This report evaluates Telstra's annual report from a shareholder's perspective and provides recommendations for investment purposes. It includes a financial and non-financial analysis of Telstra's performance, as well as an interpretation of the changes in its financial performance. The report also discusses the company's non-financial performance, market potential, and management structure. The conclusion highlights the stable financial performance of Telstra but also warns of potential threats and recommends monitoring the company's performance before making investment decisions.