Coca-Cola Enterprises, the anchor bottler of the newly formed Coca-Cola European Partners has warned that a “difficult operating environment” will affect 2015 and 2016 full-year performances. It said that currency translation is expected to hurt 2015 per-share numbers by about 18 percent.

In October, the company reported a 15 percent drop in net sales for the first nine months of 2015 and announced a few days ago that net sales in the 12 months of 2015 will be “slightly negative”. However, it is forecasting slightly higher net sales for 2016 full-year.