diff --git a/PHPExcel/Calculation.php b/PHPExcel/Calculation.php
index fe62d14..b5d5591 100644
--- a/PHPExcel/Calculation.php
+++ b/PHPExcel/Calculation.php
@@ -3440,7 +3440,22 @@ class PHPExcel_Calculation {
 								$arg = PHPExcel_Calculation_Functions::flattenSingleValue($arg);
 							}
 							unset($arg);
-							$result = call_user_func_array($functionCall,$args);
+
+							// Remove the non-values
+							if(is_array($args)){
+								$args = array_diff($args, array("#VALUE!"));
+								if (count($args) === 0) {
+									$result = "";
+								}else{
+									$result = call_user_func_array($functionCall,$args);
+								}
+							}else{
+								if($args == "#VALUE!"){
+									$result = "";
+								}else{
+									$result = call_user_func_array($functionCall,$args);
+								}
+							}
 						}
 //					}
 					if ($functionName != 'MKMATRIX') {