Plan B re-defined: the launch plant with everything in (~210M THB); front view on the cover

- Plan B now starts like Plan A with one Duplex system and one Classic,
  but takes none of the six levers: owned solar and battery (with the BOI
  solar measure), the full metrology stack, the visitor corridor, cassette
  and CD-R, the bought crane and Thai-supplied utilities (user, 17 October
  2026). ~193.8M THB before the reserve, ~209M with it (~150M to 268M),
  ~32M (~18 %) more than Plan A; the second Duplex is a growth step from
  revenue in both (~15.4M THB, estimate).
- total-investment.md "Two plans" re-based (heading and anchor now
  "B at ~210M THB", README and roadmap links updated); revenue-model.md
  operating pictures: same volume and EBITDA as Plan A, depreciation on
  Plan B's capital (operating profit 1.26M USD central, payback ~3.7 yr);
  the extra earns nothing in the modelled table, which the docs say.
- Calculator: Plan B preset = the launch plant with contingency kept out
  (EBITDA 2.07M USD, cash payback year ~4.3, IRR ~21 %); budget card marks
  180M and 180M plus 25 %; preset label "Plan B (~210M, all in)".
- Business plan draft 0.3, both versions rebuilt: every Plan B branch of
  the three content files rewritten; renders regenerated with the
  isometric view turned to the front of the site (road, car park, office,
  corridor facade) for the cover and Figures 8 to 10.

docs/finance/revenue-model.md

@@ -669,44 +669,38 @@ What it says:
 ## Operating pictures of Plan A and Plan B (October 2026)
 
 The business plan comes in two versions
-([total investment](total-investment.md#two-plans-a-at-180m-thb-and-b-at-225m-thb-october-2026)):
-**Plan A** (~177M THB, the launch plant with six cost levers, three
-presses) and **Plan B** (~224M THB, the second Duplex at launch, five
-presses), both priced without contingency and with the ramp-up reserve.
-Same method and cases as above, at the planned 60 % specials (estimates):
+([total investment](total-investment.md#two-plans-a-at-180m-thb-and-b-at-210m-thb-october-2026)):
+**Plan A** (~177M THB, the launch plant with six cost levers) and
+**Plan B** (~209M THB, the same launch plant with everything in), both
+priced without contingency and with the ramp-up reserve. Both run the
+same three presses, so volume, price, direct cost, title services and
+overheads are those of the launch-plant table above; only the
+depreciation follows each plan's capital (estimates):
 
-- **Plan A** runs the launch plant, so volume, price, direct cost, title
-  services and overheads are those of the table above; only the
-  depreciation follows its lower capital: the high end of Plan A's blocks
-  (6.25M USD) over 10 years, the midpoint (4.90M USD) over 12.5, the low
-  end (3.56M USD) over 15. The solar PPA adds its power price to the
-  energy line (~0.03M USD a year in the calculator), not shown here.
-- **Plan B**'s five presses are not Duplex-limited at 60 % specials: the
-  four semi-automatic presses (240 to 320 records an hour) carry the
-  specials and the Classic the rest, so volume is the five-press band,
-  **1.0 / 1.25 / 1.5M** records. Direct cost per record is the five-press
-  table's 2.58 / 1.94 / 1.30 USD (the same payroll over more records);
-  title services 300 / 375 / 400 titles at 580 / 1,155 / 1,730 USD and 60
-  / 65 / 70 % contribution (the five-press table's 0.10 / 0.28 / 0.48M);
-  depreciation on Plan B's blocks: 8.07M USD over 10 years, 6.34M over
-  12.5, 4.61M over 15.
+- **Plan A**: the high end of its blocks (6.25M USD) over 10 years, the
+  midpoint (4.90M USD) over 12.5, the low end (3.56M USD) over 15. The
+  solar PPA adds its power price to the energy line (~0.03M USD a year in
+  the calculator), not shown here.
+- **Plan B**: 7.50M USD over 10 years, 5.87M over 12.5, 4.24M over 15.
+  Its owned solar saves the PPA power bill; cassette and CD-R sales, tours
+  and the Payap programmes it opens from the start are not modelled.
 - **Payback** is counted on the whole plan price including the ramp-up
-  reserve (Plan A 3.86M / 5.35M / 6.85M USD, Plan B 4.92M / 6.79M /
-  8.67M USD from the low to the high end).
+  reserve (Plan A 3.86M / 5.35M / 6.85M USD, Plan B 4.55M / 6.33M /
+  8.11M USD from the low to the high end).
 
 | USD/yr | A adverse | A central | A favourable | B adverse | B central | B favourable |
 |---|---|---|---|---|---|---|
-| Records | 0.58M | 0.74M | 0.90M | 1.0M | 1.25M | 1.5M |
+| Records | 0.58M | 0.74M | 0.90M | 0.58M | 0.74M | 0.90M |
 | Blended price (60 % specials) | 3.76 | 4.49 | 5.27 | 3.76 | 4.49 | 5.27 |
-| Direct cost | 2.70 | 2.00 | 1.35 | 2.58 | 1.94 | 1.30 |
-| Pressing contribution | 0.61M | 1.83M | 3.51M | 1.18M | 3.19M | 5.96M |
-| Title-services contribution | 0.07M | 0.23M | 0.48M | 0.10M | 0.28M | 0.48M |
+| Direct cost | 2.70 | 2.00 | 1.35 | 2.70 | 2.00 | 1.35 |
+| Pressing contribution | 0.61M | 1.83M | 3.51M | 0.61M | 1.83M | 3.51M |
+| Title-services contribution | 0.07M | 0.23M | 0.48M | 0.07M | 0.23M | 0.48M |
 | Cash overheads | 0.45M | 0.33M | 0.20M | 0.45M | 0.33M | 0.20M |
-| **EBITDA** | **0.23M** | **1.73M** | **3.79M** | **0.83M** | **3.14M** | **6.24M** |
-| Depreciation | 0.62M | 0.39M | 0.24M | 0.81M | 0.51M | 0.31M |
-| **Operating profit** | **-0.39M** | **1.34M** | **3.55M** | **0.02M** | **2.63M** | **5.93M** |
-| Revenue | 2.28M (~75M THB) | 3.65M (~120M THB) | 5.41M (~179M THB) | 3.93M (~130M THB) | 6.05M (~200M THB) | 8.60M (~284M THB) |
-| Payback on the plan price (EBITDA, mature year) | ~30 yr | ~3.1 yr (2.2 to 4.0) | ~1.0 yr | ~10.5 yr | ~2.2 yr (1.6 to 2.8) | ~0.8 yr |
+| **EBITDA** | **0.23M** | **1.73M** | **3.79M** | **0.23M** | **1.73M** | **3.79M** |
+| Depreciation | 0.62M | 0.39M | 0.24M | 0.75M | 0.47M | 0.28M |
+| **Operating profit** | **-0.39M** | **1.34M** | **3.55M** | **-0.52M** | **1.26M** | **3.51M** |
+| Revenue | 2.28M (~75M THB) | 3.65M (~120M THB) | 5.41M (~179M THB) | 2.28M (~75M THB) | 3.65M (~120M THB) | 5.41M (~179M THB) |
+| Payback on the plan price (EBITDA, mature year) | ~30 yr | ~3.1 yr (2.2 to 4.0) | ~1.0 yr | ~35 yr | ~3.7 yr (2.6 to 4.7) | ~1.2 yr |
 
 What it says:
 
@@ -714,29 +708,27 @@ What it says:
   year**; its adverse corner still loses money, because it would need
   ~0.9 million records to cover depreciation and the three presses make
   0.58 million at that rate.
-- **Plan B** breaks even at ~0.22 million records and its adverse corner
-  just covers depreciation (~1.0 million records needed, 1.0 million
-  made): more presses spread the same crews, overheads and title services
-  over more records. Its central EBITDA is ~1.8 times Plan A's for ~27 %
-  more money.
-- **But Plan B only earns this if the records sell.** Its central case
-  needs ~1.25 million records a year, ~0.75 million of them special
-  editions, against 0.74 million for Plan A; nothing in the market data
-  so far shows that demand (roadmap item 1). The ramp to that volume is
-  longer, and the ramp-up reserve (10M to 20M THB) is the same estimate
-  as for Plan A.
-- **The caveats above hold for both:** central EBITDA margins of ~47 %
-  (A) and ~52 % (B) are far above the 15 to 25 % pressing plants earn,
-  the cost of specials is not in the direct cost yet, and neither plan
-  carries a contingency. Treat the adverse columns as the honest ones.
+- **Plan B** breaks even at **~0.23 million records**, and its adverse
+  corner loses more (~1.1 million records needed to cover depreciation).
+  At the central cost and volume the price that covers its depreciation
+  is ~2.8 USD (~91 THB) a record.
+- **On these numbers Plan B's extra ~32M THB earns nothing**: the same
+  EBITDA, more depreciation and a longer payback. Its case rests on what
+  the table leaves out: the BOI solar measure on the owned array, the
+  PPA power bill it avoids, full stamper metrology from the first
+  release, tours, the Payap programmes, and cassette and CD-R sales.
+- **The caveats above hold for both:** a central EBITDA margin of ~47 %
+  is far above the 15 to 25 % pressing plants earn, the cost of specials
+  is not in the direct cost yet, and neither plan carries a contingency.
+  Treat the adverse columns as the honest ones.
 
 The [calculator](../fleet-calculator.html) presets, at the team's
 planning rates (3 records a minute per Duplex system) and its own cost
-build-up, give: **Plan A** at 850k records EBITDA 2.04M USD, payback 2.4
+build-up, give at 850k records: **Plan A** EBITDA 2.04M USD, payback 2.4
 years on the investment, cash payback in year ~3.9 and ~25 % IRR over ten
-years with the reserve in year 0; **Plan B** at 1.25M records EBITDA
-3.25M USD, payback 2.0 years, cash payback in year ~3.3 and ~32 % IRR
-(pre-tax, pre-financing, estimates).
+years with the reserve in year 0; **Plan B** EBITDA 2.07M USD, payback 2.8
+years, cash payback in year ~4.3 and ~21 % IRR (pre-tax, pre-financing,
+estimates).
 
 ## Operating picture at full capacity (five-press fleet)