Extreamly slow loading excel.exe with switche /r

[Milospb]

When I run excel from cmd line to open empty file without switch /r it takes about 1s to open
cmd:
C:\Users>start C:\"Program Files\Microsoft Office"\Office14\EXCEL.EXE "C:\Users\Test\test.xlsm"
or (short)
start excel "C:\Users\Test\test.xlsm"

When I run excel from cmd line with switch /r it takes about 30s !!! to open
cmd:
C:\Users>start C:\"Program Files\Microsoft Office"\Office14\EXCEL.EXE /r "C:\Users\Test\test.xlsm"
start excel /r "C:\Users\Test\test.xlsm"

Excel freeze on opening screen showing 100% of file loaded.
Does anybody have any idea where is the problem?
Thanks