Index: lib/ezutils/classes/ezextension.php
===================================================================
--- lib/ezutils/classes/ezextension.php	(revision 22100)
+++ lib/ezutils/classes/ezextension.php	(working copy)
@@ -105,10 +105,6 @@
         $ini = eZINI::instance();
         foreach ( $activeExtensions as $activeExtension )
         {
-            if ( !file_exists( $extensionDirectory . '/' . $activeExtension ) )
-            {
-                eZDebug::writeWarning( "Extension '$activeExtension' does not exist, looked for directory '" . $extensionDirectory . '/' . $activeExtension . "'" );
-            }
             $extensionSettingsPath = $extensionDirectory . '/' . $activeExtension . '/settings';
             if ( file_exists( $extensionSettingsPath ) )
             {
@@ -120,6 +116,10 @@
                 }
                 $hasExtensions = true;
             }
+            else if ( !file_exists( $extensionDirectory . '/' . $activeExtension ) )
+            {
+                eZDebug::writeWarning( "Extension '$activeExtension' does not exist, looked for directory '" . $extensionDirectory . '/' . $activeExtension . "'" );
+            }
         }
         if ( $hasExtensions )
             $ini->loadCache();