diff --git a/win32/Makefile-newvs.am b/win32/Makefile-newvs.am
index e5c7581288..9cda120c7a 100644
--- a/win32/Makefile-newvs.am
+++ b/win32/Makefile-newvs.am
@@ -41,8 +41,10 @@ endif
 %.props: $(top_builddir)/win32/vs10/Makefile
 	if test -e $(top_srcdir)/win32/vs10/$@; then \
 		sed 's/<VSVer>10<\/VSVer>/<VSVer>$(MSVC_VER)<\/VSVer>/g' < $(top_srcdir)/win32/vs10/$@ > $(top_builddir)/win32/vs$(MSVC_VER)/$@; \
-	else \
+	elif test -e $(top_builddir)/win32/vs10/$@; then \
 		sed 's/<VSVer>10<\/VSVer>/<VSVer>$(MSVC_VER)<\/VSVer>/g' < $(top_builddir)/win32/vs10/$@ > $(top_builddir)/win32/vs$(MSVC_VER)/$@; \
+	else \
+		: \
 	fi
 
 %.vcxproj.filters: $(top_builddir)/win32/vs10/Makefile