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Default Formulas Won't Run if I Open File from Explorer

I log into a Citrix server which has got Excel 2003 installed.

When I create a new Excel file, formulas will run as normal.

If I save a file and open it again from Windows Explorer, all formulas evaluate to zero.

If I open the same file from a hyperlink or by starting Excel and going File, Open, the formulas run normally.

So, some combination of having saved the file and then opened it From Windows Explorer seems to stop the formulas from working.

I am baffled.

Has anyone got a clue why this would happen?

Thanks
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