Dutch postal delivery firm PostNL booked a net profit down 66% at €18 million last year, and the figures confirm that the current operating model is “no longer sustainable,” chief executive Herna Verhagen said on Monday.

On Friday, the company requested a €68 million subsidy from the government to cover two years of loss-making letter delivery services, a move that was immediately dismissed by the economic affairs ministry.

The Telegraaf reported on Monday that PostNL is planning to pay out cash dividends to shareholders, despite asking for the state support to shore up its struggling daily letter delivery services.

The company is planning a payout totalling €38 million or seven cents a share, finance chief Pim Berendsen said at the publication of the company’s annual figures.

“We are asking for compensation for a loss-making activity, which we have to carry out by government order,” Berendsen said. “But we are also listed on the stock exchange, and we pay out part of our profits. Shareholders are at the bottom of the list.”

In October, parliament voted against allowing PostNL to cut deliveries from five to three days a week in an effort to cut costs. Delivery times and targets are set down in law.