diff --git a/xls/hyperlinks.go b/xls/hyperlinks.go
new file mode 100644
index 0000000..42b9f95
--- /dev/null
+++ b/xls/hyperlinks.go
@@ -0,0 +1,139 @@
+package xls
+
+import (
+	"encoding/binary"
+	"errors"
+	"fmt"
+	"io"
+	"io/ioutil"
+	"strings"
+	"unicode/utf16"
+)
+
+func decodeHyperlinks(r io.Reader) (displayText, linkText string, err error) {
+
+	var x uint64
+	binary.Read(r, binary.LittleEndian, &x) // skip and discard classid
+	binary.Read(r, binary.LittleEndian, &x)
+
+	var flags, slen uint32
+	binary.Read(r, binary.LittleEndian, &slen)
+	if slen != 2 {
+		return "", "", errors.New("xls: unknown hyperlink version")
+	}
+
+	binary.Read(r, binary.LittleEndian, &flags)
+	if (flags & hlstmfHasDisplayName) != 0 {
+		binary.Read(r, binary.LittleEndian, &slen)
+		us := make([]uint16, slen)
+		binary.Read(r, binary.LittleEndian, us)
+		displayText = string(utf16.Decode(us))
+	}
+
+	if (flags & hlstmfHasFrameName) != 0 {
+		// skip a HyperlinkString containing target Frame
+		binary.Read(r, binary.LittleEndian, &slen)
+		io.CopyN(ioutil.Discard, r, int64(slen*2))
+	}
+
+	if (flags & hlstmfHasMoniker) != 0 {
+		if (flags & hlstmfMonikerSavedAsStr) != 0 {
+			// read HyperlinkString containing the URL
+			binary.Read(r, binary.LittleEndian, &slen)
+			us := make([]uint16, slen)
+			binary.Read(r, binary.LittleEndian, us)
+			linkText = string(utf16.Decode(us))
+
+		} else {
+			var err error
+			linkText, err = parseHyperlinkMoniker(r)
+			if err != nil {
+				return "", "", err
+			}
+		}
+	}
+
+	if (flags & hlstmfHasLocationStr) != 0 {
+		binary.Read(r, binary.LittleEndian, &slen)
+		us := make([]uint16, slen)
+		binary.Read(r, binary.LittleEndian, us)
+		linkText = string(utf16.Decode(us))
+	}
+
+	linkText = strings.Trim(linkText, " \v\f\t\r\n\x00")
+	displayText = strings.Trim(displayText, " \v\f\t\r\n\x00")
+	return
+}
+
+func parseHyperlinkMoniker(r io.Reader) (string, error) {
+	var classid [16]byte
+	n, err := r.Read(classid[:])
+	if err != nil {
+		return "", err
+	}
+	if n != 16 {
+		return "", io.ErrShortBuffer
+	}
+
+	isURLMoniker := true
+	isFileMoniker := true
+	urlMonikerClassID := [16]byte{0xE0, 0xC9, 0xEA, 0x79, 0xF9, 0xBA, 0xCE, 0x11, 0x8C, 0x82, 0x00, 0xAA, 0x00, 0x4B, 0xA9, 0x0B}
+	fileMonikerClassID := [16]byte{0x03, 0x03, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0xc0, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x46}
+	for i, b := range classid {
+		if urlMonikerClassID[i] != b {
+			isURLMoniker = false
+		}
+		if fileMonikerClassID[i] != b {
+			isFileMoniker = false
+		}
+	}
+	if isURLMoniker {
+		var length uint32
+		binary.Read(r, binary.LittleEndian, &length)
+		length /= 2
+		buf := make([]uint16, length)
+		binary.Read(r, binary.LittleEndian, &buf)
+		if length > 12 && buf[length-13] == 0 {
+			buf = buf[:length-12]
+		}
+		return string(utf16.Decode(buf)), nil
+	}
+	if isFileMoniker {
+		var x uint16
+		var length uint32
+		binary.Read(r, binary.LittleEndian, &x)      //cAnti
+		binary.Read(r, binary.LittleEndian, &length) //ansiLength
+		buf := make([]byte, length)
+		binary.Read(r, binary.LittleEndian, &buf)
+
+		// skip 24 bytes for misc fixed properties
+		io.CopyN(ioutil.Discard, r, 24)
+
+		binary.Read(r, binary.LittleEndian, &length) // cbUnicodePathSize
+		if length > 0 {
+			io.CopyN(ioutil.Discard, r, 6)
+			length -= 6
+			buf2 := make([]uint16, (length-6)/2)
+			binary.Read(r, binary.LittleEndian, &buf2)
+			return string(utf16.Decode(buf2)), nil
+		}
+
+		return string(buf), nil
+	}
+
+	return "", fmt.Errorf("xls: unknown moniker classid")
+}
+
+// HLink flags
+const (
+	hlstmfHasMoniker          = uint32(0x001)
+	hlstmfIsAbsolute          = uint32(0x002)
+	hlstmfSiteGaveDisplayName = uint32(0x004)
+	hlstmfHasLocationStr      = uint32(0x008)
+	hlstmfHasDisplayName      = uint32(0x010)
+	hlstmfHasGUID             = uint32(0x020)
+	hlstmfHasCreationTime     = uint32(0x040)
+	hlstmfHasFrameName        = uint32(0x080)
+	hlstmfMonikerSavedAsStr   = uint32(0x100)
+	hlstmfAbsFromGetdataRel   = uint32(0x200)
+)
diff --git a/xls/sheets.go b/xls/sheets.go
index 07df53d..655b8cf 100644
--- a/xls/sheets.go
+++ b/xls/sheets.go
@@ -319,24 +319,7 @@ func (s *WorkSheet) parse() error {
 			binary.Read(bb, binary.LittleEndian, loc)
 			loc.FirstCol &= 0x00FF // spec doesn't say what to do when MUST is disregarded...
 			loc.LastCol &= 0x00FF
-			var x uint64
-			binary.Read(bb, binary.LittleEndian, &x) // skip and discard classid
-			binary.Read(bb, binary.LittleEndian, &x)
-			var flags, slen uint32
-			binary.Read(bb, binary.LittleEndian, &slen)
-			if slen != 2 {
-				log.Println("unknown hyperlink version")
-				continue
-			}
-			str := "<hyperlink>"
-			binary.Read(bb, binary.LittleEndian, &flags)
-			if (flags & 0x10) != 0 {
-				binary.Read(bb, binary.LittleEndian, &slen)
-				us := make([]uint16, slen)
-				binary.Read(bb, binary.LittleEndian, us)
-				str = string(utf16.Decode(us))
-			}
-			//log.Printf("hyperlink spec: %+v = %s", loc, str)
+
 			if loc.FirstCol > maxCol {
 				//log.Println("invalid hyperlink column")
 				continue
@@ -346,8 +329,16 @@ func (s *WorkSheet) parse() error {
 				continue
 			}
 
+			displayText, linkText, err := decodeHyperlinks(bb)
+			if err != nil {
+				log.Println(err)
+				continue
+			}
+
+			//log.Printf("hyperlink spec: %+v = %s ~ %s", loc, displayText, " <"+linkText+"> ")
+
 			// TODO: apply merge cell rules
-			s.placeValue(int(loc.FirstRow), int(loc.FirstCol), str)
+			s.placeValue(int(loc.FirstRow), int(loc.FirstCol), displayText+" <"+linkText+">")
 
 		case RecTypeMergeCells:
 			var cmcs uint16