See http://support.microsoft.com/?kbid=312838 "Pictures in
Earlier Office Documents Appear Flipped".

asawyer wrote:
When I upgraded one of our users to Office 2003 he had noticed that all of
his old word files that he had created with our company logo are now
displaying the logo flipped/rotated. Is there anything I can do to fix this
besides manually adjusting the graphic? I had noticed there is also a KB
article 890064 - I was wondering if this related to my problem? Thanks!