The air conditioning system for a bakery or premises where food is cooked on a large scale, includes an air to water heat exchanger (10) connected to a line (12) conveying hot moist air from the premises. The heat exchanger also has connections for water circulating in a circuit (22) forming part of a cooling system.The exhaust duct for the hot, moist air contains an extraction fan (16) and the system operates so that the speed of the discharged air is maintained at a max. of a few meters per second. The cooling circuit includes a condenser (46) housed in a water tank (44). All members forming part of a refrigerating system are enclosed by a housing through which pass the lines (22) for the water circulation