inside a lut
An equation translate to a truth table. That is, the LUT is simply a look-up table which take the inputs, and according to it, look up in a table and output either a 0 or 1. a 4-input LUT is simply a 16x1 ROM-like structure.
So, wether you use a simple equation like A.B or a more complex therm (which use up to 4 input), both will use a complete LUT.
Gates evaluation is very approximative. The software only count the number of LUT, FF, ... used and convert this to a number of gates. It doesn't look at original equations.