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Volkswagen: 2020 earnings beat expectations

( - On Friday Volkswagen unveiled annual earnings that exceeded market expectations, a performance that demonstrates the leading car manufacturer's resilience in the face of the Covid crisis.

The German group reported operating profit before exceptional items that was down 45% at 10.6 billion euros for 2020.

Although its annual sales fell 11.8% to 222.9 billion euros, due to sales volumes that were down 16.4%, VW says it has been able to control its costs and thus protect its margins.

Regarding the new fiscal year, Volkswagen said on Friday that it aims for a "significant" growth in vehicle deliveries this year, as well as a "significant" increase in its sales compared to 2019.

After these figures, the VW stock closed up just over 1% on Friday in Frankfurt, one of the best performers in the DAX index (-0.67%).

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