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Default formulas appear as text instead of doing as expected

I have entered a formula in a cell (B76) which reads:
=left(A76,18)
There is not a ' before the =, so I do not know why the cell displays
"=left(A76,18)" instead of "Facilities & Infra"
Protection is turned of for the worksheet and the cell.

Any ideas why?

TIA
Papa
 
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