A bribery settlement and the fall in the pound have pushed engineering giant Rolls-Royce to a record loss.
The jet engine maker reported a loss before tax of £4.6bn for 2016.
Earlier this year, the company agreed to pay £671m to settle corruption cases with UK and US authorities.
As most aerospace deals are done in dollars it was hit hard by the post-Brexit vote slump in the pound, and it has written off £4.4bn from currency related contracts.
In its statement, the firm said the outlook for this year was for a “modest performance improvement”, while chief executive Warren East said more needed to be done to improve profit margins.
“We must ensure our wide ranging business transformation programme delivers the full benefits expected, not only in terms of cost savings but also the cultural and behavioural changes necessary to ensure the transformation is sustained and high standards of business conduct are maintained,” said Mr East.
“These are essential if we are to become a more trusted, resilient company.”