busdriver, that is the point made by Vjet. It's not about underlying vs one-off's, its what is done with the proceeds of the sales. Conversion of asset sales ---> Share Purchase and cancellation. Over 1/4 of the shares will have been cancelled since 2015 at the completing of this round.
ASX and Media Release Sydney, 21 February 2019 QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL
REWARDING SHAREHOLDERS
In addition to the $500 million shareholder return announced August 2018, the Qantas Board has announced a further return of up to $500 million. This comprises an interim franked dividend increased to 12 cents per share to be paid on 28 March 2019 with a record date of 5 March 2019, as well as an on-market share buy-back of up to $305 million. This additional buy-back is expected to bring the total reduction of shares on issue to 28 per cent since 2015.