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Default Error message #VALUE!

Regarding Excel 2003.
Why does the error message #VALUE! (#VERDI! in norwegian) occur when
calculating time?
I'm trying to subtract one field from another containing time values (e.g.
11:30:12-11:23:34). In some fields I get the right answer and in some fields
I get the error message #VERDI!, even though the format of the fileds is the
same. I have used the function "copy format" to be sure they have the same
format.
 
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