Under what condition do we add non-controlling interest (NCI) to enterprise value?

Adding non-controlling interest (NCI) to enterprise value is appropriate when a company holds over 50% of a subsidiary. This condition is important because when a company controls a subsidiary—meaning it owns more than half of the subsidiary's voting shares—it must consolidate the subsidiary's financials into its own. This consolidation means that the parent company reflects 100% of the subsidiary's revenues and expenses on its balance sheet, regardless of the ownership percentage.

As such, the portion of the subsidiary that the parent does not own (the non-controlling interest) represents a claim on the income and assets of that subsidiary. Therefore, when calculating the enterprise value of the parent company, the total must account for this NCI to accurately reflect the value attributable to all shareholders, including minority shareholders. This is why the correct answer is associated with having control over a subsidiary, which typically requires ownership of over 50% of the subsidiary's shares.

The other options do not meet the criteria for adding NCI as they either involve circumstances that do not ensure the same level of control or pertain to factors unrelated to the relationship between the parent and subsidiary in terms of ownership and consolidation.