European aircraft manufacturer Airbus on Thursday reported billions in losses for 2019 after being hit with heavy fines related to corruption and bribery allegations.
The Toulouse-based manufacturer reported a net loss of €1.36 billion ($1.49 billion) for the 2019 fiscal year.
Airbus had reported net profits of €3 billion in 2018.
It is the aerospace and defense giant’s first net loss since 2009.
Allegations of bribes for contracts
Airbus had agreed to fines of €3.6 billion after being subject to bribery and corruption investigations related to dealings in France, Britain, and the US between 2004 and 2016.
Investigations began in 2016 following a voluntary disclosure by the company. Authorities had investigated allegations that bribes were paid in exchange for contracts for the sale of civilian aircraft and satellites.
The entire upper management team has since stepped down.
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Airbus also revised down its expections for exports of its A400M military transport aircraft, incurring further costs €1.2 billion on its bottom line in 2019.
Airbus said it plans to deliver around 880 commercial planes in 2020 versus 863 in 2019.