WRAPUP 1-Downturn fears hit European chemicals makers

* Flavour and fragrance maker Givaudan misses forecast

* Specialty chemicals group Clariant makes wider net loss

* Cosmetics industry supplier Croda falls on outlook fears

* Givaudan falls 8 percent, Croda 5 percent, Clariant 1 percent (Wraps Givaudan, Croda, Clariant)

ZURICH/LONDON, Feb 17 - Two Swiss chemicals companies, Givaudan and Clariant, reported disappointing results on Tuesday and shares in Britain's Croda Croda dropped on worries over consumer spending.

Full-year profit at flavours and fragrances maker Givaudan missed forecasts, though it gave a confident outlook, and Croda's numbers shone, but investors worried about the impact of the global economic slump.

Clariant, which makes pigments for products from textiles to cars, was hit by falling demand from customers in autos and construction, making a wider net loss which missed forecasts.

"The chemicals industry is facing stormy times," Wegelin analyst Marco Schwender said in a note.

Chemicals makers have been hit by high oil costs and cheaper competition from Asian players, and falling demand in the fourth quarter has deepened the wounds.

Last year was the "most tumultuous and difficult year in living memory for the global chemical industry," Croda Chairman Martin Flower said.

Givaudan shares fell 8.1 percent to 757.50 francs by 0945 GMT, versus a 2.3 percent drop in the European chemicals sector. Croda fell 4.9 percent and Clariant lost 2.1 percent.

Givaudan trades at nearly 12 times forecast 2009 earnings, a small premium to Croda. Both are more expensive than U.S. rival International Flavors and Fragrances Inc, which has a multiple of about 10, according to Reuters data.

Clariant trades on a multiple of 7, a discount to the sector and competitors BASF and Lanxess, reflecting its tight margins and poor growth prospects.

DOWNTURN BITES

Full-year net profit at Givaudan -- which makes ingredients for soaps, confectionery, soft drinks and designer perfumes -- rose 19 percent to 111 million Swiss francs ($95.7 million), underpinned by sales in both its divisions but missing forecasts. The group was confident of growing faster than the underlying market in 2009 and proposed a dividend of about 20 francs per share, seeing an easing of its input costs in the second half of the year.

Clariant, which is undergoing a deep restructuring, made a wider fourth-quarter net loss of 207 million francs ($178.4 million) and saw no evidence the global economy will recover soon.

Full-year pretax profits at Croda, which makes ingredients for cosmetics and personal care products, rose 78 percent to 98.4 million pounds ($140.7 million), underpinned by the strength of its market.

Croda, whose ingredients are used by companies such as Estee Lauder and Procter & Gamble, said it was confident of making further progress in 2009, but its shares fell as investors took profits following a recent strong run in its shares.

"In personal care there is a split between perfumes which a lot of men buy for women ... and the things th at women buy for themselves -- you're talking hair care, skin care, anti-wrinkle cream, skin protection, skin moisturisers," finance chief Sean Christie said.

"If people are using those they don't stop using them." ($1=.6994 Pound)