Finishing 9th in the league got the blame, and poor cup runs with very few home games.
For wages they've said that the reason they are lower is that there is a new bonus scheme in place, and that the wages on playing staff is slightly lower than the year before.
I also noted from the report that executive directors have taken a pay cut which is included in the above figure - I'm assuming both Miller and Fraser are the only ones getting paid.
As for the loans, they are currently renegotiating their bank facilities so I don't know if that means the loan will end up being due further down the road!?