Engine-maker Rolls-Royce has reported a record £4.6bn ($5.7bn) annual loss, weighed down by the pound's steep fall and its recent bribery settlement.
The FTSE 100 engineer said one-off factors, such as £4.4bn of paper losses from currency hedging contracts following a 16% fall in the value of sterling since June's Brexit vote, accounted for the historic decline.
It also revealed last month that it agreed to pay £671m to settle corruption cases with UK, US and Brazilian authorities.
However, underlying pre-tax profits fell 49% to £813m, which was less than analysts has feared. Shares fell just under 3%, or 21p to 719p, in early trading.
Rolls-Royce, which has been a completely separate company to the car-maker since 1971, said demand for its civil aerospace engines "remained robust".
But added sales at its marine engines, which services the oil industry, unit fell 24% last year due to low levels of activity in the oil and gas sector as a result of lower crude prices.
The Derby-based group has been axing thousands of jobs over the last couple of years as part of a cost-cutting overhaul.
The firm declared its full-year dividend at 11.7p, compared to 16.4p a year ago, its first cut since 1992.
Chief executive Warren East took the helm in 2015 and has been tasked with turning round the struggling company.
East said: "While we have made a steady start, more remains to be done. The addition of new management and a renewed focus within the business leadership teams, with clear goals and stronger accountabilities, should provide a strong platform for further progress in 2017."
He added he would reveal further plans about the firm's direction later this year.
The business added that its must continue to make cost savings and "cultural and behavioural changes" in 2017.
East said: "These are essential if we are to become a more trusted, resilient company."
Rolls-Royce has apologised "unreservedly" in January for the corruption case that centred around allegations that the group hired middlemen to broker lucrative deals in a number of countries including China, Nigeria, Brazil, and South Africa.
Leaked documents and testimony from insiders suggested that hired intermediaries had been used to funnel illicit payments to key officials and politicians.
ETX Capital senior market analyst Neil Wilson said that once the one-off factors were stripped out "the results don't look half as bad".
Wilson added: "There are lots of questions for the business about where it's going but this huge loss shouldn't blind investors to some solid fundamentals."