	600M	936M	986M	-
Total Revenues (As Reported)	-	1.44B	1.83B	2.16B	1.97B
Effective Tax Rate - (Ratio)	-71.11	0.09	0.03	1.52	1.56
Normalized Net Income	-10.59M	257M	382M	247M	238M
Interest Capitalized	2.05M	3.64M	134K	-	-
Interest on Long-Term Debt	14.14M	17.87M	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	26.49M	47.37M	53.53M	36.09M	51.37M
Net Rental Expense, Total	4.1M	3.1M	900K	900K	-
Imputed Operating Lease Interest Expense	659K	506K	420K	586K	-
Imputed Operating Lease Depreciation	3.44M	2.59M	480K	314K	-
Stock-Based Comp., G&A Exp. (Total)	-	-	11.25M	-1.42M	9.87M
Stock-Based Comp., Other (Total)	200K	4.7M	-	-765K	-
Total Stock-Based Compensation	200K	4.7M	11.25M	-2.19M	9.87M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	113M	255M	308M	414M	251M
Short Term Investments	2.44M	236M	7.43M	4.03M	2.07M
Trading Asset Securities, Total	-	-	-	2M	295K
Total Cash And Short Term Investments	116M	491M	316M	420M	254M
Accounts Receivable, Total	106M	237M	242M	226M	278M
Other Receivables	17.9M	23.48M	11.91M	11.32M	10.46M
Total Receivables	124M	261M	254M	238M	288M
Inventory	80.79M	107M	135M	137M	120M
Prepaid Expenses	8.9M	14.26M	15.75M	14.46M	22.43M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	3.85M	8.24M	7.26M	17.3M	22.86M
Total Current Assets	333M	881M	728M	826M	707M
Gross Property Plant And Equipment	4.4B	4.58B	5.62B	6.08B	6.03B
Accumulated Depreciation	-739M	-875M	-988M	-829M	-1.12B
Net Property Plant And Equipment	3.66B	3.7B	4.64B	5.25B	4.91B
Long-term Investments	10.23M	70.3M	51.5M	34.21M	17.52M
Goodwill	112M	112M	112M	112M	112M
Accounts Receivable Long-Term	-	-	-	-	-
Loans Receivable Long-Term	1.39M	1.39M	-	-	-
Other Long-Term Assets, Total	3.06M	1.51M	355M	-	4.41M
Total Assets	4.12B	4.77B	5.88B	6.22B	5.75B
Liabilities
Accounts Payable, Total	2.33M	7.99M	7.8M	5.98M	10.61M
Accrued Expenses, Total	42.52M	64.23M	72.92M	75.38M	111M
Current Portion of Long-Term Debt	189M	278M	262M	460M	321M
Current Portion of Leases	8.72M	1.02M	1.1M	1.15M	-
Current Income Taxes Payable	315K	-	-	-	-
Unearned Revenue Current, Total	3.12M	-	-	2.63M	2.63M
Other Current Liabilities	46.38M	40.56M	65.23M	50.19M	50.06M
Total Current Liabilities	293M	392M	409M	596M	495M
Long-Term Debt	2.13B	2.11B	3.19B	2.77B	2.27B
Long-Term Leases	43.98M	2.37M	1.43M	513M	478M
Other Non Current Liabilities	992K	2.05M	472K	452K	818K
Total Liabilities	2.46B	2.51B	3.61B	3.88B	3.24B
Common Stock, Total	204M	223M	223M	223M	223M
Additional Paid In Capital	1.45B	1.61B	1.61B	1.61B	1.61B
Retained Earnings	-3.13M	429M	446M	507M	680M
Comprehensive Income and Other	228K	454K	415K	1.78M	437K
Total Common Equity	1.65B	2.26B	2.28B	2.34B	2.51B
Minority Interest	-472K	-472K	-472K	-472K	-472K
Total Equity	1.65B	2.26B	2.28B	2.34B	2.51B
Total Liabilities And Equity	4.12B	4.77B	5.88B	6.22B	5.75B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	204M	223M	223M	223M	223M
ECS Total Common Shares Outstanding	204M	223M	223M	223M	223M
Book Value / Share	8.12	10.15	10.23	10.51	11.28
Tangible Book Value	1.54B	2.15B	2.17B	2.23B	2.4B
Tangible Book Value Per Share	7.57	9.65	9.73	10.01	10.78
Total Debt	2.37B	2.39B	3.46B	3.75B	3.07B
Net Debt	2.25B	1.9B	3.14B	3.33B	2.81B
Debt Equivalent Oper. Leases	32.76M	24.8M	7.2M	7.2M	-
Minority Interest, Total (Incl. Fin. Div)	-472K	-472K	-472K	-472K	-472K
Equity Method Investments, Total	555K	16.3M	12.39M	11.79M	8.79M
Account Code - Inventory Valuation	5	5	5	5	5
Buildings, Total	131M	47.99M	-	-	-
Machinery, Total	4.16B	4.52B	5.61B	6.07B	6.03B
Full Time Employees	79	78	88	85	85
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.9M	4.4M	4.3M	6.4M	1.9M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-11.15M	476M	656M	496M	379M
Depreciation & Amortization - CF	148M	165M	213M	316M	305M
Amortization of Goodwill and Intangible Assets - (CF)	-5.04M	-2.81M	-	-	-
Depreciation & Amortization, Total	143M	162M	213M	316M	305M
Amortization of Deferred Charges, Total - (CF)	5.21M	5.55M	17.98M	22.75M	23.16M
(Gain) Loss From Sale Of Asset	-5.06M	-4.6M	-21.96M	-112M	-5.93M
(Gain) Loss on Sale of Investments - (CF)	-7.68M	-112M	-31.03M	-5.8M	2.38M
Asset Writedown & Restructuring Costs	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	724K	-14.24M	3.92M	599K	-1.06M
Stock-Based Compensation (CF)	-	4.7M	10.72M	-2.19M	5.56M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-26.44M	10.11M	15.66M	24.91M	5.46M
Change In Accounts Receivable	-26.24M	-132M	10.84M	7.04M	-45.93M
Change In Inventories	-22.93M	-26.41M	-28.25M	-2.32M	16.89M
Change In Accounts Payable	-5.53M	5.67M	-193K	3.4M	21.36M
Change in Other Net Operating Assets	19.29M	10.36M	9.08M	-11.86M	-23.82M
Cash from Operations	62.93M	385M	856M	736M	682M
Capital Expenditure	-462M	-336M	-1.63B	-915M	-12.53M
Sale of Property, Plant, and Equipment	80M	80M	143M	432M	37.15M
Divestitures	5.62M	-	-	-	-
Investment in Marketable and Equity Securities, Total	13.72M	-1.5M	252M	-	360K
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	-	1.39M	-	-
Cash from Investing	-363M	-257M	-1.24B	-483M	24.98M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	404M	651M	1.61B	2.17B	1.43B
Total Debt Issued	404M	651M	1.61B	2.17B	1.43B
Long-Term Debt Repaid, Total	-225M	-600M	-537M	-1.88B	-2.1B
Total Debt Repaid	-225M	-600M	-537M	-1.88B	-2.1B
Issuance of Common Stock	52.45M	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-	-33.39M	-639M	-434M	-207M
Common & Preferred Stock Dividends Paid	-	-33.39M	-639M	-434M	-207M
Other Financing Activities, Total	-8.05M	-4.46M	-	-	-
Cash from Financing	224M	13.44M	433M	-148M	-870M
Net Change in Cash	-76.58M	141M	53.8M	105M	-162M
Supplemental Items
Cash Interest Paid	54.65M	83.04M	165M	275M	230M
Cash Income Tax Paid (Refund)	4.99M	199K	122K	4.53M	2.74M
Levered Free Cash Flow	-359M	-57.82M	-1.03B	-349M	544M
Unlevered Free Cash Flow	-332M	-35.19M	-926M	-166M	689M
Change In Net Working Capital	23.53M	140M	-11.24M	6.05M	7.08M
Net Debt Issued / Repaid	179M	51.29M	1.07B	286M	-663M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.15	6.16	8.48	6.92	6.19
Return on Total Capital	0.15	6.3	8.69	7.08	6.35
Return On Equity %	-0.68	24.37	28.93	21.47	15.63
Return on Common Equity	-0.68	24.37	28.93	21.46	15.63
Margin Analysis
Gross Profit Margin %	24.11	45.41	55.88	50.95	49.49
SG&A Margin	3.72	3.31	2.97	1.76	2.61
EBITDA Margin %	20.31	41.71	51.87	48.05	45.7
EBITA Margin %	0.59	30.39	40.1	32.66	30.17
EBIT Margin %	1.26	30.59	40.1	32.66	30.17
Income From Continuing Operations Margin %	-1.49	33.25	36.42	24.17	19.29
Net Income Margin %	-1.49	33.25	36.42	24.17	19.29
Net Avail. For Common Margin %	-1.49	33.25	36.42	24.17	19.29
Normalized Net Income Margin	-1.41	18	21.2	12.03	12.11
Levered Free Cash Flow Margin	-47.95	-4.04	-57.31	-17.02	27.7
Unlevered Free Cash Flow Margin	-44.29	-2.46	-51.4	-8.09	35.07
Asset Turnover
Asset Turnover	0.19	0.32	0.34	0.34	0.33
Fixed Assets Turnover	0.21	0.39	0.43	0.41	0.39
Receivables Turnover (Average Receivables)	7.89	8.34	7.37	8.75	7.8
Inventory Turnover (Average Inventory)	8.2	8.31	6.56	7.39	7.72
Short Term Liquidity
Current Ratio	1.14	2.25	1.78	1.39	1.43
Quick Ratio	0.82	1.92	1.39	1.1	1.1
Operating Cash Flow to Current Liabilities	0.22	0.98	2.09	1.24	1.38
Days Sales Outstanding (Average Receivables)	46.25	43.76	49.49	41.81	46.82
Days Outstanding Inventory (Average Inventory)	44.49	43.92	55.61	49.52	47.26
Average Days Payable Outstanding	3.14	2.33	3.5	2.5	3.1
Cash Conversion Cycle (Average Days)	87.6	85.35	101.6	88.83	90.98
Long Term Solvency
Total Debt/Equity	143.35	105.92	151.89	160.07	122.18
Total Debt / Total Capital	58.91	51.44	60.3	61.55	54.99
LT Debt/Equity	131.37	93.58	140.33	140.35	109.41
Long-Term Debt / Total Capital	53.98	45.44	55.71	53.97	49.25
Total Liabilities / Total Assets	59.86	52.61	61.29	62.38	56.36
EBIT / Interest Expense	0.22	9.7	4.24	2.28	2.56
EBITDA / Interest Expense	3.56	13.3	5.49	3.36	3.87
(EBITDA - Capex) / Interest Expense	-6.97	5.85	-4.08	0.24	3.82
Total Debt / EBITDA	15.16	3.99	3.7	3.8	3.42
Net Debt / EBITDA	14.42	3.17	3.36	3.37	3.13
Total Debt / (EBITDA - Capex)	-7.74	9.07	-4.97	52.94	3.46
Net Debt / (EBITDA - Capex)	-7.36	7.21	-4.52	47.01	3.18
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-38.64	90.85	26.01	13.77	-4.16
Gross Profit, 1 Yr. Growth %	-73.25	237.51	55.05	3.74	-6.91
EBITDA, 1 Yr. Growth %	-75.15	292.07	61.04	5.2	-8.91
EBITA, 1 Yr. Growth %	-99.07	-138K	66.2	-7.55	-11.47
EBIT, 1 Yr. Growth %	-98.02	9.15K	65.14	-7.55	-11.47
Earnings From Cont. Operations, 1 Yr. Growth %	-102.7	-3.28K	38.04	-24.5	-23.51
Net Income, 1 Yr. Growth %	-102.7	-3.28K	38.04	-24.5	-23.51
Normalized Net Income, 1 Yr. Growth %	-104.4	-2.04K	49.3	-35.45	-3.5
Diluted EPS Before Extra, 1 Yr. Growth %	-102.87	-2.88K	32.7	-24.5	-23.51
Accounts Receivable, 1 Yr. Growth %	31.41	124.15	-1.85	-6.49	22.68
Inventory, 1 Yr. Growth %	39.63	32.59	26.18	1.36	-12.36
Net Property, Plant and Equip., 1 Yr. Growth %	7.01	1.51	25.22	13.22	-6.4
Total Assets, 1 Yr. Growth %	5.08	16.12	23.37	5.75	-7.51
Tangible Book Value, 1 Yr. Growth %	2.73	40.38	0.81	2.9	7.66
Common Equity, 1 Yr. Growth %	2.54	37.62	0.77	2.76	7.29
Cash From Operations, 1 Yr. Growth %	-89.58	351.94	122.19	-13.99	-7.33
Capital Expenditures, 1 Yr. Growth %	-36.16	-29.12	385.81	-43.9	-98.63
Levered Free Cash Flow, 1 Yr. Growth %	23.36	-84.43	1.53K	-66.17	-255.91
Unlevered Free Cash Flow, 1 Yr. Growth %	41.48	-89.92	2.54K	-82.08	-515.35
Dividend Per Share, 1 Yr. Growth %	-	-	77.87	-17.97	-1.12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-11.49	8.22	55.08	19.73	4.42
Gross Profit, 2 Yr. CAGR %	-32.42	-1.94	128.76	26.83	-1.73
EBITDA, 2 Yr. CAGR %	-34.34	-1.3	161.81	30.3	-2.11
EBITA, 2 Yr. CAGR %	-86.3	-4.21	7.97K	24.12	-9.53
EBIT, 2 Yr. CAGR %	-79.94	-4.31	1.11K	23.72	-9.53
Earnings From Cont. Operations, 2 Yr. CAGR %	-71.78	7.3	562.38	2.09	-24.01
Net Income, 2 Yr. CAGR %	-71.78	7.32	562.38	2.09	-24.01
Normalized Net Income, 2 Yr. CAGR %	-64.54	3.42	436.58	-1.83	-21.07
Diluted EPS Before Extra, 2 Yr. CAGR %	-72.26	3.06	526.2	0.09	-24.01
Accounts Receivable, 2 Yr. CAGR %	-12.98	71.62	51.27	-4.2	7.11
Inventory, 2 Yr. CAGR %	10.08	36.06	29.35	13.09	-5.75
Net Property, Plant and Equip., 2 Yr. CAGR %	9.39	4.07	12.74	19.07	2.94
Total Assets, 2 Yr. CAGR %	5.52	10.32	19.69	14.22	-1.1
Tangible Book Value, 2 Yr. CAGR %	4.99	19.68	18.96	1.85	5.25
Common Equity, 2 Yr. CAGR %	4.63	18.41	17.76	1.76	5
Cash From Operations, 2 Yr. CAGR %	-52.61	-20.13	216.89	38.24	-10.72
Capital Expenditures, 2 Yr. CAGR %	53.61	-31.91	85.57	65.09	-91.24
Levered Free Cash Flow, 2 Yr. CAGR %	350.24	-55.45	65.65	134.71	-27.37
Unlevered Free Cash Flow, 2 Yr. CAGR %	99.9	-61.27	62.94	117.12	-13.69
Dividend Per Share, 2 Yr. CAGR %	-	0.83	-	20.79	-9.94
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.38	14.35	13.85	39.87	11.17
Gross Profit, 3 Yr. CAGR %	-5.09	17.96	14.24	75.75	14.4
EBITDA, 3 Yr. CAGR %	-7.72	19.12	15.14	93.31	15.67
EBITA, 3 Yr. CAGR %	-60.41	22.73	15.12	1.72K	10.9
EBIT, 3 Yr. CAGR %	-48.95	23	14.8	413.9	10.66
Earnings From Cont. Operations, 3 Yr. CAGR %	9.9	50.33	16.7	221.16	-7.28
Net Income, 3 Yr. CAGR %	7.88	50.33	16.71	221.16	-7.28
Normalized Net Income, 3 Yr. CAGR %	0.54	45.12	16.64	164.88	-2.39
Diluted EPS Before Extra, 3 Yr. CAGR %	4.69	41.72	12.16	209.35	-8.49
Accounts Receivable, 3 Yr. CAGR %	-5.63	19.28	44.33	28.86	4.03
Inventory, 3 Yr. CAGR %	5.52	17.13	32.69	19.25	3.88
Net Property, Plant and Equip., 3 Yr. CAGR %	11.76	6.59	10.69	12.9	9.89
Total Assets, 3 Yr. CAGR %	10.18	8.85	14.51	14.85	6.46
Tangible Book Value, 3 Yr. CAGR %	13.58	15.4	13.03	13.35	3.75
Common Equity, 3 Yr. CAGR %	12.41	14.39	12.21	12.53	3.57
Cash From Operations, 3 Yr. CAGR %	10.88	11.21	12.33	105.17	20.99
Capital Expenditures, 3 Yr. CAGR %	28.82	19.67	31.08	24.55	-66.58
Levered Free Cash Flow, 3 Yr. CAGR %	41.11	48.3	52.49	-2.49	104.81
Unlevered Free Cash Flow, 3 Yr. CAGR %	66.24	-24.89	58.06	-21.96	169.58
Dividend Per Share, 3 Yr. CAGR %	-	34.63	21.83	-	12.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.07	17.28	19.45	16.47	9.98
Gross Profit, 5 Yr. CAGR %	-14.87	23.1	36.65	21.43	7.56
EBITDA, 5 Yr. CAGR %	-16.45	22.26	37	22.79	7.96
EBITA, 5 Yr. CAGR %	-54.76	41.5	59.01	23.29	4.59
EBIT, 5 Yr. CAGR %	-47.61	41.69	59.01	23.29	4.41
Earnings From Cont. Operations, 5 Yr. CAGR %	-37.57	12.46	139.11	28.77	-1.7
Net Income, 5 Yr. CAGR %	-37.51	12.42	136.46	28.77	-1.69
Normalized Net Income, 5 Yr. CAGR %	-38.24	116.43	105.51	23.96	-0.23
Diluted EPS Before Extra, 5 Yr. CAGR %	-39.58	7.31	123.99	23.34	-4.02
Accounts Receivable, 5 Yr. CAGR %	0.11	19.28	13.97	10.13	28.1
Inventory, 5 Yr. CAGR %	16.46	11.66	14.47	15.5	15.72
Net Property, Plant and Equip., 5 Yr. CAGR %	9.51	6.73	12.09	11.42	7.52
Total Assets, 5 Yr. CAGR %	6.78	8.76	13.83	10.96	7.99
Tangible Book Value, 5 Yr. CAGR %	3.87	14.85	15.55	9.78	9.85
Common Equity, 5 Yr. CAGR %	1.97	13.74	14.37	9.16	9.27
Cash From Operations, 5 Yr. CAGR %	-26.13	24.18	79.32	21.32	2.47
Capital Expenditures, 5 Yr. CAGR %	-5.77	-13.99	49.8	36.1	-55.58
Levered Free Cash Flow, 5 Yr. CAGR %	-1.63	-37	51.86	81.49	13.32
Unlevered Free Cash Flow, 5 Yr. CAGR %	-1.39	-42.05	66.57	14.83	24.05
Dividend Per Share, 5 Yr. CAGR %	-	52.07	-	28.91	7.96